ING, JV To Develop $150M Mexico Resort

[IMGCAP(1)]NEW YORK YORK-Locally based ING Clarion Partners LLC will partner with Grupo Carrousel and Operadora Punta Maroma to develop a new $150 million–excluding land–ultra luxury ocean front resort on Bahia Maroma along Mexico’s Riviera Maya. The project will include an 86-villa, ultra-luxury hotel from Capella Hotels and Resorts. Bob Baer, CEO of DTZ Rockwood Asociados, an advisor to ING Clarion on this transaction, tells GlobeSt.com that the total resort square footage for the indoor areas will be approximately 650,000 sf.

[IMGCAP(2)]Baer says that the Mexican local debt finance market has not been significantly impacted by the US sub prime crisis. “Mexican banks continue to provide financing for quality projects.”

The 254-acre site acquired for the project is located 30 minutes south of the Cancun Airport and 15 miles north of Playa del Carmen, and includes approximately one mile of prime beachfront property. As envisioned, according to a prepared statement, the development will incorporate 127 residential units, an 18-hole Rees Jones signature golf course, and a clubhouse, in addition to the hotel.