Interstate Hotels & Resorts to Manage Luxury Condo Hotel Resort in Costa Rica
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Interstate Hotels & Resorts to Manage Luxury Condo Hotel Resort in Costa Rica
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Category: Central and South America - Costa Rica - Industry economy
- Hotel projects
This is a press release selected by our editorial committee and published online for free on 2009-01-27
Four-Star Condo Hotel Project Has Begun Pre-Construction Sales Process
Interstate Hotels & Resorts (NYSE:IHR), a leading hotel real estate investor and the nation's largest independent management company, today announced that it has entered into a long-term contract to manage a to-be-developed, world-class luxury condo hotel resort and beach club in Manuel Antonio, Costa Rica. The project by Space Source Inc., owner and developer, is called Jade Condo Hotel Residences and Beach Club and will consist of 190 condo hotel residences coupled with 50 villas for sale. Construction is expected to begin this spring with a projected 2010 opening. The project will be managed by Interstate's Latin American affiliate, IHR de Mexico, and marks the company's entree into the vibrant Costa Rican market.
"The expansion of our international portfolio continues to be an important priority for us," said Thomas F. Hewitt, Interstate's chief executive officer. "With the formation of our Mexico-based management platform, we established a solid foundation for expanding our presence in Mexico and Latin America, regions where we see significant opportunities for growth. Space Source is a dynamic and innovative owner/developer, and we look forward to building on our relationship with them."
"Costa Rica is ranked as one of the top five tourist destinations in the world, and the eco-friendly area of Manuel Antonio offers an incredible setting for this project," said Leslie Ng, Interstate's chief investment officer. "The property is adjacent to a botanical garden and wildlife refuge, a mile away from the world-renowned Manuel Antonio National Park, and is surrounded by abundant wildlife and tropical rain forests. The town of Manuel Antonio offers quality dining and entertainment venues, and the area with all its natural assets appeals to families, couples and eco-tourists."
The $70 million resort project is being developed by Space Source Inc. of Grand Rapids, Mich. Interstate also operates the Crowne Plaza Charlotte, N.C. for Space Source. "Interstate was a compelling choice for a number of reasons," said Ken Long, Space Source vice president of acquisitions. "They are one of only a handful of hotel management companies that have experience in both condo hotels and resorts, as well as a demonstrated ability to operate properties internationally. They also have in place a strong network of local partners to work with who are familiar with the local markets and culture."
The resort development sits on approximately 7.5 acres in Manuel Antonio and offers rain forest and spectacular views of the Pacific coast. The condo hotel complex and private beach club will feature two on-site restaurants offering formal and casual dining, infinity-edge pools, multiple hot tubs, world-class spa, fitness center, open-air event pavilion, outdoor barbeque facilities, rain forest walking trails, state-of-the-art deep water marina less than three miles away and white sand beaches within one mile.
The property is 15 minutes from the Quepos regional airport, where 11, 20-minute flights from San Jose International Airport arrive daily.
"With this contract, we will add the seventh country to our expanding international portfolio, which also includes Russia, Mexico, India, Canada, Belgium and Ireland," Ng said. "Our international pipeline remains robust, and we are actively pursuing additional management and investment opportunities in all of these regions."
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