Source: http://www.journalcr.com/
(Infocom) — Billionaire Prince Al-Waleed bin Talal of Saudi Arabia visited Costa Rica this past weekend and stayed here until Tuesday, when he left for Guatemala after personally checking out and coordinating his investments in Costa Rica, as he is the largest shareholder of the chain Four Seasons — which has a five-star hotel in Guanacaste’s Gulf of Papagayo.
It was in this hotel where Prince Al-Waleed reserved 48 of its 153 rooms for him and his entourage of almost 50 people.
This newspaper obtained information from trusted sources, indicating that the Arab investor’s visit was promoted by one of Latin America’s top developers, who has put Costa Rica on the world map through his Gulf of Papagayo projects.
The Prince, whose full name is Al-Waleed bin Talal bin Abdul Aziz Al Saud, became the largest shareholder of the Four Seasons chain earlier this year, when he and his friend, Microsoft founder Bill Gates, bought $3.4 billion in shares of the Canadian hotel chain. However, Al-Waleed took the biggest piece of the pie: 7.6 million shares, or 22 percent, while Gates bought 5 percent of the stock.
It was said that Gates himself may have recently been in the country visiting as incognito, with the goal of coordinating more investments just like the royal businessman.
That was precisely the goal of Prince Al-Waleed’s meeting this past Monday with Costa Rican President Oscar Arias. They spoke, among other things, about Costa Rica’s position regarding direct foreign investment.
The prince — the 13th richest person on the planet, worth $20.3 billion, according to Forbes magazine — arrived in Liberia last Saturday around 9:30 p.m. aboard his luxurious private jet, a Boeing 747 valued at $260 million.
To speed up customs and immigration paperwork, Immigration Service personnel went into the plane and took care of everything. Most of the visitors got out through the rear door of the fancy aircraft.
Unlike many millionaire Arabs who have amassed their fortunes thanks to petrodollars, Al-Waleed — whom Time magazine once called the Arab Warren Buffett — has done it through investments in various industries, including real estate, banking, technology, mass media and luxury hotels.
Minutes after landing in Liberia and being picked up by a deluxe bus along with his 48-person entourage, the royal businessman arrived at the exclusive Four Seasons hotel on the Gulf of Papagayo.
Visiting the hotel was part of Al-Waleed’s Central American and Caribbean tour. He first flew to the Dominican Republic and then to Panama, from where he arrived to Costa Rica before finishing the trip in Guatemala.
Coming to Costa Rica and staying and the Four Seasons were not random acts for the 53-year-old prince. He is the largest shareholder of the Four Seasons chain, and he was interested in checking out how his investment in Costa Rica is doing.
In addition to this aspect of his trip, Al-Waleed also did some official business by meeting with Costa Rican President Oscar Arias at his house in San Jose.
For his stay, the prince — whose full name is Al-Waleed bin Talal bin Abdul Aziz Al Saud — reserved 48 of the hotel’s 153 rooms. Even though the hotel security is very strict at all times, employees, who didn’t want to be identified, indicated that during the prince’s visit all controls were intensified even more.
It was earlier this year when Al-Waleed, together with Microsoft co-founder Bill Gates, bought a majority of the Canadian hotel chain’s stock. Both investors paid $3.4 billion, but Al-Waleed took the biggest piece of the pie: 7.6 million shares, or 22 percent, while Gates bought 5 percent of the stock.
According to Forbes magazine, the Arab prince is the 13th richest person on the planet, worth $20.3 billion, and the most important investor outside of the United States. His firm is called Kingdom Holding Company, which sports as a logo the private jet in which the prince arrived in Liberia last week.
In spite of being the nephew of Saudi Arabia’s King Abdullah, Al-Waleed doesn’t participate in government affairs, but has put his energy into his entrepreneurial pursuits. His financial skills showed since an early age, when in 1979, after graduating with a bachelor of science in business administration from Menlo College in California, he received a loan from his father — Saudi Arabia’s founding king, Abdul Aziz Al Saud — and began investing in strategic and diversified ventures.
Al-Waleed made alliances with foreign firms to do business in Saudi Arabia and got into the banking sector. He took a crucial step by injecting capital into banking firm Citigroup during its time of crisis, a move that paid off two years later, when the bank’s stock shot up. His Citigroup shares are worth some $10 million, almost half the prince’s assets.
Not satisfied with that, Al-Waleed has also ventured into the technological industry, investing in firms such as AOL, Hewlett Packard, Motorola and Apple Inc.
According to information from Wikipedia, the Saudi prince also has a master’s degree in social science from the Maxwell School of Syracuse University.
In addition to his financial success, Al-Waleed is known for his charity causes — though one of them has generated a lot of controversy. Not long after the Sept. 11, 2001 attacks in the United States, he offered assistance to the victims for $10 million. However, then New York City Mayor Rudy Giuliani declined the offer, as the prince had said the attack was a sign the United States needed to reexamine its Middle East policies.
He has made donations for research and promoting education. Several U.S. universities have benefited from Al-Waleed’s multimillion-dollar gifts.
For example, Georgetown University received $20 million from the prince for promoting Islamic studies. The endowment created the Prince Alwaleed Center for Muslim-Christian Understanding.
Another New York institute that conducts research in biomedicine has also received millions from the prince.
Al-Waleed has also supported the arts, giving the Louvre Museum $20 million to create a wing exclusively dedicated to Islamic art.
The world’s richest Arab
Name: Al-Waleed bin Talal bin Abdul Aziz Al Saud
Nationality: Saudi
Age: 53 years; born on March 7, 1955
Parents: Saudi Arabia’s founding king, Abdul Aziz Al Saud, and Princess Mona El-Solh. Other relatives include Riad El-Solh, prime minister of Lebanon, and Prince Moulay Hicham of Morocco
Marriage status: Married for the third time to Princess Ameera, since 2006.
