Madrid, Spain.- The Martinón Group and the Reserve Bank formalized an agreement on Thursday for the construction of the first two hotels as part of the Punta Bergantín project in Puerto Plata. These hotels will operate under the Hyatt Hotel brand, with an investment exceeding USD $200 million.
The agreement was confirmed at the Fitur 2024 International Tourism Fair, attended by Gabriel Phillip, the President for Latin America of the Hyatt Group; Enrique Martinón from the Martinón Group; Samuel Pereyra, General Administrator of the Reserve Bank; Andrés Marranzini, Director of the Punta Bergantín trust, and the Minister of Tourism, David Collado.
The master plan for the project encompasses an area of 9.6 million square meters. The initial phase involves constructing approximately 2,000 rooms, with 700 units set to begin development.
Both hotels are currently in the design phase and are scheduled to commence construction in the middle of this year. The Martinón Group will integrate this hotel property into the new destination of Bergantín, operating under the Hyatt Ziva and Hyatt Zilara brands.
The President for Latin America of the Hyatt Group expressed satisfaction with the support received during the years of operating in the Dominican Republic, where they feel at home. Phillip anticipates that the hotel project will be a great success and emphasized the backing from the Reserve Bank, the Ministry of Tourism, and the government of President Luis Abinader for tourism and country development.
The General Administrator of Banreservas stated that this is the most significant hotel investment made on the north coast of the Dominican Republic in the last 20 years.
Pereyra mentioned that the Dominican Republic is proud to relaunch the Puerto Plata Tourist Complex, where sector development commenced. He recalled the Bergantín project’s presentation a year ago at Fitur to European and North American investors, now a reality due to the trust in the country and President Abinader’s interest in revitalizing Puerto Plata.
Pereyra highlighted the reality of the project achieved with the Martinón Group and the Hyatt Group, commencing with an investment exceeding US$200 million. He invited investors to continue trusting the Dominican Republic as a tourist destination, emphasizing the Reserve Bank’s commitment to supporting such projects.
As part of the joint effort between the Ministry of Tourism and the Reserve Bank, the international promotion of Punta Bergantín as a tourist and investment destination aims to attract foreign investment and facilitate hotel infrastructure development contributing to national progress.
Banreservas plans to allocate RD$150 million to finance tourism projects in the area. Upon completion, Punta Bergantín is projected to have 6,000 hotel rooms, 3,000 residential rooms, and an academic campus promoting education and innovation in the country.
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Just wondering how long it will take for the development to grow to sufficient size that demand for water to support it will exceed the supply? Read: “Punta Bergantín faces a titanic obstacle: “lack of drinking water”, DT Nov. 23rd, 2023.
Like always, the authorities have stars in their eyes over huge projects that bring in big tax revenue and other perks. It seems they think with their wallets and not their brains as there are no concerns on their part of the environmental risks and the demands on the local infrastructures the large projects make. Take the money and run, let somebody else worry about tomorrow’s troubles.
I was literally thinking the same. Since they proceeded to greenlight the project and move forward with it, I’m assuming that they managed to resolve the water issue..?