LOS MANGOS HOTEL PROFILE
Name of Hotel: Los Mangos Hotel
Address: Montezuma-Cobano-Puntarenas-29-5361- Costa Rica
Name of Owner: Nikolaos Tzavaras and Konstantinos Tzavaras
Telephone Number: + (506) 26 42 00 76 – 26 42 03 84 Fax Number: 26 42 02 59
Email Address: nikolaostzavaras@racsa.co.cr
Asking Price: US $ 5,500,000.00 (five million five hundred thousand US DOLLARS)
Is there an Assumable Mortgage on the Property? No
What year was the hotel established? January 1993
Total Square Feet: 215278.20833 (Square meters: 20000)
Number of Acres: 4.9421076293 (Hectares: 2)
Number of Buildings: 14 (10 Bungalows, the Hotel building, Reception bungalow,
Restaurant Pavilion, and the House for the staff).
Construction Type: Octagonal wooden bungalows-Hotel, 1st floor cement and 2nd floor wooden.
Interior or Exterior Corridor? Yes
Last year Renovated? 2007
Number of Rooms ( break down into categories, i.e., singles, doubles, deluxe suites, junior suites, etc.):
One (1) bungalow suite, which is where the owner lives (one of the ten bungalows of the property). It’s a large bungalow suite, with a large sitting area, full kitchen and an incredible view, this bungalow can be rented for US$ 200 to 250 per night which would mean an extra
US$ 54,000 to 67,500 income per year.
Nine (9) bungalows. We have designed the bungalows to resemble the architecture found in Bali, connected by walking roads, the buildings have an octagonal structure, made of ‘’Nazareno’’ wood with cathedral ceilings and wide roofed porches. There is a double bed and a single one, hot water, safety fox, refrigerator, hammocks, rocking chairs and a fan.
Two (2) stories Hotel building with ten (10) rooms. Every room has one double bed and two single beds, private bathroom, hot water, safe fox, refrigerator and a fan.
(10 Bungalows / 10 Hotel Rooms)
Common Amenities: Swimming pool and Jacuzzi
Restaurant: YES (which has a seating capacity of 120 persons), could bring in up to
US$ to 150,000 per year. We tried running the restaurant in the beginning and although it did very well it was doubling our work load, running a hotel during the day and a restaurant day and night. The restaurant currently successfully operated as a ‘’yoga pavilion’’, for more info please check www.montezumayoga.com.
Note: The Restaurant can be operated again easily.
Manager/Owner Quarters? Yes
Description of Property:
The Los Mangos Hotel located in the famous Montezuma beach, in the south of Nicoya Peninsula and surrounded by rivers, lagoons, the beautiful waterfall with natural pools of Montezuma, by one of the most exotic environments of Costa Rica the Cabo Blanco National Park, known for its outstanding nature sights, the white sand beaches, the primary and secondary forest and a great variety of wildlife which includes three-toed sloth, the Green Kingfisher and the Brown Pelican, etc.
The property of Los Mangos is full of mangos and exotic trees.
In the property you can see animals like: two different kinds of monkeys, raccoons, squirrels, iguanas, toucans, eagles, falcons, etc.
The fantastic view (Beach front) and the sound of ocean, the beauty of nature, the variety of exotic trees , the beautiful flowers and the singing of birds, makes Los Mangos to be an amazing, unique place like a Paradise.
The property of Los Mangos is the largest piece of land in Montezuma. In the property there is a lot of room for expansion, easily can adding 20 - 25 more bungalows or to built a two floors hotel with 35 to 40 rooms per floor, maintaining the integrity and beauty of the landscaped grounds.
The property of Los Mangos is TITLED, not a concession.
The difference between TITLED and concession land is significant.
Properties in Costa Rica within the first 250 meters of the coast are regulated by the “laws of the maritime zone’’. Most properties in this area fall into what are known as concession properties which are therefore owned by the government and the government will issue you a concession, basically a lease, usually for 1 year. Approximately 96% of all beachfront properties in Costa Rica fall into this category. Fortunately and a big part of the reason that we invested in the property where the Hotel Los Mangos is located is because the property is TITLED, WE OWN IT, WE DO NOT LEASE IT from the government.
Only 4% of all of the beachfront in Costa Rica fall into this category.
The advantages are so numerous that I can’t begin to list them, but it makes getting building permits much easier, our taxes are cheaper and it goes on and on.
Costa Rica in the last decade has become one of the most desirable tourist destinations in the world. The value of real estate, in particular beach front real estate here in Costa Rica is skyrocketing. The combination of natural beauty, diversification of animal and bird species, the political stability coupled with the fact that the military war abolished over 60 years ago, leading to a higher educational level that anywhere else in the region has earned us the nickname of the Switzerland of Latin America. And Montezuma is one of the most popular and well known places in Costa Rica.
Occupancy Rate: High Season: 100% (November 1st - April 30th) (July 1st – August 31st)
Low Season: (May 80% - June 80%)
Off Season (September 45% – October 30%)
Number of Employees: Full-Time: 8 Managers: The 2 Owners.
Will key employees stay on after sale? Yes
Is owner willing to remain on to provide training after the sale? Yes
If yes, under what terms? Under discussion.
