The company Agroganadera Pinilla SA has decided to keep control of the company and waive the auction for the sale of the 1,800 hectares of Hacienda Pinilla in Guanacaste, Costa Rica.
In order to do this, the board of the company named Bree McClure Pattillo as successor to his grandfather HG (Pat) Pattillo, founder of the project. 'Pattillo is a director and holds executive positions at Pattillo Construction Corporation and various real estate companies in the United States and has been engaged with the project for more than two decades," noted an article in Elfinancierocr.com.
The high prices of properties being recorded in parts of the country are scaring away foreign investment and limiting the recovery of those most affected by the 2008 crisis.
The question posed by foreign investors to Realtors: "'Why invest in Costa Rica when the price of the property is the same or higher as in New York but with less quality services?", is proof that the real estate bubble remains as active as before the crisis of 2008.
Scheduled for Nov. 15, the auction of the 1,800 hectares making up the Hacienda Pinilla has been postponed until May 15, 2013.
Country Auction Services, the agent in charge of the auction, said "the marketing webpage created for the project, www.HaciendaPinillaAuction.com, has been seen by nearly 10,000 visitors from 102 countries. Via the site and other marketing methods, more than 325 potential investors, developers and brokers have been identified and registered for the sale process. From the largest group of potential investors, we have approved highly qualified groups to participate in next stage of private sales. "
In an event exclusively for qualified investors, the Hacienda Pinilla resort complex in Costa Rica, which measures 1,800 acres and has hotels, a golf course and residential communities, will be auctioned.
The U.S. company United Country Real Estate, in partnership with Colliers International, will perform the live auction on Nov. 15 in Dallas, Texas. The event will be for qualified investors who have been invited to participate.
Two state run Chinese companies and one Costa Rican company have signed a letter of intent to install a solar power plant of 4 MW, in Carrillo, Guanacaste Province.
The Chinese companies, Guoxin Group, a producer of photovoltaic panels and the company Nari Group Corporation, dedicated to power management, have formed a partnership with a Costa Rican group formed by Azucarera El Viejo and the company Greenersys, an equipment supplier.
From 12 November, the German airline will have scheduled flights every two weeks to the province of Guanacaste.
The flight from Dusseldorf, Germany, will go to Daniel Oduber International Airport, stopping in Cancun, Mexico.
"The Minister of Tourism, Allan Flores, said in a statement that this achievement is the result of negotiations held last March at the ITB tourism fair in Berlin." noted an article in Elfinancierocr.com.
The property crisis in Guanacaste, Costa Rica’s main tourist center, reads like two sides of the same coin.
Three years after the U.S. financial crisis resulted in collapse of real estate prices in Guanacaste, the calm after the storm seems not to have reached all areas of the province alike.
The northern region of Costa Rica, historically a magnet for tourists and investors, has been divided into two different areas.
With an investment of $15 million, the first phase of Hospital CIMA Guanacaste was started, aimed at international medical tourism.
The fist phase of Pacific Health and Living, a visionary health project for the Guanacaste Region, with over 20 hectares, is already underway thanks to the participation of E3 Corp Investment Banking, in charge of financing and capital structure.
Despite the economic crisis, they are going ahead with the decision to build 3 hospitals in the province of Guanacaste.
Cima Hospital plans to start building its Guanacaste headquarters in early 2010 and finish it in the second quarter of 2011. Documentation has already been submitted to SETENA for this project.
For its part, Clínica Bíblica is also planning to build a hospital that will require an estimated investment of $18 million in Guanacaste in early 2010. It will be located at the Integrated Medical Plaza, Pacific Plaza, which in addition to the hospital "will have hotels, shops, restaurants and homes for post-op patient care," according Elfinancierocr.com.
Affiliates of Global Hyatt Corporation and Aldesa Inmobiliaria have announced the signing of a management agreement for Park Hyatt Monte
del Barco in Guanacaste, Costa Rica, due to open in 2012.
The 140-room resort will be located in the bay of Culebra, within the province of Guanacaste on the Pacific coast of Costa Rica, where Aldesa together with US-based resort designing company Winding Road, are developing Monte del Barco, a premier luxury lifestyle estate.
Affiliates of Global Hyatt Corporation and Aldesa Inmobiliaria have announced the signing of a management agreement for Park Hyatt Monte
del Barco in Guanacaste, Costa Rica, due to open in 2012.
The 140-room resort will be located in the bay of Culebra, within the province of Guanacaste on the Pacific coast of Costa Rica, where Aldesa together with US-based resort designing company Winding Road, are developing Monte del Barco, a premier luxury lifestyle estate.
A multi-million dollar contract was announce by the Hilton chain to establish their first Garden Inn Hotel in Central American, in Guanacaste, Costa Rica.
The establishment, which will be the Hilton family's fifth in Costa Rica, will have 169 rooms, 10 of which will be luxury suites. Danny Hughes, senior vice-president of the chain for the Caribbean, Mexico and Latin America, said that the new addition "to our hotel portfolio will strengthen Hilton's effort to increase the family of hotels throughout Latin America."
Econergy International said it has secured additional working capital of up to $9.2 million and in particular short- to medium-term finance of up to $89.3 million.
The financing is as part of an amended credit facility with an affiliate of Suez Energy South America Participaes Ltda.
Companies from the province of Guanacaste will hold a job fair next month to try and fill 3,000 positions.
Agro-Industrial companies from the sugar, livestock and agriculture sectors are offering the most positions (1,300). Additionally there are another 1200 jobs at hotels, restaurants, and car rentals.
The event will be held on October 4 and 5 at the Liberia Centro Plaza from 10 am to 6 pm.
The government of Costa Rica announced the construction of a dam that it claims will solve the problems of water supply in the Pacific Coast province of Guanacaste, where tourism is booming.
The US$20 million, 800-hectare dam will collect water from a nearby hydroelectric scheme.
The speed with which hotels, apartment buildings, golf courses and other tourist facilities are going up throughout Guanacaste has led to concern over the sustainability of basic services.