- Thread starter NALs
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High-Rises in Punta Cana
How can it be a ghost town if people in the real estate business there are very satisfied with the pace of sales? Yes, I jest. It is a very sad testament indeed, that Juan Dolio is a shell of it's former self, but there are some tall white concrete buildings there. Aside from the high concrete walls, I could not tell you what occurs beyond them, as I do not spend enough time in this particular area, nor would I want to. I can say that the streets are uninhabited, with the exception of a few Haitian vendors selling fruit and used clothing. In keeping with the theme, I do not see what type of community these projects invite, and I would hate to see that happen to Punta Cana, or any other area for that matter. I do wrestle with the notion of placing those medium sized structures on a non-beachfront side of the avenue. There needs to be some sort of allowance for local businesses to thrive.
The failed Juan Dolio model takes hold in Punta Cana:
Santo Domingo.- Tourism minister Francisco Javier García on Wed. announced that from now the construction of high-rises as tall as 22 floors will be allowed in Punta Cana (east).
The bombshell announcement comes after weeks of reports of a standoff pitting the Dominican hoteliers grouped in Asonahores against the developers interested in investing in the construction of high-rises near the beaches of Macao and Cap Cana, in Punta Cana.
Garcia, interviewed in the National Palace, said that in a meeting with the hoteliers it was agreed that any future dispute arising from the change in zoning, would be discussed in a dialogue established for those purposes.
He said it’s the first time that a conflict arises in the tourism sector during his nine-year tenure. “This is the first time that I am referring to a conflict, I think what we have to do is continue to promote tourism, to continue reaping the successes we have achieved.”
Meanwhile, tourism mogul Frank Rainieri said the issue isn’t a conflict, but a struggle for principles and values, and hailed the agreement reached by Tourism and Asonahores to postpone the “construction issue” and table the talks.
“I think it’s best that we return to dialogue, to negotiation, and we must understand that Asonahores assumed a negotiating position and you have to understand that I, as a member of Asonahores, I cannot comment.”
https://dominicantoday.com/dr/touri...blic-allows-22-floor-high-rises-near-beaches/
Santo Domingo.- Tourism minister Francisco Javier García on Wed. announced that from now the construction of high-rises as tall as 22 floors will be allowed in Punta Cana (east).
The bombshell announcement comes after weeks of reports of a standoff pitting the Dominican hoteliers grouped in Asonahores against the developers interested in investing in the construction of high-rises near the beaches of Macao and Cap Cana, in Punta Cana.
Garcia, interviewed in the National Palace, said that in a meeting with the hoteliers it was agreed that any future dispute arising from the change in zoning, would be discussed in a dialogue established for those purposes.
He said it’s the first time that a conflict arises in the tourism sector during his nine-year tenure. “This is the first time that I am referring to a conflict, I think what we have to do is continue to promote tourism, to continue reaping the successes we have achieved.”
Meanwhile, tourism mogul Frank Rainieri said the issue isn’t a conflict, but a struggle for principles and values, and hailed the agreement reached by Tourism and Asonahores to postpone the “construction issue” and table the talks.
“I think it’s best that we return to dialogue, to negotiation, and we must understand that Asonahores assumed a negotiating position and you have to understand that I, as a member of Asonahores, I cannot comment.”
https://dominicantoday.com/dr/touri...blic-allows-22-floor-high-rises-near-beaches/
Hoteliers folded.
Santo Domingo.- Dominican Republic’s hoteliers grouped in (ASONAHORES) on Tues. agreed to talks with the Tourism Ministry to seek solutions that continue the “successful tourism development model.”
Asonahores called its announced withdrawal of its challenge to the construction of high-rises near beaches, a “positive gesture towards the opening of the dialogue.”
The hoteliers objected the changes in the zoning that would allow construction of buildings as high as 22 floors at Macao, and Cap Cana, in Punta Cana (east).
“Through the technical dialogue with Tourism, steps can be taken that allow the continuation of the successful tourism model based on low density, protection of tourist coasts and other important sustainability criteria,” the hoteliers said.
