Deputy Governor of the Central Bank Felix Calvo confirmed that the Central Bank has sold the Playa Grande development in the province of Maria Trinidad Sanchez on the North Coast to the Kohler Company of the United States for a sum of US$43 million. He told El Caribe that the sale would bring in US$24 million in cash upfront and US$19 million over seven years at a Libor rate plus 2%. Kohler, while better known for its plumbing and power generation plans, is also a major player in golf and spa holidays in the Midwestern US state of Wisconsin. Among its golf courses is Whistling Straits, which will host the 2004 PGA of American professional tournament.
Meanwhile, Tomas Fernandez, the local partner of Deloitte & Touche, said that the firm was an advisor to the Central Bank when the Eiger hotel firm was interested in the purchase last year, but the company desisted in its plans for the purchase last year. He said they had nothing to do with the Kohler acquisition at Playa Grande.