A $1 Billion Bet on Selling Mansions in Mexico
- Ultra-luxury operator chooses Puerto Vallarta, Mexico
- Firm targets the rich as they travel with extended families
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One&Only Resorts is known for ultra-luxury hotels in outposts like Cape Town, the Maldives and Dubai, where it operates a beachfront retreat on an artificial island. Now it’s selling private homes in a $1 billion development near Puerto Vallarta, Mexico.
It’s the first time the resort operator, owned by Dubai-based Kerzner International Holdings Ltd., has stamped its brand on a residence. Late last year, partners RLH Properties and RSC Development pre-sold the first five One&Only-branded homes in the new development, Mandarina.