GAUCHO GROUP HOLDINGS, INC. RECEIVES
APPROVAL FOR MASTERPLAN FOR ALGODON WINE ESTATES' 4,138 ACRE LUXURY
WINE & WELLNESS DEVELOPMENT IN MENDOZA, ARGENTINA
Masterplan Includes 80-Room Ultra
Luxury Hotel, 40 Branded Residences and 200 Additional
Lots
New York, NY / February 9, 2022 --
InvestorsHub NewsWire -- Gaucho Group Holdings, Inc
- (NASDAQ:VINO),
a company that includes a growing collection of e-commerce
platforms with a concentration on fine wines, luxury real estate,
and leather goods and accessories, today announced
it
received official approval from the Municipality of San Rafael of
the masterplan for its Algodon
Wine Estates, a 4,138 acre wine, wellness, culinary and sport
resort and luxury residential development, in San Rafael, Mendoza,
Argentina.
As
previously announced, this stage of the masterplan was designed by
the architectural planning and design firm EDSA, whose work spans
more than 5,000 projects in over 100 countries. EDSA's vision for Algodon Wine
Estates includes further building upon the estate's award-winning
vineyard development by emphasizing the existing winery and 1946
vines, the local Mendocino culture, as well as the estate's
existing terrain, amenities, and features.
The masterplan includes development
of an additional 200 lots, ranging in size from 2.47 acres to 12
acres. The company anticipates sales of these additional lots could
ultimately generate more than $100 million in revenues. The
centerpiece of the masterplan is an ultra-luxury 80-room hotel,
that will also include 40-60 residences, for which Algodon Wine
Estates seeks to co-develop with a world class luxury hospitality
brand. The revenue potential from the
hotel rooms and branded residences could generate an additional $25
million per year.
The expanded masterplan includes a
27-hole championship-style golf course, championship-style tennis
facilities, centralized village center and sports club, and an
equestrian facility that will include a horse riding and training
center. Additional highlights from the plan
include an organic farming area, as well as organic fruit orchards,
a boutique distillery, organic/seasonal restaurants, lavender and
rose gardens, as well as various hiking, mountain biking, and
walking trails that connect the social and residential areas
throughout the estate.
Commenting
on the approval of masterplan, Scott Mathis, Chief Executive
Officer of Gaucho Holdings stated, "This is an extremely exciting
development in the evolution of Gaucho Group. The potential revenue
generation from the sales of these lots will be a key element in
the execution of our business plan, and it's important to know that
even after the company sells all the lots accounted for in the
masterplan, the company will still retain more than 2000 acres of
prime real estate. It's equally important to know that approval to
proceed with development is not just a meaningful step for Gaucho,
but an important building block for our friends and neighbors in
the Mendoza region. Further development brings in new jobs and
raises prosperity, and we look forward to working with our
community partners and bringing value to our
shareholders."
Emir
Felix, Mayor of San Rafael in Mendoza, Argentina, added,
"First and foremost, I want to express how significant this project
is for us here in San Rafael.
Nationally syndicated Cronista Newspaper recently voted our city as
Argentina's #1 sought after vacation destination for Argentines;
and I feel that Algodon Wine Estates is an opportunity to help San
Rafael become a top global luxury tourist destination. Algodon Wine
Estates could not come at a better time; our local airport will be
starting a much-needed expansion in April. The new runway will
allow bigger planes to go in and out of San Rafael and increase the
number of flights daily, which will definitely be handy when we
achieve our goal of year-round tourism—a goal that we come closer
to with the help of Algodon.
This is an exciting time for San Rafael, and the expansion of
Algodon Wine Estates luxury development is an integral catalyst
towards a positive shift in our economy, job opportunities, and
global recognition for our beautiful city."
About Gaucho
Group Holdings, Inc.
For more than ten years, Gaucho
Group Holdings, Inc.'s (gauchoholdings.com)
mission has been to source and develop opportunities in Argentina's
undervalued luxury real estate and consumer marketplace. Our
company has positioned itself to take advantage of the continued
and fast growth of global e-commerce across multiple market
sectors, with the goal of becoming a leader in diversified luxury
goods and experiences in sought after lifestyle industries and
retail landscapes. With a concentration on fine wines
(algodonfinewines.com & algodonwines.com.ar),
hospitality (algodonhotels.com),
and luxury real estate (algodonwineestates.com)
associated with our proprietary Algodon brand, as well as the
leather goods, ready-to-wear and accessories of the fashion brand
Gaucho - Buenos Aires™ (gauchobuenosaires.com),
these are the luxury brands in which Argentina finds its
contemporary expression.
Cautionary Note
Regarding Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Statements other than statements of historical facts included in
this press release may constitute forward-looking statements and
are not guarantees of future performance, condition or results and
involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in our filings with the Securities and Exchange Commission
and elsewhere. The Company undertakes no duty to update any
forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press
release.
Media
Relations:
Gaucho Group
Holdings, Inc.
Rick Stear
Director of Marketing
212.739.7669
rstear@gauchoholdings.com
Investor
Relations:
John McNamara
917-658-2602
john@tradigitalir.com