Children: Prince Khaled (27) and Princess Reem (23).
Studies: Master’s in social science from the Maxwell School of Syracuse University.
Businesses here and there
Through its firm, Kingdom Holding Company, Prince Al-Waleed participates in a large number of diverse companies based all over the world, including hotels, supermarkets, mass media, technology firms, etc.
Citigroup (banking)
Four Seasons hotel chain
George Hotel V in Paris
Beverly Wilshire Hotel in California
Savoy Hotel in London
Monte Carlo Grand Hotel in Monaco
Plaza Hotel in New York City
Disneyland Resort in Paris
AOL
Apple Inc.
Worldcom
Motorola
News Corporation Ltd.
Hewlett Packard
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
Sunday, August 19, 2007
Monday, August 13, 2007
Arias has a date today with very, very wealthy Saudi investor
Source: http://www.amcostarica.com/
By the A.M. Costa Rica staff
President Óscar Arias Sánchez has a date this afternoon with Al-Waleed bin Tala Alsaud, a major investor who is a member of the Saudi royal family.Forbes magazine estimates his fortune at $20 billion. Among his holdings is a major stake in the Four Seasons Hotel group, and that is where he stayed in northwestern Costa Rica.Although his luxury 747 aircraft sprouted flags on landing in Liberia, he is not considered a major player in Saudi politics. However, he is well known as an astute investor and expresses political views of his own. He holds a graduate degree from Syracuse University in New York.Arias has invited the visitor to his Rohrmoser home instead of Casa Presidencial.
Al-Waleed, 52, made news in 2002 when he offered New York City $10 million in the wake of the Sept. 11, 2001, attacks in which the majority of the terrorists were from Saudi Arabia. However, Mayor Rudy Giuliani turned him down because the donation was conditional. Al-Waleed said he wanted the United States to modify its policies in the Middle East, according to the then-mayor.Al-Waleed traveled to the Four Season in a bus, leading an entourage of more than a dozen sports utility vehicles from the Daniel Oduber airport..The visit by the Saudi investor fits with the Arias administration's goal of expanding its overseas contacts. Costa Rica closed its embassy in Jerusalem and moved it to Tel Aviv in part to open doors to Middle Eastern states.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
By the A.M. Costa Rica staff
President Óscar Arias Sánchez has a date this afternoon with Al-Waleed bin Tala Alsaud, a major investor who is a member of the Saudi royal family.Forbes magazine estimates his fortune at $20 billion. Among his holdings is a major stake in the Four Seasons Hotel group, and that is where he stayed in northwestern Costa Rica.Although his luxury 747 aircraft sprouted flags on landing in Liberia, he is not considered a major player in Saudi politics. However, he is well known as an astute investor and expresses political views of his own. He holds a graduate degree from Syracuse University in New York.Arias has invited the visitor to his Rohrmoser home instead of Casa Presidencial.
Al-Waleed, 52, made news in 2002 when he offered New York City $10 million in the wake of the Sept. 11, 2001, attacks in which the majority of the terrorists were from Saudi Arabia. However, Mayor Rudy Giuliani turned him down because the donation was conditional. Al-Waleed said he wanted the United States to modify its policies in the Middle East, according to the then-mayor.Al-Waleed traveled to the Four Season in a bus, leading an entourage of more than a dozen sports utility vehicles from the Daniel Oduber airport..The visit by the Saudi investor fits with the Arias administration's goal of expanding its overseas contacts. Costa Rica closed its embassy in Jerusalem and moved it to Tel Aviv in part to open doors to Middle Eastern states.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
Sunday, August 12, 2007
AOL Founder Plans $800 Million Beach Resort
Source: www.ticotimes.net
By Peter KrupaTico Times Staff
In front of video cameras and reporters at Casa Presidencial, former Silicone Valley tycoon Steve Case formally announced plans for an $800 million luxury resort complex on Cacique Point, between Cocos and Hermosa beaches, in the northwestern province of Guanacaste.
Case, one of the co-founders of America Online (AOL), made the announcement last Friday with Costa Rican President Oscar Arias at his side, saying that the project would “define a new generation of resort development” with its environmental and social responsibility.
“It's very important that business leaders realize that it has to be about more than just your profit,” the U.S. businessman said.
The elephant in the room, however, was that the environmental-impact study for Case's project had already been rejected by the National Technical Secretariat of the Environment Ministry (SETENA), precisely because the project lacked details for how it plans to mitigate its impact on the local environment and the community.
A new environmental-impact study – which SETENA is now evaluating – was submitted July 9. The study must be approved by SETENA before the project can move forward.
Announcing the Plan: Steve Case, left, one of the co-founders of America Online (AOL), announces plans for a luxury resort at a press conference with Costa Rican President Oscar Arias.
Jeffrey Arguedas EFE
Case's proposed resort would be among the largest of several large tourism complexes in that part of the country. To be known as Cacique Costa Rica, the 263-hectare complex would feature three five-star hotel brands, private villas, an 18-hole Tom Doak golf course and a tennis and fitness center branded with the names of former tennis stars Andre Agassi and Stefi Graf.
The project would create 2,000 direct jobs and 500 indirect jobs, according to the company.
The resort would be the first to be developed by Revolution Places LLC, a luxury tourism developer founded by Case and held by the company Revolution LLC, which Case founded in 2005.
The Cacique Point development would have several hundred rooms and villas available for travelers, as well as 300 properties for sale. Hotel brands will include small houses operated by One & Only Resorts and a spa and hotel with the Miraval brand. The One & Only in Palmilla, Mexico, offers rooms for $450-2,600 per night.
The first phase of the Cacique project is slated for completion by 2010.
Slated for Development: Punta Cacique, between Cocos and Hermosa beaches in the northwestern province of Guanacaste, is the proposed location for a 263-hectare luxury resort complex that would include three hotels, private villas and a golf course.
