Cascadas Del Mar – The “Anti-Development”
Cascadas Del Mar – The “Anti-Development”
Costa Rican Project Cascadas Del Mar Employs a “No Stone Turned” Approach to Rainforest Development
Source: Americas Media Group
Jun 06, 2007 13:23:38 Click to see PDF Version of this Press Release
(PRLog.Org) – Miami, FL – June 6, 2007 Set in a lush emerald-green region of the Costa Rican rainforest on the Osa Peninsula, Cascadas del Mar is a one-of-a-kind development that offers luxury residences, resort amenities, secluded beaches, ocean views, natural-spring waters, and crystal clear tributaries for the environmentally conscious buyer. The project, set to break-ground in June, provides a breathtaking, affordable housing opportunity in a region National Geographic described as "the most biologically-intense place on Earth.”
Cascadas del Mar offers a unique experience for investors and second home buyers seeking an affordable alternative in an area of the world known for its sport-fishing, surfing, hiking, rafting, whale-watching, and other activities that celebrate the regions stunning natural surroundings. Located in the southern region of Costa Rica, Cascadas Del Mar directly overlooks the “Tail of the Whale” at Ballena National Marine Park. This location is where whales come from around the world to mate upon a group of Coral Reefs which, in an ironic twist of fate, have formed into what looks like the shape of giant whale’s tail. Phase One of the property’s master plan is the Cascadas Del Mar Rainforest. This phase will feature panoramic tree top views from spacious living quarters with a built-in 200 foot waterfall and all the best amenities. All segments of the Cascadas Del Mar master plan will share amenities and natural attractions with the other parts of the large Luxury Resort Community.
With great respect for the existing environment as well as future growth, Cascadas Del Mar underwent exhaustive research and development before actual plans were drafted. Joseph L Flores, President and CEO, explains the concerns upon purchase of the land, “I looked at Paradise, and thought - how do you protect and respect what you have. Not cut up and destroy the land.” Maintaining the pristine environment surrounding the recreational condominiums and penthouses is of paramount importance in the planning of this real estate venture. The developers and architects worked closely with Costa Rican officials and a powerful team of environmental experts to ensure the area and its wide array of plants and wildlife went undisturbed.
Plans to preserve the environment as well as enhance the community came in forms both big and small. During the first stages of the planning process, Flores and the project’s investors decided not to knock down a single tree and build only on grassy areas; creating walkways and massage gazebos along lush waterfalls, creeks, and rivers between the various structures. The resulting land availability presented a spatial challenge which the architects overcame by building up rather than out, resulting in as small of a footprint as possible. The buildings were set on a slope, with the roof of one unit providing the foundation for the other. Flores explains, “all the buildings are one-story units from the profile view, each unit touches the dirt a little bit – but the vast majority are situated on top of each other creatively to result in a visually stunning image while protecting and healing the rainforest”.
Cascadas Del Mar has now gone beyond any traditional environmental planning and taken “environment” into consideration on a community level as well. With a new international airport opening in a matter of years, tourism to this region will soon increase greatly. Cascadas Del Mar seeks to provide the necessary additional housing in the most respectful way possible while benefiting the local citizens. “One can’t just declare that they love nature”, professes Flores, “communities also need economic growth. Developers must take into account economic affects such as job creation as well as social affects such as access to schools, roads, etc.” Furthermore, Cascadas Del Mar is officially partnering with government agencies to help future developers understand how to follow the same pattern of environmental protection.
“We fully realize the environmental concerns of the local government, Costa Rican citizens, and buyers who seek to experience the beauty of this region without disturbing its appeal for future generations,” says Flores. “The result is a first of its kind: a luxury resort community with residences specifically designed to directly maintain and heal the surrounding rainforest, while offering access to all the activities popularized by eco-tourism.” Investor Shawn West expressed his feelings to Flores, “Cascades Del Mar has gone from a simple web site to a full-fledged international investment venture. Joseph, you continue to do the work necessary to bring value to this blossoming ‘Rich Coast’ still held close by Mother Nature, which has been protected by father time. The non-profit projects and eco-friendly solutions you have presented show you're concern for the region and its future.”
