The new build, named Paradisus Papagayo Bay is part of the brand’s master expansion plan, which includes the opening of two resorts in Playa del Carmen, Mexico in November 2011, and aims to solidify Paradisus Resorts as a leader in the luxury all-inclusive market segment. Furthermore this new portfolio addition allows Sol Meliá to capitalize on the tremendous recognition the brand has in the region, due largely to the 15 years of experience in the destination, while building significant equity on Paradisus’ behalf.

“The introduction of Paradisus Papagayo Bay to the Costa Rican market is the ideal opportunity to continue elevating Sol Meliá‘s portfolio, while embodying the vision of our brand as a hospitality leader in the luxury all-inclusive sector,” said Alvaro Tejeda Schroeder, SVP of the Premium Portfolio and Operations for Sol Group’s Hotels & Resorts in The Americas. “We had tremendous success as pioneers with Paradisus Playa Conchal and the superior product Paradisus Papagayo Bay brings to the region will continue the brand’s successful development of Guanacaste as a luxury destination.”

Located on the Northern Province of Guanacaste, Paradisus Papagayo Bay is being developed on 21 hectares of dramatic landscape, complying with all five star resort specifications. The 381-room eco-luxury resort’s design cascades to the beach below on one of the world’s most stunning bays. Featuring breathtaking views from virtually any location on the property, its five restaurants and five bars will provide guests with multiple settings in which to enjoy food and beverage while admiring the region’s natural beauty. The resort will boast many of Paradisus’ brand assets including a YHI Spa and Health Club, the renowned adults-only “Royal Service” level of accommodations and the “Family Concierge” program. In addition to amenities that cater to the leisure guest, Paradisus Papagayo Bay will also feature 19,000 square feet of meeting facilities with the business traveler in mind.

The hotel has been added to Sol Meliá under a management agreement, in partnership with SunVesta Holding AG a Swiss based Private Equity, Consulting and Development group, represented by their subsidiary Richland Investments Ltd. and their Costa Rican partner DIA S.A., supersedes the former Paradisus Playa Conchal in Guanacaste operated by the brand until April 30th, 2011.

“SunVesta and DIA are thrilled to be partnering with Paradisus Resorts on this project, where we will combine high-end luxury with a sustainable eco-friendly development concept, resulting in a world-class eco-luxury resort with the highest service standards,” commented Josef Mettler, President and CEO of the SunVesta Group. “We believe in investing in prime locations and working with the best companies to achieve the best ecological and financial results, and this project couldn’t be a better example of our credo.”

“We are proud to be a part of SunVesta and Paradisus Resorts’ extraordinary project at Papagayo Bay,” commented José Manuel Agüero, President of DIA. “As SunVesta’s Costa Rican partner our excellent local network will contribute to this development’s great success.”

SunVesta has enlisted the services of WingField Corporation Inc. as master developer of Paradisus Papagayo Bay. “This is a truly exceptional project,” WingField President Henk Habers said, “It is destined to be one of Central America’s premier resorts.”

WingField was instrumental in the negotiations leading to the transaction realization in its capacity of advisor to SunVesta. “We are looking forward to the commencement of this project and to future cooperation with SunVesta and Sol Meliá,” said Dean Johnson, Chairman and CEO of WingField.

Paradisus Resorts, known for exuding sophistication and luxury prides itself on the no-hassle, premium service upscale vacation experience. In addition to Paradisus’ existing five properties in the Americas, expansion plans include the opening of two resorts in Playa del Carmen, Mexico and the development of a property in Salvador de Bahía, Brazil in the next three years. Paradisus is projected to double its portfolio of properties by 2013.