Construction has begun on the Thompson Hotel & Residences, a $250 million luxury development in Puerto Vallarta’s northern hotel zone. The 26-story project, situated next to the Krystal Hotel, will feature 130 condominiums, 85 hotel suites, 5 penthouses, 28 furnished rental apartments, and 6 gardenhouses, all offering Pacific Ocean and mountain views.
Carlos Ancira, co-founder of project developer Related Group, envisions the property as a fusion of coastal beauty and urban sophistication. Interior design firm Sofía Aspe will outfit the spaces with luxury materials, while architect Ricardo Elias has crafted the master plan for the seven-hectare site. Construction is expected to take 36 months.
The development has already seen strong market interest, with 65% of properties sold within five months, predominantly to Mexican buyers. “We Mexicans are buying Mexico. Let us continue to trust in our country,” Ancira noted.
The project is part of a broader transformation of the hotel zone, including the rebranding of the Hilton to Hyatt Breathless, partial conversion of the Hacienda hotel to Hyatt Zoëtry, and renovation of the Krystal Hotel to Grand Krystal. Amenities will include restaurants, a spa, gym, cinema, playroom, entertainment areas, and paddle tennis courts.
Operating under a luxury all-inclusive model, the development aims to elevate Puerto Vallarta’s high-end tourism offerings. “Vallarta has fallen behind compared to neighboring states,” Ancira said. “The destination needs a renewed product to remain competitive in the high-end market.”
The project is creating 500-600 construction jobs and will employ approximately 500 permanent staff once operational. Jalisco Governor Pablo Lemus Navarro endorsed the development as crucial for Puerto Vallarta’s tourism revival, emphasizing the need for quality development that benefits the entire community. The project aligns with Jalisco’s broader economic goals, as the state ranked third in Mexico for job creation last year.