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This is a great investment right on the beach! To build a hotel like this would cost more than $56MM including the property. You can turn this into a 5-star for roughly a third of that price! The property alone is worth roughly $11.5MM!
This is a hotel with a total of 489 units (505 bedrooms) spread over a huge property.
There are 300 rooms of 42 sq m each, including balcony. They are single rooms w/o kitchen spread over 6 buildings (rectangular gray buildings in site plan). These were built in 2003
In the 7 older buildings there are twelve 1-bedroom apartments with kitchen and two 2-bedroom penthouses in each building. Total: 84 one bedroom apartments and 14 two bedroom apartments for a total of 112 rooms.
There are 20 beach front villas each with 3 or 4 bedrooms for a total of 77 rooms.
The total land area is 76,609.92 sq m (approx. 20 acres) with 41,999.94 sq m (more than 10 acres) of beach (300 linear meters). It has 3 pools and 2 clay tennis courts.
There is no furniture in any of the buildings. AC units are also missing.
If you are looking for 4.5-star hotel, then we suggest that your restoration investment will be somewhere around $10MM.
There was an appraisal done in 2001. That appraisal gave a value to this property of $19mio. That was before the 300 rooms, the reception, 2 restaurants and a pool were built. However, beach front property, like property in general here, has tripled or more since 2001.
The pictures shown are about 5 years old. I have recent pictures and will send them to serious buyers. If you are looking for a functioning hotel, we have several starting at $17MM up to $100MM. Write us for more information.
HIGHLIGHTS:
- Bank repossession. Well under market value!
- Room to expand!
- Huge beach!
- Buildings are in good shape. Very easy to put back on its feet.

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