New York- Del Sol Investments LLC announced this week the engagement of the engineering firm, Ulate, in connection with the development of the real property owned by Penthouse International, Inc. through its Del Sol subsidiary.
Del Sol owns 370 acres of real property in Zihuatanejo-Ixtapa on the Mexican Riviera. The Company is developing exclusive membership-based resorts. The Company’s development plans also include fractional ownership vacation homes to address current market demand for flexible ownership of vacation property.
Ulate is a leading engineering and development company in Latin America. Ulate specializes in large scale resort developments, master planned communities and urban city planning. Ulate has been engaged by both the private and public sectors, including an engagement to create the City Plan for Guadalajara, a city of eight million people. The firm has completed large private sector projects in several dozen cities including, Ensenada, San Felipe, Mazatalan and Ixtapa, where the Marina Ixtapa was developed with golf, marina, commercial infrastructure and ocean front lots.
“With no existing debt, Del Sol has a unique opportunity to use its real estate assets to finance growth and diversification of the company,” said Claude Bertin, executive vice president.
Penthouse is negotiating with several US resort operators to also anchor the property. Del Sol is prepared to contribute a portion of its beachfront real property as a building site in exchange for third party developers contributing the construction capital and expertise.
Estimates of the Company’s engineers indicate that the 370 acre site should accommodate at least two beachfront hotel resort complexes, one 18-hole championship golf course and 2,500 residential units.
Penthouse International is diversifying entertainment options available to its customers through the development of its real property. The Company is also negotiating other acquisition of media and entertainment assets, including certain profitable website properties.