a $1 billion bet on selling mansions in mexico

Jan 26, 2018 Bloomberg
VILLAS OVERLOOK THE PACIFIC OCEAN

One&Only Resorts is known for ultra-luxury hotels in outposts like Cape Town, the Maldives and Dubai, where it operates a beachfront retreat on an artificial island. Now it’s selling private homes in a $1 billion development near Puerto Vallarta, Mexico.

 

It’s the first time the resort operator, owned by Dubai-based Kerzner International Holdings Ltd., has stamped its brand on a residence. Late last year, partners RLH Properties and RSC Development pre-sold the first five One&Only-branded homes in the new development, Mandarina.

 

The initial phase of the project, designed by the architect Rick Joy to incorporate jungle vegetation and dramatic cliffside drops to the Pacific, includes 55 branded residences, priced between $4 million and $12 million, and a 108-room One&Only hotel. The development will eventually include a second hotel and another group of branded homes, to be operated by Rosewood Hotels & Resorts Inc., as well as a beachfront polo field and equestrian center.

 

“The community that these people are buying into, they realize this is the last large tract of land,” said Ricardo Santa Cruz, chief executive of RSC Development. “It’s very difficult to replicate, if you’re interested in this part of the country.”

 

Hotel developers have long cherished the idea of slapping luxury hotel brands on private homes, selling buyers on access to concierge services and the cachet of names like Four Seasons and Ritz-Carlton, and using the proceeds from early sales to fund hotel construction. Hospitality companies get a piece of the sales price and can add vacation rentals to their product mix, since many owners rent their homes when they’re not using them.

 

“In our ultra-luxury clientele, more and more people are traveling with their extended family,” said Philippe Zuber, president and chief operating officer of One&Only. He said the company is planning branded residences in Montenegro, Mauritius and Kea, an island in Greece.

 

*Originally posted on Bloomberg

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Map of Mandarina, Mexico
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Rosewood MandarinaRosewood Mandarina will have a residential-style hotel and set of unique private residences beginning in 2021.

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The JettyResidents and guests will depart The Jetty for their water adventures and gather each afternoon to enjoy the sunset.

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One&Only Private HomesThe villas are located in an exquisite private location in close proximity to the One&Only Mandarina.

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Rosewood Residences Starting in 2021, Rosewood Residences will take their residents deep into nature, offering them award-winning Rosewood hospitality.

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Canalan Beach ClubThe Canalan Beach Club is located on 1.6 kilometers of pristine and golden beaches for swimming, where you can enjoy kayaking and snorkeling.

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The Point An adult-only spot nestled on the rugged mountains, Carao captures the most spectacular views of the Mandarina sunsets.

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The PlateauA different poolside relaxation and dining experience, The Plateau overlooks The Jetty and the horizon of the Pacific Ocean.

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One&Only Majahua Beach ClubLocated on the calm waters of the Pacific, the One&Only Majahua Beach Club offers a relaxing and casual elegance experience.

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One&Only SpaThe One&Only Spa offers a truly unique holistic wellness experience and outdoor treatment rooms under the trees.

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Kids' ClubThe KidsOnly Club brings Mandarina's wonders to life, with tree houses, an insect cabin, game room, nursery, sandpit, and outdoor amphitheater.

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One&Only Private HomesThe villas are located in an exquisite private location in close proximity to the One&Only Mandarina.

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The FarmLocated in the Flatlands, The Farm offers locally grown produce and a country-at-your-table restaurant.

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The OutpostThe adventures begin at The Outpost, the place to enjoy the day exploring the trails and the Mandarina jungle.

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Mandarina Polo & Equestrian ClubThe Mandarina Polo and Equestrian Club beautifies the Flatlands, offering an exceptional venue for lovers of an equine lifestyle.

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EstuaryThe Mandarina estuary houses a rich biodiversity and an exceptional bird observatory.

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