A Miami-based real estate firm is under contract to buy two Courtyard by Marriott hotels in the capitals of Costa Rica and the Dominican Republic.
Ithaca Capital Partners announced that it agreed to acquire a 120-key Courtyard by Marriott near San Jose, Costa Rica, and the brand’s 145-key location in Santo Domingo, the Dominican Republic. The firm did not disclose the contracted purchase price for either property.
Ithaca said in a press release that the acquisition of the Santo Domingo property along Avenida Máximo Gómez “includes adjacent land parcel for future development.”
Costa Rica and the Dominican Republic are “two of the fastest-growing economies in the region,” Orestes Fintiklis, founder of Ithaca Capital, said in a prepared statement.
A gym, an outdoor swimming pool, meeting space, on-site parking, and food and beverage service are among the amenities at both the Courtyard by Marriott Hotel in Santo Domingo and the smaller Courtyard by Marriott along Próspero Fernández Highway in Escazu, a suburb just west of San Jose.
Ithaca Capital’s advisors in the deal were the Miami law firm of Aleco Haralambides and a LMV Law, a Dominican firm. – Mike Seemuth