$8.2 Million Sale of Solare Vallarta Resort

23rd Jul 2004

Jones Lang LaSalle Hotels arranged the sale of the Solare Sunset Bay Resort on behalf of a private Mexican group. The hotel was purchased by Pueblo Bonito, a significant time-share developer in Mexico. The hotel is a four star, 180-room, all-inclusive property located in Nuevo Vallarta on a secluded, 12-mile stretch of beach on Bahia de Banderas.

“This transaction in Nuevo Vallarta demonstrates the long term potential of this market and that domestic and international investors have a growing appetite for known resort destinations in Mexico” said Christian Charre, senior vice president of Jones Lang LaSalle Hotels. “Situated on 8.5 acres with room for expansion, the Solare Sunset Bay Resort is a prime waterfront location.”

“The Puerto Vallarta Market is increasingly attracting mid to high-end US tourists and second home buyers especially from California and the western United States. There is significant new development of hotel properties, time-share and full ownership condominiums,” said Ander Legorreta, director of capital markets for Jones Lang LaSalle in Mexico. “Vallarta most dynamic and upscale growth is north of the airport, where the Solare Resort is located.”

Built in 1993, the resort offers large rooms and suites overlooking the ocean or plush tropical gardens, and features three connecting pools with beach views, children’s pool, three restaurants and bars, room service, massage room, and open-air theatre. The destination owes its current popularity to its extraordinary beaches, picturesque old Mexican town, excellent year-round weather and top hotels. It is also a booming fractional ownership and second home market for residents of Guadalajara, Mexico City and the U.S.

Due to the new owner’s background, it is very likely that they will convert the property in to a time-share project adding significant new construction on the 3.7 acre adjacent piece of land acquired with the property. This sale represents the fifth hotel transaction that Jones Lang LaSalle Hotels recently completed in Mexico, including the Club Med Sonora Bay, Club Med Huatulco, Club Med Playa Blanca and Marriott Mexico City Airport.



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