Courtesy of Cacique Costa Rica
Case cited his upbringing in Hawaii as an inspiration for the project, which he said will integrate the luxury vacation complex with the local community, even going so far as to build a village that will be “a gathering place for the whole region” and include residences and local shops.
Both the publicity materials for the project and the press conference sounded triumphant notes on the project's sense of environmental and social responsibility.
The development promises to plant a million trees in river areas, as well as donate $1 million to local nonprofit organizations. Details of those programs will be announced next year, Case said.
Also, he noted that the development would be low impact and low density, developing nly 20% of the land and leaving the rest intact.
Less clear, however, are the details of how the development plans to go about mitigating its impact on the environment and community. On June 11, SETENA rejected Cacique's environmental-impact study, saying it failed to meet muster on 14 technical points.
Most of the problems had to do with lack of information in the study.
For example, SETENA notes that while the project (then known as Punta Cacique) proposes a desalinization plant to solve the region's water shortages, it does not explain how the plant would work or the environmental impact its operation would have.
In one complaint, SETENA called the study's soil analysis “very shallow,” while in another it noted that, “Considering the (area's) poor natural drainage, mitigating activities and works to protect the Penca Gully are not defined.”
The SETENA report said that the impact study also fails to catalogue the wildlife that inhabits the area, and problems of habitat fragmentation and the isolation of wildlife populations “are not considered in the design of the site.”
“The preceeding considerations put in doubt the environmental sustainability of the project,” SETENA's analysis continues.
Similarly, the analysis criticized the impact study for not presenting its methodology for its survey of the local community's perception of the project.
Neither did the impact study consult the local community regarding how it would be affected by the water use of the project, which the SETENA report called “highly relevant (and) directly concerning the health and quality of life of the population.”
Asked about Guanacaste's ongoing problems with water scarcity at the press conference, Case said Cacique had “acquired” access to water with the property, and that the project would “allocate some of that water to the community.”
Cacique spokesman Jorge Cornick said the project had presented a totally new impact study on July 9 using a new environmental study company – “People with more experience of a certain scale in Guanacaste,” he explained.
Cornick said the main problem with the first impact study was that it lacked information, something that has been remedied with the new study SETENA is evaluating.
Cacique Costa Rica isn't the first time Case has turned an investment-minded eye toward Costa Rica.
Case bought an 80% stake in a company called Exclusive Resorts in 2004, according to Business Week magazine. Exclusive Resorts, now held by Revolution LLC, is an international club that owns over $1 billion worth of luxury properties around the world.
For a deposit and an annual fee, club members can spend several weeks out of the year at any one of the Exclusive Resorts properties, in lieu of owning their own vacation homes.
At the beginning of this year, Exclusive Resorts opened up one of those properties in Costa Rica – a resort called Poro Poro, on the Papagayo Peninsula, just north of Cacique Point. The $75 million, 20-acre “destination community” has 21 luxury residences for Exclusive Resorts members.
Exclusive Resorts is also one of the three luxury hospitality brands that will be operating residences on the Cacique Costa Rica project.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
By Peter KrupaTico Times Staff
In front of video cameras and reporters at Casa Presidencial, former Silicone Valley tycoon Steve Case formally announced plans for an $800 million luxury resort complex on Cacique Point, between Cocos and Hermosa beaches, in the northwestern province of Guanacaste.
Case, one of the co-founders of America Online (AOL), made the announcement last Friday with Costa Rican President Oscar Arias at his side, saying that the project would “define a new generation of resort development” with its environmental and social responsibility.
“It's very important that business leaders realize that it has to be about more than just your profit,” the U.S. businessman said.
The elephant in the room, however, was that the environmental-impact study for Case's project had already been rejected by the National Technical Secretariat of the Environment Ministry (SETENA), precisely because the project lacked details for how it plans to mitigate its impact on the local environment and the community.
A new environmental-impact study – which SETENA is now evaluating – was submitted July 9. The study must be approved by SETENA before the project can move forward.
Announcing the Plan: Steve Case, left, one of the co-founders of America Online (AOL), announces plans for a luxury resort at a press conference with Costa Rican President Oscar Arias.
Jeffrey Arguedas EFE
Case's proposed resort would be among the largest of several large tourism complexes in that part of the country. To be known as Cacique Costa Rica, the 263-hectare complex would feature three five-star hotel brands, private villas, an 18-hole Tom Doak golf course and a tennis and fitness center branded with the names of former tennis stars Andre Agassi and Stefi Graf.
The project would create 2,000 direct jobs and 500 indirect jobs, according to the company.
The resort would be the first to be developed by Revolution Places LLC, a luxury tourism developer founded by Case and held by the company Revolution LLC, which Case founded in 2005.
The Cacique Point development would have several hundred rooms and villas available for travelers, as well as 300 properties for sale. Hotel brands will include small houses operated by One & Only Resorts and a spa and hotel with the Miraval brand. The One & Only in Palmilla, Mexico, offers rooms for $450-2,600 per night.
The first phase of the Cacique project is slated for completion by 2010.
Slated for Development: Punta Cacique, between Cocos and Hermosa beaches in the northwestern province of Guanacaste, is the proposed location for a 263-hectare luxury resort complex that would include three hotels, private villas and a golf course.
Courtesy of Cacique Costa Rica
Case cited his upbringing in Hawaii as an inspiration for the project, which he said will integrate the luxury vacation complex with the local community, even going so far as to build a village that will be “a gathering place for the whole region” and include residences and local shops.
Both the publicity materials for the project and the press conference sounded triumphant notes on the project's sense of environmental and social responsibility.
The development promises to plant a million trees in river areas, as well as donate $1 million to local nonprofit organizations. Details of those programs will be announced next year, Case said.
Also, he noted that the development would be low impact and low density, developing nly 20% of the land and leaving the rest intact.
