Residence Inn San Jose

completed

Caribe Hospitality S.A., a hotel development company focused on Central America and the Caribbean and an existing IFC client, is developing, through subsidiaries, six mid-tier business hotels under the Marriott "Courtyard" and "Residence Inn" brand names over the 2007-2011 period. Two hotels are being implemented (in Costa Rica and Barbados), while others are in evaluation stages and are expected to be located in Costa Rica, Jamaica and Nicaragua. The San Jose Residence Inn is one of these six hotels. The project concept for individual hotel development relies on streamlining and repeating development work for each property further supported by Marriott-prepared market research and feasibility studies. All architectural design, final construction and outfitting of the properties are approved by Marriott. Marriott also applies its strict fire, life and safety codes and requires that the properties be managed in an environmental and socially responsible manner. The sponsor carefully manages construction and land acquisition costs in order to build in the region of $90,000-114,000 per room, a realistic target in light of the sponsor''s past experience. The Caribe Hospitality S.A. hotels are often built on sites adjacent to shopping arcades, and benefit from the resulting synergies. The Residence Inn will be a 109 room property located in a commercial mall in one of the busiest areas of San Jose. The approximately 30,000 square foot (3,000 m2) site is located within a large mixed use project under development by the sponsor’s other real estate company. The overall development comprises the Residence Inn, leased office space, residential condominium towers, a medical center, a health club and movie theaters. The site is directly opposite the Courtyard San Jose built by the sponsors in 2002, and adjacent to the IFC financed CIMA hospital. Site preparation work has already started, the project having been approved by SETENA, the relevant environmental authority, and hotel opening is planned for spring 2009. Residence Inns are extended stay facilities for guests spending five nights or longer, and are designed per the efficiency apartment concept with fully equipped kitchens.