Oriens Travel & Hotel Management Corp. (OTC Pink: OTHM) (PINKSHEETS: OTHM), the Next Generation International Hotel Brand Operator, operating its Hotel PURE brand, announced today, that Oriens has received an official appraisal from a certified "Pan American Valuer," substantiating the value of the condo units within the 15 story, forty-two unit beach front condo/hotel building [Costa Rica Jaco Beach], of which BW Point Condominium Trust LLC SRL ("BW Point") is in contract to sell its interest to OTHM.
The appraisal shows a range in value, reaching as high as $500k for the property's 2-bedroom units (property comprised of 40 two-bedrooms). The property's large, 3-Bedroom penthouses can yield as much as $1,000,000.
The acquisition, the first of several Oriens is currently negotiating at Costa Rica's Jaco Beach, has been secured by an LOI with BW Point. The deal was consummated by a cash payment made with funds raised in a non-toxic financing.
"This acquisition will serve as the foundation, to launch and develop our brand management, property ownership and online booking services business model in beautiful Costa Rica," stated Ken Chua, President of Oriens Travel & Hotel Management. "With the assistance and support of local professionals and lenders, Oriens is positioned to leverage some amazing opportunities here. We expect that once this first acquisition is complete, we will have the ability to quickly close on other anticipated projects. This should give our shareholders the confidence to continue growing with us."
Management expects this initial transaction to move toward finalization within the next week; with the hopes of being closed within 20+business days.
About Oriens Travel & Hotel Management Corp. (www.orienscorp.com) (PINKSHEETS: OTHM) engages in the operation of hotels and resorts primarily in the United States and Central America under the Hotel PURE brand. The company also operates Friendly Reservations Online, a proprietary and sophisticated online booking system designed to execute reservations capture through Hotel PURE consumer facing websites, as well as individual hotel websites operated by Oriens on behalf of hotels branded under the Hotel PURE brand. Oriens is based in Las Vegas, Nevada.
Safe Harbor Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.
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SOURCE: Oriens Travel & Hotel Management Corp