Less clear, however, are the details of how the development plans to go about mitigating its impact on the environment and community. On June 11, SETENA rejected Cacique's environmental-impact study, saying it failed to meet muster on 14 technical points.
Most of the problems had to do with lack of information in the study.
For example, SETENA notes that while the project (then known as Punta Cacique) proposes a desalinization plant to solve the region's water shortages, it does not explain how the plant would work or the environmental impact its operation would have.
In one complaint, SETENA called the study's soil analysis “very shallow,” while in another it noted that, “Considering the (area's) poor natural drainage, mitigating activities and works to protect the Penca Gully are not defined.”
The SETENA report said that the impact study also fails to catalogue the wildlife that inhabits the area, and problems of habitat fragmentation and the isolation of wildlife populations “are not considered in the design of the site.”
“The preceeding considerations put in doubt the environmental sustainability of the project,” SETENA's analysis continues.
Similarly, the analysis criticized the impact study for not presenting its methodology for its survey of the local community's perception of the project.
Neither did the impact study consult the local community regarding how it would be affected by the water use of the project, which the SETENA report called “highly relevant (and) directly concerning the health and quality of life of the population.”
Asked about Guanacaste's ongoing problems with water scarcity at the press conference, Case said Cacique had “acquired” access to water with the property, and that the project would “allocate some of that water to the community.”
Cacique spokesman Jorge Cornick said the project had presented a totally new impact study on July 9 using a new environmental study company – “People with more experience of a certain scale in Guanacaste,” he explained.
Cornick said the main problem with the first impact study was that it lacked information, something that has been remedied with the new study SETENA is evaluating.
Cacique Costa Rica isn't the first time Case has turned an investment-minded eye toward Costa Rica.
Case bought an 80% stake in a company called Exclusive Resorts in 2004, according to Business Week magazine. Exclusive Resorts, now held by Revolution LLC, is an international club that owns over $1 billion worth of luxury properties around the world.
For a deposit and an annual fee, club members can spend several weeks out of the year at any one of the Exclusive Resorts properties, in lieu of owning their own vacation homes.
At the beginning of this year, Exclusive Resorts opened up one of those properties in Costa Rica – a resort called Poro Poro, on the Papagayo Peninsula, just north of Cacique Point. The $75 million, 20-acre “destination community” has 21 luxury residences for Exclusive Resorts members.
Exclusive Resorts is also one of the three luxury hospitality brands that will be operating residences on the Cacique Costa Rica project.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
Developers Announce Hotel Projects in Guanacaste
Source: http://www.thebeachtimes.com/
By Ralph Nicholson and Zoraida Diaz - Friday, August 10, 2007
Rosewood, Miraval, One and Only to Open Mid-2010Developers have announced plans for three luxury hotels to be built on two properties within ten kilometers of each other on the northern Guanacaste coast. Steve Case, the founder of the internet giant America Online, announced plans Friday to open an $800 million beach resort just south of Playa Hermosa, featuring two boutique hotels, a tennis center designed by husband-and-wife tennis stars Andre Agassi and Steffi Graf and an 18-hole golf course by Tom Doak. Meanwhile, Rosewood Hotels and Resorts, confirmed it has signed a management contract with developers HPC Costa Carmel Limitada to manage a new luxury resort to be built upon a 60-hectare (150-acre) property on Playa Guachipelín. Both developments are scheduled to open in 2010. Mr Case, who announced his project alongside President Oscar Arias, told a press conference the resort would be built on 263 hectares (650 acres) known as Punta Cacique. The resort will leave 80 per cent of that land undeveloped as a private natural reserve. “I first visited Costa Rica four years ago and instantly fell in love with it,” Mr Case told reporters. “It struck my heart. Cacique is one of the most beautiful peninsulas anywhere in the world.” The announcement also marks the launch of Revolution Places, the new destination resort unit of Revolution, a holding-and-operating company founded by Mr Case in 2005 with $500 million of his own money. The resort will have 270 guest rooms and 300 private homes. One and Only Resorts, a hotel firm with locations worldwide, will operate the beachfront hotel. Exclusive Resorts, a luxury time-share business owned by Revolution, will build 30 of the resort’s homes. Miraval, a destination spa owned by Revolution, will operate a facility with 120 rooms and 60 villas. Mr Case, who was born in Hawaii, said he wanted to avoid what developers have done to Waikiki, pledging to make the new resort an environmentally friendly destination. “We are making a number of commitments,” he said. “We will plant one million trees in nearby rivers. We want to give $1 million to universities and local businesses to nurture and incubate ideas. We are trying to live in peace with nature.” Mr Case also pledged to improve infrastructure in the area, particularly regarding water.
© Zoraida Diaz
PUNTA CACIQUE: The 260-hectare project will include a tennis center by husband and wife team, Andre Agassi and Steffi Graf and an 18-hole golf course by Tom Doak, and a 75-slip marina for local boats. “I am very aware of the problems in the area. We understand there are short periods during the day when people do not have water,” he said in response to questions. “A part of what we acquired was access to water and we’ve told our people it’s a priority for us to allocate some back into the community. We’re hoping to release some of the water. I have not talked directly to them (the mayor, the community), but I know members of my group have.” President Arias described the Revolution Places project as the greatest investment yet to be made in Costa Rica. “Without doubt, Cacique will be extremely important for Guanacaste and Costa Rica,” he said. “I am grateful that of 263 hectares that were acquired only 20 per cent will be built upon.” Last week a group representing Revolution Places presented the project to the Municipality of Carrillo. Mr Case was not present, but the group’s President, Darren Linnartz, outlined the project, saying they would begin construction on roads by the end of the year. Work on 120 hotel rooms would begin between April and June next year. They will also apply for permission to build a marina and dock for up to 75 boats. “We aim to build a residential marina which is for the local community,” Mr Linnartz told the council. “In the first instance it is very important because it will generate jobs,” the Mayor, Carlos Gerardo Cantillo, said after the meeting. “They are not talking about just luxury homes, but a hotel that is a larger source for employment.” And there are the direct benefits to the municipality, which can expect one per cent of the total construction in building permit fees. That alone is $8 million. “We want to invest in this area,” Mr Linnartz told the council meeting last week. “…the idea is that as you are getting ready to approve next year’s budget we would like to help in this budgetary period so that your income will increase and with this, you can help the communities.”
