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Microcap & Penny Stocks : NuOasis (NUOA) formerly NONA
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To: ghostme who wrote (1038)4/14/1999 9:10:00 AM
From: ghostme  Read Replies (1) of 1622
 
OAIS is buying 110 million property for 22 million?

Found the following on the Oasis website ( investorsource.com ) under Cleopatra Palace Resort - Gammarth:

Cleopatra Palace Resort - Cap Gammarth

The Cap Gammarth Resort is a $110 million resort complex containing the 320-room 5-Star Le Palace Hotel, a 54-unit commercial shopping and
restaurant arcade, a 40,000 square foot beach club, a health club and spa, 250 apartments which are being sold as condos and a 200,000 square foot Las Vegas-style casino and showroom.. This property is the largest of Oasis' foreign hotel/casino complexes and could easily be classified a destination resort.

Oasis opened the Le Palace Hotel in October of 1996 with only 100 rentable rooms. Oasis now has approximately 320 rooms and suites located on a 50-acre master planned destination resort.

During the first 12 months of operation, the hotel revenues were approximately $3 million with a net income of approximately $135,000 at an average room occupancy rate for the year of 18%. For the calendar year ending December 1997, the hotel experienced an average daily occupancy rate of 38%. The hotel operations are on projection which should achieve annual occupancy of 67% resulting in revenues of approximately $15 million and net profits of $6 million per year. This resort can be purchased from the current owners for $22 million.



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