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ROYAL TORTUGUERO

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RESORT HOTEL, MARINA & CASINO
Northern Caribbean Coast of Costa Rica 

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Executive Summary:

1. Project description

2. Project Unique Features

          a. Costa Rica

          b. Tourism in Costa Rica

          c. Caribbean coast

          d. Royal Tortuguero

3. Market Demand & Supply

4. Financial Projections

5. Funding required & security

6. Use of Funds

7. Ownership & Management

 

1. ROYAL TORTUGUERO PROJECT :

A four star resort Hotel /Marina/ Casino project is in pre- construction stage. Located at the gateway entrance of famous eco-tourism area of Tortuguero Canal on the northern Caribbean coast, ROYAL TORTUGUERO HOTEL, MARINA & CASINO is part of a planned destination resort village- MAR CARIBE-THE BEACH RESORT. This popular tourist destination area is known for Tropical Jungles, Turtle eggnesting, Canals, boating, Surfing, Fishing, National parks, Biological reserve, Plantations and quiet beaches. This location is served by a beachside access road and is close to a cruiseship terminal, major city and urban services and an Airport.

Corporate mission of Royal Tortuguero is to develop a full service quality hotel providing tourists with an interest in ecotourism, fishing and tropical flora and fauna, with comfortable facilities & personalized guest services at competitive prices and to be a profitable business venture.

Royal Tortuguero Development program consists of Accommodations, Casino, Convention facility, Fresh Water Marina, Restaurants, Bars, Tourist Center, Stores & Gift shop, swimming pools, health spa & fitness center along with outdoor sitting areas, Band stand, kiosks, Gazebos and shelters.

Accommodations will include 94 bed rooms, each fronting on to wide balconies & Verandah to enjoy the resortview & activities (rain or shine). Accommodations provide a variety of single, double bedroom units in the Hotel block & comprises 36 rooms, and 20 three bed room villas (each with living room). Restaurant , Tourist Center, Convention Room to accommodate upto 60 people, Bar & Casino are grouped together in Club House structure fronting at the head of Marina. A large swimming pool along with a Bar-B-Q pit, several Gazebos, covered sitting areas & benches throughout the property and on the canalside. The development program includes rooms along with a health SPA & Fitness center and assorted convenient landscape structures.

Because of its unique location it will also provide a one-stop Tourist Center for tour services to all attractions in the project area. At present, all individual tour service providers and facilitators are scattered all over the area from road side locations to under the tree on intersections to the parking lot of govt buildings and boat moorage site; and are not the most convenient, competitive and safe business practices for a visitor. Tourist Center services will include bringing most of the area tour operators and facilitators under one roof at Resort Location which is uniquely served by Road, Beach, Canal & by Air. These tours will be conducted by Boats, Tourist Buses & Vans and by Air ( Helicopter & Floatplane). There is a potential for developing a turf landing strip adjacent to the Hotel site also for regular air charter services for Royal Tortuguero guests. Royal Tortuguero will charge a fee for each booking provided at the Tourist Center.

 

2. PROJECT UNIQUE FEATURES:

a. COSTA RICA: for investors

Costa Rica is a stable, democratic country which has experienced significant growth in attracting international investment in recent years, due in part, to its reputation as a nation of peace and democracy and its policies relating to conservation and environmental protection.

International Country Risk guide ranked Costa Rica among the top ten countries in terms of risk for investors based on the economic, financial and particularly the political environment of the nations.

Private ownership of land is protected under Costa Rican laws & by its constitution foreigners enjoy the same ownership rights as its citizens. The land registry system in Costa Rica is similar to the Torrens system used in Canada and a fully computerized Central Property Registry is used to record both title documents and survey plans for properties.

Corporate ownership is open to foreigners and nationals alike and enjoy the same rights and benefits. After USA and Canada, Costa Rica is increasingly becoming an attractive place to invest and visit in the northern continent of Americas.

