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MIAMI-Spanish developer Raminova is planning to invest $650 million within the next year in tourism-related projects in the Dominican Republic, Panama and Mexico, as well as US cities, such as New York and Miami.

The company is targeting the Caribbean and Central America cities of Punta Cana, Dominican Republic; Panama City, Panama; Los Cabos, Mexico and Puerto Penasco, Mexico. Its first project in the Dominican Republic is Cana Bay Beach Club & Resort. It hopes to break into the US markets in early 2008.

The expansion strategy will be spearheaded by Raminova America’s CEO Evagrio Sanchez and Raminova CEO Angel Ramirez. Sanchez is a former Sol Melia executive who led the hotel chain’s introduction and growth in the Americas between 1991 and 2001. He has been in his current position with Raminova for the past eight years.

Sanchez tells GlobeSt.com that in the Dominican Republic the company is developing a golf and beach resort with condos that have one, two and three bedrooms. In Puerto Peñasco, Mexico, Raminova is developing a marina that will have condos, a yacht club, and possibly a hotel. Plans for Los Cabos, Mexico include a golf and beach resort with condos and villas and, in Panama City call for developing a building that will be a hotel as well as an office building.

Cana Bay Beach Club & Golf Resort is built around a Nicklaus Design 18-hole golf course. It consists of about 4,800 condos that have one, two or three bedrooms, with prices ranging from $170,000 to $500,000. The project will break ground by the end of 2007 and the pre-construction sales start in January 2008.

The company is targeting these areas because the demand for second homes is rising in the Caribbean and Central America due to lower prices and higher returns than investments in the US market. More than 78 million Baby Boomers are preparing to retire in the coming years and these markets have become increasingly popular. “Basically, the US dollar goes a long way in the Caribbean and Central America, as compared to US real estate prices,” Sanchez says.

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