Metrospaces, Inc. (OTCQB: MSPC) today announces that it has executed an to acquire the Tulasi Mandir Spa and Hotel Project on the exclusive Coche Island of the coast of Venezuela.
Company President Oscar Brito stated, "We are very happy with this potential acquisition since it already has approved planning, that however does need to be renewed. Nonetheless, this means that we can have a shovel-ready project within months, as opposed to perhaps a year. Additionally, the project has an approximate 15% execution. We are already in talks with a prestigious luxury international hotel chain to be operators of this exclusive spa. The main focus will be spa, yoga, meditation and many other ways to simply relax. Due to the location, activity and high-end market target we expect to generate above-average occupancy rate, with pricing forecasts set at an average room rate of $280. At that rate, we would generate close to $1 million in EBITDA. This potential acquisition would mark the beginning of the launching of our own luxury regional hotel chain. We expect to be able to finance this acquisition from internal cash flow, and we fully expect to obtain a hotel construction loan from a local commercial bank, since these loans are readily available in the market due to government regulation."
Metrospaces was originally founded by company President Oscar Brito.
Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.
Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the Americas and across Europe valued in excess of US $350Million.
Metrospaces' majority shareholders has partnered with Investors on Elite properties including The London BVLGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
Metrospaces www.metrospaces.net is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company's current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.
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SOURCE: Metrospaces, Inc.