Tourist Project Concession Canceled

Arguing that a complete report on the financial situation of the companies owning the development was not presented, the Costa Rican Tourism Institute decided to cancel the concession of the Monte del Barco project, in the Papagayo Tourist Pole.

Wednesday, July 10, 2019

Aldesa Fondos de Inversión reported that Inversiones Monte del Barco S.A. and Inversiones GODA S.A., companies owning the tourism development, were notified last July 4th, but the concessionary companies will proceed to file in time and form, the appeal for replacement or revocation before the Board of Directors of the Costa Rican Tourism Institute.

See "The Monte del Barco Project in Costa Rica

From Aldesa' notification to the General Superintendence of Securities:

San José, July 5, 2019. In accordance with the Regulations on the Provision of Periodic Information, Relevant Facts and Other Information Obligations and Agreement SGV-A-61, Aldesa Sociedad de Fondos de Inversión Sociedad Anónima communicates the following relevant fact:

▪ On July 4, 2019, the Costa Rican Tourism Institute (ICT) notified Inversiones Monte del Barco S.A. and Inversiones GODA S.A. by means of a Statement issued by the Board of Directors on July 1, 2019, to proceed with the cancellation of the concessions granted to such companies and therefore to execute the entire performance guarantee deposited by the concessionaires in favor of the ICT. Before this resolution, the companies will lodge an appeal for replacement or revocation, as the case may be.
▪ The facts are adjusted around the ordinary administrative procedure followed against the concessionaire companies processed under file N°OD-003-2019.
▪ It should be remembered that the concessionary companies are property of the MONTE DEL BARCO PROJECT DEVELOPMENT INVESTMENT FUND.
▪ Based on the law established by the regulations, the concessionary companies will proceed to file, in due time and form, the appeal for reinstatement or revocation before the Board of Directors of the ICT, which must be filed within three days following the notification of the act, in order to exhaust the administrative route.
▪ In the Report issued by the Board of Directors of the ICT, facts proven by the concessionaires and other non-accredited are recognized, for which reason there exists, under my represented criteria, elements that justify the appeal to be filed. Particularly, because the Report establishes as a proven fact, the non-SUBMISSION OF A COMPLETE REPORT ON THE FINANCIAL SITUATION OF BOTH CONCESSIONARIES. On March 27, 2019 the document was presented and received by the ICT according to documented evidence, therefore, the non-compliance never existed.

More on this topic

Costa Rica Plans $100 million Resort

January 2016

The Real Estate Development Fund Monte del Barco has signed a contract with Rosewood Hotels & Resorts chain, to develop a 130 room luxury hotel in the Gulf of Papagayo in Guanacaste.

A statement issued by Aldesa, manager of the Real Estate Development Fund Monte del Barco, states that "...

The Monte del Barco Project in Costa Rica

December 2011

The crisis of 2008 halted the development of the ambitious project in the Gulf of Papagayo tourist hub, and solutions are being sought to maintain it.

The project is owned by Monte del Barco Real Estate Fund, administered by Aldesa Investment Funds.

There is need to resolve the financial situation of the project in order to continue with its development, so solutions have emerged such as the purchase of lots by the same investors in the Fund, which so far has not been successful, and the transfer of part the land to a group of providers in exchange for building the basic infrastructure so as to enable the project to continue.

Costa Rica: Monte del Barco Project Selling Lots

January 2011

The real estate developer of tourism projects expects to raise $ 10 million in order to fund construction works in 2011.

Lanzo Luconi, director of Aldesa Investment Fund, the concessionary of the project, said that they still have not defined how many acres will go on sale, as well as the size of the lots.

Real Estate Investment in Guanacaste

February 2010

The development boom experienced by this tourism province in Costa Rica before the financial crisis has been replaced by “deceleration and prudence”.

“Imagine a car in a six-lane road travelling at 120 kilometers per hour. Suddenly, if finds itself in a gravel road, full of street holes, and the car must slow down to 20 kilometers per hour if it intends to stay apiece”.

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Desarrollo Inmobiliarios 4D

We are a firm dedicated Aldesa Investment Corporation to seize business opportunities in the housing market.
Operates in Costa Rica and Costa Rica
Phone: (506) 2207-8888

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