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Baja Peninsula Heats Up With Three Resort Sales

CABO SAN LUCAS, MEXICO-Over the past few weeks, two joint ventures and a public company have acquired properties on the southern half of the peninsula and begun planning major redevelopments.

By Brian K. Miller | Updated on December 13, 2005

CABO SAN LUCAS, MEXICO-Two joint ventures and a public company have acquired resorts on the southern Baja Peninsula. Loreto Bay Co. and Citigroup Property Investors acquired the 155-room Camino Real Resort near Baja’s historic fishing village of Loreto. In Cabo San Lucas, Koll Co. and Starwood Capital Group Global acquired the 22-acre oceanfront Hacienda Hotel property, and publicly held Sunterra Corp. acquired the Misiones del Cabo Hotel and Resort property.

Scottsdale, AZ-based Loreto Bay and Citigroup acquired their property for $15.1 million from Fonatur, Mexico’s tourism development agency. The 530,000-sf resort, which opened in 2002, sits on a secluded beach on the Sea of Cortes. Moreover, its sits adjacent to the Villages of Loreto Bay, a resort community Loreto Bay is developing that calls for some 6,000 homes.

The hotel has been renamed Inn at Loretto Bay. Through a transition agreement with Fonatur, current hotel management will remain in place until Jan. 1. The venture is confirming plans for room renovation, expansion of the common areas and investment in sustainability measures.

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