Andalusian Resorts and Spas, Inc Signs Letter of Intent to Acquire Mona Lisa Hotel and Casino
Tuesday May 13th, 2014 - 10:38AM E
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LAS VEGAS—Andalusian Resorts and Spas, Inc. has executed a letter of intent for the acquisition of the Mona Lisa Hotel and Casino in San Jose, Costa Rica.
The Mona Lisa Hotel and Casino is located in historic Barrio Amon and offers 93 recently renovated guestrooms, a restaurant and an 8,000-sq.-ft. casino. According to the company, Andalusian intends to use the Mona Lisa Hotel and Casino to cater to the LGBT community.
Bernie Fried, president and CEO of Andalusian stated, “After completion of this transaction and integration of our business plan, we hope to realize revenues of $4,800,000 in the first full year. The acquisition of the Mona Lisa Hotel and Casino is the first of our several planned hotel & resort acquisitions, as we continue to implement our strategy of becoming the destination of choice for the LGBT community. The parties are close to finalizing the terms of the acquisition and we estimate that the final terms of the acquisition will be announced to the shareholders within the next few weeks. The completion of the acquisition is dependent on, among other things, the completion of due diligence satisfactory to the company. The parties have agreed that the seller will not engage in any negotiations or discussions with other potential acquirers and have also agreed to maintain the confidentiality of all of the acquisitions in order to protect the acquisition's competitive interests and the interests of its many customers and employees during the period of the acquisition.”
Tags: Andalusian Resorts and Spas • Inc. • Mona Lisa Hotel and Casino • San Jose • Costa Rica • Hospitality • Acquisitions •
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