The company that owns the luxurious Four Seasons Resort in Punta Mita – a real estate investment trust that owns and asset manages high-end hotels and resorts — now also owns the adjacent La Solana Hotel and Villas development site. For a purchase price of $29.5 million USD, Strategic Hotels & Resorts, also operating as Strategic Hotel Capital, acquired 20.5 acres where some 70 hillside hotel suites, a spa, restaurant, pool and shops will be built, all enjoying direct Pacific Ocean views. And as part of the deal, the company obtained the exclusive rights to build approximately 55 residences on an additional 27 adjacent acres. Laurence Geller, Strategic chairman and CEO, said the acquisition "provides us with a unique opportunity to build upon our experience in the market and the unquestioned success of our Four Seasons Punta Mita Resort. The combination of sophisticated luxury at this new property, our existing Four Seasons Resort, high-end retailing, luxury residential homes for sale, and fractional ownership further positions Punta Mita be be amongst the most sought after of North American luxury resorts." Plans call for the new Four Seasons Hotel to be in service for the 2009 season. The Punta Mita master-planned golf resort and residential development is at the north entrance to Banderas Bay.