Business & Finance

Grupo Eleta and Grivalia Hospitality Celebrate Groundbreaking of Ritz-Carlton Reserve on Pearl Island, Panama

PANAMA CITY, FL. April 12, 2017 - Representatives of Marriott International, the world's largest hotel company and parent corporation of The Ritz-Carlton Hotel Company, L.L.C., joined the President of Panama, Juan Carlos Varela, and investors from Grupo Eleta and Grivalia last week, to celebrate the groundbreaking of the ultra-luxury Ritz-Carlton Reserve being built on Pearl Island, 45 miles south of Panama City.

As Pearl Island is renowned for its spectacular white sand deserted beaches, scuba diving, marine life and delicate ecosystems, the resort will offer a bespoke experience that is reflective of the destination. With handcrafted curated offerings and cultural elements woven throughout their stay, guests will have an experience that is transformative, pure, rare, and refined. It will be an authentic extension of true Panamanian hospitality.

The centerpiece of the Reserve will feature an open-air resort offering 86 intimate rooms, and a range of select luxury amenities and exceptional services to include a lavish spa, private beach club, swimming pools, restaurants, an 1,800-square-foot pavilion and boardroom with ocean views, and access to a world-class marina.

Each Ritz-Carlton Reserve is set apart from other luxury hotels, showcasing the natural beauty of their location, with deeply immersive experiences of local culture and traditions. At this new Ritz-Carlton Reserve, travelers will foster a unique connection with the destination through personalized service and heartfelt, genuine care.

The Pearl Island project is a development of Grupo Eleta together with Grivalia Hospitality, which recently acquired the participation of Dolphin Capital Investors.

"This first stone represents a great achievement for Panama as we become the first country in the region with a Ritz-Carlton Reserve, renowned for leading trends in travelers seeking experiences in natural sanctuaries that offer unique and unrepeatable services," said Guillermo De Saint Malo Eleta, CEO, Grupo Eleta.

The third largest island within Las Perlas Archipelago

Reachable by boat, helicopter or plane through a private airstrip, Pearl Island is a virtually untouched paradise featuring an extensive private natural reserve with over half of the island undisturbed. Located in the Gulf of Panama on the Pacific Ocean, minutes from Panama City, the 3,500-acre private island is the third largest in the Archipelago of Las Perlas. The island is one of approximately 250 different islands inhabited by fishing communities throughout the archipelago.

Populated by an extraordinary collection of exotic natural life, Pearl Island is home to a remarkable 150-species bird sanctuary, one of the greatest in the world, including a vast population of migrating pelicans, 700 species of fish and 15 species of coral that fill the surrounding waters, in addition to 16 species of mammals, sea turtles, and whales that visit the island for a great part of the year.

To preserve this critical habitat of birds and marine species, 70% of the total of the island will not be affected, applying strict development measures to minimize the impact on the environment, guaranteeing the conservation of this natural paradise.

In this sense, Saint Malo said that "we have conceived this project to keep the majestic natural beauty that exists on the island, so for us it is paramount to be able to protect the environment."

About The Ritz-Carlton Hotel Company, LLC

The Ritz-Carlton Hotel Company, L.L.C., of Chevy Chase, MD., currently operates more than 90 hotels in over 30 countries and territories. More than 40 hotel and residential projects are under development around the globe. The Ritz-Carlton is proud to offer The Ritz-Carlton Rewards® in which members can link accounts with Marriott Rewards® and Starwood Preferred Guest® for instant elite status matching and unlimited points transfer. For more information or reservations, visit the company web site at www.ritzcarlton.com, for the latest company updates, visit news.ritzcarlton.com and to join the live conversation, use #RCMemories. The Ritz-Carlton Hotel Company, L.L.C. is a wholly-owned subsidiary of Marriott International, Inc.

About Grivalia Hospitality

Grivalia Properties is a global Real Estate Investment Company, with a market value amounts to €826 million. Is the leading Greek Real Estate Investment Trust and amongst the 20 strongest companies in the Athens Stock Exchange. In 2015, The Company established a subsidiary company with corporate seat in Luxembourg under the name "Grivalia Hospitality S.A." which object is the acquisition, development and management of hospitality real estate offering a unique tourism investment platform in Greece and abroad. Grivalia Hospitality recently acquired 60 percent of the Pearl Island Project in Panama from Dolphin Capital Investors (DCI).

About Grupo Eleta

Grupo Eleta is a family-owned Panamanian investment fund and business conglomerate founded by Fernando Eleta Almarán in 1950. Companies within the group employ more than 4000 people in the Republic of Panama, in telecommunications, energy, real estate and agribusiness. Don Fernando, a Stanford- and MIT-educated business leader and public figure, founded multiple companies, professional associations and civic institutions in Panama and Grupo Eleta continues to be led following the high environment and social stewardship standards he established, by Guillermo de Saint Malo Eleta, his grandson.

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