The real estate management firm, ING Clarion, is to jointly develop a luxury ocean front resort in Mexico to take advantage of increasing demand for leisure services from US baby boomers.
The New York-based firm is partnering with development company Grupo Carrousel and Operadora Punta Maroma to develop a $150 million (€96 million) ocean front resort on Bahia Maroma along Mexico’s Riviera Maya. The deal excludes the cost of land, which is owned by Grupo Carrousel. No other financial details were released.
The 254-acre resort will include one mile of beachfront and an 86-villa hotel to be developed under the Capella Hotels and Resorts name. It will also comprise 127 residential units, an 18-hole golf course and a 10,000-square-foot clubhouse.
“Grupo Carrousel has been a pioneer in the development of Cancun and brings tremendous vision to this project,” said James Hendricks, managing director at ING Clarion.
The project will be developed in four phases starting with the construction of the Capella Hotel and golf course. It is slated for completion at the end of the year.
A statement from ING said the development would be able to take advantage of “a number of favorable economic and demographic trends” including increasing demand for luxury resorts and second home real estate as well as rising demand from the US baby boom generation to devote more time to leisure.