© Zoraida Diaz
NEW FRIENDS: Steve Case (left) makes his way to a press conference with President Oscar Arias. The Minister of Tourism, Carlos Ricardo Benavides and Minister of the Presidency, Rodrigo Arias (right) bring up the rear. The Punta Cacique project will create 2500 jobs. The deal to put a Rosewood Hotel on Playa Zapotal, about ten kilometers south of the Revolution project, has been on the table for more than seven years, but it is now signed. The resort and residential properties will be built in two construction phases. Two-level, four-bedroom model residential units will begin construction in November this year, as will the complex’s beach club. The 80-room hotel, which will include 12 deluxe suites and one presidential suite, all to be built among the residential units, will start in August of 2008. “This is a very green construction,” said Ronald Arias, Project Manager for Rosewood Costa Carmel. “The hotel units will be next to the residential units, and no more than two levels,” he added. “When you open the windows you must see greenery. Nothing will be built higher than the tree line.” The complex will be designed by Three Architecture, a Dallas, Texas-based group that specializes in four and five-star hotels, resorts, country clubs and spas. It was founded 24 years ago, and has designed a Rosewood Hotel before --- the Rosewood Mayakoba Resort, in Riviera Maya, in Mexico. “As our brand continues to grow internationally, Costa Rica was a natural choice for a new Rosewood resort,” said John M. Scott III, President and CEO of Rosewood Hotels and Resorts, in a prepared release. Rosewood Hotels and Resorts, which is a privately-held luxury hotel management company, has no equity in the project and lends its brand in return for a management contract. The backers of the development are Roger Hall, a developer from California and owner of the land, and Grupo Inmobiliaria Génesis, which represents a group of investors. The resort, which is scheduled to open in April of 2008, has no golf course; instead the developers will negotiate a sharing arrangement with their neighbors. Farther south, the Baltimore, Maryland-based Union Box Company, has negotiated for a Ritz Carlton Hotel, probably with around 150 rooms, to be built on 405 hectares (1000 acres) in the Zapotal Valley. The project, which has direct access to Playa Guacamaya, will include a golf course.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
By Ralph Nicholson and Zoraida Diaz - Friday, August 10, 2007
Rosewood, Miraval, One and Only to Open Mid-2010Developers have announced plans for three luxury hotels to be built on two properties within ten kilometers of each other on the northern Guanacaste coast. Steve Case, the founder of the internet giant America Online, announced plans Friday to open an $800 million beach resort just south of Playa Hermosa, featuring two boutique hotels, a tennis center designed by husband-and-wife tennis stars Andre Agassi and Steffi Graf and an 18-hole golf course by Tom Doak. Meanwhile, Rosewood Hotels and Resorts, confirmed it has signed a management contract with developers HPC Costa Carmel Limitada to manage a new luxury resort to be built upon a 60-hectare (150-acre) property on Playa Guachipelín. Both developments are scheduled to open in 2010. Mr Case, who announced his project alongside President Oscar Arias, told a press conference the resort would be built on 263 hectares (650 acres) known as Punta Cacique. The resort will leave 80 per cent of that land undeveloped as a private natural reserve. “I first visited Costa Rica four years ago and instantly fell in love with it,” Mr Case told reporters. “It struck my heart. Cacique is one of the most beautiful peninsulas anywhere in the world.” The announcement also marks the launch of Revolution Places, the new destination resort unit of Revolution, a holding-and-operating company founded by Mr Case in 2005 with $500 million of his own money. The resort will have 270 guest rooms and 300 private homes. One and Only Resorts, a hotel firm with locations worldwide, will operate the beachfront hotel. Exclusive Resorts, a luxury time-share business owned by Revolution, will build 30 of the resort’s homes. Miraval, a destination spa owned by Revolution, will operate a facility with 120 rooms and 60 villas. Mr Case, who was born in Hawaii, said he wanted to avoid what developers have done to Waikiki, pledging to make the new resort an environmentally friendly destination. “We are making a number of commitments,” he said. “We will plant one million trees in nearby rivers. We want to give $1 million to universities and local businesses to nurture and incubate ideas. We are trying to live in peace with nature.” Mr Case also pledged to improve infrastructure in the area, particularly regarding water.
© Zoraida Diaz
PUNTA CACIQUE: The 260-hectare project will include a tennis center by husband and wife team, Andre Agassi and Steffi Graf and an 18-hole golf course by Tom Doak, and a 75-slip marina for local boats. “I am very aware of the problems in the area. We understand there are short periods during the day when people do not have water,” he said in response to questions. “A part of what we acquired was access to water and we’ve told our people it’s a priority for us to allocate some back into the community. We’re hoping to release some of the water. I have not talked directly to them (the mayor, the community), but I know members of my group have.” President Arias described the Revolution Places project as the greatest investment yet to be made in Costa Rica. “Without doubt, Cacique will be extremely important for Guanacaste and Costa Rica,” he said. “I am grateful that of 263 hectares that were acquired only 20 per cent will be built upon.” Last week a group representing Revolution Places presented the project to the Municipality of Carrillo. Mr Case was not present, but the group’s President, Darren Linnartz, outlined the project, saying they would begin construction on roads by the end of the year. Work on 120 hotel rooms would begin between April and June next year. They will also apply for permission to build a marina and dock for up to 75 boats. “We aim to build a residential marina which is for the local community,” Mr Linnartz told the council. “In the first instance it is very important because it will generate jobs,” the Mayor, Carlos Gerardo Cantillo, said after the meeting. “They are not talking about just luxury homes, but a hotel that is a larger source for employment.” And there are the direct benefits to the municipality, which can expect one per cent of the total construction in building permit fees. That alone is $8 million. “We want to invest in this area,” Mr Linnartz told the council meeting last week. “…the idea is that as you are getting ready to approve next year’s budget we would like to help in this budgetary period so that your income will increase and with this, you can help the communities.”
