The Central Bank is reporting the sale of the Playa Grande touristic complex to Playa Grande Holding for US$43 million. No details were given as to who the principals of Playa Grande Holding are, however. In April of this year, the Central Bank had stated it had sold Playa Grande to the Kohler Co. for US$43 million, but company CEO Herbert Kohler said that announcement was premature. Playa Grande is located on the North Coast, approximately an hour?s drive from the Puerto Plata International Airport. See http://www.bancentral.gov.do/playagrande-e.html
Previously, the Central Bank sought to obtain US$85 million for Playa Grande, a price which included the masterpiece and last golf course built by Robert Trent Jones. Playa Grande has been up for sale for the past seven years.
For Playa Grande, and the area of Cabrera, also on the North Coast, it brings to market a major US luxury golf project developer. As reported, the deal is advantageous for the purchaser. It calls for US$10-million cash payment at the time of signing the contract, US$10 million once the original titles are delivered without any pending debts, and US$4 million upon the delivery of the permits to build. The remaining US$19 million will be financed for seven years, including a two-year grace period, when only interest payments will be made, and five years to pay the capital and interest. The contract establishes that the Central Bank could provide the financing, if the permits to begin construction do not arrive in the timeframe established in the terms of the deal.
As reported in the Listin Diario, Playa Grande Holding and its associates are proposing the development of a five-star hotel and residential community, as well as a second 18-hole golf course and a refurbishment of the 18-hole course that is already there.
http://www.dr1.com/travelnews/archive/2004/tnews042004.html