Raminova Announces Expansion Plan in the Americas

Raminova announces plans to invest approximately $650 million in tourism-related projects in Punta Cana, Dominican Republic, Panama City, Panama, Los Cabos, Mexico, and Puerto Penasco, Mexico, within the next year. Future expansion plans will also include projects in U.S. cities, such as New York and Miami.

Raminova’s expansion plan, as well as its first project in the Dominican Republic, Cana Bay Beach Club & Golf Resort, is featured in this month’s issue of Smart Money magazine. The expansion strategy is spearheaded by Raminova America’s CEO, Evagrio Sanchez, and Raminova CEO, Angel Ramirez. Mr. Sanchez is a former Sol Melia executive who led the hotel chain’s introduction and growth in the Americas between 1991 and 2001. Mr. Ramirez has held the CEO position at Raminova for the past 8 years.

Raminova’s expansion plans are centered on several emerging real estate trends. The demand for second homes in the Caribbean and Central America is soaring as lower prices and higher expected returns than in U.S. markets are attracting more of the 78 million baby boomers in the U.S. who are preparing to retire. Destinations such as Panama, Costa Rica, Mexico, and the Dominican Republic are booming with U.S. investors.

Raminova is a partnership between the Ramirez Group, a 75-year-old real estate developing company, and Caixanova, one of Spain’s largest financial institutions.

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