The Real Deal Miami

Miami Beach-based developer sells Dominican Republic project for $151M

2,000-acre site includes Aman resort, golf course, luxury villas
By Katherine Kallergis | November 16, 2016 01:30PM

Playa Grande. Inset: Pierre Charalambides

Aerial view of Playa Grande. Inset: Pierre Charalambides

Dolphin Capital Investors sold its Playa Grande Golf and Resort project and its Aman resort in the Dominican Republic for $150.5 million, Miami Beach-based founding partner Pierre Charalambides said on Wednesday. 

The publicly traded company will sell the 2,000-acre site to Third Point LLC, the resort investor’s biggest shareholder. Third Point is a New York-based hedge fund founded by Daniel S. Loeb.

The deal includes Aman’s Amanera resort on the country’s northern coast and a renovated golf course. The resort, which opened about a year ago, features access to a 180-acre golf course, club house, spa and health club, restaurant and outdoor activities.

Dolphin Capital acquired land for Playa Grande starting in 2008 and launched sales for the luxury villas late last year. The homes, priced from $4 million to $8 million, range from 2,400 square feet to 8,600 square feet, Charalambides told The Real Deal at the time. He said the units held more value compared to homes in South Florida and the Northeast, where prices were higher.

Five out of a planned 40 villas for phase one have sold, a spokesperson told TRD. Four hundred luxury homes are planned over subsequent phases.

The company has a regional office in Miami Beach and is listed on the London stock exchange. Its $150 million investment in Playa Grande included about $50 million of debt.