In 1969, a group of American investors acquired a 58-million square meter lot, equivalent to 48 square kilometers of pure jungle on the east coast of the Dominican Republic.
Managed by Dominican Frank R. Rainieri and American Theodore W. Kheel, the Compañía de DesarrolloTurístico, Residencial e Industrial, S.A. (CODDETREISA), known today as GRUPO PUNTACANA, S.A., began development of the lot in 1971. In 1982 construction started on The Punta Cana International Airport, the first and only privatly owned international airport inthe world. The airport was inaugurated in 1984, with a first international flight from San Juan, Puerto Rico in a twin turbo propeller aircraft.
Due to its isolated location and lack of public facilities provided by the Dominican Government, GRUPO PUNTACANA, S.A. has taken the responsibility to solve and maintain by itself all kinds of facilities required to operate, such as access roads, security, waterworks, electricity, garbage disposal, waste water disposal, schools, etc., by creating projects and subsidiary corporations, as described below. Since 1997, the owners of GRUPO PUNTACANA are Theodore W. Kheel, Frank R. Rainieri, Julio Iglesias and Oscar de la Renta. Essentially, the following corporations belong to the Group:
GRUPO PUNTACANA, S.A., PUNTA CANA BEACH AND GOLF, S.A., CORPORACIÓN AEROPORTUARIA DEL ESTE, S.A., PUNTA CANA YACHT CLUB, S.A.\ CORPORACIÓN TURÍSTICA Y DE SERVICIOS PUNTACANA, S.A.\GUARDIANES DEL ESTE, S.A.
They have been grouped strategically under the trade name PUNTACANA RESORT & CLUB
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