Strategic Hotels Grabs Last Hotel Development Site in Mexico’s Punta Mita

Strategic Hotels & Resorts has acquired the lone remaining hotel development site at the 1,500-acre Punta Mita peninsula on Mexico’s Pacific Coast for $53 million.

With Chicago-based Strategic’s purchase of the as-yet-unnamed 57-acre site, Punta Mita is now completely sold out for any new large-scale development opportunities, according to DINE, the Mexican firm that developed and owns the master-planned, mixed-use resort community near Puerto Vallarta.

Strategic, which bought the Four Seasons Resort Punta Mita in early 2001, now owns three of the four resort sites at Punta Mita.

It also owns the La Solana resort development parcel. In addition to these developments, the St. Regis Resort Punta Mita is under construction and scheduled to open in mid-2008.

According to DINE, approximately 20 percent of the roughly 900 residential units planned for the entire Punta Mita project have been sold, with sales of $84 million through the third quarter of this year.