Carlton Group raising $200M for Colombia projects

Rendering of Hyatt Regency in Cali
Rendering of Hyatt Regency in Cali

UPDATED May 9, 1:15 p.m. Two developers retained Manhattan-based Carlton Group to raise about $200 million of equity and debt financing for four real estate developments in Colombia.

The four developments, announced by Carlton Group Chairman Howard Michaels and Carlton Group partner Michael Campbell, include a Hyatt Regency luxury hotel in Cali

Carlton Group said that a Bogota-based company called Promover is the Hyatt Regency developer.

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And Medellin-based Royal Property Group is the developer of the other three projects.

Royal Property’s projects include a resort hotel for a master-planned community in Guatapé, located near Medellin in northwest Colombia. Royal Property is also is the developer of 405 homes and apartments in the second phase of mixed-used community development.

In Medellin, Royal Property is the developer a mixed-use project with 300 apartments for rent and for sale, plus 28,000 square meters of office space, 10,000 square meters of retail space and an 80-key Charlee Hotel.