In a statement ASONAHORES said it adopted the decision after a meeting Mon. with Tourism minister, Francisco Javier García. “In its actions ASONAHORES has always favored dialogue in its relations with the authorities and the leadership of the different social and business sectors.”
https://dominicantoday.com/dr/touri...-flinch-pave-way-for-high-rises-near-beaches/
Santo Domingo.- Dominican Republic’s hoteliers grouped in (ASONAHORES) on Tues. agreed to talks with the Tourism Ministry to seek solutions that continue the “successful tourism development model.”
Asonahores called its announced withdrawal of its challenge to the construction of high-rises near beaches, a “positive gesture towards the opening of the dialogue.”
The hoteliers objected the changes in the zoning that would allow construction of buildings as high as 22 floors at Macao, and Cap Cana, in Punta Cana (east).
“Through the technical dialogue with Tourism, steps can be taken that allow the continuation of the successful tourism model based on low density, protection of tourist coasts and other important sustainability criteria,” the hoteliers said.
In a statement ASONAHORES said it adopted the decision after a meeting Mon. with Tourism minister, Francisco Javier García. “In its actions ASONAHORES has always favored dialogue in its relations with the authorities and the leadership of the different social and business sectors.”
https://dominicantoday.com/dr/touri...-flinch-pave-way-for-high-rises-near-beaches/
I could care less what happens in Punta Cana with one possible exception. Let us say that Punta Cana is ruined by the high rises and fails like Juan Dolio did, then the focus would be on the north coast to put in such high rises for a rinse and repeat.
I have no idea. I have no direct interest in either location and very little knowledge of either.
Not at all. They are speaking directly of similar development proposals. Those in Punta Cana only need look at what happened in Juan Dolio. It is actually a very good comparison, if not the best.
Punta Cana has more than 150 All Inclusive Hotels, the airport in PC had more flights than every other airport in the DR combined. THERE IS NOT COMPARISON TO Juan Dolio...
It's a matter of time before the highrise fever reaches the North Coast and Samaná.
Say hello to the new Dominican tourist destinations (the new Macao, the new Las Terrenas, the new Playa Dorada; the new Bayahibe; the new Cofresí...):
[video=youtube;AYugLf72omI]https://www.youtube.com/watch?v=AYugLf72omI[/video]
No, not "it's possible effects upon the local community." That was not the comparison.
The comparison was based on whether or not it would be successful...financially and be sustainable over time.....as it was not in the other area which was a terrible comparison anyway.
Au contraire. Following the reference to the article, I made a secondary comparison. That of a first hand observation, while playing through one afternoon. The question of being financially sustainable also is not the point of contention, as those in the real estate markets claim that sale percentages are through the roof. The reality within the surrounding community is much different. It is wiser to be an investor, rather than a speculator.
From DR1 Daily News, today:
Cap Cana announces debt restructuring to relaunch development
Following Ministry of Tourism authorization for the construction of up to 22-floor high rises in Cap Cana, the luxury resort developer announced last week completing the restructuring of its international debt for US$364 million.
On 28 September 2017, the law firm Mayer Brown that represented Cap Cana had highlighted the innovativeness of the successful exchange of two series of senior secured notes for a single series of notes issued by a newly created Cayman special-purpose vehicle for US$350 million.
In September, Mayer Brown explained that Cap Cana transferred a number of undeveloped properties to the new issuer, that plans to market and sell the properties to support its payment obligations under the newly issued notes. Cap Cana worked with a steering committee of existing note holders to foreclose on its valuable collateral properties under the existing notes and regain control of those properties (free of liens) at the conclusion of the tender process.
The Mayer Brown team was led by New York-based Banking & Finance partner George Miller and included: Corporate & Securities partner Michael Hermsen and associate Catherine Henderson (both Chicago); and Banking & Finance associates Sean Kulkarni (New York) and Christine Taverner (Charlotte).
Also participating in the deal were Pellerano & Herrera and the international counsel of Greenberg Traurig. With this deal, the company completed the restructuring of its 10% Senior Secured Notes and 10% Senior Secured Recovery Notes, both due 2016. The debt restructuring is part of the wider reorganization and re-launch of Cap Cana.
