DTZ Americas, Inc., a division of UGL Limited, together with Brentmoor Capital Group LCC, a New York based boutique advisory firm, have been retained as financial advisors to raise $14 million for a 221-key, 5-star condo hotel in Cabarete, Dominican Republic.
The project is being developed by New York-based Sackman Enterprises.
The DTZ team heading the capital raise is led by managing director Jeffrey Donnelly, of the New York office’s Real Estate Investment Banking Services division; The Brentmoor team is led by Jason Finkel, managing director and Head of Financial Advisory.
The Fountains is well located to take advantage of the booming growth of the eclectic town of Cabarete, a bohemian area that is a wind and water sports center on the north coast.
The town has a loyal following of tourists and owners from North and South America, and also boasts a significant contingent of European vacationers and homeowners.
Due to consistent ocean breezes which are the basis of the area’s famed wind and water sports focus, Cabarete has a longer tourism season than much of the rest of the Dominican Republic.
The condo hotel market has been growing steadily since the financial crisis, despite a complete absence of branded product or anything that suggests a benchmark standard to an overseas buyer, according to Donnelly.
The Fountains will be a luxury, five-star branded project and Sackman Enterprises has signed a flag agreement with a “very highly regardedˮ New York-based hotel group.
Donnelly summarized the opportunity, “We have a trifecta of compelling attributes here with this project ; A seasoned, New York developer with a proven track record of past success in the Caribbean; An outstanding 5-star boutique flag with universal brand awareness and; Significant construction lender interest that bodes well for a fast launch.”
Added Finkel added “This is a unique opportunity to partner with a group that has already enjoyed great success in the Caribbean.”