Costa Rica offers efficient modern International Banking system. Banking system is modernized and facilitates international electronic transfers through commercial and merchant Banks; and financial corporations.

b. TOURISM IN COSTA RICA: a growth industry

Costa Ricas unique natural beauty, warm and sunny climate, peaceful political environment, and naturally friendly people have combined to make Costa Rica a prime destination for tourists which is reflected in the remarkable growth in tourism in Costa Rica.

Recent government statistics show that tourism in Costa Rica has grown by an incredible 72% over the last four years, an annual increase of 18% annually since 1997 on straight line basis. Specially considering the events of 09/11, this growth in tourism for Costa Rica reflects a new realty of traveling to secured and peaceful countries of Americas.

Tourism is a major national source of income and exceeds US1.3 billion dollars annually making it the second largest industry in Costa Rica.

In an effort to promote its growing tourism industry, Costa Rica government has adopted a number of policies and incentives designed to support private initiative in tourism industry, tourism related services and resort developments.

c. CARIBBEAN COAST: emerging major tourist destination

Caribbean coast is emerging as a major tourist destination zone for ecotourism enthusiasts and visitors wishing to enjoy all the diversity Costa Rica has to offer. Traditionally, pacific coast has provided much of the tourism activities for CostaRica, but growing interest in ecotourism, tropical flora & fauna, active sport & fishing tourism, conservation of endangered animals and cultural tourism has made Caribbean coast a major emerging tourist destination as it offers these attractions in abundance.

With the structural change occurring in tourism industry from "Sun & Beach" tourism to "Something more than Sun & Sand", the tourism market demands are increasingly seeking destinations that provide a diversity of opportunities and tourist attractions involving "Natural environment & Culture", such as the emerging new markets for enthusiasts of ecotourism, adventure water sports and endangered flora & fauna. Caribbean coast is one of the major zones in Costa Rica to offer these along with the traditional tourist attractions of Sun, Beach & Entertainment. Over the last decade Caribbean coast has slowly & steadily become a major tourism destination and increasing its share of tourism market of Costa Rica.

Caribbean coast enjoys abundance of Sunshine & Rain, making it a year round warm & green area. Out of 10 rain zones in Costa Rica, caribbean coast is the 5 th making it neither the driest or wettest area in the country. Caribbean coast enjoys 1800 hours of Sunshine a year, avg. 5 hrs a day. This unique balance of sun &rain weather makes it truly a natures paradise with an incredible amount of ecological diversity in tropical Flora & Fauna to make it a major ecotourism destination.

Government has recognized this growth in tourism on the Caribbean Coast by increasing major public investment in tourism infrastructure involving Cruiseship terminals,City Center, Bus Terminals, Airport and Roads and in the protection of natural environment & endangered life. This growth is evident by the increase in ecotourism visitors to Tortuguero Canal zone, on the northern caribbean coast, making it the number one ecotourist attraction; tremendous increase in cruiseship arrivals, from 3 in 1993 to 76 currently and bookings of 146 arrivals for year 2002- 2003 season on the Caribbean coast terminals; arrival of international charter flights to the caribbean coast airport of Limon and its planned expansion, rumored to the extent of $45 M to $100 million dollars, as a major international terminal for the country on the Caribbean coast; large public and private investment in commercial, industrial and Tourism related services; and revitalization and beautification projects for City center.

Ongoing government interest and investments in Caribbean region together with the increased focus on Caribbean coast tourism potential & the political environment created by the new government headed by a president who hales from the Caribbean; has made this region the fastest growing economy in the country.

d. ROYAL TORTUGUERO: unique development opportunity

 Royal Tortuguero enjoys some unique and important features:

1.Royal Tortuguero design plans were approved by ICT and enjoys an operating Casino license approved and permitted by the municipality.

2.Foreigners who invest in the Royal Tortuguero project may qualify for Residency status in Costa Rica.

3. Royal Tortuguero will be the First Four Star Resort full service Hotel on the Northern/Central Caribbean Coast of Costa Rica.

