Gencom issued the following announcement on Dec. 3.
Gencom, a leading domestic and international hospitality investment and development firm, today announces the acquisition of Hacienda AltaGracia, Auberge Resorts Collection, a high-end resort in the mountains of Pérez Zeledón in the southern region of Costa Rica. The resort was originally conceived and developed as a family retreat and coffee farm in a storied agricultural town and has consistently ranked among the top resorts in Central America since aligning with Auberge Resorts Collection in 2015. The acquisition represents a continued expansion of the Miami-based investment firm's luxury mixed-use hospitality portfolio and its presence in Costa Rica; Gencom is a co-owner as well as the developer and asset manager of the master-planned resort community Peninsula Papagayo, which includes Four Seasons Resort Costa Rica and Andaz Costa Rica Resort. Financial terms of the transaction were not disclosed.
"Gencom is thrilled to purchase this beloved Costa Rican property with an unparalleled setting and unique identity," said Karim Alibhai, founder and principal of Gencom. "As a stunning hideaway that celebrates Costa Rica's natural beauty, the purchase of Hacienda AltaGracia aligns with our team's focus on acquiring exceptional hospitality assets in compelling locations across the globe."
Perched atop lush southern highlands, Hacienda AltaGracia celebrates the unspoiled essence of Costa Rica, providing a one-of-a-kind, immersive retreat in a destination seemingly untouched by tourism. The resort offers 50 hacienda-style casitas starting from 1,173 square feet, featuring lavish patios and terraces with sweeping views of the San Isidro Valley and nearby mountains; stunning window walls that bring the surrounding nature indoors; and luxury amenities including fireplaces, bathtubs and a butler's pantry.
At 20,000 square feet, Hacienda AltaGracia boasts one of the largest spa and wellness facilities in Central America, complete with six indoor treatment rooms including two for couples, two aqua suites with Vichy showers, four outdoor treatment "ranchos," a panoramic swimming pool, a beauty salon, a state-of-the-art fitness center and more. The resort is also home to a collection of indoor and outdoor dining venues, as well as an on-site organic farm. A haven for active pursuits, the property includes an extensive equestrian center with 28 oversized indoor stables, a tack room and an enclosed riding ring that can host equine shows and events.
"Similar to our approach with Peninsula Papagayo, Gencom will build off of the natural surroundings and local community to carry out a business plan focused on creating authentic and extraordinary experiences for its guests, while being a steward of the environment and local community through sustainability practices," said Donald McGregor, Gencom's managing director for its Peninsula Papagayo investment and Gencom's Latin America division.
"The purchase of Hacienda AltaGracia demonstrates our ongoing strategy of identifying sound opportunities where Gencom can apply its core competencies and create value to increase profitability for its portfolio," added Alessandro Colantonio, executive vice president of Acquisitions & Capital Markets at Gencom. "Through this acquisition, we are excited to establish a relationship with Auberge Resorts and expand our presence in the region, as well as our overall luxury hospitality portfolio."
Located in the southern region of Costa Rica, Hacienda AltaGracia is accessible by short flight from San Jose International Airport (SJO) to San Isidro Airport, located just 35 minutes from the resort. Alternatively, guests can arrive via private plane and use the resort's private landing strip or take a three-hour scenic mountain drive from San Jose.
Gencom's Miami-based team led the acquisition, which was finalized on November 29, 2019.
ABOUT GENCOM
Founded in 1987 by Karim Alibhai, Gencom is one of the nation's leading domestic and international investment and development firms specializing in hospitality with further emphasis on the luxury, mixed-use sector as well as related operating platform investments. Headquartered in Miami, Gencom is fully-integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe, including Gencom American Hospitality, Summerfield Suites, Carnival Resorts and Interstate Hotels. Gencom companies' successful track record has led to significant ventures with prominent institutional investors, prominent family groups and other strategic partners both domestically and internationally. For more information about Gencom, please visit www.gencomgrp.com.
ABOUT AUBERGE RESORTS COLLECTION
Auberge Resorts Collection is a portfolio of extraordinary hotels, resorts, residences and private clubs. While each property is unique, all share a crafted approach to luxury and bring the soul of the locale to life through captivating design, exceptional cuisine and spas, and gracious yet unobtrusive service. With 19 hotels and resorts across three continents, Auberge invites guests to create unforgettable stories in some of the world's most desirable destinations. For more information about Auberge Resorts Collection, please visit aubergeresorts.com.
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