In the eyes of the luxury traveler, the Dominican Republic is a rising star. Fairmont Hotels and Resorts announced that it will build a 255-room hotel and an unspecified number of whole ownership homes and fractional residences in Roco Ki, a resort community in Punta Cana, a region in the eastern most stretches of the Dominican Republic.

The first residences at Roco Ki, a multi-billion dollar resort development spread across 2,700 acres, will open this fall. The Fairmont properties, which are set to open in 2010, will accompany beachfront lots, residences and condominiums at the Westin resort. Fairmont has not yet released pricing for its residences, but property in Roco Ki currently ranges from $400,000 to $4 million.

Located on the eastern tip of the Dominican Republic, Punta Cana has an airport served by international carriers like American Airlines. The development will eventually have a beach club, spa, aquatic center and a Nick Faldo-designed golf course. We expect that more destination clubs will begin to add Dominican Republic properties as the luxury real estate options balloon in Punta Cana and in burgeoning corners of the country. Quintess, LRW already has one home in Punta Cana, which is not located in Roco Ki, but with the club’s just announced $210 million stake made by a Forbes 400 investor, we’ll be watching how they begin to expand their portfolio.