Millennium Resort & Spa – Hotel – $15,738,805 – Cabarete
Millennium Resort & Spa in Cabarete on the north coast of the Dominican Republic is unique in many ways. To begin, the developer and architect team had a long history of developing traditional, Mediterranean-style projects. With Millennium, however, they used their international travel experience to create a newer and more modern design considered by many a cross between South Beach in Miami and Cartagena in Columbia. In addition to the clean and modern design, this condominium project was built to be more like a hotel than a residential community. To this end, Millennium Resort & Spa includes a lobby bar, beachfront restaurant, full-service gymnasium and spa, and an ocean-front infinity swimming pool with sun decks and platforms for both stage and musical festivals.
The condominium interiors are also unique in their versatility of use. On the one hand, the larger units can be used as family or group luxury suites. Or, they can be used as private modules with separate private entrances. But again, the various living modules can all be connected together for combined usage. This also adds to the rentability of all the condominiums in the Millennium Resort & Spa. In addition, each apartment is “turn-key” and is easily managed by the on-site management team when an owner is not in residence. A “Rental Pool” is also available to increase income to offset ownership costs.
Another unique feature of this property is that the entire complex has been put up for sale. Thus, the property is available to a private investor, or an investment group that would like to have the resort operated by a small boutique hotel chain. The income streams can be both multiple and diversified. The special features listed below can each generate a positive stream of cash-flows. At the present time, some of the apartments have been sold and are part of the rental pool. The unsold units are included in the purchase price. Stating this in another way, an income stream can be generated by management of the rental pool, or total cash flows generated by units owned by the hotel group.
Included in the Purchase Price:
– Beach Restaurant
– Lobby Bar
– Andari Spa
– Millennium Gynmasium
– Kite School
– Parking Garage
– Offices Above Garage
– 8,000 m2 of Undeveloped Land
– Architectural Plans and Permits for Future Phases
Convenient Location – The bay of Cabarete is a half-moon shape and the Millennium infinity pool and beach area are front-row center for everything. The ocean view to the left is filled with colorful kite boarders and the view to the right is filled with wind surfers going to and from Bozo Beach. Once outside the gated gardens of this beautiful holiday resort, everything is within short walking distance. The beach of Cabarete Bay is a colorful and has varied scenes of windsurfers, kite boarders, beach combers, and sun bathers. The village of Cabarete runs along the beach of Cabarete Bay and is lined with restaurants, points of interest, and plentiful shops to visit. The Puerto Plata International Airport is only a 20-minute drive by car or taxi.
If you would like more information on apartment layouts, ratio of sold vs. unsold units, or cash flow projections of each operation within the hotel, please click on the link below.