Cascadas Del Mar still offers the finest amenities one would expect from an upscale resort, with the additional piece of mind that every dollar spent on this project helps to protect the environment. Go to www.cascadasdelmar.com for more information. Press Contact: Becky Manuel, becky@americasmediagroup.com
The home-buying-abroad craze
The home-buying-abroad craze
Published Wed, 6 Jun 2007 12:00:00 GMT
Despite real estate slowdown, vacation homes are still hot
Tom Kelly
Inman News
Nearly every day, we read about the increasing popularity of second homes in a remote Mexican seaside town, or the lure of buying a Tuscan villa or the exotic real estate possibilities in Panama. But how many North Americans are actually rolling the dice and choosing to purchase a second home outside the U.S.?
Accurate, tangible data on Americans buying abroad is nearly impossible to find, and the recent National Association of Realtors' annual Investment and Vacation Home Buyers Survey did nothing to help consumers who seek international second-home statistics. While the survey revealed that domestic vacation-home sales increased 4.7 percent in 2006 to a record 1.07 million, the poll did not contain any questions targeting international purchases.
While NAR indicated that it was possible that some of the 1,412 respondents surveyed in April purchased outside of U.S. borders, "the size of the survey wouldn't have provided enough meaningful responses."
According to the U.S. State Department, more than 4 million Americans live abroad, excluding military and government personnel. Mexico is by and far the largest with 25 percent, or 1 million American transplants, followed by Canada with more than 688,000. Central America is not far behind. In fact, an Urban Land Institute study on tourism developments estimated that up to 100,000 Americans live in Costa Rica alone.
However, international Realtors, residential developers and others providing second-home market services now say those numbers are outdated because of the torrid purchasing activity over the past 18 months.
Amada Sturges, director of Escapehomes.com, an online marketplace for buyers and sellers of second homes and resort properties, said the number of Americans interested in purchasing second homes in foreign countries jumped considerably on the site last year.
"More than ever people are looking for better value and natural beauty, both of which are often difficult to find in the U.S.," Sturges said. "Many international countries, such as Mexico and Nicaragua, are great alternatives and are now making it easier for foreigners to buy and live within their borders."
Austin, Texas-based HomeAway Inc., an online company specializing in vacation rentals, said its revenue from owner listings was up 50 percent domestically the past year and about 40 percent in Europe. About 18 percent of buyers of vacation homes who participated in the survey stated that they wanted to rent their property to others. That number was up from 13 percent in 2005, according to the NAR report.
"The vacation-home market has been extraordinarily robust here in the States and in Europe over the past four to five years," said Brian Sharples, founder and CEO of HomeAway. "We thought there would be more of a downturn because the appreciation had not been as high in early 2006 as in previous years, but people are still buying and building."
HomeAway, which raised a record $160 million last year for acquisitions and marketing, predicts the number of second homes available as vacation rentals will continue to grow rapidly. The company's portfolio of vacation rental sites includes HomeAway.com, VRBO.com, CyberRentals.com, A1Vacations.com and GreatRentals.com in the U.S., plus Europe's Holiday-Rentals.co.uk (UK), HolidayRentals.fr (France), Abritel.fr (France), FeWo-direkt.de (Germany) and HomeAway.es (Spain).
"The demographics for second homes are really in the sweet spot for the next few years," Sharples said. "The boomers' ages are in the area where they are hitting the top of their incomes and they have been enjoying considerable gains on these types of properties the past few years."
The NAR survey showed that the typical vacation-home buyer in 2006 was 44 years old, had a median household income of $102,200, and purchased a property that was a median of 215 miles from his or her primary residence. About 42 percent of U.S. vacation homes were closer than 100 miles, and 32 percent were 500 miles or further.
"The NAR survey also did not touch on the number of U.S. vacation homes and resorts that are purchased by Europeans," Sharples said. "We are seeing a phenomenal number of people from the UK and Germany buying in Florida and in other areas of the East Coast. The demographics are very similar to the age and income brackets in the states.
"However, while we might be thinking our resort prices are expensive, Europeans are looking at us as a bargain. Their pound is now worth close to two bucks. If you can get close to double your money in real estate here, you start to understand that it makes a lot of sense."
That's true even if the information is anecdotal. Real estate data that charts purchases by foreigners -- anywhere -- simply is difficult to find.
To get even more valuable advice from Tom, visit his Second Home Center.
***
What's your opinion? Send your Letter to the Editor to opinion@inman.com.
