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Metrospaces Gives Update on Development of Orinoco Oil Belt Hotel
|By Marketwired .
|June 23, 2014 02:15 PM EDT
MIAMI, FL -- (Marketwired) -- 06/23/14 -- Metrospaces, Inc. (OTC Pink: MSPC) (PINKSHEETS: MSPC) today issues update on the development of Orinoco Oil Belt Hotel in Pariaguan, Venezuela. Additionally, the company will continue to update documentation with visual aids regarding the company's projects via Dropbox.
UPDATE ON ORINOCO OIL BELT HOTEL HOTEL CRISTO REY
Mr. Oscar Brito said, "Since the acquisition of the lot of land in the city of Pariaguan late 2013, the company has hired the prestigious architect Roberto Armas to design and finalize planning on the hotel. Mr. Armas is one of the most prestigious architects in Venezuela, particularly as far as hotel designing is concerned. We are extremely excited about this project since the initial planning design indicates that we will win planning approval for a 120-room 4 star hotel. We expect to gain planning approval in approximately 6 months from now. Additionally, we will take advantage of local banking regulation for hotel financing. Government regulation has just been changed to help the industry. We fully support this new government program that regulates local private and public banks to finance up to 80% of hotel projects in Venezuela at a set 9.75% interest rate in local currency, with up to 10 years to pay back. This is an amazing effort by the government to subsidize hotel construction. We get a loan in local currency (Bolivars) at a set interest rate at 9.75%. This is a subsidized rate since local inflation and devaluation vs. the USD is of approximately 35-40% annual. Additionally, PDVSA (the state owned oil company), along with some of the major oil companies such as Chevron, British Petroleum, Total, Lukoil and many others, are investing $200 billion in exploration and production in the area. We will be only the second 4-star flagged hotel in the area. We will serve an area that has absolutely no hotel infrastructure, and we will be one of only 2 hotels in the 4-star category. The easing of oil investment restriction and a betterment of economic conditions has set the table for one of the most important oil related investments in the last 100 years, and we will be one of the first ones on the ground. Once opened, we expect to charge an average nightly rate of $150-$180 and have occupancy rates of at least 85-90%. Additionally, we expect our EBITDA margin to be at least 35-40% in this project. Lastly, we fully expect that quickly after this project has been approved, we will move towards acquiring a second lot in the area to develop a second hotel in the area. That way, we will be able to fully take advantage. We have to move now to continue to take advantage of the cheap land prices still available. We are already starting to see the area heat up. We will take advantage of being one of the first ones in the area."
VISUAL REPORT DOWNLOAD LINK:
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.
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 Metrospaces 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 BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospaces partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
Metrospaces was originally founded by company President Oscar Brito.
Safe Harbor Statement:
Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
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