ING Real Estate will partner with Grupo Carrousel and Operadora Punta Maroma to develop a new $150 million (excluding land) ultra luxury ocean front resort on Bahia Maroma along Mexico's Riviera Maya. The project will include an 86-villa, ultra-luxury hotel from Capella Hotels and Resorts, one of the world's finest hotel operators.

The 254-acre site acquired for the project is located 30 minutes south of the Cancun Airport and 15 miles north of Playa del Carmen, and includes approximately one mile of prime beachfront property. As envisioned, the development will incorporate 127 residential units, an 18-hole Rees Jones signature golf course, and a 10,000 square foot clubhouse, in addition to the hotel.

"Grupo Carrousel has been a pioneer in the development of Cancun and brings tremendous vision to this project," said James Hendricks, Managing Director at ING Real Estate. He noted that the Grupo Carrousel had owned this parcel of land for more than 10 years. "We are pleased to be able to partner with someone who has such great experience in the market."

The ING Real Estate project is to be built out in four phases beginning with the construction of the Capella Hotel, which will provide the anchor for the development. The facility will be designed and built jointly with Capella Hotels and Resorts. Known worldwide for their superb architecture and interior design, Capella properties offer an extraordinary level of amenities to guests and a high level of personalized service. The Capella Bahia Maroma Hotel will include a spa, beach club, and three unique restaurants. Phase one is expected to be completed this coming winter, and will include the golf course.

Beachfront properties scarce
As more and more sophisticated travelers have discovered the Riviera Maya, quality beachfront properties have become scarce, with Grupo Carrousel's land as one of the few remaining attractive large parcels. Its location along Mexico's east coast places it within a three to five hour plane trip from major U.S. wealth and population centers. The property and the development will be positioned to take advantage of a number of favorable economic and demographic trends, including demand for luxury resort travel and second home real estate, and a desire on the part of Baby Boomers to devote a portion of their resources to leisure time in a service-rich environment.

Bob Baer, CEO of DTZ Rockwood Asociados, an advisor to ING Real Estate on this transaction, considers the "one mile of beachfront, low density and private golf course truly unique aspects of this project in the Riviera Maya. These are incomparable amenities in a privileged location." With Capella on board, the partnership plans to make this new development one of the great destination spots for luxury vacation travelers as well as for those individuals attracted to the region as a location for a second home.

Reservations are currently being accepted on a very limited release of units for the Capella Bahia Maroma Founders Program, and the next release of units is expected in late May or early June. More information is available at www.capellalivingmaroma.com

The property is marketed and sold by Traditions Management (www.traditionsmanagement.com).