CCAA news:
(BSNS WIRE) Cala Acquires 100% of Spa Resorts International, Inc.
Cala Acquires 100% of Spa Resorts International, Inc.
Business Editors/Travel & Hospitality Writers
OKLAHOMA CITY--(BUSINESS WIRE)--Sept. 12, 2000--Joseph Cala,
Chairman and CEO of Cala Corporation (OTCBB:CCAA), has just completed
the acquisition of Spa Resorts International, Inc., a privately held
Nevada Corporation.
Among other assets, Spa Resorts International, Inc. has completed
the negotiations for the land acquisition of 1,400 acres in Cabo San
Lucas, Baja Sur, Mexico. The land has nearly one mile of beach
frontage with an appraised value of $20 million. The land will be used
to develop a $520 million mega-resort, including an Arnold Palmer Golf
course, Grand Tourismo boutique hotel, 50,000-square-foot world-class
health spa, tennis ranch, polo fields, marina and yacht club, artisan
village and more.
"Funding is nearly complete," said Arthur Firmes, A.I.A.,
President and CEO of Spa Resorts International, Inc. Mr. Firmes will
head up SRI as a division of Cala Corporation. Mr. Firmes has over 30
years of experience in spa resort design and development, working on
such renowned spas as La Costa in Carlsbad, Calif.; Marriott Hotel in
Palm Springs, Calif.; Camelback Inn, Scottsdale, Ariz.; El Tapatio
Resort, Guadalajara, Mexico; and the President's Health Club in
Manila, Philippines.
A simultaneous development is being launched by Spa Resorts
International, Inc. in Jamaica which will include The U-Sea Habitat,
and undersea hotel, aquarium, research facility and casino. This
project will include a 750-acre development with an estimated
$580 million price tag. It will be very similar to Rancho del Cabo in
quality, facility, structure and marketplace. Funding for this
project is well on its way to being completed and is expected to be
finished within 90 days.
Lot sales for both of these projects will commence early in the
year 2001. The Jamaica resort is operational and presenting "cash
flow" at this moment.
Along with its Sicilian project, this acquisition puts Cala
Corporation squarely in the middle of the up-scale mega-resort and
development industry.
About Cala Corporation
Cala Corporation is a developing international hospitality company
with a corporate emphasis on the ownership, operation and management
of hotels, hotel-based restaurants, and real estate development. Cala
Corporation is currently developing the Undersea Resort and Hotel
project, with proposed locations throughout the world.
The information in this news release includes certain
forward-looking statements as defined in the "Safe Harbor" provision
of the Private Securities Litigation Reform Act of 1995. These
statements are based upon assumptions that are subject to significant
risks and uncertainties. Although the Company believes that the
expectations reflected in forward-looking statements are reasonable,
it can give no assurance that the expectations of any of its
forward-looking statements will prove to be correct. This press
release was prepared on behalf of the Board of Directors, which
accepts full responsibility for its contents.
For further information on Cala Corporation, please contact
405/235-4960 or e-mail info@calacorporation.com.
--30--SAM/dx*
CONTACT: Cala Corporation, Oklahoma City
Joseph Cala, 405/235-4960
info@calacorporation.com
KEYWORD: OKLAHOMA CALIFORNIA ARIZONA MEXICO PHILIPPINES
INTERNATIONAL LATIN AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: MERGERS/ACQ REAL ESTATE TRAVEL RESTAURANTS
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