The Pioneer Investment Fund Management Company announced the arrival of the prestigious hotels The Ritz-Carlton and The Luxury Collection in the country by signing an agreement that assures their installation in Yanuna, a new luxury tourist development that the fund manager will develop in Macao.
The signing ceremony was attended by Bojan Kumer, regional vice president of Development for Marriott International for Latin America and the Caribbean, and Alex Fiz, Area vice president for the Caribbean and director of All-Inclusive of Marriott International, representing the multinational hotel company, which with more than 30 brands and 8,700 properties in 139 countries has the most powerful portfolio in the industry worldwide.
On the local side, Pioneer was represented by its president, Héctor Garrido and its executive vice-president, Yamil Isaías; David Collado, Minister of Tourism, as well as Eduardo Grullón, president of AFP Popular.
“By formalizing the registration of Dominican nationality for The Ritz-Carlton and The Luxury Collection brands, we are consolidating their presence in what we believe will be the most valuable tourism offer in our country: Yanuna,” said Isaías.
He added that “the decision to establish in Yanuna reflects the confidence of these brands, internationally recognized for their elegance, luxury and exceptional service in the tourist potential of the area as a world-class destination”.
Kumer said, “We are extremely excited about the signing of this project that redefines the luxury offering for All-Inclusive in the region, elevating this segment under the luxury leadership of The Ritz-Carlton and The Luxury Collection brands. Particularly, The Ritz-Carlton marks an important milestone for us, as it will be the first The Ritz-Carlton All-Inclusive hotel in our region.”
“The project is of great value, as it reiterates our commitment to continue positioning the DR as a luxury destination and reinforces our presence of All-Inclusive by Marriott Bonvoy hotels, which currently has more than 30 properties under 5 different brands in 9 markets in the Caribbean and Latin America,” added the senior Marriott executive.
The landmark agreement represents a significant step forward for the country in terms of the quality of the hotel offering and highlights the Pioneer fund manager’s commitment to the development of excellence in the industry.
Yanuna’s strategic location and the worldwide reputation of The Ritz-Carlton and The Luxury Collection brands in Pioneer’s investment portfolio will contribute to the DR’s tourism appeal. The transaction, which in its first stage contemplates an investment of more than US$250 million, is expected to generate employment opportunities and stimulate economic growth in the region.
The establishment of the world-renowned hotel brands will attract more high-end tourists and create new employment opportunities that promote development and increase the country’s competitiveness.
In the particular case of The Ritz-Carlton hotel, the construction of the first All-Inclusive hotel in the region, which will have 250 rooms and 50 residential units, stands out. The Ritz-Carlton is considered one of the most prestigious hotel brands in the world.
Yanuna seeks to develop 4,213 hotel rooms and 1,640 residential rooms in its complete process with a total investment of US$2,375MM, under an orderly operation scheme, which includes these luxury brands operating within a community village that includes restaurants, bars and amphitheaters.
Pioneer is recognized as the first investment fund management company to operate in the DR and stands out for its investments in the tourism sector, where through the funds it manages, its investments exceed US$450MM.