In follow up actions, Cap Cana reported on Monday, 15 January 2018, that further restructuring efforts were completed to allow for the relaunching of new developments at the project. Greylock Capital served as co-chair of the steering committee for the restructuring of Cap Cana S.A. in the Dominican Republic. Others that participated in the restructuring were AJ Mediratta, iam Localio for Greylock Capital and Fred Sykes, for NWI Management.
Cap Cana executives Fernando Hazoury and Jorge Subero lead the negotiations.
https://www.mayerbrown.com/mayer-bro...er-09-28-2017/
http://www.elcaribe.com.do/2018/01/1...nversionistas/
http://dr1.com/forums/showthread.php...12#post1846912
And:
New York.- The group Cap Cana SA completed a debt restructuring for US$364.0 million, according to a press release issued in New York on Monday.
The announcement comes just one week after the Tourism Ministry and the Dominican Republic Hotels and Tourism Association (Asonahores) announced a “dialogue” over news that at least two major companies plan to build controversial high-rises at Cap Cana and Macao, in the country’s leading resort region, Punta Cana.
“The transaction was executed with a remarkable and exceptional acceptance above 98.5% of the participants, thus definitively canceling 100% of the commitments made by Cap Cana, SA to its international creditors,” the resort group said, quoted by diariolibre.com
Cap Cana’s executives said that, “thanks to the confidence shown for the Dominican Republic, to the maturity of the Cap Cana hotel and residential tourism destination, as well as to the continuous and manifest support of the President of the Republic, Danilo Medina and his officials to the entire tourism sector, important groups of international and national investors at this moment are developing large projects within the aforementioned destination, and others are showing their interest for the development of new projects.”
The members who led this ad hoc committee (currently investors in the Cap Cana destination) affirmed that those “visiting Cap Cana can clearly see the important state of development and maturity achieved by the destination to date, for the quality of its infrastructure of first world services, its organized urban plan, its important hotels and the hundreds of real estate properties finished and in use.
“In addition, the new vision of the updated development and for the future that Cap Cana has organized for its relaunch, we understand that it augurs a great future and we are committed to supporting this re-launch process,” the statement says.
https://dominicantoday.com/dr/econo...tures-us364-0m-debt-as-beach-high-rises-loom/
Cap Cana announces debt restructuring to relaunch development
Following Ministry of Tourism authorization for the construction of up to 22-floor high rises in Cap Cana, the luxury resort developer announced last week completing the restructuring of its international debt for US$364 million.
On 28 September 2017, the law firm Mayer Brown that represented Cap Cana had highlighted the innovativeness of the successful exchange of two series of senior secured notes for a single series of notes issued by a newly created Cayman special-purpose vehicle for US$350 million.
In September, Mayer Brown explained that Cap Cana transferred a number of undeveloped properties to the new issuer, that plans to market and sell the properties to support its payment obligations under the newly issued notes. Cap Cana worked with a steering committee of existing note holders to foreclose on its valuable collateral properties under the existing notes and regain control of those properties (free of liens) at the conclusion of the tender process.
The Mayer Brown team was led by New York-based Banking & Finance partner George Miller and included: Corporate & Securities partner Michael Hermsen and associate Catherine Henderson (both Chicago); and Banking & Finance associates Sean Kulkarni (New York) and Christine Taverner (Charlotte).
Also participating in the deal were Pellerano & Herrera and the international counsel of Greenberg Traurig. With this deal, the company completed the restructuring of its 10% Senior Secured Notes and 10% Senior Secured Recovery Notes, both due 2016. The debt restructuring is part of the wider reorganization and re-launch of Cap Cana.
In follow up actions, Cap Cana reported on Monday, 15 January 2018, that further restructuring efforts were completed to allow for the relaunching of new developments at the project. Greylock Capital served as co-chair of the steering committee for the restructuring of Cap Cana S.A. in the Dominican Republic. Others that participated in the restructuring were AJ Mediratta, iam Localio for Greylock Capital and Fred Sykes, for NWI Management.
