One of the Caribbean’s leading resorts has been sold.
Residential resort investor Dolphin Capital Investors has entered an agreement to sell the 2,200-acre Playa Grande Golf and Resort Project, including the Amanera resort, to Third Point LLC, the company’s largest shareholder.
Consideration for the sale was $66.8 million, with the deal agreed at an enterprise value of around $146 million USD; Third Point also acquired all Playa Grande liabilities, amounting to around $78 million USD.
“We are proud to have developed the Playa Grande project and the Amanera Resort to its current status where it has been internationally recognized as one of the top luxury resort destinations in the Americas. This sale will enable the project to move on to its next stage of development,” said Miltos Kambourides, company founder and managing director of Dolphin Capital Partners.
Discovery Land Company has entered into a partnership to develop the Playa Grande Club and Reserve, with plans for a variety of developer-built luxury villas and custom homesites along the site’s beaches, cliffside and Robert Trent Jones Sr.-designed 18-hole championship golf course. (The course was recently renovated by his son, Rees Jones).
Playa Grande includes the aforementioned Amanera resort by Aman Resorts, which opened in November 2015 and has quickly become one of the region’s top luxury resorts.
“Playa Grande is a special place and we are proud and grateful for the opportunity to be involved with it,” said Michael Meldman, Chairman and CEO of Discovery Land Company. “The raw, natural beauty of the land is evident from the moment you step onto the property. The golf course is amazing with the perfect interaction between golf and ocean. The surf breaks on property and nearby make this an absolute haven for watermen. The beautiful Amanera resort is a great complement to the Discovery private residential community. I am excited to be in partnership with Aman and Third Point and I believe the collective project sponsorship will result in the creation of one of the best resorts in the Caribbean.”
Discovery has developed some of the world’s signature golf communities, including Iron Horse in Montana; Estancia in Scottsdale, Ariz.; and Cordevalle in Silicon Valley.