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QUEPOS,COSTA RICA-Space Source Inc. has tapped publicly held Interstate Hotels & Resorts to operate a planned $70-million condo hotel resort on the Pacific coast of Costa Rica, due south of San Jose. Assuming construction begins as planned this spring the Jade Condo Hotel Residences and Beach Club is expected to open in 2010 near the towns of Quepos and Manuel Antonio with 190 condo hotel residences and 50 for-sale villas.

Space Source Inc. is a developer based in Grand Rapids, MI, that recently added hotel development to its list of services. The company has purchased, renovated, built, managed and/or sold more than 275 commercial properties including a Crowne Plaza property Charlotte, NC, that Interstate manages. The Costa Rica asset would mark the company’s entrée into the Costa Rica market. Interstate’s Latin American affiliate, IHR de Mexico, is handling the contract.

Ken Long, Space Source vice president of acquisitions says Interstate was “a compelling choice” for several reasons. “They are one of only a handful of hotel management companies that have experience in both condo hotels and resorts, as well as a demonstrated ability to operate properties internationally,” he said. “They also have in place a strong network of local partners to work with who are familiar with the local markets and culture.”

Jade Condo Hotel Residences and Beach Club will sit on 7.5 acres located 15 minutes from the Quepos regional airport, which is a 20-minute flight from San Jose. The condo hotel complex and private beach club will feature two on-site restaurants offering formal and casual dining, infinity-edge pools, multiple hot tubs, a world-class spa, fitness center, open-air event pavilion, outdoor barbeque facilities and rain forest walking trails.

Leslie Ng, Interstate’s chief investment officer says Costa Rica is ranked as one of the top five tourist destinations in the world, and that Manuel Antonio offers an “incredible” setting for the project.

“The property is adjacent to a botanical garden and wildlife refuge, a mile away from the world-renowned Manuel Antonio National Park, and is surrounded by abundant wildlife and tropical rain forests,” she says. “The town of Manuel Antonio offers quality dining and entertainment venues, and the area with all its natural assets appeals to families, couples and eco-tourists.”

IHR’s international management portfolio now includes contracts to manage resorts in seven different countries including Russia, Mexico, India, Canada, Belgium and Ireland. Ng says the company is actively pursuing additional management and investment opportunities in each of the countries. In addition to its third-party management work, IHR has ownership interests in 57 hotels and resorts worldwide–the vast majority of them in the US.

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