The Real Estate Book

Property Description

SUMMARY DESCRIPTION


This was once upon a time a thriving and successful hotel over eight years ago but lost its ability to prosper due to mismanagement and lacks of operating capital and a result had to close.

The Sand Castle is situated on 89,900 sq. meteres of land with 18,841 sq. meteres dedicated to construction, and 500 sq. mts. of beachfront. This property is located in the center of Sosua.

This was a 240 room fully functioning hotel that had 3 restaurants, kitchen and laundry facilities, 2 swimming pools accompanied by refreshment bars, a night club for dancing and entertainment, beach and snack bar restaurants, gift shops, 2 conference rooms, and the administrative offices. The property also provided parking for at least a 120 vehicles.

Although the property is no longer operational and needs renovation, the buildings are structurally sound and the property possesses a spectacular view of the Caribbean sea.
This property is prefect for an exclusive condominium conversion project. Since the property has been vacant, the owner has acquired individual titles for it, making it ideal for a condominium project. The owner has also invested in renovation plans for the condominium conversion - the investment for the project would cost $8,000,000 USD. Information about the plans for this project is available upon request.

According to information received by other realtors in the area ? the price today for a one bedroom unit (70 ? 85 sq. meteres) starts at $220,000 USD. Two and three bedrooms units are of course more costly. This can be verified by Juan Perdomo?s Century 21 and Infiniti Blu who have built properties similar to what I mentioned.

The property is sited in a prime area where the construction of a marina was recently completed, and the development of a golf course will soon follow within few months from now. The sellIing price of hotel and property is $22,000,000 USD. Owner willing to consider JV partnership.

Brokered And Advertised By: Rabbit International
Listing Agent: RABBIT INTERNATIONAL REAL ESTATE DOMINICAN REPUBLIC