© Zoraida Diaz
NEW FRIENDS: Steve Case (left) makes his way to a press conference with President Oscar Arias. The Minister of Tourism, Carlos Ricardo Benavides and Minister of the Presidency, Rodrigo Arias (right) bring up the rear. The Punta Cacique project will create 2500 jobs. The deal to put a Rosewood Hotel on Playa Zapotal, about ten kilometers south of the Revolution project, has been on the table for more than seven years, but it is now signed. The resort and residential properties will be built in two construction phases. Two-level, four-bedroom model residential units will begin construction in November this year, as will the complex’s beach club. The 80-room hotel, which will include 12 deluxe suites and one presidential suite, all to be built among the residential units, will start in August of 2008. “This is a very green construction,” said Ronald Arias, Project Manager for Rosewood Costa Carmel. “The hotel units will be next to the residential units, and no more than two levels,” he added. “When you open the windows you must see greenery. Nothing will be built higher than the tree line.” The complex will be designed by Three Architecture, a Dallas, Texas-based group that specializes in four and five-star hotels, resorts, country clubs and spas. It was founded 24 years ago, and has designed a Rosewood Hotel before --- the Rosewood Mayakoba Resort, in Riviera Maya, in Mexico. “As our brand continues to grow internationally, Costa Rica was a natural choice for a new Rosewood resort,” said John M. Scott III, President and CEO of Rosewood Hotels and Resorts, in a prepared release. Rosewood Hotels and Resorts, which is a privately-held luxury hotel management company, has no equity in the project and lends its brand in return for a management contract. The backers of the development are Roger Hall, a developer from California and owner of the land, and Grupo Inmobiliaria Génesis, which represents a group of investors. The resort, which is scheduled to open in April of 2008, has no golf course; instead the developers will negotiate a sharing arrangement with their neighbors. Farther south, the Baltimore, Maryland-based Union Box Company, has negotiated for a Ritz Carlton Hotel, probably with around 150 rooms, to be built on 405 hectares (1000 acres) in the Zapotal Valley. The project, which has direct access to Playa Guacamaya, will include a golf course.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
Going up: Number of tourists coming to CR continues upswing
Source: http://www.journalcr.com/
(Infocom) — The influx of tourists in Costa Rica continues to increase, and it appears that it will do so for quite some time, according to data from the National Chamber of Tourism (CANATUR) comparing the first half of 2007 and the first semester of last year.
CANATUR figures indicate that 832,604 tourists entered the country during the first six months of this year, while 782,346 did so during the same period in 2006. That accounts for an increase of little more than 50,000 visitors, or 6.42 percent.
Tourism sector authorities are optimistic, as the increase surpassed the 5 percent projected in the National Development Plan.
The data is an estimate of the number of tourists arriving through the country’s two international airports, San Jose’s Juan Santamaria and Liberia’s Daniel Oduber.
Of the total of tourists arriving this year, 595,405 came through Juan Santamaria, while 237,199 flew to Daniel Oduber. Nonetheless, the Liberia airport has experienced the biggest growth, as it saw a 15.66 increase while Juan Santamaria only grew by 3.14 percent.
In addition, the growth at the Liberia airport was sustained throughout the six months, while in San Jose the number of tourists only increased in April, May and June.
The high increase at Daniel Oduber is particularly significant, as it demonstrates that the terminal is an important economic development engine for Guanacaste province.
Gonzalo Vargas, president of CANATUR, said that even though the data is not official, it does provide a good idea of the tourism industry’s behavior and current trends.
Vargas also indicated that the increase in the frequency of flights by airlines already flying to Costa Rica and the arrival of new carriers in the market have been a significant factor behind the upswing in tourists. He highlighted the role the Costa Rican Tourism Institute (ICT) has played in achieving the current increase, especially as numbers fell last year.
“No doubt this rate of recovery is due in large part to ICT’s efforts managing to attract new airlines to the country, as well as increasing the number of flights of carriers already flying here,” Vargas said.
Currently, tourism is the economic activity that generates the highest profit for the country: $1.6 billion in foreign currency, which represents 8 percent of the Gross Domestic Product. It also represents 23 percent of total exports, surpassing traditional crops such as coffee and bananas.
Tourism also generates approximately 110,000 direct and 550,000 indirect jobs.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
(Infocom) — The influx of tourists in Costa Rica continues to increase, and it appears that it will do so for quite some time, according to data from the National Chamber of Tourism (CANATUR) comparing the first half of 2007 and the first semester of last year.
CANATUR figures indicate that 832,604 tourists entered the country during the first six months of this year, while 782,346 did so during the same period in 2006. That accounts for an increase of little more than 50,000 visitors, or 6.42 percent.
Tourism sector authorities are optimistic, as the increase surpassed the 5 percent projected in the National Development Plan.
The data is an estimate of the number of tourists arriving through the country’s two international airports, San Jose’s Juan Santamaria and Liberia’s Daniel Oduber.
Of the total of tourists arriving this year, 595,405 came through Juan Santamaria, while 237,199 flew to Daniel Oduber. Nonetheless, the Liberia airport has experienced the biggest growth, as it saw a 15.66 increase while Juan Santamaria only grew by 3.14 percent.
In addition, the growth at the Liberia airport was sustained throughout the six months, while in San Jose the number of tourists only increased in April, May and June.
The high increase at Daniel Oduber is particularly significant, as it demonstrates that the terminal is an important economic development engine for Guanacaste province.
