Last year, Daniel Butterfield was in his attorney’s office to discuss another real estate deal, when his lawyer mentioned there was a tower at Esmeralda Luxury Resort for sale, and it seemed an opportunity worth investigating. He called his partner, Nick Nájera, and they met with the then-owners and employees. Three and a half days later, they had a deal and a contract to purchase not just one tower, but the entire resort property.
At the time, the Esmeralda had been sitting for 11 years. The steel structures had been exposed to the elements and salt of the ocean, necessitating a team of engineers to conduct integrity studies. The team had 160 days to complete their diligence, but through round the clock effort and hard work, they finished in just 35 days, certifying the resort’s structural integrity. The transfership of ownership itself closed in 60 days.
The Butterfield/Nájera partnership was the very first to have conducted and closed a Puerto Peñasco resort acquisition without needing financing – an important factor due to other hopefuls who had come to this Mexican vacation destination in pursuit of projects, but didn’t have everything lined up, and so they fell through. Not so with the Esmeralda’s new owners, who secured the property far quicker and more thoroughly than most people anticipated.
This quick action and attention to the details forecasts great things for the Esmeralda, its employees, tourists, and the people and town of Puerto Peñasco. Already, one of the seven towers is complete, and 240 employees are involved both onsite and off in completing the remaining six towers of the resort. More job growth is expected as the project continues, and of course, we’re excited to not only improve the local economy, but give our vacationers and condominium owners the best possible luxury experience during their stay with us.