Punta Cana is part of the newly created Punta Cana-Bávaro-Veron-Macao municipal district in La Altagracia, the easternmost province of the Dominican Republic. The area is best known for its beaches and balnearios, which face both the Caribbean and Atlantic, and it has been a popular tourist destination since the 1970s. The Punta Cana area has an estimated population of 100,000 with a growth rate of 6%. To the north, it borders the village and beach of Cabeza de Toro, and then the Bávaro and El Cortecito beaches. The nearest city, the 500-year-old capital of the Province Higüey, is 45 kilometres (28 mi) away, and it takes about an hour to drive there. Europeans, particularly Spanish hotel chains, own all but two of the 50+ megaresorts of the Punta Cana tourism destination.