Jumeirah Interested in Managing SunVesta's Resort in Costa Rica
MAY 20, 2009 - SunVesta, Inc. (OTCBB: SVSA) (FWB: TVU2) announces the signing of a non-binding Letter of Understanding with WingField Corporation and Jumeirah Group, an international hotel management company based in Dubai, United Arab Emirates.
The Letter of Understanding expresses the Jumeirah Group's interest in managing SunVesta's luxury residential resort development located near Papagayo Bay, Guanacaste, Costa Rica.
SunVesta is a Swiss-based public company quoted on the OTCBB and Frankfurt Open Market that is developing real estate projects in the ultra-luxury hospitality and vacation industry, combining unique concepts with established business practices in Fractional Ownership and Private Residence Clubs.
SunVesta's primary business objective is to offer its owners a secure and attractive investment in real estate that can unite capital protection with capital growth over time. Projects are subject to country specific conditions that might vary the definition of the right of use from temporary renting or leasing assignments to ownership-like securitization, from built-in take-back and buy-back options or refund terms, including capital reimbursement, to indefinite ownership transfers.
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