Nov. 1, 2012
-- Milagro del Mar Beach & Golf Resort resumed construction this week on its luxury beachfront condominium project, which will soon become the first major hotel brand to open on Nicaragua’s Pacific coast in more than 20 years.
Though Milagro del Mar has not yet announced which international hotel group has agreed to manage its beachfront tourism project, developer Roger Keeling says the paperwork is signed, the financing is in place, and the sun is finally shining.
“In the next few weeks, we will be making a full public statement about who our hotel partner is going to be and what the project is going to look like when it opens in the first quarter of 2014,” Keeling told The Nicaragua Dispatch. “Several major hotel projects have been planned on the Pacific, but because of the reorganization that we have gone through, we will be the first to market.”
Milagro del Mar operated within the landmark master development Gran Pacifica, a sprawling 2,500-acre coastal project one hour west of Managua, originally started construction on its 42 oceanfront condo project in 2009.
“The complications of the financial crisis on our investors created a perfect storm and we had to make a decision to step back and reevaluate the project and take it a different direction,” Keeling says. “So we spent the past two years putting together a new plan with a new face. But the good news is we have weathered the storm, we have persevered and this week we started construction again to complete the project by the first quarter of 2014.”
“In the second week of November we will restart our destination tours, and that is really our sales experience,”
Keeling says. “Now that we are confident and have funding in place we are confident to go back to market. Our initial response has been very strong.”
Phase I of the Milagro del Mar is for 42 condos, a restaurant, lobby and offices. Phase II, scheduled for completion near the end of 2014, will be 42 additional villas that will go on sale starting in December. Phase III of the project will be 128 hotel suites, bringing the total hotel project to 212 units. In addition to resuming construction, Milagro is also working to improve and expand its golf course.
This article was first published by The Nicaragua Dispatch.