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Fiesta Resort Announces Plans for Fiesta Residence Estates in Puntarenas, Costa Rica.

Puntarenas, Costa Rica (PRWEB) August 31, 2005 -- Fiesta Resort, an enjoy group® affiliated all inclusive resort, announced today that it has approved a plan to pursue an agreement with JLM Development Company, SA for development, marketing and sale of The Fiesta Residences Estates in Puntarenas(R). This master planned resort community will include approximately 170 private residential vacation estates to be located 800 meters from the all-inclusive, Fiesta Resort in Puntarenas, on Costa Rica’s Pacific shores.

The residences will be wholly owned two bedroom, two bathroom villas offering an array of resort services and amenities in the tradition of Fiesta Resort and enjoy group® properties throughout Costa Rica. The Fiesta Residences Estates, in conjunction with the Fiesta Resort also proposes adding to each villa an array furnishings and advanced communications, including furniture, home electronics, kitchen appliances, Cable television service, broadband Internet access (including low cost, international VOIP Telephone services)and parking.

The new project would offer Fiesta Residence Estate owners all the amenities and convenience that guest of the resort enjoy, with more privacy and greater space suitable for larger groups on extended stay or for full time residence. Fiesta Resort living also offers retirees activities, housekeeping, catered meals, and home healthcare options at affordable prices.

"We are excited about The Fiesta Estate Residences, Puntarenas(R), Costa Rica. The residential project looks as if it should meet the increasing demand for high quality, affordable Costa Rican resort properties by vacation home buyers, retirees, and resort property investors,” said Mario Pacheco, who penned the agreement with the enjoy group®, the parent business entity of Fiesta Resort. Pacheco continued, "The creation of The Fiesta Residence Estates marks yet another step in the transformation that is taking place in Puntarenus and the area surrounding the Fiesta Resort,” a beach front resort just 90 minutes from Costa Rica’s capital city, San Jose. “The Fiesta Residence Estates will feature handsome new architecture, and high quality, affordable lodging in a private, gated resort community featuring all the amenities of Costa Rica's leading all inclusive, beach resort."

The Residences will be developed immediately adjacent to the Fiesta Resort on 170 building lots that have previously served as a palm grove, a playground, resort guest parking, and employee parking. The Residences will be approximately 1,300 square feet for a two-bedroom unit. Each Residence will come fully furnished , and parking in a central location, close to the Fiesta Resort and private beach on the Pacific ocean.

Services and amenities meeting The Fiesta Resort’s exacting standards will be provided to residents and their guests, including concierge services, a fitness center, an enormous lagoon-style outdoor pool with hot tub, tour desk, baby sitting, and full-time, on-site security. A menu of additional services such as catering, laundry services, housekeeping, home health care, property maintenance and rental services will be offered on an a la carte basis to owners who opt for part time residence. The Fiesta Residence Estates will appoint a property management company to oversee the operation and management of the residences, while the Fiesta Resort will oversee the residence amenities by providing full access to the resort.

The Fiesta Residences are in a Pre-construction phase, and is offering special discounted price and incentives to buyers of new construction. The Company is guaranteeing delivery of new Fiesta Residence Estates within 90 days of closing.

The Fiesta Residence Estates, is owned, developed and sold by JLM Development Company, S.A. and uses The Fiesta Resort mark under license from the enjoy group®. The Fiesta Residence Estate buyers are extended the full host of the amenities offered by the Fiesta Resort at Puntarenas.

About Fiesta Resorts
Fiesta Resort, an enjoy group® affiliate, is one of Costa Rica's leading resort operators. Enjoy group® is the registered trademark for a group of a privately held businesses and one of Costa Rica's leading resort operators.

JLM Development Company, SA is an innovative, privately held, independent real estate planning, development, construction, and management company. As independent, private company, the company designs, builds and manages communities, private homes, clubs, golf courses, retail spaces.

NOTE: Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, including the risk of not realizing the anticipated financial benefit of the project; the risk of not initiating or completing the projects at all or on the anticipated timetable; the risks of successfully obtaining the requisite approvals; and any inconvenience or disruption to operations resulting from said construction. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

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