Cap Cana executives Fernando Hazoury and Jorge Subero lead the negotiations.
https://www.mayerbrown.com/mayer-bro...er-09-28-2017/
http://www.elcaribe.com.do/2018/01/1...nversionistas/
http://dr1.com/forums/showthread.php...12#post1846912
And:
New York.- The group Cap Cana SA completed a debt restructuring for US$364.0 million, according to a press release issued in New York on Monday.
The announcement comes just one week after the Tourism Ministry and the Dominican Republic Hotels and Tourism Association (Asonahores) announced a “dialogue” over news that at least two major companies plan to build controversial high-rises at Cap Cana and Macao, in the country’s leading resort region, Punta Cana.
“The transaction was executed with a remarkable and exceptional acceptance above 98.5% of the participants, thus definitively canceling 100% of the commitments made by Cap Cana, SA to its international creditors,” the resort group said, quoted by diariolibre.com
Cap Cana’s executives said that, “thanks to the confidence shown for the Dominican Republic, to the maturity of the Cap Cana hotel and residential tourism destination, as well as to the continuous and manifest support of the President of the Republic, Danilo Medina and his officials to the entire tourism sector, important groups of international and national investors at this moment are developing large projects within the aforementioned destination, and others are showing their interest for the development of new projects.”
The members who led this ad hoc committee (currently investors in the Cap Cana destination) affirmed that those “visiting Cap Cana can clearly see the important state of development and maturity achieved by the destination to date, for the quality of its infrastructure of first world services, its organized urban plan, its important hotels and the hundreds of real estate properties finished and in use.
“In addition, the new vision of the updated development and for the future that Cap Cana has organized for its relaunch, we understand that it augurs a great future and we are committed to supporting this re-launch process,” the statement says.
https://dominicantoday.com/dr/econo...tures-us364-0m-debt-as-beach-high-rises-loom/
This is not coincedence. Now we know where the power will come from. Still waiting to hear about water supply.
New power plant for east coast
Madrid.- The Punta Cana-Macao Energy Consortium (CEPM) will invest US$140 million in a 90 megawatt power generation plant in the Bávaro area. It is expected to be completed by November 2018, as well as a solar electricity park.
The new power generation system will run on natural gas and diesel, while CEPM is also installing wind turbines that will generate 25 megawatts, which could be ready by March 2019.
CEPM president Rolando González Bunster made the announcement at the 2018 National Tourism Fair (FITUR) taking place in the Spanish capital, saying that these investments confirmed the company’s commitment to tourism development in the east coast concession area.
Construction work on the solar park will start this March, said the businessman, who added that the investments being made by CEPM will contribute to the efficiency of the power service, benefiting hotels, residents, and small and large businesses in the eastern region.
“This investment program will be the largest in CEPM’s history,” said González Bunster.
The company is also exploring the possibility of investing a further US$20 million in the installation of a solid waste treatment plant with the capacity for handling more than 400 tons of garbage.
https://dominicantoday.com/dr/economy/2018/01/19/new-power-plant-for-east-coast/
New power plant for east coast
Madrid.- The Punta Cana-Macao Energy Consortium (CEPM) will invest US$140 million in a 90 megawatt power generation plant in the Bávaro area. It is expected to be completed by November 2018, as well as a solar electricity park.
The new power generation system will run on natural gas and diesel, while CEPM is also installing wind turbines that will generate 25 megawatts, which could be ready by March 2019.
CEPM president Rolando González Bunster made the announcement at the 2018 National Tourism Fair (FITUR) taking place in the Spanish capital, saying that these investments confirmed the company’s commitment to tourism development in the east coast concession area.
Construction work on the solar park will start this March, said the businessman, who added that the investments being made by CEPM will contribute to the efficiency of the power service, benefiting hotels, residents, and small and large businesses in the eastern region.
“This investment program will be the largest in CEPM’s history,” said González Bunster.
The company is also exploring the possibility of investing a further US$20 million in the installation of a solid waste treatment plant with the capacity for handling more than 400 tons of garbage.
https://dominicantoday.com/dr/economy/2018/01/19/new-power-plant-for-east-coast/
Isn't that the truth. Everywhere you look there is new construction now. With lots of commercial space to keep up with residential growth.