Jumeirah Group Expresses Interest in Managing SunVesta's Luxury Residential Resort Development in Costa Rica
May 19, 2009 5:05:00 PM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesOBERRIEDEN, Switzerland--(BUSINESS WIRE)-- SunVesta, Inc. (OTCBB: SVSA) (FWB: TVU2) is pleased to announce the signing of a non-binding Letter of Understanding with WingField Corporation and Jumeirah Group, an international hotel management company based in Dubai, United Arab Emirates. The Letter of Understanding expresses the Jumeirah Group's interest in managing SunVesta's luxury residential resort development located near Papagayo Bay, Guanacaste, Costa Rica.
SunVesta
SunVesta is a Swiss-based public company quoted on the OTCBB and Frankfurt Open Market that is developing real estate projects in the ultra-luxury hospitality and vacation industry, combining unique concepts with established business practices in Fractional Ownership and Private Residence Clubs.
SunVesta's primary business objective is to offer its owners a secure and attractive investment in real estate that can unite capital protection with capital growth over time. Projects are subject to country specific conditions that might vary the definition of the right of use from temporary renting or leasing assignments to ownership-like securitization, from built-in take-back and buy-back options or refund terms, including capital reimbursement, to indefinite ownership transfers.
More information about SunVesta may be obtained from its website www.sunvesta.com.
Jumeirah Group
Jumeirah Hotels & Resorts are regarded as among the most luxurious and innovative in the world and have won numerous international travel and tourism awards. The Dubai-based luxury international hotel management group encompasses the world-renowned Burj Al Arab, the world's most luxurious hotel, the multi-award winning Jumeirah Beach Hotel, Jumeirah Emirates Towers, Madinat Jumeirah and Jumeirah Bab Al Shams Desert Resort & Spa in Dubai, the Jumeirah Carlton Tower and Jumeirah Lowndes Hotel in London and the Jumeirah Essex House in New York.
The Jumeirah Group intends to grow its portfolio of luxury hotels and resorts into key gateway cities and fast developing holiday destinations worldwide. Currently, the Jumeirah Group has several luxury five-star properties under development in Dubai, Abu Dhabi and throughout the Middle East. Other developments include projects in the Maldives, Bali, Thailand, China, Argentina, Spain, England, Scotland and the U.S. Virgin Islands.
The Jumeirah Group's activities go far beyond hotel and resort management with a portfolio that also includes Jumeirah Living, a luxury brand of services residences that offer effortless living in luxurious surroundings; Talise Wellness a global spa brand; The Taste Department, Jumeirah Group's dedicated restaurant division; Wild Wadi water park; The Emirates Academy of Hospitality Management, the Gulf region's only fully accredited third-level academic institution that delivers specialized degree programs in hospitality management; and Jumeirah Retail, with its 15 stores and dedicated luxury online store www.jumeirahcollection.com. The Jumeirah Group is also a member of Dubai Holding, a collection of leading Dubai-based business and projects that is expected to initiate a new phase of growth and development.
More information about Jumeirah may be obtained from its website www.jumeirah.com.
WingField Corporation NV
WingField Corporation is a real estate development and investment company with its headquarters located in Brussels, Belgium. The company has experience in mixed-use real estate development, real estate finance and investments with a focus on hospitality and leisure. WingField is currently working on the realization of projects in the U.S., Asia Pacific and Europe.
WingField Corporation's client and partner network extends to corporate and public sector entities, international institutional investors, financial institutions, private investors and industry experts.
More information about WingField Corporation may be obtained from its website www.wingfieldcorp.com.
Source: SunVesta, Inc.
----------------------------------------------
SunVesta
Inc.
Investor-Relations and Communications
+41 (41) 723 23 44
Fax: +41 (41) 723 23 45
investors@sunvesta.com
www.sunvesta.com
