Tesoro Opens Corporate Headquarters

. October 14, 2008

TIJUANA, Mexico, September 19, 2006. Mexico's newest hotel brand continues to reaffirm its commitment to Mexico with plans to develop additional properties and expand the chain to other domestic destinations.

The opening of Tesoro's new corporate headquarters in Tijuana and the hiring of a new vice president dedicated to new developments and construction signal the brand's first step toward a year of enormous growth.

After a spectacular launch in January 2006 with the purchase and rebranding of three former Costa Real hotel properties along Mexico's Pacific Coast in Los Cabos, Manzanillo and Ixtapa, Tesoro Resorts has set its sights on national expansion.

The company, a division of Steadfast Resorts International (a Newport Beach, CA-based development and real estate consortium) has enlisted the expertise of Ruben Contreras to focus on new projects. The recently appointed Vice President of Development and Construction's first order of business is national growth and development of the brand.

'The main goal is to seek out more properties and land with development potential to expand the Tesoro brand,' explained Tesoro Resorts President Luis Garcia. Steadfast President and CEO Rod Emery adds, 'Steadfast is completely committed to investing in Mexico and this new phase in Tesoro's expansion is a clear indication of our dedication and enthusiasm in the country.'

That enthusiasm was made evident in August when Tesoro Resorts relocated corporate headquarters to Tijuana, Mexico, bringing the 15 core people associated with sales, operations, development and administration under one roof to centralize systems and further solidify the company's commitment to Mexico.

Besides relocating Tesoro Resort's main offices and scouting properties for brand expansion, Mr. Garcia and Mr. Contreras are looking at opportunities in Puerto Vallarta for the development of an elite, upscale property that would usher the first of several special-category boutique hotels.

Other destinations under consideration for a new wellness-oriented resort brand include Los Cabos and the Riviera Maya. Over the next five years, Tesoro executives intend to grow the chain's inventory to eight properties in Mexico - five Tesoro hotels and three boutique properties - and possibly more in Central America.

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