Hilton Hotels Corporation Announces Three Major Development Alliances
Hilton Hotels Corporation Announces Three Major Development Alliances
Deals Will Facilitate Opening Approximately 55 New Hotels in Key Markets Through 2012
LONDON & BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Hilton Hotels Corporation (NYSE:HLT) today announced that the company will form three major development alliances with the intention to introduce more than 15 new hotels in the Caribbean and Central America, 25 hotels in Russia and at least 15 hotels in the U.K. throughout the next five years.
HHC has agreed to work with Caribbean Property Group for development within Central America & the Caribbean; London & Regional Properties Limited in Russia; and Shiva Hotels Limited in the U.K. and Ireland. The three development alliances follow the partnership deals recently announced in India and China, which are expected to result in 100 new hotels in those markets throughout the next five to seven years.
“These important alliances will reinforce our position as the premier global hotel company and underscore our strategy to sign large deals with major investors to develop a significant number of hotels in key growth markets around the world,” said Matthew J. Hart, president and chief operating officer, Hilton Hotels Corporation. “We are well on our way to achieving our stated goal of at least 1,000 hotels outside of North America over the next 10 years.”
Caribbean & Central America
Through a strategic alliance agreement with Caribbean Property Group (CPG), a New York-based, major property investment group, HHC will work actively with CPG to develop focused-service, franchised hotels within certain defined markets in Central America and the Caribbean. Initially, targeted markets include major cities and destinations in Puerto Rico, Costa Rica, Panama, the Dominican Republic and Trinidad. CPG will receive certain preferred development rights in return for meeting certain goals and timetables.
“This agreement ideally supports our international development strategy to bolster the Hilton Family of Hotels presence in growing markets where our brands are either underrepresented or absent,” said Tom Keltner, Chief Executive Officer – Americas & Global Brands, Hilton Hotels Corporation. “CPG is a well respected developer with invaluable insight in these markets, and we are confident that they will help us achieve these goals.”
The company initially will focus on the Hilton Garden Inn brand, with plans to develop additional projects under the Hampton by Hilton and Homewood Suites by Hilton flags, eventually.
HHC began its business relationship with CPG with the recent signing of management agreements for two existing full-service hotels in Costa Rica owned by a joint venture in which CPG holds an 85 percent ownership interest. Currently undergoing major renovations, the hotels will be re-branded and re-opened in the 2008 first quarter as the Hilton Papagayo and the Doubletree by Hilton Puntarenas, in Guanacaste and Puntarenas, Costa Rica, respectively.
“The region is ripe for focused service hotel development,” said Barry Breeman, vice chairman, Caribbean Properties Group. “The economies have strengthened in the region over the past five years. Today, there is a good base of first-class, full-service hotels and resorts, but a very limited number of mid-market, focused service hotels, especially in the premium branded sector. In addition to these markets and this segment being significantly underserved, we believe developing under the established Hilton Family of Hotels will give instant credibility to the projects. And as these projects succeed, we believe they will act as catalysts to help further strengthen local economies and development of other real estate classes.”
Russia
In Russia, which is a priority international development market for the company, HHC will enter into a ‘Preferred Development Alliance’ with London & Regional Properties Limited (L&R). This agreement is expected to result in the development of at least 25 new hotels in an initial period of five years, encompassing selected brands within the Hilton Family of Hotels, including Conrad, Hilton, Doubletree by Hilton, Hilton Garden Inn and Hampton by Hilton hotels, all of which HHC will manage.
“Russia is an outstanding market in which to pursue hotel development given the powerful combination of improving economics and favourable demographics,” said Ian Carter, chief executive of Hilton’s International Operations. “There is almost a total absence of internationally branded properties throughout the regional cities of Russia.
In London & Regional, we have a blue-chip owner; Hilton has enjoyed a long-standing trading relationship with this company that is comprised of highly experienced developers with a strong appetite for growth. With their support, we aim to become the market leading international hotel company in Russia.”
“The Hilton name is a powerfully strong brand and Russia offers tremendous potential as there are 11 major cities with a population of more than 1 million people,” said Ian Livingston of London & Regional. “With the multi-brand approach that Hilton Hotels Corporation now has, the company is able to offer solutions in all travel sectors.”
The development focus in Russia will be in Moscow and St. Petersburg as well as key regional cities. The first hotel expected to be included in the deal will be in the centre of Novosibirsk (Russia’s third largest city) where L&R currently is developing a mixed-use hotel and office project that features a 186-room Doubletree by Hilton. This hotel is expected to open in the second quarter of 2008.
