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Time Share Developer Buys on Banderas Bay

PUERTO VALLARTA-California-based Pueblo Bonito recently acquired the 180-room Solare Sunset Bay Resort here for $8.2 million with plans to invest an additional $1.4 million in renovations to the lobby, guest accommodations, main restaurant and pool area.

By Brian K. Miller | Updated on July 28, 2004

PUERTO VALLARTA-Pueblo Bonito, a significant time-share developer in Mexico, entered the Puerto Vallarta market, purchasing the 180-room Solare Sunset Bay Resort for $8.2 million. The Bonita, CA-based company says it will invest an additional $1.4 million in renovations to the lobby, guest accommodations, main restaurant and pool area and rename the hotel Samba Vallarta.Built in 1993, the four-star resort sits on 8.5 acres located 10 minutes north of the airport. It offers large rooms and suites overlooking the ocean or gardens. Amenities include three connecting pools with beach views, children’s pool, three restaurants and bars, room service, massage room and open-air theater. Due to Pueblo Bonito’s background, Jones Lang LaSalle, which brokered the sale, says it is very likely that the company will convert the property in to a time-share project by adding significant new construction on a 3.7-acre adjacent piece of land acquired with the resort. Ander Legorreta, director of capital markets for Jones Lang LaSalle in Mexico, says the Puerto Vallarta market is increasingly attracting mid- to high-end US tourists and second home buyers especially from California and the western US. “There is significant new development of hotel properties, time-share and full-ownership condominiums,” says Legorreta. “[The] most dynamic and upscale growth is north of the airport, where the Solare Resort is located.”

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