Gencom and Mohari Hospitality Secure $130 Million in Construction Financing for Nekajui, a Ritz-Carlton Reserve Underway at Peninsula Papagayo, Costa Rica


Costa Rica’s first Ritz-Carlton Reserve will feature 107 hotel rooms and 36 ultra-luxury branded residences

Nekajui estate homes and villas are 70% sold out with total sales topping $180 million

MIAMI, October 28, 2022–(BUSINESS WIRE)–Central America’s newest ultra-luxury boutique resort and branded residences has secured $130 million in financing that will fund the property’s ongoing construction, with completion and opening expected in late 2024. Nekajui, a Ritz-Carlton Reserve (pronounced Nek-ah-wee) is situated on Peninsula Papagayo, a 1,400-acre private club and resort community located on Costa Rica’s north Pacific coast. The resort – whose name derives from the indigenous word for ‘garden’ – will be comprised of 107 guest rooms and suites, as well as 36 branded estate homes and villas.

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Ritz-Carlton Reserve Residential Living Room (Photo: Ritz-Carlton Reserve)

Financing for the construction of Nekajui has been provided by a group led by Banco BCT and Monroe Capital, which has loaned $130 million on a combined basis. Gencom and Mohari Hospitality, which are developing Nekajui through a joint venture partnership, broke ground on the project in May of 2022 and have since been preparing the site for vertical construction, which begins this month.

Since launching sales in late 2021, more than 70 percent of Nekajui’s residences have been pre-sold, accounting for approximately $180 million in total sales. The villas and estate homes are selling with prices ranging from $5 million and $15 million. Nekajui floorplans range from two-to-five bedrooms, and from 2,200 to 6,300 square feet. Most residences feature large outdoor living areas with private pools and terraces. All homes will be delivered turnkey, fully furnished.

Designed by SB Architects and Gensler, Nekajui’s ultra-luxury guest rooms and residences will feature spectacular ocean views showcasing the natural splendor of Peninsula Papagayo and Costa Rica’s north pacific coastline. In recent years, the peninsula has emerged as a top-tier global destination home to unspoiled beaches, world-class golf, and extraordinary eco-adventure on land and water.

Nekajui is situated on a quiet stretch of protected beach and will feature lush gardens and a cascading infinity pool overlooking the Pacific Ocean. Amenities will include a private beach club and on-site spa, three Ritz-Carlton Reserve dining concepts, a suspension bridge, and Ambassadors Of The Environment — a collaboration with Jean-Michel Cousteau’s Ocean Futures Society.

Beyond Nekajui lies the expanse of Peninsula Papagayo, which offers an endless array of outdoor experiences for residents and visitors of all interests and ages. Activities include surfing, diving and snorkeling, hiking, mountain biking, kayaking and canoeing, sailing, and sport fishing.

Adding to the impressive list of amenities, this November, Peninsula Papagayo will open a new wilderness outpost inside its exclusive 250-acre Palmares Preserve. From one-of-a-kind aerial adventure to offroading, mountain biking, wilderness hikes, birdwatching, and multi-adventure tours, The Outpost at Palmares Preserve will be ground zero for once-in-a-lifetime eco-adventures on land and above ground.

Further afield lies Área de Conservación Guanacaste (ACG), a UNESCO-protected expanse of land and sea that’s home to four tropical ecosystems supporting some 7,000 plant species and more than 900 vertebrate species. Nekajui owners and their houseguests will enjoy personalized itineraries curated by local experts during their stay.

Lotus Capital Partners acted a financing advisor to Gencom and Mohari on this transaction.

NEKAJUI, A RITZ-CARLTON RESERVE RESIDENCE IS NOT OWNED, DEVELOPED OR SOLD BY THE RITZ-CARLTON HOTEL COMPANY, L.L.C. OR ITS AFFILIATES (“RITZ-CARLTON”). INVERSIONES HOTELERAS PLAYA POCHOTE, S.R.L. USES THE RITZ-CARLTON MARKS UNDER A LICENSE FROM RITZ-CARLTON, WHICH HAS NOT CONFIRMED THE ACCURACY OF ANY OF THE STATEMENTS OR REPRESENTATIONS MADE HEREIN.

About Peninsula Papagayo

Located in Costa Rica, one of the world’s most peaceful and biodiverse countries, Peninsula Papagayo is regarded by many as Latin America’s ultimate coastal retreat. The community includes Four Seasons Resort Costa Rica at Peninsula Papagayo, Andaz Costa Rica Resort at Peninsula Papagayo, Bahias by Antoine Predock, the Clubhouse at Prieta Beach, the Arnold Palmer Signature Ocean Course at Peninsula Papagayo, Marina Papagayo, and an exclusive collection of oceanfront homes and villas. Peninsula Papagayo is located 30 minutes from Liberia International Airport, which offers flights from major cities in the U.S., Canada and the U.K. For more information, visit the website: https://peninsulapapagayo.com.

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. In addition to its investment in the Four Seasons and Andaz resorts, a Gencom-affiliate also owns Hacienda AltaGracia, an Auberge Resort in southern Costa Rica. Gencom’s current portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Marriott, Ritz-Carlton, Rosewood, Fairmont, and St. Regis. (www.gencomgrp.com)

About Mohari

Mohari Hospitality, founded in 2017 by entrepreneurial investor Mark Scheinberg, is a global investment company that engages in a broad range of real estate investment activities, with emphasis on luxury hospitality in prime urban and resort markets. Mohari’s investments include equity and debt in both development and operating assets and Mohari invests both independently and with partners. Mohari’s existing investments include the 2,200 acre Peninsula Papagayo in Costa Rica, which is anchored by a Four Seasons luxury resort; The Ritz-Carlton Yacht Collection; Centro Canalejas in Madrid, which features the first Four Seasons branded hotel in Spain; the Waldorf Astoria Hotel and Residences Miami; 1 Hotel Toronto; Riviera Dining Group, parent company of high-end Florida restaurants MILA and AVA MediterrAegean; Homewood Mountain Resort in Lake Tahoe; Mint House, the leading tech-enabled residential hospitality company; and Omnam Group, a global real estate development and investment firm headquartered in London. Mohari seeks to protect the cultural heritage and natural environments of all areas related to its projects and is committed to identifying and contributing to philanthropic projects in each location where it does business. (www.moharihospitality.com)

About Monroe Capital

Monroe Capital LLC (“Monroe”) is a premier boutique asset management firm specializing in private credit markets across various strategies, including direct lending, asset-based lending, specialty finance, real estate finance, opportunistic and structured credit, and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, Miami, Naples, New York, San Francisco, and Seoul.

Monroe has been recognized by both its peers and investors with various awards including Global M&A Network as the 2022 Small Mid-Markets Lender of the Year, Americas; Private Debt Investor as the 2021 Senior Lender of the Year, 2021 Lower Mid-Market Lender of the Year, Americas; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information, please visit www.monroecap.com.

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Contacts

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