(MENAFN- Costa Rica News) The post Sonesta Jacó: The Unfinished Project That Defies Costa Rican Time appeared first on The Costa Rica News.

In Costa Rica, a massive structure stands as a ghost of what could have been luxury in Jacó. The Sonesta Jacó Resort and Beach Club hotel project, led by Joshua Ten Brink's Riverside Developers, came to an abrupt halt around 2010, leaving those who invested in its condominiums in limbo.

Why so much silence? More than a decade has passed, during which time the lack of completion has not only frustrated investors' dreams, but has also allowed the marine environment to slowly devour the infrastructure.

The project became a symbol of frustration for buyers. With no clear path to completion, the construction site has depreciated in value before everyone's eyes. The question remains among locals and former stakeholders: What caused the collapse of this project, one of the largest in the country, and will it ever be rescued from oblivion?

They envisioned it as a luxurious hote with a state-of-the-art structure built by top-tier professionals and companies.

In the first stage of Sonesta's development, it was estimated that it would consist of more than 200 condominiums that would be ready in January 2009, with an estimated construction cost of US$70 million.

What happened?

Chronologically, we tell you what happened to the Costa Rican jewel that remained unfinished despite significant construction progress, considered one of the largest private projects in Costa Rica and developed by leading professionals and construction companies. Taking into account, moreover, that all requirements were met and all permits were paid for.

In 2007, the Sonesta project was financed by the prestigious Central American Bank for Economic Integration (CABEI), of which our country is a part owner, and by a private bank.

READ MORE

It should be noted that the participation of investors was very important, all of whom were focused on the large hotel complex.

A year later, in 2008, Sonesta was already 84% complete in its construction and 75% of the condominiums had already been sold, when everything was“up to date” with regard to obligations and everything was seen as part of economic opportunities, generating employability and more contributions to the country in both real estate and tourism. All verified by the banks.

The year 2009 arrived, and unfortunately, CABEI, alleging a breach of the loan agreement signed between the parties, accelerated the debt repayment without giving the company a chance to get off the ground.

The situation ended up in the Costa Rican courts. According to legal experts, the decision was illegal, as it violated the loan agreement signed between the parties.

The project managers spoke with the CABEI manager to ask her to reconsider the decision, but she imposed measures in exchange for promises that were not fulfilled.

Given the situation, the banks were sued for damages.

The unusual measure left investors, buyers, and the community at large stunned and disappointed.

The Sonesta hotel chain had already begun to manage the hotel.

A representative of the project has constantly sought reconciliation because they continue to believe in Jacó's potential, but the banks, for reasons that are difficult to understand, refuse to negotiate.

In the opinion of the group of people interested in reconciliation,“they assume they won” despite paying more than $80,000 per month to Costa Ricans to take over the project, which remains abandoned.

In conclusion

It is said that construction of the Sonesta was halted due to the 2008 financial crisis and a dispute between the developers and the financing bank.

Its immense construction, which if we look at it with eyes of hope would be a thing of beauty, still remains abandoned. It is said to be under the care of a private bank, but there is no hotel activity, nor has an agreement been reached for its restoration or completion.

Costa Rican lawyer and one of the mediators, Humberto Fallas, emphasized that what happened in Jacó“is a bad example that should not be repeated.”

Costa Rican citizens have commented on social media that it would be great to find ways to award the CCSS the contract and build a mega-hospital for the entire Pacific region, so that the infrastructure could be used for the well-being of the people, among many other initiatives.

Undoubtedly, the situation of Sonesta in Jacó has left a lot of opinions on the table, as well as its credibility. It serves as an example for other projects. We leave you all with the question: will the construction and management of this hotel complex, which involved citizens of Jacó, investors, buyers, contractors, as well as national and international suppliers, be able to resume in a few years?.

The post Sonesta Jacó: The Unfinished Project That Defies Costa Rican Time appeared first on The Costa Rica News.

MENAFN07112025000216011060ID1110313280