Peninsula Papagayo in Costa Rica is one of the best tourist destination in Latin America, no doubt about it. As announced last month by Business Wire (www.businesswire.com), Gencom Affiliate has acquired the 1,400-acre luxury master development in Guanacaste, Costa Rica. The amount of the transaction was no disclosed.
Besides the award winning Four Seasons Papagayo, the Peninsula Papagayo project includes an 18-hole Arnold Palmer golf course and club house, the 180-slip Marina Papagayo, and the Prieta Beach Club, all of them known for the luxury services they offered. Also, providing jobs to over 700 employees. Business Wire also indicates that the Four Seasons Papagayo has been ranked as the only Forbes Travel Guide Five-Star Resort in Latin America.
One of the goals through this acquisition is to renovate the project. Gencom is partnering with a local developer, Sinergo Development Group, for the initial renovation, including the Four Seasons Resort, and also the development of future phases. Alongside these two corporations, Costa Rican firm Zurcher Arquitectos and US firm Meyer Davis will also be working on the project for renovation and interior design.
The original ownership of the Papagayo Peninsula project, had started a local nonprofit organization, Creciendo Juntos (Growing Together). This nonprofit was showing support to the surrounding communities by helping out local high and elementary schools with educational initiatives and preventive healthcare campaigns. Gencom is planning to invest and continue working on these projects and supporting the nonprofit organization, which is great news to those who were benefiting from the program.
Also, it is expected that the renovation of the project and the construction and development of new phases, will create jobs in Guanacaste, will increase the amount of tourist visiting the area, and will develop luxury residential real estate projects within the Peninsula.