Costa Rica Government Inauguration Ceremony Lends Major Support for Bahia Escondida Bayside Village and Marina Project

June 8, 2007

GOLFITO, Costa Rica--(BUSINESS WIRE)--In a special inauguration ceremony held in Golfito on May 18th, Rodrigo Arias, Costa Rican Minister of the Presidency, toured the site, attended a private lunch at the project’s Bahia Escondida Big Game Lodge, and attended a local community meeting at the Golfito municipality, all in support of the Bahia Escondida Bayside Village and Marina located on the Pacific Coast in the southernmost region of Costa Rica. The state-of-the-art marina will be comprised of 217 marina slips, ranging from 45 to 220 feet, and a quaint bayside village, complete with condominiums, town homes, private residences, a luxury boutique hotel, restaurants, shops and more.

Arias was accompanied by a number of government dignitaries including Carlos Ricardo Benavides, Minister of Tourism; Mario Alvarez, Director of Presidential Delegates; Olivier Jimenez, Congressman; and Jimmy Cubillo, Golfito’s Mayor. In all, close to 50 government and business leaders and another 50 invited guests attended the festivities of the day. The formal inauguration ceremony for existing Bahia Escondida clientele will be scheduled for later this year upon completion of initial site facilities.

“This inaugural visit symbolizes our firm commitment of support for the Bahia Escondida Bayside Village and Marina project,” stated Arias. “But it also symbolizes our commitment to the citizens of Golfito to provide resources that will serve to improve the local economy.”

"We look forward to the improvement of an area that, in spite of its extraordinary natural beauty, has been economically depressed for many decades,” said Benavides. “Unfortunately the local residents have not had many possibilities of advancement up to now. Bahia Escondida is one of the many strategic projects that we consider important for the development of the southern zone.” Phase I of the waterfront village and marina is expected to employ more than 400 people and more than 2000 upon completion.

The marina development, which was permitted for construction in October of 2006 and has been stockpiling material on-site for nearly six months, has officially notified the government of its formal commencement of works. Lynskey also announced the receipt of a commitment for the project’s first round of financing from Banco Costa Rica in syndication with BCIE (Central American Bank for Economic Integration).

“The official government endorsement of the Marina project will prove to be invaluable as we progress through the building process,” said Lynskey.

Aside from the securing of fill material, another milestone nearing completion is the selection of the marina dock manufacturer. In March of this year, the bid for the manufacturing of the docks was opened to six of the world’s leading dock manufacturing companies, including Bellingham, Technomarine and Shoremasters.

Abdalla Architects was hired as the General Consultant for the project and is responsible for the coordination of contractors, as well as the elaboration of the architectural plans. With more than 15 years of experience in the labor environment, Abdalla’s President Pedro Abdalla Slon is actively involved in public policy for the construction industry and is the Director of the National Institute of Housing and Urban Development (INVU) and Vice-President of CIMAT (Commission Inter-institutional of Marine and Tourist Quays). Abdalla has already completed the necessary site preparations and has secured the respective construction permits to begin construction.

The addition of Grupo Corporativo Saret, the largest private energy power producer in the country, will also prove to be an asset. “We are very pleased to become Bahia Escondida’s General Contractor,” added Mariano Ramirez of Grupo Corporativo Saret. “Our 31 years of experience building the most significant facilities in the region, together with the use of proven technologies, will benefit the construction of this project.” Saret’s Group of companies comprises civil earth works, electromechanical installations, heavy metal fabrication, and hospitality infrastructure. They also operate the Pacific Port of Caldera in Costa Rica.

Bahia Escondida is a joint venture between Miami native Jim Lynskey, President of Hacienda El Dorado – Bahia Escondida’s holding company – and Golfito Holdings LLC, an affiliate of Great American Capital, a Las Vegas-based, fully diversified real estate development company with more than 2.5 million square feet of retail and office space developed since the early 1990s. Lynskey is a Miami native and pioneer developer with more than 20 years of experience creating resorts and real estate projects throughout the Caribbean and Costa Rica.

“Bahia Escondida will offer a true waterfront village experience in what is arguably one of the best fishing destinations worldwide,” said Lynskey. As one of Costa Rica’s ‘hidden gems,’ as well as one of the most bio-diverse areas on the planet, this development allows buyers to make it their own.

One of the hottest developments on the planet is already turning heads – and getting commitments – well before it’s even built. “Pre-construction sales remain strong for both the residential component and the marina slips,” said Phil Perko, President of Digital Capital Group, Bahia’s exclusive sales and marketing partner. “Bahia Escondida is truly becoming one of Central America’s most sought-after locations.”

For more information, call 866-50–BAHIA or visit www.BahiaEscondidaCostaRica.com.

© Business Wire 2007