Space Source Inc. is a developer based in Grand Rapids, MI, thatrecently added hotel development to its list of services. Thecompany has purchased, renovated, built, managed and/or sold morethan 275 commercial properties including a Crowne Plaza propertyCharlotte, NC, that Interstate manages. The Costa Rica asset wouldmark the company's entrée into the Costa Rica market. Interstate'sLatin American affiliate, IHR de Mexico, is handling thecontract.

Ken Long, Space Source vice president of acquisitions saysInterstate was "a compelling choice" for several reasons. "They areone of only a handful of hotel management companies that haveexperience in both condo hotels and resorts, as well as ademonstrated ability to operate properties internationally," hesaid. "They also have in place a strong network of local partnersto work with who are familiar with the local markets andculture."

Jade Condo Hotel Residences and Beach Club will sit on 7.5 acreslocated 15 minutes from the Quepos regional airport, which is a20-minute flight from San Jose. The condo hotel complex and privatebeach club will feature two on-site restaurants offering formal andcasual dining, infinity-edge pools, multiple hot tubs, aworld-class spa, fitness center, open-air event pavilion, outdoorbarbeque facilities and rain forest walking trails.

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