Hotel Group Buys Last Unclaimed Acres of Punta Mita

DINE, developer/owner of Punta Mita, a 1,500-acre master-planned resort community on Mexico's Pacific Coast, has sold its last hotel development parcel to Strategic Hotels & Resorts, manager of 21 high-end hotels and resorts in North America and Europe. Chicago-based Strategic purchased 57 acres of oceanfront land for $53 million to create an as-yet-unnamed residential resort development. The company plans to enter into a joint venture on part or all of the land before its development takes place. Visit www.puntamita.com.mx. (JP)

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