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Metrospaces Announces the Execution of LOI to Acquire a Lot in the Orinoco Oil Belt for Business Hotel
Marketwire via CMTX - Wed Dec 18, 7:01AM CST
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MSPC - Metrospaces Inc.
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MSPC 0.0016 +0.0005 +45.45%§82,582,533
Metrospaces, Inc. (OTCQB: MSPC) today announces that it has executed an LOI with the land owner to acquire a one-third interest in a 20,000 m2 lot to build a 120-room hotel in the Venezuelan Orinoco Oil Basin.
Mr. Brito, stated, "This is a play on the biggest investment in oil and gas development in the world for the coming 15 years. We will be one of the first hotel entrepreneurs to be present in the development of the Orinoco Oil Belt Basis. Venezuela has recently had this area certified as the biggest oil reserves in the world, according to the state oil company, PDVSA. According to forecast, once finished this hotel will carry an average occupancy rate of over 90%, which is extraordinary for a business hotel in Latin America. Additionally, we expect to be able to charge very high room rates, even though this will be a 3-star hotel. Our forecast is for this operation to generate approximately $3 million in EBITDA. Additionally, this hotel can be a foothold in the area and the first to come since PDVSA's forecast calls for a development of at least 50 hotels in the area to satisfy forecasted demand. This project gives us the opportunity to be pioneers in the hotel industry in the Orinoco Oil Belt. It's an exciting opportunity for us."
Metrospaces was originally founded by company President Oscar Brito.
Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since Inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.
Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the America's and across Europe valued in excess of US $350 million.
Metrospaces' majority shareholders has partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
About Metrospaces:
Marketwire via CMTX - Wed Dec 18, 7:01AM CST
Article Comments ()
Related Stocks
MSPC - Metrospaces Inc.
Sym Last Chg Pct Volume§
MSPC 0.0016 +0.0005 +45.45%§82,582,533
Metrospaces, Inc. (OTCQB: MSPC) today announces that it has executed an LOI with the land owner to acquire a one-third interest in a 20,000 m2 lot to build a 120-room hotel in the Venezuelan Orinoco Oil Basin.
Mr. Brito, stated, "This is a play on the biggest investment in oil and gas development in the world for the coming 15 years. We will be one of the first hotel entrepreneurs to be present in the development of the Orinoco Oil Belt Basis. Venezuela has recently had this area certified as the biggest oil reserves in the world, according to the state oil company, PDVSA. According to forecast, once finished this hotel will carry an average occupancy rate of over 90%, which is extraordinary for a business hotel in Latin America. Additionally, we expect to be able to charge very high room rates, even though this will be a 3-star hotel. Our forecast is for this operation to generate approximately $3 million in EBITDA. Additionally, this hotel can be a foothold in the area and the first to come since PDVSA's forecast calls for a development of at least 50 hotels in the area to satisfy forecasted demand. This project gives us the opportunity to be pioneers in the hotel industry in the Orinoco Oil Belt. It's an exciting opportunity for us."
Metrospaces was originally founded by company President Oscar Brito.
Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since Inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.
Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the America's and across Europe valued in excess of US $350 million.
Metrospaces' majority shareholders has partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
About Metrospaces:
