Andalusian Resorts and Spas, Inc. Announces Signing of Letter of Intent to Acquire the Mona Lisa Hotel and Casino in Costa Rica
May 12 2014 - 5:38PM
Business Wire
Andalusian Resorts and Spas, Inc. (the "Company") (symbol:
ARSP.PK), announced today that it has executed a letter of intent
for the acquisition of the Mona Lisa Hotel and Casino in San Jose,
Costa Rica. The Mona Lisa Hotel and Casino
(http://www.monalisacr.com/) is located in historic Barrio Amon
with 93 recently renovated guest rooms, a fabulous restaurant, and
an 8,000 square foot Casino. Andalusian intends to use the Mona
Lisa Hotel and Casino to cater to the LGBT community.
Bernie Fried, President and CEO of Andalusian stated, “After
completion of this transaction and integration of our business
plan, we hope to realize revenues of US$4,800,000 in the first full
year. The acquisition of the Mona Lisa Hotel and Casino is the
first of our several planned hotel & resort acquisitions, as we
continue to implement our strategy of becoming the destination of
choice for the LGBT community. The parties are close to finalizing
the terms of the acquisition and we estimate that the final terms
of the acquisition will be announced to the shareholders within the
next few weeks. The completion of the acquisition is dependent on,
among other things, the completion of due diligence satisfactory to
the Company. The parties have agreed that the Seller will not
engage in any negotiations or discussions with other potential
acquirers and have also agreed to maintain the confidentiality of
all of the acquisitions in order to protect the acquisition's
competitive interests and the interests of its many customers and
employees during the period of the acquisition.”
Andalusian Resorts and Spas, Inc. is also committed to
excellence and would be delighted to begin negotiations to acquire
any hotel property that is prepared to divest ownership based on
any Human Rights Campaign such as in the case of the Beverly Hills
Hotel and is prepared to take care of the properties' families as
well. Andalusian's growth strategy may grow more rapidly from
opportunistic real-estate transactions such as these divestitures,
further confirming the direction of the Company.
The Company also believes it is the responsibility of the
organization to give back to the community it serves through
benevolent acts, endowments, and charitable actions. Andalusian has
committed to an endowment living charitable foundation, where
specific designated revenue is shared and committed as a result of
commerce from target segments within the Andalusian family of
companies. Specific segments within the Andalusian organization
will be committed to contributions to the Andalusian Charitable
Foundation.
About Andalusian Resorts and Spas - http://www.arsproud.com. The
Company plans to own and operate an international premiere luxury
boutique hotel and resort chain catering to the LGBT community,
where exceptional care, attention to detail, and the comfort of its
guests are its ultimate mission. Each of its premier, full-service
locations will strive to maintain a 4 or 5 star rating. Andalusian
has committed to fund and endow a charitable foundation with a
portion of its revenues, whose purpose is to, among other things,
foster education and awareness regarding the worldwide LGBT
community. "LET's OPEN THIS DOOR TOGETHER" - "WE ARE A STRAIGHT
FRIENDLY COMPANY."
Forward-Looking Statements - This press release may contain
certain forward-looking statements within the meaning of Section
27A of the Securities and Exchange Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as amended,
and such Forward Looking Statements are intended to be covered by
the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainties. All
statements other than statements of historical fact in this
announcement are forward-looking statements, including but not
limited to the viability of the company's business plans, the
effect of acquisitions on our profitability, the effectiveness,
profitability, and the marketability of the Company's products; the
Company's ability to protect its proprietary information; general
economic and business conditions; the volatility of the company's
operating results and financial condition; and other risks detailed
in the Company's filings with the Securities and Exchange
Commission. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
company and the industry. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or to changes in its expectations, except
as may be required by law. Although the company believes that the
expectations expressed in these forward-looking statements are
reasonable, management cannot assure the public that their
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
CONTACT:Andalusian Resorts and Spas, Inc.Frankie Sanchez,
Marketing DirectorHotel Information Contact:
fsanchez@andalusianresorts.com Tel: 702-522-8846
Bernard A. Fried, PresidentInvestor Relations Contact:
bfried@andalusianresorts.com Tel: 702-522-8846
Hotel Information Contact:Andalusian Resorts and Spas,
Inc.Frankie Sanchez, 702-522-8846Marketing
Directorfsanchez@andalusianresorts.comorInvestor Relations
Contact:Andalusian Resorts and Spas, Inc.Bernard A. Fried,
702-522-8846Presidentbfried@andalusianresorts.com