In addition, and separate from this deal, HHC’s first Hilton hotel in Russia will be the 275-room Hilton Moscow Leningradskaya, which opens later this year.
U.K. & Ireland
In the U.K. and Ireland, also is a priority development market for HHC, the company will enter into a preferred development alliance with Shiva Hotels Limited, representing its first U.K. hotel franchise deal with a major property partner. The agreement is expected to result in the addition of at least 15 new hotels and will focus on the following Hilton Family of Hotels: Hilton, Doubletree by Hilton, Hilton Garden Inn and Hampton by Hilton.
Shiva, a privately owned company, is looking to expand its existing interests in the hotel sector and has four hotel sites under development that are expected to be included in this agreement. Two of the new sites will be Hampton by Hilton hotels, representing the brand’s first introduction in the U.K.
Rishi Sachdev, managing director of Shiva hotels, said "I am excited by the opportunity to develop and grow the business in partnership with Hilton, which has a strong, international presence and an excellent reputation. I believe that combining the Hilton family of brands with our development experience and operational expertise is a winning formula."
The four sites under development are a 350-room Hilton near Heathrow Terminal 5, a 200-room Hilton and a 120-room Hampton Inn by Hilton in Leeds, and a 120-room Hampton by Hilton in Derby.
“The U.K. & Ireland is a very important market for Hilton, given the strength of the economy and our already strong presence with 75 properties,” said Carter. “The introduction of additional brands within the Hilton Family of Hotels for the first time gives us the ability to attract new owners and operate across a number of market segments from luxury to mid-price, appealing to guests at different price points.
“These significant alliances are indicative of how we would like to grow internationally. We aim to make a big impact in each of our core development markets and achieve market leadership across major hotel segments through ventures with large ownership groups.”
About London & Regional(L&R)
L&R is one of the largest private property companies in Europe with investments, developments and business interests exceeding Eur 10 billion in over 12 countries including the UK, Scandinavia, Germany, Poland, South Africa, Russia and Panama. Within their property investment portfolio, L&R own over 50 hotels including London Hilton on Park Lane, The Trafalgar in London and the Hilton Frankfurt. In Russia, L&R has invested over Eur 500 million in the commercial property market since 2005 including prime office buildings, retail centres, hotels, logistics facilities and pipeline development schemes.
About Shiva
Shiva is owned by Rishi Sachdev, Managing Director and Ramesh Sachdev, Director. Rishi graduated from Cambridge University and joined Lehman Brothers as a derivatives trader. He left in 2001 to pursue a more entrepreneurial career, initially focusing on mixed use commercial property developments. Having developed a number of successful schemes in the UK, he recognized the growth potential in the branded mid-market hotel sector and started Shiva Hotels in 2003.
About Caribbean Property Group (CPG)
CPG is focused on making investments in primary real estate assets in the Caribbean and Central America. The company owns approximately $2 billion in real estate assets in Puerto Rico, including 5.8 million square feet of retail space, 2.2 million square feet of warehouse space and 300,000 square feet of office space. CPG also owns two major hotel-casinos, both in San Juan. CPG, along with joint venture partners, focuses on acquiring income-producing, fixed real estate assets in the Caribbean and Central America across four platforms—hotel, retail, office and industrial.
About Hilton Hotels Corporation (HHC)
HHC is the leading global hospitality company, with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, including 100,000 team members worldwide.
The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton®, Conrad® Hotels & Resorts, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations™, Homewood Suites by Hilton® and The Waldorf=Astoria Collection®.
The Hilton Family of Hotels adheres to founder Conrad Hilton’s philosophy that, “It has been, and continues to be, our responsibility to fill the earth with the light and warmth of hospitality.” The company put a name to its unique brand of service that has made it the best known and most highly regarded hotel company: be hospitable®. The philosophy is shared by all brands in the Hilton Family of Hotels, and is the inspiration for its overarching message of kindness and generosity.
For more information about our company, please visit www.hiltonworldwide.com, and to learn more about our be hospitable philosophy, please visit www.behospitable.com.
Contacts
Hilton Hotels Corporation Communications
310-205-4545
Kathy Shepard, kathy_shepard@hilton.com
Kendra Walker, kendra_walker@hilton.com
http://www.hiltonworldwide.com
Hilton Hotels to Boost Global Expansion
Hilton Hotels to Boost Global Expansion
Reuters
NEW YORK -- Hilton Hotels has signed deals with three real estate groups to develop more than 55 properties in Russia, Britain and parts of Central America, The Wall Street Journal reported Sunday.
