The Fairmont Coco Beach Resort in Rio Grande is a done deal, said
Arturo Diaz, president of Empresas Diaz & Coco Beach Development
Group (CBDG), reports Caribbean Business (Feb. 8, 2007).
California-based, merchant-banking firm Redwood Capital Partners LLC,
partnered with Empresas Diaz, has signed a commitment letter with
Canada's Fairmont Hotels & Resorts, a subsidiary of Canadian
Pacific. Scotiabank will handle lead financing. The Coco Beach Golf
Course has been lengthened to 7,587 yards to comply with PGA Tour standards. Diaz said the Fairmont project, valued at about US$125
million, will include 250 hotel rooms and 150 condo-hotel units.
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