Hotel Ecoplaya, Bahia Salinas, Guanacaste

Hotel Ecoplaya, Bahia Salinas, Guanacaste
$5,000,000
Property ID: PROP-1111

Ecoplaya is a hotel located on one of the beaches of the Salinas Bay area, La Cruz, Guanacaste, close to the border with Nicaragua.

This area has not yet been developed as a much known tourism destination. It is a rural area, sparsely populated, where the people live mainly on fishery and agriculture. Besides the Ecoplaya hotel in this area there is one other hotel and a hostel for wind- and kite surfers.  This however will change in the foreseeable future as various important corporations have invested heavily in the area and are obtaining the required permits for construction in e.g. Jobo beach, Puerto Soley beach, Rajada beach and the Guaginiquil area. One of the developments is a named Dreams Mareas Resort & Spa, a 400 room, 5 star hotel on a 1500 hect. property. Although the recession has slowed the development, the process has not stopped. It is expected that the Dreams Mareas Resort & Spa will start construction this year and open the resort in 2013 or 2014, thus the interest in this area will increase dramatically. Consequently there is presently much more interest from governmental entities for further development of infrastructure, specifically the road from La Cruz to El Jobo.

Ecoplaya is located on a property of 2 ha. 9.510mts with approximately 300 mts beach front. As the property is right on the beach, it is a maritime zone area, of which Ecoplaya has the concession rights.Additionally Ecoplaya owns the possession rights of an adjacent property of 2.562 mts with 40 mts beach front. Currently the Hotel Ecoplaya is affiliated to the Best Western hotel chain.

Also Ecoplaya owns the access road of 750 mts long with a 20 mts. strip of land alongside this road (total 19.597 mts).

All the properties have access to running water (ecoplaya is the founding member of the Sociedad de Usuarios de Agua which has 3 operating wells) telephone and electricity.

Construction:

Ecoplaya started its hotel operation in December 1997 and presently has 44 units. These are 2 luxury suites, 4 master suites, 15 junior suites, 15 studios and 8 hotel units.

The hotel consists of the following constructions (main items):

44 units – 2.981 mts; reception – 369 mts; storage & workshop area – 340 mts; restaurant & pool area – 1.481 mts; multi purpose salon – 617 mts; water treatment plant – 100 mts; internal road & parking area – 2.730 mts; internal walkways – 1002 mts.

The 44 units were build in 3 different stages:

1997 – 16 units (1 floor); 2001 – 20 units (2 floor) and in 2007 – 8 units (2 floor).

Ecoplaya has all corresponding permits for 50 units. The total project is for 90 units and presently we are elaborating the environmental study for the 40 additional units.

Operating:

The 1st 16 units build were for time share sales. Presently Ecoplaya still has over US$ 250.000 in accounts receivables from time share sales, although the sales activities itself have been stopped. If no specific action is taken to maintain the time share contracts (e.g. collecting the maintenance fees), in a couple of years the number of contracts will be reduced to 4 or 5 units, and leave the other 12 units for hotel sales.

The remaining 28 units are exclusively for hotel sales. Obviously it’s the owner’s decision to reduce or expand time share operation.

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