Gonzalo Vargas, president of CANATUR, said that even though the data is not official, it does provide a good idea of the tourism industry’s behavior and current trends.
Vargas also indicated that the increase in the frequency of flights by airlines already flying to Costa Rica and the arrival of new carriers in the market have been a significant factor behind the upswing in tourists. He highlighted the role the Costa Rican Tourism Institute (ICT) has played in achieving the current increase, especially as numbers fell last year.
“No doubt this rate of recovery is due in large part to ICT’s efforts managing to attract new airlines to the country, as well as increasing the number of flights of carriers already flying here,” Vargas said.
Currently, tourism is the economic activity that generates the highest profit for the country: $1.6 billion in foreign currency, which represents 8 percent of the Gross Domestic Product. It also represents 23 percent of total exports, surpassing traditional crops such as coffee and bananas.
Tourism also generates approximately 110,000 direct and 550,000 indirect jobs.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: http://www.century21incostarica.com/
Website: http://www.northpacificproperties.com/
Email: roger@century21incostarica.com
Municipalities update property values
Source: www.journalcr.com
(Infocom) — The appraised value of all of the country’s properties, including those in Guanacaste, will be updated during the next year, thanks to National Registry’s Project for Updating the Value Platform of Lands in Homogeneous Areas.
To carry out this new appraisal, the state institution contracted Roche Ltd. Consulting Group for $1 million. The firm has committed to having all appraisals done by April of next year.
The funds to pay for the project will come from a loan provided by the Inter-American Development Bank (IDB), Justice Minister Laura Chinchilla explained.
The project began recently and will consist of appraising lands according to where they are located, as the country will be divided into regions based on the price of a square meter of land.
These regions will be called homogeneous zones, having an average square-meter price based on the properties contained within.
Each municipality will be charged with estimating the value of each individual property, based on the average land value of each homogeneous zone.
The project is of great importance to local governments, as it is expected that by 2009 it will help them double their income from real estate taxes. That means annual collection from this tax will climb to 60 billion colones ($115 million).
“Some 20 people will be working on this (appraisal) project, which will provide security to the owners of lots and better tax income to municipalities once the properties are appraised,” said Bernabe Leal, coordinator of the project for Roche.
According to Chinchilla, 90 percent of properties in Costa Rica report to their respective municipalities values much lower than their real values.
On some occasions, the difference between reported and real values are ridiculous, as some lots are reported for 1 colon — amount upon which taxes are paid. Claudio Ansorena, general coordinator of the project’s Executing Unit, said most Costa Rican properties are appraised for values that represent only between 20 percent and 25 percent of the actual market value.
In places such as San Rafael de Heredia, for instance, a square-meter in residential areas is sold for around $40, while the value reported to the municipality for taxation purposes is $10.
This project is part of a larger effort to update the country’s land registry, which seeks to make an official description of all properties here.
This will be the first time in 10 years that property values will be updated. The last time the Ministry of the Treasury conducted a study of property values was 1997.
And despite such update, today only 35 of the country’s 81 municipalities apply the current value platform for taxing real estate. The Ministry of the Treasury’s Technical Normalization Unit (ONT) will be in charge of supervising the new appraisals.
While the appraisals take place, firms Telespazio and Novotecni will begin performing a registry study of each property, that is, they will look into whether the physical characteristics of the property coincide with the information on the land surveys.
An estimate indicates that in 2002 there were 1.2 million lots in Costa Rica. The number has grown to 1.5 million in the past five years due to the increased real estate development experienced in the country — especially in some areas of San Jose and in Guanacaste.
The new appraisals will also mean that property owners will have to pay more in taxes, which could make these properties and construction more expensive, said Alexander Mora, administrative manager of Estrategia Inmobiliaria.
“This is a new cost that will passed on to the clients, who in the future will have to pay more in land taxes, and this will affect sale prices. People will have to think a little harder when trying to decide whether to buy a property,” Mora said. “Developers will also have figure out if they will absorb the new costs, as we cannot just get out of the market because of prices.”
The real estate sector is interested in seeing whether the increase in property tax collection will translate into more investment in infrastructure, which would aid in the development of new construction, said Felipe Sequeira, president of the real estate company Grupo Inmobiliario Tzion.
Sequiera indicated that, to maintain the level of development and the contributions large real estate projects provide to society, it is important that municipalities invest more in the infrastructure necessary to support new buildings, such as roads and water supply. He also said it’s important that municipalities invest some of the money collected in taxes to giving permits for construction of urban development programs.
“The country’s real estate growth has been large, but it will become unsustainable in about three years if we don’t invest more in infrastructure,” pointed out Sequeira, whose company is developing a housing complex less than one kilometer from Liberia, on the road to the Daniel Oduber airport.
Information about property values for each region will be available online, through each municipality’s Web site or through the Ministry of the Treasury’s Web site. Online, the municipalities will also be able to show the lot, its physical characteristics and the updated value as they talk about it with the owners.
The project also includes training for the municipalities.
Recuadro:
Each of the country’s 81 cantons has been assigned a beginning and end date for the appraisal work, based on the information provided by consulting firm Roche according to available information from each municipality and the number of lots in its jurisdiction. The following chart shows important dates for Guanacaste.