The report said the partners were projected to cover the full construction costs, estimated at $1.7 billion, as part of Hilton's plan to accelerate its drive to franchise new hotels and expand its brands outside the United States.
The newspaper cited president and chief operating officer Matthew Hart, who will become the hotel group's chief executive on Jan. 1, when current CEO Stephen Bollenbach retires. The move follows partnerships Hilton announced last year envisioning construction of as many as 100 new hotels throughout India and China, the newspaper said.
In Russia, Hilton said it linked up with a long-standing partner, closely held London & Regional Properties, which already owns marquee hotels in London and Frankfurt. The aim is to focus not only on Moscow and St. Petersburg, but to develop properties in large regional centers with few foreign hotels.
Hart was quoted as saying the latest ventures underscore Hilton's determination to pick partners with deep pockets and a strong track record of local development. "We want to roll these [projects] out as quickly as we can," he said, the newspaper reported.
In Britain and Ireland, the partner is Shiva Hotels, another closely held real estate firm. The third agreement, covering the Caribbean and Central America, calls for Caribbean Property Group, based in New York, to concentrate projects initially in population centers in Puerto Rico, Costa Rica, Panama, the Dominican Republic and Trinidad, the newspaper said.
Wal-Mart Builds on Plans to Drive U.S. Store Returns
Wal-Mart Builds on Plans to Drive U.S. Store Returns
Posted : Fri, 01 Jun 2007 15:14:00 GMT
Author : Wal-Mart Stores, Inc.
Category : PressRelease
BENTONVILLE, Ark., June 1 /PRNewswire-FirstCall/ -- Wal-Mart Stores, Inc. announced plans today at its annual Shareholders' meeting to leverage capital resources through a strategy designed to improve returns, productivity and sales within its U.S. stores. The plans include moderating the growth of its U.S. supercenters.
The strategy announced today builds on both the Company's plan to balance returns and growth that was announced at its October 2006 meeting for analysts and investors, as well as the Wal-Mart U.S. three-year road map to improve customer relevancy and returns. This plan is intended to result in higher U.S. return on investment, reduced capital expenditures and higher U.S. comparable store sales. In addition, the Board of Directors approved a new share repurchase program that increases the Company's authorization to $15 billion.
"We are committed to improving return on investment, while continuing to grow in the United States," said Lee Scott, Wal-Mart Stores, Inc. president and chief executive officer, in addressing the Company's shareholders at its 37th annual meeting. "Today's announcement of this strategy and the share repurchase program underscores Wal-Mart's commitment to returning value to our shareholders.
"In addition to the share repurchase program, Wal-Mart is returning more than $3.6 billion to shareholders in the form of dividends this year," Scott added. "Wal-Mart has increased its dividend every year since its first declared dividend of five cents per share in March 1974."
As previously announced, the Company increased its annual dividend 31 percent this fiscal year.
Details on U.S. Supercenter Growth
The result of this strategy will be a growth program of between 190 and 200 new U.S. supercenters during this fiscal year and approximately 170 supercenters each year for the next three fiscal years.
"While we feel comfortable with these estimates, we will continue to review and evaluate our expansion strategy on an annual basis," said John Menzer, Wal-Mart Stores, Inc. vice chairman and chief administrative officer.
For fiscal year 2008, the 190 to 200 range includes approximately 70 relocations and 40 expansions of discount stores into supercenters. In October 2006, the Company had announced that its fiscal year 2008 growth plans included between 265 and 270 supercenters in the United States. Approximately 80 of the supercenters originally scheduled to open in January 2008 now will open in early fiscal year 2009.
The Company estimates that its consolidated square footage growth rate will be approximately 6 percent for fiscal years 2008 and 2009. The Wal-Mart U.S. square footage growth rate is expected to range from 4 to 5 percent during these same fiscal years.
Efforts Continue to Improve Store Productivity
Under the leadership of Eduardo Castro-Wright, president and chief executive officer for Wal-Mart Stores U.S., a three-year plan is being implemented to drive returns and sales through a strategic approach to improve customer relevancy in operations and merchandise. This is the second year of the three-year plan.
"Through our strategy, we are pursuing high return opportunities by focusing on markets where our customer segmentation approach offers the best opportunity to create a more competitive position for Wal-Mart and drive higher comparable store sales," said Castro-Wright. "In addition, our U.S. plan includes a variety of initiatives designed to improve labor productivity and enhance margins."
