Sheldon Good & Company, a Racebrook Portfolio Company and America’s leading real estate auctioneer, will conduct the international auction offering of the Estrella del Mar Golf and Beach Resort, a fully gated 896-acre (362 hectares) hotel and residential resort community located in Mazatlan, one of Mexico’s premiere tourist destinations. Featuring lush tropical landscaping and 3.5 miles (5.6 kilometers) of spectacular beachfront, the property offers numerous income-generating components including one of the country’s top-rated championship golf courses, a Wyndham branded four-star beachfront resort hotel, over 2,100 completed and to-be-built premium residential units comprised of condominiums and luxury home sites and over 431 acres (174 hectares) of future development land. The sale represents a one-of-a-kind opportunity for an investor or developer in the global hospitality community to establish or expand their presence within the ever-growing Mexican market. Bids for the property are due on January 31, 2013.
Just 10 minutes from Mazatlan International Airport on Isla de la Piedra peninsula, Estrella del Mar is a world-class Mexican resort destination, situated where the Pacific Ocean and Sea of Cortez meet. The master planned development is comprised of two distinct sections. The southern portion of the property, Phase I, has vast infrastructure in place and is currently operational with an experienced management team. The northern side, Phase II, incorporates hundreds of acres that provide a wide array of future development possibilities, including three additional beachfront condominium complexes, a second 9-hole golf course, a tennis club, equestrian facilities and numerous shops and restaurants. Buyers will have the opportunity to bid on Phase I, Phase II, or the property in its entirety.
The southern half of the property, Phase I, measures 465 acres (188 hectares) and features: three luxury condominium complexes that offer one-, two- and three-bedroom oceanfront units along with large infinity pools, whirlpool spas and underground parking; an 18-hole beachfront Robert Trent Jones Jr. championship golf course and 8,000 square foot (743 square meter) clubhouse that annually plays host to the Mexican PGA Championship and the Sinaloa Governor’s Golf Tournament; and a recently-constructed Wyndham Las Villas Hotel & Spa providing 48 new and 20 original guest suites, beach access, dramatic views and amenities like tennis courts, swimming pool and a full luxurious spa. In addition, Phase I features single-family residential lots ranging in size from 5,380-12,000 square feet (500-1,115 square meters), ideal for custom homes. The southern area also features a one-of-a-kind sea turtle habitat, where guests can work together with the resident biologist in a “hands on” experience to help preserve this wildlife species, a state-of-the-art water purification facility whose standards are well above the standards in many U.S. municipalities, waste treatment plant and other resort amenities.
The northern half of the property, Phase II, measures 431 acres (174 hectares) and has a preliminary plan for the future development of: three beachfront condominium buildings and a 300-unit townhouse complex; 9-hole signature golf course; tennis club; equestrian facilities; multi-purpose fitness equestrian trail and shops and restaurants. The northern section could draw infrastructure already in place from the southern section, which includes roads, lakes, landscaping, drainage, water treatment and distribution, sewage, electrical and communications systems.
"Simply put, The Estrella del Mar Golf and Beach Resort is the finest master planned hotel and residential resort development available along the western coast of Mexico. The property offers an investor/developer with the best of both worlds: a resort hotel and golf operation complimented by condo and home site sales, as well as significant oceanfront acreage for future development possibilities,” said John J. Cuticelli Jr., CEO of Sheldon Good & Company.
Estrella del Mar’s residential units are an attractive opportunity for second-home buyers looking for high-quality whole ownership condominiums, homes or home sites at reasonable prices. The property has already sold 128 of the oceanfront condominium units in the first two complexes, eight in the third complex, as well as 100 single-family residential lots.
“With the right leadership and vision, the new ownership will effectively be able to unlock the full potential of the property and realize tremendous upside,” Cuticelli added.
Mazatlan has experienced continued growth as a premiere beach destination both for local visitors and foreign tourists. The surrounding area’s approximately 9,400 hotel rooms and numerous residential resort projects support the city’s tourism, while good climate, spectacular beaches, entertainment venues and an array of cultural activities keep visitors returning year after year. The impending completion of a new superhighway, the first of its kind in the country, will connect Mazatlan on the Pacific Ocean to Matamoros, Tamaulipas on the Gulf of Mexico, reducing travel times from surrounding Mexican states by up to 50%. Located 17 miles (27 km) south of the City of Mazatlan on the west coast of Mexico, the property is 300 miles (483 km) north of Puerto Vallarta and across the Sea of Cortez from Los Cabos.
The deadline for delivering sealed bids to Sheldon Good & Company is January 31, 2013 at 5 pm Eastern Standard Time. Bids are to be delivered to Sheldon Good & Company, 488 Madison Avenue, Suite 201, New York, NY 10022, USA. For more information on the auction and to view the property by appointment, call 001 (212) 213-9770 or visit www.Mazatlan.SheldonGood.com.
ABOUT SHELDON GOOD & COMPANY
Sheldon Good & Company is a Racebrook Portfolio Company and the nation’s leading provider of strategic momentum-building marketing and structured accelerated sales solutions. The firm has a 45-year track record of proven results, including selling billions of dollars worth of property in every real estate asset class and having the highest closing ratio in the industry.
Racebrook, Sheldon Good & Company’s parent, is a private investment firm founded in 2004 (originally a portfolio company of Warburg Pincus, one of the oldest private equity firms in the world), focusing on opportunity and disintermediation in the real estate and capital markets. Racebrook's principals have executed in excess of $23 billion in commercial real estate transactions and advisory assignments by creating value through its acquisition and disposition process, resolution of property status, efficient management, aggressive asset repositioning and the expeditious implementation of asset specific business plans.
Racebook is adept at development, redevelopment, targeted improvements, leasing, marketing and sales, in addition to being an experienced advisor and investor in opportunistic assets, distressed markets, non-performing loans and CMBS. Having both Main Street and Wall Street experience, the company has invested in every real estate asset class across a wide range of geographic markets. The company’s portfolio of integrated companies include: Racebrook Capital, Racebrook Restructuring Services, Racebrook Financial, NoteSale.com, Racebrook Marketing Concepts and its auction affiliate Sheldon Good & Company, a pioneer of efficient real estate auction programs since 1973.
The firm's headquarters are based in New York City, with primary offices in Chicago, Denver, Los Angeles, San Francisco, Puerto Rico, Jamaica and other strategic locations. Please visit www.racebrook.com or www.sheldongood.com for more information.