Liberia Airport Expands

Written by Michael Simons on . Posted in Costa Rica Service Providers, Guanacaste Tourism, Investing in Costa Rica, Papagayo Region, Vacation in Costa Rica

The Liberia Airport is expanding in response to the overwhelming increase in passenger traffic over the last few years.  The expansion will make the arrival and departure process more agile to an already pretty comfortable airport.  We have been hearing reports for a few months, and today The Tico Times reported the planned expansion project.  Here is the article from the Tico Times below.

Liberia Airport Expands

December 14, 2016 by L. Arias of the Tico Times 

Works to expand and improve Daniel Oduber Quirós International Airport (LIR), in Liberia, Guanacaste will begin next month, Casa Presidencial confirmed in a  statement.

Airport administrator Corporación Interamericana de Inversiones (CORIPORT) will invest $10.3 million to expand the terminal and increase its current capacity by about 20 percent.

The project, originally planned to start this year, is now scheduled for completion by next November. It consists of building new boarding gates, VIP lounges, shops and offices over an area of 2,633 square meters (some 28,340 square feet). It also involves the renovation of 1,485 square meters (16,000 square ft) of current waiting and baggage claim areas.

The company will install a new X-ray system, new video and audio systems for passenger information, and an improved wireless network for Internet access.

CORIPORT General Manager César Jaramillo said in a news release that the company hopes all these improvements will allow Liberia Airport to continue offering first-class service for travelers. The expansion will also allow the terminal to receive new flights from at least five more airlines in the short term, he said.

Jaramillo said that new Liberia-Denver and Liberia-Mexico City flights are already scheduled to begin operating next year.

Tourism

Daniel Oduber Airport is a key terminal for the tourism industry in Costa Rica, thanks to its proximity to some of the country’s main tourist attractions such as beaches, volcanoes and national parks.

It’s located 12 km (7.5 miles) west of Liberia, approximately 40 Km (35 miles) east of the Papagayo Peninsula, and 79 km northeast of the Tamarindo, Conchal and Flamingo area.  The airport is approximately 220 Km, or 137 miles, from the capital, San José.

CORIPORT expects to end 2016 with a 35 percent increase in the number of travelers compared to last year. The terminal in 2015 received 426,336 visitors, the company reported.

According to a survey conducted by the Costa Rican Tourism Board (ICT) in 2015, 98.5 percent of travelers who entered the country through the Liberia Airport came for tourism, pleasure or recreation. Four percent of them have already been in the country and wanted to return. More than half of them travel as a couple, ICT reported.

Peninsula Papagayo Sells

Written by Michael Simons on . Posted in Costa Rica Real Estate Market Update, Golf Costa Rica, Investing in Costa Rica, Papagayo Region

Peninsula Papagayo Sells to Real Estate Development Group Gencom based out of Houston, USA.  This is exciting news!  The flagship development property of the entire Papagayo Region will no longer be run by the hands-off Schwan foundation and will be guided into it next level of new development by a seasoned resort development and finance company with significant hands-on experience bringing major resort brands to their developments.

Peninsula Papagayo Sells

The in country development team will remain the same and they will be invigorated by their new owners and partners.  Check out article that details the purchase below.  It was taken from the Costa Rica Star article called “Ritz-Carlton Investor Closes Major Real Estate Deal in Costa Rica” dated August 17, 2016 by Jaime Lopez.

MIAMI- Gencom, a leading U.S.-based international luxury hospitality and residential real estate investment and development firm, today announced the acquisition of Peninsula Papagayo Resort by a Gencom affiliate. The ownership acquired the 1,400-acre luxury master development in Costa Rica’s famed Guanacaste province for an undisclosed sum.

Anchored by the award-winning, 182-key Four Seasons Papagayo, Peninsula Papagayo includes such luxury amenities as an 18-hole Arnold Palmer-designed golf course and clubhouse, the 180-slip Marina Papagayo, and the 38,000 square foot Prieta Beach Club – all of which are recognized for offering best-in-class service via the more than 700 employees. The Four Seasons Papagayo is ranked as the only Forbes Travel Guide Five-Star Resort in Central and South America. The Guanacaste province, internationally noted as Costa Rica’s premier tourism destination, is located in the country’s northwestern region along the Pacific Ocean, bordering Nicaragua to the north.

The ownership is partnering with Costa Rican developer Sinergo Development Group to carry out the renovation and reinvigoration of the existing assets, including the Four Seasons Papagayo, and also to assist in the development of future phases. The design team also includes local architecture firm Zurcher Arquitectos and New York-based luxury interior design firm Meyer Davis. Plans for future development include branded and unbranded luxury residential real estate along with other complementary hotel brands.

“We are excited by the immediate and long-term benefits that this acquisition and further investments within the peninsula will bring to Costa Rica and the Guanacaste province, including job creation, increased tourism, and heightened global visibility for Peninsula Papagayo as a national jewel,” said Karim Alibhai, principal of Gencom. “This acquisition is part of our continued strategic response to an increased demand from elite international travelers for luxury, experience-driven vacations in prime destinations.”

As part of its commitment to the community, the group plans to invest in and continue the work of Creciendo Juntos (“Growing Together”), a local nonprofit organization that supports local high and elementary schools with programs including educational initiatives and preventative health care.

“As a native Costa Rican, I am excited by the reinvestment in Peninsula Papagayo, a vital pillar of Costa Rican tourism,” said Manuel Ardon, chief operating officer of Peninsula Papagayo. “Thanks to this acquisition, the phenomenal infrastructure of Peninsula Papagayo, which was developed in one of the world’s most spectacular geographic landscapes, will set a new standard among the other real estate and hospitality master developments in Central America, the Caribbean, and Mexico.”

The seller was represented by REH Capital Partners and the Algon Group in a strategic alliance as co-advisors.

Founded in 1987 by Karim Alibhai, Gencom is one of the nation’s leading domestic and international investment and development firms specializing in the hospitality and luxury hospitality related residential real estate sectors. Headquartered in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe. For more information about Gencom, please visit http://www.gencomgrp.com

About REH Capital Partners

REH Capital Partners, LLC, is a national investment and advisory services firm primarily focused on the real estate and hospitality industries. The firm is led by Frank Nardozza, its founder, and a senior executive team dedicated to fulfilling the diverse needs of clients requiring seasoned real estate and hospitality know-how, personalized attention, and highly tailored business solutions. REH Capital Partners has headquarters in Fort Lauderdale, Fla., and offices in Los Angeles. More information is available at www.rehcp.com

About Algon Group

Algon Group is a specialized financial advisory firm that provides sophisticated advisory services in M&A, financing and restructuring transactions. For more information about Algon Group, please visit www.algongroup.com

About Sinergo Development Group

Sinergo Development Group is a development and asset management firm specialized in the hospitality and real estate sectors in Costa Rica and the Caribbean. With headquarters in San Jose, Costa Rica, the company is noted for its development of the Four Seasons Papagayo among other award-winning projects.

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