More Rigorous Real Estate Process
Since October 2006, Wal-Mart's real estate projects have been subject to a more rigorous prioritization process as they are reviewed by the Company's Real Estate Committee.
"The priority for a potential store is selecting a location that makes the most efficient use of capital resources and aligns with market growth priorities," explained Menzer. "We also have been focused this year on reducing cannibalization of existing stores via our more strategic selection of U.S. real estate projects."
Reduction in Capital Expenditures
This strategy is expected to reduce capital expenditures for fiscal year 2008 to approximately $15.5 billion, down from the previously projected $17 billion, according to Tom Schoewe, executive vice president and chief financial officer for Wal-Mart Stores, Inc.
"The capital we are freeing up by this plan, combined with our existing debt capacity, will fund the share repurchase program," Schoewe said.
The $15 billion share repurchase program replaces the $3.3 billion remaining of the previous $10 billion program that was announced in September 2004. The remaining authorization was as of April 30, 2007, the end of the first quarter. Under this program, repurchased shares are constructively retired and returned to unissued status.
The strategy announced today does not affect the capital investment plans for the Company's Sam's Club or International operations. Sam's Club continues to be focused on deepening its relevance to all of its members, while building on its small business foundation. The International operating segment will continue its strategy of targeting those opportunities with the greatest returns and growth potential.
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, supercenters, Neighborhood Markets and Sam's Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company's common stock is listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting http://www.walmartstores.com/. Online merchandise sales are available at http://www.walmart.com/ and http://www.samsclub.com/.
This release contains statements that Wal-Mart believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by that act. These forward-looking statements include a description of our revised U.S. supercenter growth strategy, capital expenditure plan and our new share repurchase program, as well as our expectations for the impact of the plans discussed above on our return on investment, comparable store sales and capital expenditures. These forward-looking statements are subject to risks, uncertainties and other factors, including the availability and price of shares under our share repurchase program, our ability to effectively defer real estate projects and deploy and allocate resources and the normal risks associated with our real estate expansion plans as described more fully in the risk factors section of our last Annual Report on Form 10-K. This release should be read in conjunction with that Annual Report on Form 10-K, Quarterly Report on Form 10-Q and certain other of our filings with the SEC through the date of this release. We urge you to consider all of these risks, uncertainties and other factors carefully in evaluating these forward-looking statements and not to place undue reliance on such statements. As a result of these and other matters, including changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from those discussed in the forward-looking statements. The forward-looking statements included in this release are made only as of the date of this release, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. http://www.newscom.com/cgi-bin/prnh/20010831/WALMARTLOGO" mime-type="application/octet-stream"/> Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010831/WALMARTLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Wal-Mart Stores, Inc.
CONTACT: investors, Investor Relations, +1-479-273-8446, or Carol
Schumacher, +1-479-277-1498, or Pauline Mohler, +1-479-277-9558, or media,
John Simley, +1-800-331-0085, all of Wal-Mart Stores, Inc.
Web site: http://www.walmartstores.com/
http://www.walmart.com/
http://www.samsclub.com/
Here Today; Abroad Tomorrow
Here Today; Abroad Tomorrow
Some entrepreneurs are taking their ventures overseas and finding that the cultural benefits outweigh the business challenges.
By Liz Wolgemuth
May 29, 2007
he shores of Costa Rica and the narrow streets of Paris are more than a vacation spot for many Americans. These scenic locales also have inspired adventurous business owners to ditch their domestic digs and ply their trades overseas.
Plenty of Americans find work in other countries. Preliminary numbers from the IRS show that 303,940 taxpayers claimed the foreign-earned income exclusion in 2005.
But starting a business overseas can offer a far more intimate insight into the challenges of red tape, labor laws and cultural differences. Those who surmount the obstacles can find an alluring market for their venture. "We're especially aware that the European markets are very attractive to U.S. companies right now because of the dollar/pound exchange rates," says Simon Jones, president of the Munich chapter of the American-German Business Club.
Making it Happen
Jim Carroll and a business partner opened the San Francisco Book Co. in Paris in 1997 after running Carroll's Books in San Francisco for nearly a decade. Carroll, who has since bought out his partner, had been dreaming of opening an English-language used-book shop in the city of lights.
