I have no idea if funding is the reason for the delay and it doesn´t sound like company is concerned to find a new management company in case Melia is not interested anymore.
Here in Cologne/Germany they want to build a casino and there are always delays and funding is not the problem. With larger projects delays could have other reasons.
You could ask the management. They always answer, but takes 1-2 weeks, email is cyrill.escher@sunvesta.com
Ceo died September 2016. Maybe this is also a reason for the delay.
10k shows: "Our expected timeline for developing the Paradisus Papagayo Bay Resort & Luxury Villas has been extended due to delays associated with administrative hurdles and securing the necessary financing for the development as follows
*commence onsite vertical construction as soon as financing is secured * complete construction mid-2020 * handover to hotel management mid-2020