Hotel ‘Villas Rio Mar’, 61 Rooms, Dominical, Costa Rica Bahia Ballena ( Puntarenas, CR - 60504) Built

$4,200,000

Century 21 Pura Vida

Peter  van Hussen Peter van Hussen 40201700 (Office) 88256556 (Cell) Request More Info

  • Type: Commercial
  • Style: Commercial
  • Bedrooms: 61
  • Bathrooms: 61
  • Half Bathrooms: 1
  • Development Level: Built
  • Lot Size: 6.7 hectares
  • MLS #: 22PVH38

Description

Right in the rapidly developing South Pacific coastline ‘’Costa Ballena’’. In the district Ballena, part of the municipality of Osa, on the banks of the river Baru, just 800 meters from the small surfer’s town of Dominical. A top tourist destination, close to five National Parks and various biological reserves. Dominical is on the cross-point of the coastal highway (the Costenera) and the intersection to the American Highway in San Isidro del General. 2.5 hours’ drive from the international airport in San Jose.

The property

The hotel comprises of 6.7 hectare of land (17 acres)

About 50 % of the land is used for construction and a mature exotic garden, 10% is available for future extensions, and another 25% is forest with a hiking path meandering along two small streams (quebradas); it could be used for extensions as well. Because of its setting and architecture, Villas Rio Mar feels and sounds like a real jungle resort while on walking distance to the village.

Designed for the Eco minded tourists from North America and Europe but a popular place for many Ticos as well. Construction and finishing of the accommodation are done in a semi-Polynesian style and in full harmony with the environment. Alltogether, construction under roof totals a roughly 4.000 square meter (43.000 square feet), and non-roofed construction (both pools, a green house, and a tennis court) is another 1.000 m2 (10.700 sqft). All buildings are interconnected by concrete sidewalks.

The amenities:

Fifteen 4-room bungalows, spread over the garden plus one separate suite (room 414). Altogether 61 rooms all with private terrace, a simple kitchenette, hot water, AC, internet, and TV. It relates:

-13 junior suites (2 KS beds)
-40 superior rooms (one KS and one single bed),
-4 kitchen Suites (cooking facilities, 2 QS beds),
-4 standard rooms (one KS bed).
-Two condo apartments in front of the hotel (used by management and staff).
-Sporting facilities like a tennis court (hard court), mini golf, and outdoor gym.
-A recently restyled and renovated 220 m2 pool with extensive and furnished terraces around.
-A recently built 70 m2 pool for exercising (15 x 4.5).
-An open Reception area with offices and a sanitary block (7 bathrooms),
-500 m2 basic construction for the laundry, a maintenance bodega, and a lodging for the staff (16 huts).
-A 150-seat restaurant/bar (350m2) with spacious professional kitchen. Internally connected to the pool bar.
-An 80-seat conference room (120 m2), connected to the restaurant.
-An entrance road enabling cars to come deep into the back of the property.
-High speed internet & cable television (fiber optic) and a professional camera security system all over the property.
-A 96 solar panel system connected to the grid, producing a 25% of electricity need.
-Occupancy in 2019 just below the 70% on a yearly basis; in high season (8 months) between 70 and 90%, in low season between 30 and 55% (May. June, September, October).
-Average net rate in 2019 on a yearly basis: $ 81 (after commission and excl. 13% taxes).
-60% of occupancy was pre-sold to more than 150 travel agents.
-In 2019, 27% of the clients were from the USA/Can, 47% from Europe, and 26% from Latin America (predominantly Costa Rica).
-Excellent position on TripAdvisor and OTA’s like Expedia and Booking.com; number one on the list of ‘’the best value for money’’ in the Dominical area.
-The biggest hotel in the South Pacific; very suitable for Groups.
-Loyal and experienced staff (39 in 2019, and 24 mid 2021).
-Established reputation for many years (25).
-The key of its success is Comfort with Nature and Adventure, close to the village and the Beach.
-ICT licensed with a 3-star rating, and the best possible certification for sustainable tourism.
-Potential ROI looks good ( currently around a 10% Cap rate) and even during the COVID period the hotel still showed a comfortable profit.
-It relates a professional going concern with a dynamic growth rate,
-It is in a good shape, with an excellent reputation in the B2B and the B2C segments.
-The land surplus allows extensions of at least a 25% (towards 80 rooms and may be more).
-The sales price per room ($ 69 K) is substantial less than what would be needed for a development from scratch, and less than comparable – and even less comparable – resorts in the area are valued or sold for.
-The hotel is offered without any liabilities, and with a full control over the property and connected companies.
-Prices are based on a Cash deal; no financing is offered.

The all included sales price is $ 4,2 M.

Attachments

P2#539142182
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Information is deemed to be correct but not guaranteed.