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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.