EuroSuites News 08/2007

Special Edition!

To begin with, we would like to congratulate our valued clients...! 2008 has begun in a very positive way for all as we await the much anticipated sales closings and the beginning of the operation at EuroSuites Miami-Doral Hotel.

According to recent studies, facts and statistics of the hospitality industry, Miami finished 2007 and begins 2008 with historic occupancy and room rates.

Although the real estate business in the U.S.A. is going through an adverse period due to sub-prime mortgages and record foreclosures, EuroSuites at Doral is beginning a successful process of closings with it's unit owners and is also streamlining the process that will lead to the opening of a condo-hotel business that will change paradigms in the hotel industry in this area primarily due to it's location, concept, philosophy of service and it's unique amenities and features.

This special edition of our Newsletter will answer some FAQs (Frequently Asked Questions) and guide our clients and investors through the final process of closing.

1. EUROSUITES INFRASTRUCTURE IS FINISHED AND IN START-UP PROCESS AND LAST DETAILS:

The overwhelming amount of inspections required by the authorities of Miami-Dade county en the areas of zoning, building, plumbing, electrical, mechanical, fire, public works, etc.. has finished in the North Towers (Paris and London) and South Towers (Roma and Madrid). The amenities building with the front lobby and massage pool are almost finished and will soon be inspected as well.

Some of the activities that will take place in the next few days are:

1.) Exterior and Common areas will be finished accordingly to the hotel use that they are intended for. To mention a few:

a.) Lobby: its construction is finished and is now being painted and furnished with the front desk and the hotel operation hardware.

b.) Business Center and Meeting Rooms: Are finished and being cleaned-up and painted.

c.) Hotel Offices: Finished and being cleaned-up and painted.

d) Lobby Cafe area: Finished and being cleaned-up and painted.

e) Massage Pool: Finished and being cleaned-up and painted.

f) Cardio-Training Room: Almost finished with some painting going on and installation of equipment and sauna.

g) Indoor Hallways: All construction and finishes are done. Wall paper and signage are being installed.

h) Elevators: Finished with a partial revision by the elevator company and waiting for final revision soon.

i) Promenade: Under execution. This whole area was redesigned and is being landscaped.

h) Name of the EuroSuites on the facade: Under execution.

j) Parking: Fully finished and in the process of painting and delimitating individual parking spots.

k) Side streets and access: Both side streets (17th Street and 10th Street) are finished and donated to the city. The first coating of pavement and development access are ready and working to control the access for parking.

2. Suites: According to our Closings Cronogram, the suites are subject to a cleaning process, punch-list of appliances and painting and finishes of details on the wall paper. Once finished the walk-through process with the unit owner will take place. The furnishing will begin at the moment that the hotel areas are handed out to the Hotel Operator and the Property Management Entity.

2. PLEASE REMEMBER TO COMPLETE YOUR FILE IN ORDER TO GET FINANCING!!

By now you should have your Credit File assembled and handed out to a mortgage broker. If you have not done so, we urge you to contact your mortgage broker as soon as possible. Generally, these documents are very simple but your broker will need plenty of time in advance in order to submit an efficient and professional file.

Remember that the financing sector is undergoing a process of deep revisions.

WE INVITE YOU AGAIN TO CONTACT THE PREFERRED LENDERS OF OUR PROJECT:

1) ES LENDING GROUP (305) 477-4520
ELIZABETH HERNANDEZ (ebermudez@eslendingroup.com)

2) MIAMI PARTNERS MORTGAGE (786) 621-7110
HÉCTOR BRIGNONE (hbrignone@miami-partners.com)

3) EAGLE ONE MORTGAGE (954) 385-2164
HELY FERNÁNDEZ (hfernandez@eagleonemortgage.com)

3. OFFICIAL DATE FOR CLOSINGS ANNOUNCEMENT:

These date were notified to all clients. Never the less, and in pursuit of satisfying some concerns and comments by some of the lenders (since the development will operate as a condo-hotel) it has been decided the the CLOSING AGENT chosen will notify the clients of their closing dates since he is the one keeping all the legal information and credit files.

This will be coordinated by the CLOSING AGENTS with the MORTGAGE BROKERS and LENDERS that will participate in the process.

Please keep permanent communication with your CLOSING AGENT.

For any questions and additional information, please contact: LOURDES CORVO, P.A. Teléfono (305) 827.0084.

