Puerto Vallarta’s hotel zone is getting a major facelift with the start of construction on the $250 million Thompson Hotel & Residences. The 26-story development, located next to the Krystal Hotel, will include 130 condos, 85 hotel suites, 5 penthouses, 28 furnished apartments with rental service, and 6 garden houses, all boasting Pacific Ocean and mountain views.
Spearheaded by Related Group co-founder Carlos Ancira, the project aims to blend natural beauty with modern design. Ancira emphasized the “carefully designed experience, combining natural settings with urban destinations,” and noted the luxury interiors crafted by Sofía Aspe. Architect Ricardo Elias redesigned the beachfront area for the seven-hectare site.
The project is already a success in terms of sales, with 65% of the properties sold within five months, primarily to Mexican nationals. Ancira stated, “We Mexicans are buying Mexico. Let us continue to trust in our country.”
Beyond the Thompson development, the area will see further transformation. The Hilton will become a Hyatt Breathless, part of the Hacienda will be a Hyatt Zoëtry, and the Krystal will be rebranded as the Grand Krystal after renovations.
The Thompson will offer a luxury all-inclusive experience with amenities like restaurants, a spa, gym, cinema, playroom, entertainment areas, and paddle tennis courts. Ancira believes this project will elevate Puerto Vallarta’s offerings and make it more competitive in the high-end market. He acknowledged the destination’s existing strengths, saying, “This destination has security, hospitality, and attractions to spare. Everything here has magic — it just needs a few drops of oil.”
The construction phase will create 500-600 jobs, with an additional 500 permanent positions expected upon completion.
Jalisco Governor Pablo Lemus Navarro highlighted the project’s importance for revitalizing the area’s tourism and residential sectors. “Puerto Vallarta deserves this renovation that bets on high-end tourism,” he said, emphasizing the need for quality development and attracting international investment. He also noted Jalisco’s strong job creation record and the desire to improve upon it. The project is expected to take 36 months to complete.
Written by Mexpat Realtors – March 2025
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