Grivalia Properties buys Pearl Island Project for 27 mln euros

Grivalia Properties on Tuesday announced that its hotel arm, “Grivalia Hospitality SA” acquired a 60 pct of “Pearl Island Project” in Panama from Dolphin Capital Investors Ltd (DCI) for 27 million euros in cash.

In an announcement, Grivalia Hospitality said it will acquired all companies related with the specific project, currently owned by DCI and its subsidiaries, following completion of all necessary actions by the seller, expected by March 31, 2017.

The Pedro Gonzalez (Pearl Island) island is one of the biggest private islands in Las Perlas Archipelago in Panama covering an area of 13,230 stremma (one stremma=1,000 sq.m.) It has a beachfront of 30 km and five spectacular beaches and it is designed to become a high-quality tourist resort, environmental friendly, in Central America with at least three hotels and a large number of villas and holiday houses. The project also envisages building a small commercial village, a marina and other installations. All basic infrastructure works have been completed, including a large air runway, a road network of more than 18 km, an electricity power unit, a telecoms tower, a water tank, a water processing unit, a disposal management unit and a marina.

A small part of the development project has been completed, including a seaside restaurant and club, house complex with more than 30 villas, already sold to rich families from Panama. Marriott Group has agreed to develop a Ritz-Carlton Reserve hotel. The project is budgeted at 66.5 million euros, of which banks will contribute 50 pct.