What’s the Deal? | The Ritz-Carlton Residences Riviera Maya & Jorge Macari

How did you start in real estate? 

My real estate journey began about 30 years ago when I graduated from college with a marketing degree and created a marketing agency in Cancun. Over time, we began to acquire real estate, focusing on commercial properties and beachfront land. During the 2008-2009 real estate recession, we got a fantastic opportunity to acquire a prime piece of land in the heart of Playa del Carmen, adjacent to Playa Mamitas. This land was owned by The Kor Group, known for brands like Viceroy and the Tides. Initially, we wanted to flip the land. However, the economic downturn lasted longer than we anticipated, stalling construction and loans, so after three years, we decided not to let it go to waste. It was a beautiful, large plot of land great for a hotel, so we found the right architect and the right hotel operator, and that's when the construction for The Grand Hyatt Playa Del Carmen commenced.

Can you tell me about your experience working with Ritz-Carlton? 

Currently, our portfolio includes more than eight properties under various brands. Each brand is like a different person because you can learn a little bit from each one down to its behavior and distinct customs. For instance, The Ritz-Carlton epitomizes luxury, and even though there are even more luxurious brands, such as The Four Seasons or Six Senses, The Ritz-Carlton remains universally recognized. It doesn't matter which social stratus you're in; anyone can recall the iconic lion logo whether you ask someone on the street or a prominent figure like Bill Gates. This widespread recognition significantly influenced our decision to collaborate with them.

Working with Marriott, the owner of The Ritz-Carlton brand, has been particularly insightful. Marriott treats the Ritz-Carlton brand like its baby. Every detail is meticulously managed with the utmost care to maintain its high standards. The branding process for the residences involved a rigorous, time-consuming approval process with The Ritz-Carlton to ensure consistency and adherence to their high standards.

Who was a crucial collaborator in the development process?

We worked closely with Sordo Madaleno, an architect and design studio in Mexico City, with a fantastic team led by Andres Cajiga. He has excellent knowledge of Riviera Maya and the construction materials necessary for that region. I have personally worked with Andres on four different projects, and we understand each other well. Working with Fernanda Patiño, the head of interior design at Sordo Madaleno, was also wonderful. Their team adds vital components to the experience and guarantees that the customers will love the final product.

What sets the Ritz-Carlton Residences in Riviera Maya apart? 

For us, luxury is not about being in a tall, crowded building; it's about feeling boundless and comfortable. We have over 200 acres of land with 300 rooms, so 300 rooms on 200 acres will provide ample space for our guests and residents. We are also working with Talent Chef, a company from Spain that specializes in food and beverage. Unlike typical architectural and interior design firms that design food and beverage outlets, we want our hotel's eight restaurants and twelve bars to make our guests feel like they're dining at a high-end restaurant in the Cancun Hotel Zone rather than a typical hotel restaurant.

Our proximity to Tulum, a significant Mayan outpost, and Chichen Itza, the largest Mayan city and one of the New Seven Wonders of the World, inspires us to pay homage to this rich heritage through design and architecture. Our resort will feature a spa with over 20 treatment rooms, a freezing room with snow, a sauna, a hammam, and a Temazcal, a traditional Mexican purification ritual space. One of our most significant features will be our secluded beach with views of Cozumel and passing cruises, along with two beach clubs: one for hotel guests and a private one for residence owners. Beachfront estates and cottage owners can enjoy exclusive amenities, including two restaurants and a private living room/bar called the Catamaran Club, which will also include an actual catamaran for residents who want to go snorkeling or cruising. 

What is a unique feature of the property?

We will have beachfront estates for both the hotel and residences. Typically, when you have beachfront land, developing a hotel is preferable because it generates revenue over time. If you build residences, you make money once from the sale, whereas a hotel provides ongoing income. Our beachfront land, however, was extensive, so we decided to split it: half for the hotel and half for the residences. The beachfront estates will consist of thirteen homes right on the beach. You open your living room door and step directly onto the beach, with just a forty-step walk to the ocean.

This setup is unparalleled in the Mayan Riviera because, usually, these residences overlook a small lake or other amenities instead of the beach. The beachfront view is unique and incomparable. The land's topography rises about 8 meters, so even the buildings at the back will have ocean views without being oceanfront. 

What drew you to Riviera Maya?

About ten years ago, I fell in love with the land immediately upon seeing the calm, transparent waters of the horseshoe-shaped Punta Venado Bay. The land parcel is vast, encompassing around 2000 acres, with our specific section being 200 acres and featuring nearly 2000 linear feet of beachfront access. We knew it had immense potential despite initially not having a specific plan. 

How did you secure a partnership with Ritz-Carlton amongst other developers?

We held the land for five years before discussing a Ritz-Carlton project in the Mayan Riviera with Marriott. Several high-end developers expressed interest in The Ritz-Carlton brand, including some of the most prominent real estate owners in Mexico; however, what set us apart was our possession of the land. When Ritz-Carlton evaluated their options, they visited all potential sites, including our land, complete with titles and initial permits, the second most challenging aspect after acquiring the land. The other developers, although powerful, did not have land or permits, making our proposition more attractive, so Ritz-Carlton chose us.

What have been the most challenging & rewarding parts of this process?

The most challenging part has been getting the entitlements and permits. Mexico has become very concerned about the environment and nature, so getting permits to build on this land has been difficult. It's taken more than three years, and it is because we're taking care of all the species, the animals, the plants, and everything that is within the land that has to be marked. If trees are above a specific diameter, they have to stay; we cannot bring them down, so it requires vast amounts of expensive studies, but you have to do them. 

The most rewarding part of the process has been its architectural side. I love standing on this empty beach lot, looking to my left and to my right, and thinking to myself that I want to share this with the world. It is amazing going through the building process, seeing the start, and watching everything come to life. It is such an honor, and I feel so proud to have dreamt of something and eventually built it. 

Do you have any plans for development in the U.S.?

Not for now; we do have plans for the Dominican Republic, Costa Rica, and Jamaica, but we would love to do something in the U.S  

What are some learning lessons from developing the property? 

1. Land will always appreciate, regardless of its initial location. Thirty years ago, when I first arrived here, the Mayan Riviera was not considered valuable due to its distance from Cancun. At that time, land in this area was worth very little. I regret not purchasing more land back then. The key takeaway is not to fear investing in land; urban and developmental expansion will eventually happen, and it is essential to ensure the land possesses desirable qualities, like a beautiful bay or tranquil waters, and then be patient for its value to increase.

2. Finding the right partner is crucial. A business partnership is like a marriage; choosing the wrong person leads to conflicts and unhappiness. I enjoy my work immensely because I have the right partners. 

3. Stay current with trends and preferences, and ensure your projects have that "wow" factor. In today's world, people seek memorable experiences and shareable moments. Building spaces that inspire people to say, "I want to be there, I want to do that," is crucial. These elements make your projects appealing and successful. 

4. Follow your dreams, and don't doubt yourself. Any real estate venture starts with somebody standing on a piece of land or a lot, whether commercial, residential, or hotel. You have to stand on that piece of land and dream what you can do with it. It takes guts, and it's not easy, but if you believe in yourself, you can make it happen.

This interview was conducted through Traded’s Ambassador Program in collaboration with Julie Berman.