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Star Resorts Cerro Bayo Mountain Resort Project Overview
MIAMI-(Business Wire)-May 20, 2008 - Star Resorts Development, Inc., (the "Company") (OTCBB:SRDP) headquartered in Miami, Florida, is a publicly traded U.S. company focused on emerging growth property markets. Star Resorts is pleased to provide an overview of its exciting Cerro Bayo Mountain Resort project located in Patagonia, Argentina.
Cerro Bayo Mountain Resort
Star Resorts has a 25% ownership interest in the high-end Cerro Bayo Mountain Resort. The all-season, boutique development is located just outside Villa La Angostura in Patagonia, Argentina. As a major shareholder, Star Resorts is positioned to benefit from the development's projected net profit of over $100 million (SOURCE: Fiducia Capital Group, 2007).
The Cerro Bayo Mountain Resort is an established and exclusive year round tourist destination within the Nahuel Huapi National Park - one of the world's most beautiful and largest national parks at 1.9 million acres. With a world-class view of Nahuel Huapi Lake, the resort has attracted over 90,000 visitors during the spring/summer months. Visitors enjoy Cerro Bayo's endless outdoor activities including kayaking, fishing, hiking, mountain biking and rock climbing. During the past year's winter months, Cerro Bayo welcomed over 26,000 visitors of all skill levels to its 20 signaled ski and snowboard runs.
Current development's vision takes the resort to a whole new level. The existing ski resort will be upgraded while 1,300 acres of real estate development will enhance the surrounding alpine village. Multiple developments include a private gated community and over 400,000 square meters dedicated to luxurious ski-in ski-out villas, condominiums, 3 hotels, as well as commercial, spa, retail and restaurant developments. An additional 121 acres were bought in December 2007 to enhance the beginner's slopes and create new areas for luxury villas. A concession of another 500-plus public acres was approved by the Province of Neuquen in December 2007. After the concession is ratified by the newly elected government, part will be developed and exploited for 60 years after which it will be returned to the Province, and the other part will become privately owned and developed for sale and exploitation by the resort. The Cerro Bayo project timeline runs until 2015 with pre-sales that will start in 2008 for its hotel and commercial developments.
The Cerro Bayo project is currently under the direction of two of Argentina's most experienced upscale developers, Fiducia Capital Group, and Proideas Business Development with whom Star Resorts partnered to buy the Mountain Resort.
Fiducia Capital Group is a Buenos Aires-based developer that has developed and commercialized over 15 million square meters of large-scale residential and hospitality projects in Argentina, including: the Santa Maria de Lobos Polo Ranch, Spa & Resort which has a slew of foreign celebrity buyers such as Hollywood actor Tommy Lee Jones; the Villa Maria Residential, Golf and Polo community; the Santa Maria de los Andes Vineyard Estate in Mendoza; and the Moreno Hotel in Buenos Aires.
Proideas Business Development is a Buenos Aires-based development company specializing in large-scale Argentinean real estate projects. Current developments include the Docks 2 & 3 and Puerto Madero Parking in Buenos Aires, and the Nautic Lane that Proideas is co-developing with Fiducia Capital Group and Star Resorts.
To date Star Resorts has invested over US $4 million into the Cerro Bayo Mountain Resort project. An additional US $650,000 has also been invested into the additional land acreage related to the Cerro Bayo project.
"We are selective about the projects we invest in and the developers we work with," said Alejandro Aparicio, President and CEO of Star Resorts. "The Cerro Bayo project will be built to the highest standards, offering the latest equipment and systems for the ski center and breakthrough design and construction techniques for the resort and residential developments. We are eager to start working towards realizing our vision and believe Cerro Bayo will become one of the most sought-after and unique leisure and residential developments in South America."
Further Information
Shareholders and prospective investors are encouraged to visit Star Resorts Development website: www.star-resorts.net and download Star Resorts Executive Summary. Please feel free to call investor relations toll-free at 1-877-445-2244 to receive a full corporate investor's package.
About Star Resorts Development, Inc.
Star Resorts Development is a publicly traded U.S. company with headquarters in Miami, Florida. Star Resorts is focused on emerging growth property markets and aims to secure and develop a portfolio of real estate projects in association with proven high-end developers. The Company is currently involved in multiple projects in South America and is seeking to continue investing at the early stage of promising projects in undervalued markets or "opportunity" locations with the goal of maximizing its equity stake and increasing its return on investment. Star Resorts Development trades on the NASD OTCBB under the ticker symbol: "SRDP".
On behalf of the Board
Alejandro Aparicio
Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that Star Resorts Development can identify and successfully negotiate real estate projects in prime "opportunity" locations in emerging markets. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.
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