Best Rate Acquires 20% of New $150mil Resort
Adds 30 Million in Assets
NOVEMBER 21, 2006. Best Rate Travel, Inc. (Pink Sheets: BTVL) announced this morning that it has signed a high-profile Final binding agreement with REIT One to build a US$150 million, 268-room Resort on the largest undeveloped parcel in Virginia Beach, VA.
"We are very proud to be working with REIT One, Inc. to introduce Best Rate Hotels and to mark the commencement of operations for Best Rate Travel. This is the first of many planned projects," commented Adrian Stone, CEO Best Rate Travel.
The prominence of Virginia Beach as a top travel destination in tandem with the Resort's size and luxury amenities are projected to instantly position BTVL as a leader in the travel markets. This significant new development is likely to fuel continued investor interest in the company and drive its long-term growth thru future mergers & acquisitions as well as working with it's joint venture partners.
BTVL's Virginia Beach property is scheduled to open in July 2008. The company will own a 20 percent (20%) stake in the venture for its technology infrastructure and project management contributions. BTVL also reported today that negotiations are underway with Starwood Hotels (NYSE:HOT) to operate the property under a long-term management agreement.
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