The luxury Dorado Beach, a Ritz Carlton Reserve property in Dorado is slated to open in December 2012, when it will become the first property to fly that flag in the Americas, developers and government officials said Tuesday.
In its first stage of development, the megaresort will consist of 130 luxury rooms and a residential area comprising 13 beachfront condominiums at West Beach that has sold out well before being completed. The developers are currently accepting reservations for a second phase of 14 additional West Beach units, plus 18 villas and townhomes at East Beach.
“It’s a vote of confidence that the prestigious Ritz-Carlton is investing in Puerto Rico, in our ability to deliver world-class tourism,” Economic Development and Commerce Secretary José Pérez-Riera said during a walk-through of the property Tuesday. “But more importantly is the fact that a development of this magnitude and sophistication represents a commitment to our long-term economic stability and our potential as an investment destination.”
The $340 million property obtained financing with a guarantee from the Government Development Bank’s Tourism Development Fund. Ritz-Carlton joined local partners Caribbean Property Group and PRISA Group to make the project possible. Once operational, the property will generate 800 permanent jobs.
“At PRISA Group our commitment is with Puerto Rico and its well being, that is why we invested and worked to develop Puerto Rico’s tourism industry, which is the cornerstone of the island’s economic development,” said Federico Stubbe, PRISA Group executive. “Because of its peculiarities, tourism positively impacts other industries, such as service and infrastructure and security.”
“So if we are good in tourism, we strengthen other areas that benefit society,” Stubbe said. “We believe that Dorado Beach, a Ritz-Carlton Reserve will compete favorably with the best resorts in the world, putting Puerto Rico in a privileged position in the world tourism map.”
As News is my Business reported Monday, the resort that will bring the Dorado Beach hotel back to life five years after it was shuttered, will be the second in the Ritz-Carlton Reserve’s exclusive portfolio worldwide, joining Phulay Bay in Krabi, Southern Thailand.
The sprawling Dorado Beach, a Ritz-Carlton Reserve property is located on 1,400 acres in Dorado, and features 100 guestrooms and 14 one-bedroom suites, all directly on the beach, plus Su Casa, the original plantation hacienda renovated back to its original 1920s style to serve as a five-bedroom beachfront VIP villa, perfect for weddings and private parties.
Hotel development is one of several strategies being pursued by the Gov. Luis Fortuño administration’s economic development team to boost the tourism industry and expand the island’s economy.
“For the Puerto Rico Tourism Company, it is encouraging to have the confidence of investors like these who understand the value of Puerto Rico as an ideal destination for luxury developments that attract an audience with strong purchasing power to our island,” said agency Executive Director Mario González Lafuente. “This type of project contributes to the implementation of the agency’s strategic plan to establish Puerto Rico as the most complete and varied destination in the Caribbean.”
See related story: Ritz-Carlton officially presents its Dorado Beach Reserve property