By Saray Ramírez Vindas
of the A.M. Costa Rica staff

A major international real estate investment and development firm says it is involved in what will be a $1 billion project in Papagayo.

Representatives of the company,  Starwood Development, paid a call Wednesday on President Óscar Arias Sánchez. The firm, a division of the Greenwich, Connecticut,-based Starwood Capital Group in involved with the Monte del Barco project.

The project has about 500 acres of which just 40 are in a maritime zone concession. The project envisions 700 residences, two hotels, an 18-hole  golf course and a beach condo-hotel and marina

Starwood Capital Group says it is a privately held investment management firm that specializes in real estate-related investments on behalf of select private and institutional investment partners. Founded in 1991, Starwood has a diversified portfolio totaling more than $9 billion in real estates, the firm said.

A.M. Costa Rica/Saray Ramírz Vindas
Sean Arnold, Gary Raymond, and Alonso Bogantes Zamora

At the session Wednesday was Gary Raymond, division president, and Sean Arnold, division vice president. Also there was Alonso Bogantes Zamora, representing Grupo Aldesa and project financial manager.

Playa Monte de Barco is a smaller beach near Playa Iguanita within the Projecto Gulfo de Papagayo operated by the Instituto Costarricense de Turismo.