4. Royal Tortuguero will have the First Casino operation on the Caribbean coast of Costa Rica.

5. Royal Tortuguero Resort is the last private Hotel property, accessible by a direct road access from the highway and city of Limon on the northern Caribbean Coast of Costa Rica.

6. The project is structured for immediate SALE .

7. Royal Tortuguero is at the gateway entrance of a popular eco-tourism destination, an increasingly popular tourism sector, and is close to a fast growing Cruiseship facility, major City and a major Airport.

8. Caribbean coast is in a growth mode and with increased Government and private investment emphasis in infrastructure ( City Center, Transportation hubs, Airport, Roads, Public utilities & Tourist facilities) has become the fastest growing market in Costa Rica.

 

3. MARKET DEMAND & SUPPLY:

Tourism in Costa Rica has grown by an incredible 72% over the last four years, an annual increase of 18% annually since 1997 to 2005 on straight line basis. Specially considering the events of 09/11, this growth in tourism for Costa Rica reflects a new realty of traveling to secured and peaceful countries of Americas. Strategic Plan for the Sustainable Development of Tourism in Costa Rica for the 1993-1998 & projected to 2005, states that total demand in the Tortuguero Tourist Area is 11,193 tourists per year with a potential demand of a total of 50,368 room/nights per year. The target Demand for the project is at 36% which represents the tourists who spend an average of US $53 or more for accommodation per day during the peak and green seasons. At room occupancy of 1.48 tourist/room per night, the Target Demand of the project is 12,251. room/nights per year. The comparable Lodging establishments located in the area offer a total of 105 rooms or at projected occupancy rate 24,570 room/nights per year. There is a deficit of 25,798 room/nights between the current annual supply and the projected potential demand for the area. Royal Tortuguero will supply at a projected occupancy rate a total of 1,872 room nights in the first year and at buildout stage a total of 6,636 room/nights in the second year onwards. Above data shows that there is more than sufficient demand for the supply of rooms by Royal Tortuguero in the area.

 

4. FINANCIAL PROJECTIONS:

The financial projections are based on total buildout & full operation with the room rates calculated for two persons at $89 or $45 per person, a very competitive pricing for similar quality resorts. The projections show that the break even point analysis for the lodge operation works out to be an occupancy rate of 38.50% at room rack rates discounted at 50%. This analysis shows that Royal Tortuguero as a business, will be successful, profitable and feasible.

 

5. FUNDING REQUIRED & SECURITY:

Land acquisition, construction, operations and management expenses todate have been financed by the principals of the project, individuals and by registered & unregistered private repayable loans. At present Royal Tortuguero is seeking further cash infusion from outside sources either by way of equity funding or by Debt funding with first charge security against the project.

 

6. USE OF FUNDS:

The funds raised will be used to finance the investments needed to develop the project and start the operation of Royal Tortuguero. Development budget will include Construction, FF&E, Landscaping, Constn Mngmt, Vehicles & Maintenance Equipment, Publicity,Staffing & Operations, Excursion Buses, River Boats, Landing strip for Air Charter service, Contingencies & Costs.

Construction & Land represent 89% of total investment.

 

7. OWNERSHIP & MANAGEMENT:

Royal Tortuguero is owned and managed by Royal Tortuguero SA, a Costa Rica corporation. Royal Tortuguero SA, funding sponsor, was formed in 1993 as a single project corporation for the management and operation of Royal Tortuguero resort hotel project. Corporation is privately held by a group of individuals with the power of attorney vested in the corporation President to make all corporate financial and legal decisions. Principals of the company as a group have extensive experience in the real-estate development industry and have broad experience in general management. Royal Tortuguero will retain an international Brand name Hotel Management & Operations Group for the operations of the resort facility including Casino & Marina. Management and staff will be retained for having local experience in the hospitality industry for several years and are familiar with local tourist attractions & culture and have friendly outgoing personality.

Royal Tortuguero Resort Hotel, Marina & Casino could start construction within six weeks of closing of this funding and start operation within ten months.

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