Filed under: Real Estate Developments
Another ambitious real estate project has been floundering. Cap Cana, the sprawling resort complex in the Dominican Republic has been facing some funding difficulties lately. The resort includes four luxury hotels, three golf courses and a mega-yacht marina and involves big names such as Ritz-Carlton and Trump. Building was delayed while the resort scrambled for cash; 500 workers were fired after Lehman Brothers filed for bankruptcy causing a $250 million loan to fall through. Thing are tentatively back on track now that Cap Cana has announced an extension on a $100 million bridge loan. The resort's long-term success, however, depends both on tourism and on people buying in to the condos and villas for sale so it doesn't seem like it is quite out of the woods yet.