But starting a business in France was an eye-opening experience for Carroll, who was accustomed to a less-complicated American process. He estimates he paid about $400 to incorporate his U.S. bookstore in 1989 and made a quick visit to the San Francisco City Hall. "Then in San Francisco, you got a packet of things you needed to do and there was almost nothing in the packet," Carroll says.
But in France, paperwork is king, and the process requires meticulousness and patience. It took Carroll nearly a year and a half before he could open his shop doors. He says the key to doing business with the French is to leave your American attitude at home. "You never ask to speak to their superior; you never pull rank," Carroll says. "Once you know those things, you just have to stand there and be polite and do exactly what they tell you."
Carroll is now a decade into his French business, selling books to a large Anglo community in Paris, and to Parisians who love Spiderman comics or need a textbook not yet translated in French. The Paris shop has half the inventory of his San Francisco shop, but his annual revenue of more than $200,000 is higher. Carroll closed his San Francisco book shop in 2004, but admits the profits in France are small and the iron-clad French labor laws make hiring tricky. He has had just one salaried employee for the past eight years.
The employment challenges are different in New Zealand, where former New Yorker John Palino co-owns a restaurant, a cafe and wine bar, a coffee kiosk and a soup kitchen. Palino, 46, employs about 40 people among his four establishments and has found that replacing employees who leave is an enormous challenge, something he never faced as a restaurant owner in New York. "When I put an ad in the paper, I get two or three people who show up," Palino says. "In New York I'd get 200."
In New Zealand, Palino pays between $12 and $20 an hour for floor staff, much more than he paid in New York. But Palino admits that it's still not a great job for New Zealanders, who contribute much of their wages to taxes and get little, if any, tips.
Palino, however, has found major benefits in running a business in New Zealand. A dozen years ago, he was spending $50,000 a year in insurance for a single New York restaurant. Today in New Zealand, he spends about $12,000 annually in New Zealand dollars. His sanitation bills and utility bills are also lower.
Americans head abroad for different reasons--Palino followed a woman; Carroll pursued a dream. Others simply can't pass up the chance to get in on the ground floor of a trend.
Hotel entrepreneur Hal Wright retired in 1997 after helping found and build several hundred hotels for the Extended Stay Hotels chain. Wright says he was unemployed when a friend asked him to fly down to Costa Rica and take a look at a tract of land.
On his second night in the Central American country, Wright called his wife to announce he had found "Margaritaville." The lure of "drop-dead gorgeous oceanfront real estate," coupled with the prospect of a growing market for American second-home buyers proved too much for Wright to resist. He and a partner now own 2,000 acres on which they're building sustainable, eco-friendly vacation homes with projected revenues of $400 million. "I began to see there was a real business on the coast of Coast Rica selling second homes to gringos," Wright says.
It can be difficult for business owners to adjust to new settings that are incongruent with their own backgrounds. But a foreign location can also offer benefits they never found in the United States. Palino is constantly amazed by the relaxed nature of New Zealanders. Carroll is driven by the cultural and social rewards of living and working in Paris. And Wright? His biggest concern these days is whether to have fresh tuna or lobster for dinner.
Luxury marina planned for Costa Rica’s Caribbean coast
Marina News Briefs: June 2007
May 31,2007 By
Luxury marina planned for Costa Rica’s Caribbean coast
A new, state-of-the-art luxury marina is being planned for the Caribbean Coast of Costa Rica. IslaMoin, at 10º north, is being touted as a safe harbor since it lies below many insurance companies’ hurricane limit.
The full-service marina will consist of about 380 slips for vessels from 50 to 250 feet. The slips will be in the main Marina Village and on the canals throughout the rest of the property, according to a news release from the marina. Dry storage units for boats up to 30 feet in length are also in the plans.
IslaMoin is being developed on 208 acres surrounded by 8,200 feet of beachfront and 8,200 feet of deep water canal frontage. This gated community will be developed with 560 low-rise resort residences and about 100 beachfront villas. IslaMoin will also contain a private area for about 100 home sites. A 15-acre parcel has been reserved for a luxury hotel.
IslaMoin is designed to embrace the natural beauty of the land and take advantage of its pristine location, lush natural tropical landscaping and spectacular waterfront areas. IslaMoin will enhance the natural beauty of Costa Rica, the company stated. Costa Rica enjoys the same favorable currency exchange rates, but more importantly it has one of the most politically, economically and socially stable countries in the region.
For more information, visit www.IslaMoin.com .
