Banyan Tree to Open Resort in Mexico

Banyan Tree Group has announced that it will open the Banyan Tree Residences Mayakoba in early 2009, located on the southeast shore of Mexico’s Riviera Maya,  ten minutes from Playa del Carmen. The resort will be developed by OHL, based in Madrid.Banyan Tree Residences Mayakoba (pictured) will contain 50 ownership villas, as well as the 132-villa Banyan Tree Mayakoba Hotel and Resort. The one,- two-, and three bedroom ownership villas be between 4,000 to 6,000 square feet each, and will be offered for sale at prices ranging from $1 million to $6 million. Owners will also have access to hotel facilities, including a Thai restaurant, and outdoor spa pavilions that will line the lagoons, a well as a spa that will include a hydrotherapy facility. Access to the private beach club is another amenity for owners. Hotel guests and villa owners will also have access to El Camaleon, a Greg Norman-designed championship golf course that hosts the PGA Tour’s Mayakoba Golf Classic. Mexico’s Riviera Maya, a roughly 60-mile stretch that runs from Cancun south to Tulum, has seen an increased amount of luxury hotel development in recent years, said Miguel Rivera, senior vice president of Jones Lang LaSalle Hotels. Two large hotels have opened recently in Mayakoba. The Fairmont Mayakoba has been open for about a year, while the Rosewood Mayakoba opened late last year. Also being developed on the Riviera Maya is the Capella Bahia Maroma, from Capella Hotels and Resorts, which will contain 82 suites and 130 for-sale units, set to open in the Winter of 2008/2009. Rivera, though, thinks that demand for these luxury properties exist, as development on Mexico’s Los Cabos, on the West Coast, is still ahead of the East Coast, a three-or-four hour flight from the eastern United States’s major population centers.  “Riviera Maya has really come into its own,” said Geoff Landry, CEO of Nomad Real Estate Group, which is handling the residence sales for Banyan Tree Residences Mayakoba. He said the resort’s beaches should be attractive to potential buyers from the Midwest, and from Canada. Due to the strong Euro, interest should be strong from Europe, Landry said, while Russia also could be another potential market.       Banyan Tree Hotels and Resorts operates boutique resort, residences and spas. The firm manages and/or has ownership interests in approximately 20 resorts and hotels, over 60 spas and two golf courses