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The Cuban Investment Letter *******First Alert issued on Leisure Canada Inc.******* April 8, 1998 I have been following the progress of this company for several years now as they have prepared to develop their real estate assets in The Republic of Cuba. I believe that because of recent events, it is now time for investors to take a serious look at this company. The latest changes in the real estate laws of Cuba will make it possible for Leisure Canada Inc. to offer timeshares in their resort properties....something that up until now was not possible. This will be a first for Cuba. With these changes, there will be a tremendous positive impact on the investment return for these properties. Tourism in Cuba is growing at an extraordinary rate of over 15% annually. The profit potential for Leisure Canada Inc. and it's shareholders is immense. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Leisure Canada Inc. (LCAN) Shares Outstanding: 21,701,342 (Dec.31/97) Major Shareholders: International Capital Inc. - 51% The Robertson Stephenson Fund (subsidiary of Bank of America) - 20% LCF Rothschild - 4.5% Societe General - 4.5% 52 Week High/Low: $5.00 - $1.27 Management: Walter Berukoff, Chairman & Director Bill Kerby, President & C E O Christopher Pollard, Vice President (New Business Development) Graeme Lempriere, Vice President Peter Macleod, Sr .Vice President (Design and Development) Marcelo Montenegro, Vice President - Wilton Properties Surjit Hundal, Controller Leisure Canada Inc. (LCI) is creating unique four and five star resort facilities unlike any other hotels on the Island. The facilities will include golf courses, marinas, equestrian riding centres, cruise ship facilities, tennis courts, convention centres, health spas, eco-tourism and shopping facilities, to name but a few of the many amenities. The development sites are amongst the most attractive in Cuba. Considerable time and investment have brought LCI to an unique position in Cuba. LCI's partnership with its Cuban Government counterpart, Gran Caribe, has evolved significantly over the past five years. Planning on the roll out of the resorts has been broad and comprehensive, with discussions ranging from basic themes for design and operation of property to employment of timeshare with its potential effect on tourism both in Cuba and abroad. All properties are being built to international four and five star standards and include fully equipped kitchens, dining areas, stereos, TVs, VCRs and large balconies all with ocean views. Other key features include swimming pools, tennis courts, conference centers, Jacuzzis, golf, cycling, boating, restaurants, equestrian riding facilities, shopping and retail facilities with personalized maid and valet services. All four properties are ocean side with spectacular beaches and unique views in what are among some of the most attractive sites on the Island. All the properties are also within easy access (less than 40 minutes) away from major airports. The Company has further taken into consideration U S Building codes and fire and safety standards. Note of importance: For those who might be concerned about any potential legal problems regarding the company's real estate holdings in Cuba, Leisure Canada Inc. has taken great care to determine that the properties being developed are free of any Helms Burton claims. A major component of the financing used in the construction of these properties will be through the sales of timeshares. Involvement by major hoteliers such as Hilton, Marriott and Disney has paved the way to reforming timeshare. This industry has undergone dramatic change (for the better). Most programs today offer significant flexibility for destination, length of stay and time of year, giving the consumer more vacation choices and value for their dollar than ever before. Today, virtually every one of the world's largest hoteliers have created or become part of existing Timeshare programs as the benefits to the hoteliers are numerous.They include : - Longer stays and higher expenditure by the tourist, creating stable income and employee patterns -Increase in occupancy rates from industry norms of 72.4% to 88.9% on a year round basis - Larger groups of visitors with participation averaging 3.1 persons per time share unit versus 1.68 persons per traditional hotel unit. - Up front payment and yearly maintenance fees to ensure the quality of the property remains extremely high - This change in attitude towards travel along with the many advances in time share ownership, has paved the way for a spectacular growth industry. The first two projects, which will be started at the same time are: HAVANA A large waterfront site hotel site that is planned to be the only resort in Havana. It is located in the high rise centre of the city, surrounded by shopping centre, office towers and a planned world trade centre. The hotel has been designed not only to cater to commercial and resort travellers, but has special facilities for the businessman with individual bungalows equipped with fax, phones, computer modems, kitchens and maid services for longer term stays. The high rise hotel is close to the heart of Havana with exceptional night life such as the Tropicana Club. JIBACOA The largest undertaking destination resort of the Company. It includes a 5.8 sq. km site which when fully developed will have 6 resort hotels with 650 golf bungalows, a signature 18 and 27 hole golf course, marinas, equestrian riding facility, dude ranch, retail, shopping village, tennis facilities and convention facilities. Located within 35 kms of Havana and Varadero on the Trans-Cuban Highway. This will become the golf capital of Cuba and a major draw from both Havana and Varadero. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ This is the first alert to be issued by The Cuban Investment Letter on this company. Go to the company's web site at leisurecanada.com for more information. For an information kit, which contains some very interesting material including architectural drawings of the rooms that will be available for timeshare in these projects, call Heather Martin at (604) 990-9599. Tell her you heard about Leisure from me and she will be able to also include some info on the timeshares. I understand that the initial price range being discussed for a timeshare is around US$15,000 (great price for a four or five star development) with talk of purchasers possibly being able to use the cost of their trip to view the property as their down payment. More details will be available later in April. One last comment....... Doug Casey (Editor of International Speculator) has commented favourably on this company and James U. Blanchard III (Editor of the Gold Newsletter) recently devoted four pages to a very positive piece on Leisure Canada Inc. There is a growing interest in this company (especially in the U.S.) as people realize that the situation in Cuba will continue to move to a resolution of the U.S. embargo situation. The value of Leisure's properties in Cuba would increase substantially when such a resolution is reached. Also note the major shareholders in this company as shown above and the size of their holdings. Feel free to call me to discuss this company ...... (604) 929-9694 or email me at jhitchie@direct.ca. THE CUBAN INVESTMENT LETTER P.O. BOX 30003, North Vancouver, B.C. Canada V7H 2Y8 (US$50/year includes numerous updates by fax or email) --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Disclaimer The information contained in this letter, while obtained from sources we believe to be reliable, is not guaranteed either as to accuracy or completeness. Estimates and projections contained herein are prepared by The Cuban Investment Letter (CIL), and are based on conversations with the above mentioned company(s) and assumptions which we believe are reasonable, but is not guaranteed nor in providing them does CIL assume any liability. CIL, its officers, directors, shareholders, employees and companies with which they are associated may have a position in the securities mentioned herein, and may make purchases and/or sales from time to time. As CIL acts for public companies from time to time, it may have a relationship with the above mentioned company(s). Neither the information nor any opinion expressed herein constitutes a solicitation of the purchase or sale of any security. Neither CIL or any of its officers, directors, management, employees, or shareholders are licensed to provide investment advice in any jurisdiction. Readers are urged to seek independent professional financial advice before acting on any stock recommendation. Any investments in stocks are to be considered highly speculative. No stock exchange or securities commission has approved or disapproved of the information contained herein. | ||||||||||||
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