EDITOR’S NOTE: An earlier version of this story incorrectly reported that the purchase involved part of Croc’s Casino Resort in Jacó. That was incorrect and a result of reporter error. What follows is a corrected version.
A Las Vegas hotel brand and management company is finalizing its acquisition of a share of a Jacó property, according to a statement released Wednesday by its president. Oriens Travel & Hotel Management President Ken Chua said his firm has agreed to terms with real estate developer Denny Jonker of BW Point to buy his interest in half of a building at the north end of Jacó.
The statement adds that Oriens has been pre-approved for $1.2 million of financing and expects to raise additional amounts through asset-backed financing.
Chua said Oriens’ introduction in Jacó has been slowed due to extenuating circumstances related to a stalled proposal with Hundley Association. As he detailed in a June letter, area real estate owner Patrick Hundley has been in Perez Zeledon prison since Feb. 17 when he went to a deposition to respond to a money laundering claim and was detained on the spot and ordered into preventative detention.
Oriens has worked with Hundley’s Daystar Properties by doing online marketing and Internet reservations for its Jacó condominiums like The Palms and Diamante del Sol, according to the Oriens Web site.
Chua added that this initial acquisition should give the company a strong platform from where it can grow into the larger real estate scene in Costa Rica and Latin America. He said he hopes to have a deal finalized within a week, but said it may take up to 20 business days.
“It has often been a very frustrating but necessary journey we have had to take in order for us to realize this major milestone before us,” Chua said in the prepared statement. “Within weeks, if not days, Oriens will have the ability to brand and manage a beachfront property in Costa Rica.”
Oriens functions by offering tools and software to hotels that promise to boost reservation numbers. The company’s Web site says that hotels branded with its Hotel Pure signature can receive up to 42 percent more occupancy than before.
According to Business Week, Chua founded online gaming software Web site 724Bingo.com.