Quote:
Originally Posted by abe
from a resort industry news website this morning...read the third item and ask yourself who has financed Phase 1?????
CARIBBEAN: Feb. 9
New York-based Carlton Hospitality Group (CHG), which specializes in the arrangement of debt and equity financing for lodging and mixed use real estate projects which contain a hospitality component, now has more than $1 billion of equity and debt transactions in its Caribbean region pipeline.
Carlton’s forthcoming Caribbean transactions include:
..;
* $300 million in development financing for phases two and three of the 350-room AtlanticA hotel in the Dominican Republic;..
...
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The Wall Stree Journal had this scoop on the first phase:
WSJ.com - Login
"
Dominican Luxury
In what would be one of the biggest private developments in the Caribbean, Carlton Hospitality Group has arranged a joint venture that will fund a luxury resort on the northern coast of the Dominican Republic.
The new partner, a hedge fund that Carlton declines to name and that doesn't typically dip into real estate, will contribute all the equity needed for Bahamas-based Kingsport Partners to develop the $500 million
first phase of the project.
The project, called Atlantica, will have a hotel, an Arnold Palmer golf course and 230 "ocean and golf estates" in its first phase. The developers have
The developers have 1,100 acres on 10 miles of coastline and plan to eventually build 10 hotels, 3,500 residences, three golf courses, a private commercial airstrip and a yacht marina.
Kenneth L. Herzberg, senior vice president with Carlton Advisory Services, a unit of Carlton Hospitality Group of New York, says the profits can be enormous in the Dominican Republic and helped lure the hedge fund, which typically invests in small and micro-capitalization companies. ..."
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Atlantica revived?