GUANACASTE
Date when the program’s cartography is available
Registry study (beginning and end dates)
Date when value platform updates will begin
Liberia
5/22//2008
11/1/2007
Nicoya
7/22/2007
11/01/07- 02/22/2008
12/01/2007
Santa Cruz
10/22/2007
09/01/07 – 11/22/07
12/01/2007
Bagaces
11/22/2007
01/02/08 - 02/22/2008
07/01/2007
Carrillo
12/22/2007
01/02/08 – 02/22/2008
09/01/2007
Cañas
12/22/2007
02/02/08- 03/22/2008
07/01/2007
Abangares
05/22/2008
08/01/2007
Tilaran
05/22/2008
08/01/2007
Nandayure
11/22/2007
12/01/07 -01/22/2008
08/01/2007
La Cruz
05/22/2008
04/01/2008
Hojancha
11/22/2007
12/01/07- 01/22/2008
09/01//2007
Source: Executing Unit of the Project for Updating the Value Platform of Lands in Homogeneous Areas.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: www.century21incostarica.com
Website: www.northpacificproperties.com
Email: roger@century21incostarica.com
(Infocom) — The appraised value of all of the country’s properties, including those in Guanacaste, will be updated during the next year, thanks to National Registry’s Project for Updating the Value Platform of Lands in Homogeneous Areas.
To carry out this new appraisal, the state institution contracted Roche Ltd. Consulting Group for $1 million. The firm has committed to having all appraisals done by April of next year.
The funds to pay for the project will come from a loan provided by the Inter-American Development Bank (IDB), Justice Minister Laura Chinchilla explained.
The project began recently and will consist of appraising lands according to where they are located, as the country will be divided into regions based on the price of a square meter of land.
These regions will be called homogeneous zones, having an average square-meter price based on the properties contained within.
Each municipality will be charged with estimating the value of each individual property, based on the average land value of each homogeneous zone.
The project is of great importance to local governments, as it is expected that by 2009 it will help them double their income from real estate taxes. That means annual collection from this tax will climb to 60 billion colones ($115 million).
“Some 20 people will be working on this (appraisal) project, which will provide security to the owners of lots and better tax income to municipalities once the properties are appraised,” said Bernabe Leal, coordinator of the project for Roche.
According to Chinchilla, 90 percent of properties in Costa Rica report to their respective municipalities values much lower than their real values.
On some occasions, the difference between reported and real values are ridiculous, as some lots are reported for 1 colon — amount upon which taxes are paid. Claudio Ansorena, general coordinator of the project’s Executing Unit, said most Costa Rican properties are appraised for values that represent only between 20 percent and 25 percent of the actual market value.
In places such as San Rafael de Heredia, for instance, a square-meter in residential areas is sold for around $40, while the value reported to the municipality for taxation purposes is $10.
This project is part of a larger effort to update the country’s land registry, which seeks to make an official description of all properties here.
This will be the first time in 10 years that property values will be updated. The last time the Ministry of the Treasury conducted a study of property values was 1997.
And despite such update, today only 35 of the country’s 81 municipalities apply the current value platform for taxing real estate. The Ministry of the Treasury’s Technical Normalization Unit (ONT) will be in charge of supervising the new appraisals.
While the appraisals take place, firms Telespazio and Novotecni will begin performing a registry study of each property, that is, they will look into whether the physical characteristics of the property coincide with the information on the land surveys.
An estimate indicates that in 2002 there were 1.2 million lots in Costa Rica. The number has grown to 1.5 million in the past five years due to the increased real estate development experienced in the country — especially in some areas of San Jose and in Guanacaste.
The new appraisals will also mean that property owners will have to pay more in taxes, which could make these properties and construction more expensive, said Alexander Mora, administrative manager of Estrategia Inmobiliaria.
“This is a new cost that will passed on to the clients, who in the future will have to pay more in land taxes, and this will affect sale prices. People will have to think a little harder when trying to decide whether to buy a property,” Mora said. “Developers will also have figure out if they will absorb the new costs, as we cannot just get out of the market because of prices.”
The real estate sector is interested in seeing whether the increase in property tax collection will translate into more investment in infrastructure, which would aid in the development of new construction, said Felipe Sequeira, president of the real estate company Grupo Inmobiliario Tzion.
Sequiera indicated that, to maintain the level of development and the contributions large real estate projects provide to society, it is important that municipalities invest more in the infrastructure necessary to support new buildings, such as roads and water supply. He also said it’s important that municipalities invest some of the money collected in taxes to giving permits for construction of urban development programs.
“The country’s real estate growth has been large, but it will become unsustainable in about three years if we don’t invest more in infrastructure,” pointed out Sequeira, whose company is developing a housing complex less than one kilometer from Liberia, on the road to the Daniel Oduber airport.
Information about property values for each region will be available online, through each municipality’s Web site or through the Ministry of the Treasury’s Web site. Online, the municipalities will also be able to show the lot, its physical characteristics and the updated value as they talk about it with the owners.
The project also includes training for the municipalities.
Recuadro:
Each of the country’s 81 cantons has been assigned a beginning and end date for the appraisal work, based on the information provided by consulting firm Roche according to available information from each municipality and the number of lots in its jurisdiction. The following chart shows important dates for Guanacaste.
GUANACASTE
Date when the program’s cartography is available
Registry study (beginning and end dates)
Date when value platform updates will begin
Liberia
5/22//2008
11/1/2007
Nicoya
7/22/2007
11/01/07- 02/22/2008
12/01/2007
Santa Cruz
10/22/2007
09/01/07 – 11/22/07
12/01/2007
Bagaces
11/22/2007
01/02/08 - 02/22/2008
07/01/2007
Carrillo
12/22/2007
01/02/08 – 02/22/2008
09/01/2007
Cañas
12/22/2007
02/02/08- 03/22/2008
07/01/2007
Abangares
05/22/2008
08/01/2007
Tilaran
05/22/2008
08/01/2007
Nandayure
11/22/2007
12/01/07 -01/22/2008
08/01/2007
La Cruz
05/22/2008
04/01/2008
Hojancha
11/22/2007
12/01/07- 01/22/2008
09/01//2007
Source: Executing Unit of the Project for Updating the Value Platform of Lands in Homogeneous Areas.
Posted by Roger Vlasos
Broker/Owner
Century21 At the Beach
Playas del Coco, Guanacaste
Website: www.century21incostarica.com
Website: www.northpacificproperties.com
Email: roger@century21incostarica.com
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