Ritz-Carlton Reserve Papagayo Hotel Secures $130M Construction Loan In Costa Rica

A construction loan has been secured for the Ritz-Carlton Reserve Papagayo hotel in Guanacaste Province, Costa Rica. The hotel, which consists of 107 keys and 36 for-sale residences, is located in the J8J7+5P area of Nacascolo. The project is a collaboration between Gencom, represented by Karim Alibhai, and Mohari Hospitality, represented by Mark Scheinberg.

Summary of transation details

• Property Type: Hotel
• Transaction Amount: $130,000,000
• Loan Type: Construction
• Loan Terms: $40 million in mezzanine financing provided by Monroe Capital, and a $90 million senior loan led by Banco BCT

Kyle Asher, representing Monroe Capital, facilitated the $130 million loan for the project. Lotus Capital Partners, led by Faisal Ashraf, acted as the broker in arranging the financing. The loan consists of $40 million in mezzanine financing from Monroe Capital and a $90 million senior loan provided by Banco BCT, a local Costa Rican bank.

This construction financing deal highlights the collaboration between Gencom and Mohari Hospitality in developing the Ritz-Carlton Reserve Papagayo. The project aims to offer luxury accommodations through its 107 keys and additional for-sale residences, enhancing the tourism sector in the Guanacaste Province of Costa Rica.