Kor in Agreement to Acquire Mosquito Blue and Mosquito Beach Resorts
PLAYA DEL CARMEN, Mexico, April 18, 2006. Hip Resort Property Joins The Tides Playa del Carmen in Reaffirming Kor Hotel Group's Growing Presence on the Riviera Maya
Southern California-based Kor Hotel Group, the luxury boutique-hotel operator, extends its collection of distinctive properties to the booming resort town of Playa del Carmen with the proposed purchase of two upscale resorts. Known for its deft combination of high-design features, sumptuous amenities and unparalleled service standards, Kor Hotel Group is to purchase and assume management of the popular Mosquito Blue resort and the newly built Mosquito Beach resort.
"Mosquito Blue and Mosquito Beach resorts will allow Kor to further assert its presence in the culturally vibrant and beautiful town of Playa del Carmen," said Brad Korzen, CEO of Kor Hotel Group. "We look forward to bringing these stylish properties into our growing portfolio of international hotels and resorts and residences."
Kor plans to spend $5 million on a renovation, adding Kor signature touches to both Mosquito Blue and Mosquito Beach. Kor is also set to purchase the bustling 32,000 square-foot Calle Corazon retail center adjacent to Mosquito Blue and redevelop to add new Mosquito Blue guest rooms and a full service spa.
Centrally located in the heart of Playa del Carmen on the Riviera Maya, both Mosquito Blue and Mosquito Beach are close to 5th Avenue shopping and the calming sapphire waters of the Caribbean. Mosquito Blue's 46 elegantly-appointed, private rooms capture the serenity and coastal allure of Playa del Carmen, offering luxurious terraces adjacent to an attractive garden courtyard. One of the newest beachfront properties in Playa -- built in February 2006 -- Mosquito Beach's 33 spacious rooms provide premium access to sand and surf along Playa del Carmen's captivating beach frontage.
Serving as a catalyst to Kor's presence in Playa del Carmen, Mosquito Blue and Mosquito Beach represent Kor Hotel Group's extension into the Mayan peninsula. In addition, Kor will debut two ground-up properties, Viceroy Riviera Maya and The Tides Playa del Carmen Resorts and Residences, in 2008.
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