Click here to read in spanish
		January 2008 # 002
Special Edition! To begin with, we would like to congratulate our valued clients...! 2008 has begun in a very positive way for all as we await the much anticipated sales closings and the beginning of the operation at EuroSuites Miami-Doral Hotel. According to recent studies, facts and statistics of the hospitality industry, Miami finished 2007 and begins 2008 with historic occupancy and room rates. Although the real estate business in the U.S.A. is going through an adverse period due to sub-prime mortgages and record foreclosures, EuroSuites at Doral is beginning a successful process of closings with it's unit owners and is also streamlining the process that will lead to the opening of a condo-hotel business that will change paradigms in the hotel industry in this area primarily due to it's location, concept, philosophy of service and it's unique amenities and features. This special edition of our Newsletter will answer some FAQs (Frequently Asked Questions) and guide our clients and investors through the final process of closing. 1. EUROSUITES INFRASTRUCTURE IS FINISHED AND IN START-UP PROCESS AND LAST DETAILS: The overwhelming amount of inspections required by the authorities of Miami-Dade county en the areas of zoning, building, plumbing, electrical, mechanical, fire, public works, etc.. has finished in the North Towers (Paris and London) and South Towers (Roma and Madrid). The amenities building with the front lobby and massage pool are almost finished and will soon be inspected as well. Some of the activities that will take place in the next few days are: 1.) Exterior and Common areas will be finished accordingly to the hotel use that they are intended for. To mention a few: a.) Lobby: its construction is finished and is now being painted and furnished with the front desk and the hotel operation hardware. b.) Business Center and Meeting Rooms: Are finished and being cleaned-up and painted. c.) Hotel Offices: Finished and being cleaned-up and painted. d) Lobby Cafe area: Finished and being cleaned-up and painted. e) Massage Pool: Finished and being cleaned-up and painted. f) Cardio-Training Room: Almost finished with some painting going on and installation of equipment and sauna. g) Indoor Hallways: All construction and finishes are done. Wall paper and signage are being installed. h) Elevators: Finished with a partial revision by the elevator company and waiting for final revision soon. i) Promenade: Under execution. This whole area was redesigned and is being landscaped. h) Name of the EuroSuites on the facade: Under execution. j) Parking: Fully finished and in the process of painting and delimitating individual parking spots. k) Side streets and access: Both side streets (17th Street and 10th Street) are finished and donated to the city. The first coating of pavement and development access are ready and working to control the access for parking. 2. Suites: According to our Closings Cronogram, the suites are subject to a cleaning process, punch-list of appliances and painting and finishes of details on the wall paper. Once finished the walk-through process with the unit owner will take place. The furnishing will begin at the moment that the hotel areas are handed out to the Hotel Operator and the Property Management Entity. 2. PLEASE REMEMBER TO COMPLETE YOUR FILE IN ORDER TO GET FINANCING!! By now you should have your Credit File assembled and handed out to a mortgage broker. If you have not done so, we urge you to contact your mortgage broker as soon as possible. Generally, these documents are very simple but your broker will need plenty of time in advance in order to submit an efficient and professional file. Remember that the financing sector is undergoing a process of deep revisions. WE INVITE YOU AGAIN TO CONTACT THE PREFERRED LENDERS OF OUR PROJECT: 1) ES LENDING GROUP (305) 477-4520 ELIZABETH HERNANDEZ (ebermudez@eslendingroup.com) 2) MIAMI PARTNERS MORTGAGE (786) 621-7110 HÉCTOR BRIGNONE (hbrignone@miami-partners.com) 3) EAGLE ONE MORTGAGE (954) 385-2164 HELY FERNÁNDEZ (hfernandez@eagleonemortgage.com) 3. OFFICIAL DATE FOR CLOSINGS ANNOUNCEMENT: These date were notified to all clients. Never the less, and in pursuit of satisfying some concerns and comments by some of the lenders (since the development will operate as a condo-hotel) it has been decided the the CLOSING AGENT chosen will notify the clients of their closing dates since he is the one keeping all the legal information and credit files. This will be coordinated by the CLOSING AGENTS with the MORTGAGE BROKERS and LENDERS that will participate in the process. Please keep permanent communication with your CLOSING AGENT. For any questions and additional information, please contact: LOURDES CORVO, P.A. Teléfono (305) 827.0084.