Breaking new ground in the Dominican Republic

As they mostly spend their days dealing with human conflict, many practicing lawyers turn into practicing cynics. Not Diana Lynch.

The now-retired attorney and longtime real estate developer from Atlanta is working on a resort in the Dominican Republic that will be backed by what she describes as “a purpose-driven community of global citizens who believe in the importance of our shared human experience.”

The resort, dubbed Alma de Samaná Golf & Residences, “is designed to empower, inspire and aspire to unite the world and recognize what it is like to be human again – in a place rich in heritage and untapped beauty where humanity is the destination,” said Lynch, whose plans would make her the first African-American, female owner of a golf resort in the Dominican Republic. 

The $582 million project is ambitious in scope, with an expected buildout taking place over 15 to 20 years. Overall, Lynch and her team foresee the 2,000-acre complex of commercial and residential property featuring over 1,400 luxury villas and condominiums located on the northern shore of the Dominican Republic, just above Samaná Bay. In addition, it is envisioned to offer such top-of-the-line amenities as a rare-in-the-market 18-hole golf course, a direct-access beach, professional sports training facilities, a rehabilitation center and a medical campus.

And while the pandemic caused many hospitality projects to grind to a halt, Lynch told Hotel Investment Today that she and her team were able to take advantage of that. “While the world was resting, we were still busy acquiring properties, and we continue to do so.”

What kinds of investors are best-suited to this complex? “I think that our market is generally those individuals who are looking for long-term legacy build,” Lynch said. “Real estate historically has been a safe bet, especially in this kind of market, where the stock market can be so up and down. So, for those investors who are looking to really capitalize on where they can place their money and still get a return, this is it.”

The first phase of project is the AKEN Soul Experience, Las Terrenas Residences. The developers are partnering with Miami-based AMEK Group, a white-label hospitality firm, to open that destination’s 42 eco-luxury residences spread over seven buildings. 

Work on that complex is slated to start in August, with completion set for the second half of next year. The expectation is that the owners of such units – which start at $459,000 – will rent them out for parts of the year, thereby creating cash flow for those investors.

Luis Gallotti, cofounder and executive codirector of AMEK, said in addition to having a loan from a local bank (whose identity he declined to disclose), the team is seeking to raise funds in the form of digital securities through SolidBlock, a Tokenization as a Service (TaaS) provider for real estate. 

In its listing for the project, SolidBlock said Alma de Samana “is seeking to raise funds (“the Ask”) for phase 1 of the mixed-use development of US$210 million, ideally consisting of equity (30% to 50%) and debt of (50% to 70%) of the total development cost.”

Even its name – “Alma de” translates to “soul of” – reflects the soaring aspirations Lynch has for the resort. In a similar vein, Lynch said a conscious effort has also been made to make as much of the complex as possible open to the local population. 

“Yes, it’s a gated community, but the locals and tourists around the area will have access to almost 60% of it, with the remainder being off-limits to non-owners,” Lynch said. “In addition, we’ve also made a major effort to retain as much of the natural terrain as possible.”

For all its idyllic aspects, Alma de Samaná also enjoys several nuts-and-bolts plusses for potential backers, Lynch added. “The Dominican Republic provides a stable economy, tax-incentives, and dual-citizenship opportunities which make it an appealing destination for investors.”