Andalusian Resorts and Spas, Inc. (symbol: ARSP.PK), announced it has executed a letter of intent for the acquisition of the Mona Lisa Hotel and Casino in San Jose, Costa Rica. The Mona Lisa Hotel and Casino is located in historic Barrio Amon with 93 recently renovated guest rooms, a fabulous restaurant, and an 8,000 square foot Casino. Andalusian intends to use the Mona Lisa Hotel and Casino to cater to the LGBT community.
Bernie Fried, President and CEO of Andalusian stated, “After completion of this transaction and integration of our business plan, we hope to realize revenues of US$4,800,000 in the first full year. The acquisition of the Mona Lisa Hotel and Casino is the first of our several planned hotel & resort acquisitions, as we continue to implement our strategy of becoming the destination of choice for the LGBT community. The parties are close to finalizing the terms of the acquisition and we estimate that the final terms of the acquisition will be announced to the shareholders within the next few weeks. The completion of the acquisition is dependent on, among other things, the completion of due diligence satisfactory to the Company. The parties have agreed that the Seller will not engage in any negotiations or discussions with other potential acquirers and have also agreed to maintain the confidentiality of all of the acquisitions in order to protect the acquisition's competitive interests and the interests of its many customers and employees during the period of the acquisition.”
Andalusian Resorts and Spas, Inc. is also committed to excellence and would be delighted to begin negotiations to acquire any hotel property that is prepared to divest ownership based on any Human Rights Campaign such as in the case of the Beverly Hills Hotel and is prepared to take care of the properties' families as well. Andalusian's growth strategy may grow more rapidly from opportunistic real-estate transactions such as these divestitures, further confirming the direction of the Company.
The Company also believes it is the responsibility of the organization to give back to the community it serves through benevolent acts, endowments, and charitable actions. Andalusian has committed to an endowment living charitable foundation, where specific designated revenue is shared and committed as a result of commerce from target segments within the Andalusian family of companies. Specific segments within the Andalusian organization will be committed to contributions to the Andalusian Charitable Foundation.
The Company plans to own and operate an international premiere luxury boutique hotel and resort chain catering to the LGBT community, where exceptional care, attention to detail, and the comfort of its guests are its ultimate mission. Each of its premier, full-service locations will strive to maintain a 4 or 5 star rating. Andalusian has committed to fund and endow a charitable foundation with a portion of its revenues, whose purpose is to, among other things, foster education and awareness regarding the worldwide LGBT community. "LET's OPEN THIS DOOR TOGETHER" - "WE ARE A STRAIGHT FRIENDLY COMPANY."
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