The Ministry of Tourism (MITUR), within the framework of FITUR 2023, informed that the Pioneer Investment Fund Administrator will develop Yanuna, a tourism project that is shaping up to be one of the most ambitious to be built in the Dominican Republic, with the support of the country’s own institutional investors.
The project’s terrain offers an impressive topography with diverse environments composed of: ocean, wetlands, tropical forests, mangroves, cliffs, hills and has 1.7 linear kilometers of beach.
With an area of 2,804,300 square meters of land and located within the municipal district of Macao, north of Punta Cana, the project seeks to develop 4,213 hotel rooms and 1,640 residential rooms with an orderly operation, under brands of the highest prestige and international recognition.
To date, a letter of intent has been signed with one of the most important hotel firms in the world for the development of the first two hotels, which together will total 550 hotel rooms and 50 residential units.
The development will be carried out in different phases over the next few years with an estimated total investment of USD 2,375MM, which will be managed through different development vehicles. In addition, the project will be structured under the CONFOTUR Law, a legal framework of tax incentives and benefits for the development of the tourism sector, which represents a 0% tax rate on income, assets, transfer of assets in first transaction, as well as VAT and import duties on products purchased abroad for the construction of the development.
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Yanuna will be located next to the Uvero Alto highway, some 34 kilometers northwest (35 minutes by car) of the Punta Cana International Airport, which is served by direct flights from more than 30 countries, making the destination extremely accessible to numerous demand-generating markets.
In addition to the Yanuna project, Pioneer is recognized as the first Investment Fund Management Company (SAFI) to operate in the Dominican Republic, specialized in managing third-party funds through independent assets and stands out for its investments in the tourism sector. Its bet to date, through the funds it manages, exceeds US$450 million.
This SAFI was a key player in the development of Miches as a tourist destination, by investing through its Partnership Development Fund in Club Med Miches Playa Esmeralda. This investment was the first hotel in the area and the exclusive Club Med collection in the American continent; it has 336 rooms and an investment of approximately USD 106MM, which has catalyzed important road and tourist infrastructure works for the region, as well as the technification of basic services and hundreds of jobs that bring economic dynamism to the area.
Other projects within the investment portfolios of its funds include projects such as the St. Regis Cap Cana Resort and Residences, a high luxury hotel and residential project that houses 200 hotel rooms and 74 residences operated by Marriott International, located in the Cap Cana resort. Its well-known asset appreciation strategy in El Portillo Exclusive Residences provides protection for investors in this complex located on the beach of Las Terrenas, Samaná.
The Dominican Republic has one of the most developed and prosperous tourism sectors in Latin America, reaching a record number in its history in 2022 with the arrival of more than 7 million tourists. Punta Cana, for its part, is recognized as one of the most popular tourist destinations in the world.
Among other important investments made by SAFI Pioneer through the funds it manages are industries such as free zones, with investment in the acquisition and expansion of the Nigua Free Zone Industrial Park, and the real estate sector, with the acquisition of the Downtown Mall Punta Cana, the Nautilus building, also located in that tourist area, the Equinox building, located in the National District, and a portfolio of bank branches in different key points of the country.
The activity was attended by Mr. Yamil Isaías, executive vice-president of Pioneer and president of Promiches, an institution that advocates for the protection and promotion of the environmental and cultural diversity of this tourist enclave.
In its 11 years of operations, through the investments of the funds it manages, Pioneer has generated profits of more than USD 70MM for its investors and has contributed more than 6,500 direct and indirect jobs to the national economy, with assets that currently represent 15% of an industry that in turn equals 2.32% of the country’s Gross Domestic Product (GDP).
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