Radiography of a Large Tourism Development

The Paradisus Papagayo Bay Resort & Luxury Villa’s under construction in Costa Rica on stabilization of operations would operate as a profitable business, with net income of 35.3% of total revenue.

Wednesday, May 21, 2014

A report by a swiss capital company, SunVesta Inc., published by the United States Securities and Exchange Commission (SEC) reports on the details and progress of the $190 million tourist resort that the firm is developing in the Gulf of Papagayo in Guanacaste, Costa Rica.

"The official opening of the “Paradisius Papagayo Bay Resort & Luxury Villas” has been delayed by a few months due to geological difficulties encountered during earthwork operations in August and September 2013. Due to these geological difficulties some rock demolition became necessary."

"On March 6, 2014, the Company has been forced to postpone the opening date of the “Paradisius
Papagayo Bay Resort & Luxury Villas”. The opening is now expected to be not before the 4th
Quarter 2015. Reasons for this further postponing are amongst others:

— Major changes within the project, which has been requested by Melía.
— Further geotechnical difficulties.
— Unexpected special permit has been necessary for earth works towards the beach (so-called maritime law 21 in
Costa Rica)."

Specifications

"Paradisus Papagayo Bay Resort & Luxury Villas’ initial specifications are to be as follows:
— eco-luxury all-inclusive resort
— 382-keys
— direct beach access
— five restaurants and five bars
— Yhi Spa and Health Club
— Paradisus’ adults-only “Royal Service” level of accommodations
— Paradisus’ “Family Concierge” program
— 19,000 square feet of meeting facilities with the business traveler in mind

Royal Service
Our Royal Service will include an extensive range of services such as butler service, private pools for
each Garden Villa and/or a Jacuzzi in every suite."

Project Management

"Overall project development is lead by Josef Mettler, our chief executive officer, Charles Fessel, project director Paradisus Papagayo Bay Resort & Luxury Villas, Hans Rigendinger, chairman of the board and chief operating officer of SunVesta AG and Ernst Rosenberger, the Company’s corporate controller. The lead architect is Ossenbach, Pendones & Bonilla, one of Costa Rica’s largest architectural offices with over 45 architects and designers. Civil engineering services are provided by DEHC Engineers and structural engineering services by IEAC. Landscape architects are TPA and interior designers are led by Concreta Srl."

Resort Management

"Resort management is to be provided by Melía Hotels International (“Melía”). “Paradisus” is Melía’s five
star all-inclusive luxury hotel brand that is well recognized in the hospitality industry around the world."

"A comprehensive market analysis undertaken by HVS, an international hotel consulting and valuation firm, concluded in September of 2013, that the Paradisus Papagayo Bay Resort & Luxury Villa’s on stabilization of operations would operate as a profitable business, with net income of 35.3% of total revenue."

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More on this topic

Purchase of Four Seasons Hotel in Costa Rica

August 2016

In a transaction whose amount was not disclosed, the U.S. company Gencom acquired the majority of the share capital of the hotel complex Peninsula Papagayo Resort in Guanacaste.

According to a statement released by BusinessWire, the acquisition includes the Four Seasons Papagayo, an 18 hole golf course and clubhouse, the Papagayo Marina and Prieta Beach Club.

Status of Major Tourist Destination in the Region

January 2015

In the Gulf of Papagayo the government of Costa Rica has already granted 35 areas in concession, which occupy almost 90% of the total area to be developed.

At the moment nine resorts are operating, three are under construction and it is expected that design plans for two more will be submitted this year.

$467 million Tourism Development Announced

July 2014

The project consisting of 7 hotels with 855 rooms and condominiums to be built in the Papagayo Peninsula, Costa Rica, will be developed by the Costa Rican company Florida Ice and Farm.

According to a file submitted by the company Florida Ice and Farm (Fifco) to the Technical Environmental Secretariat, the project will require $467 million to be invested in five phases running up to 2022 and includes, in addition to hotels and residences, "... the building of four beach clubs, a community center, an equestrian center, a golf course, lakes and 165.3 acres to be preserved as a private reserve. "

AM Resorts hotel chain arrives at Panama

March 2014

An announcement has been made for the opening in 2016 of a luxury hotel with 450 rooms, of the Dreams brand, in the coastal town Buenaventura.

The firm is continuing its expansion in Panama with a luxury hotel under the brand name "Dreams Resorts & Spas" construction in the hotel zone of Buenaventura.

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