Here is the press release from Carlton Group:
(New York, NY October 23, 2006) ? Carlton Advisory Services? Chairman Howard L. Michaels announced that Carlton?s Hospitality Group has arranged a strategic equity joint venture partnership with a private equity investment management firm for the development of phase one of AtlanticA, a resort development located on the picturesque Northern Coast of the Dominican Republic at the Bay of Luperon. AtlanticA when fully developed is expected to be one of the largest communities of its type in the Caribbean region.
AtlanticA?s joint venture partner will virtually fund the entire equity requirement and the estimated development costs for phase one are in excess of $500 million. The developer, Kingsport Partners, has conceived a brilliant master plan to launch phase one that will include a super luxury boutique hotel, an Arnold Palmer Signature Golf Course and Clubhouse as well as Ocean and Golf Estates that will range from 3,500 to 7,500 square feet with magnificent ocean and golf course views.
Carlton?s Hospitality Group will continue to exclusively represent the developer on arranging the financing for future phases of AtlanticA. Phase two is anticipated to include the development of a Five Star Beach Lodge, a second golf course and several hundred homes. The Beach Lodge will also include several interconnected beach clubs reminiscent of the South of France. The development in its entirety will cover an area of approximately ?1,100 acres with 10 miles of coast line and over $10 billion in projected sales.
The Bay of Luperon is located halfway between Fort Lauderdale and Caracas, 60 miles from Turks and Caicos and a mere three hours from New York City. AtlanticA will be a series of seven picturesque villages each with their own distinctive architecture.
The uniqueness of the site lies in the Bay of Luperon, which is a protected bay due to the surrounding peninsulas and number of small islands within that area. The developer has obtained approvals to construct approximately 3,500 real estate units ranging from condominiums to estates, approximately 450 Marina slips, 80 Super yacht hangars, several golf courses and numerous hotels. AtlanticA, in time, will be the Yachting capital of the world with a private commercial airstrip and Super Yacht hangers..
This transaction was arranged by Carlton?s Hospitality Group executives Kenneth L. Herzberg, Brendan P. Sullivan and Will Lee.
Renditions of the project can be seen by visiting the following link:
carlton Advisory Services LLC: AtlanticA
Carlton?s Hospitality Group (CHG), a division of Carlton Advisory Services specializes in the arrangement of debt and equity financing for lodging and mixed-use real estate projects which contain a hospitality component. CHG also provides advisory services on the acquisition and disposition of existing properties, on issues relating to the branding of and selection of operating partners for new development projects as well as the repositioning of existing assets. CHG has closed several billion dollars of lodging and mixed use transactions involving residential, condominium, extended stay and fractional components, as well as resorts located throughout the continental US, Hawaii, Mexico and the Caribbean.
Carlton Advisory Services, Inc. is a national real estate investment banking firm prominent in debt and equity placement, investment sales, and commercial and residential loan sales. Its clients include some of the most active developers and institutions both nationally and in the New York metropolitan area. Founded in 1991, Carlton has consummated in excess of $30 billion of transactions since 1998
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I was told this evening that construction was to be started asap. They have received the first instalment of the funding and plans are being ramped up in a hurry. Hopefully we will see actual building commencing by Dec 1 2006.