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Boscobel Beach Club     Ochos Rios, Jamaica
Playboy Magazine opened the Playboy Club & Hotel in Ochos Rios, Jamaica in the late 1950’s.  The hotel was the playground for celebrities from the United States and Europe for over 20 years.  A hurricane in the 1970’s and major political unrest caused Playboy Enterprise to close the hotel.  The principals of IAS Partners acquired the closed 207-room hotel in 1984.  IAS acted as developer and General Contractor.  The renovation included:
  1. Renovation of all existing guest rooms, including replacement of all FF&E.
  2. Renovation of all common area spaces.
  3. Renovation and replacement of all main dining room grill, beach bar and grill.
  4. Extensive site work, relandscaping.

IAS hired the Super Clubs All-Inclusive Resort Company to operate the first family oriented all-inclusive resort.  The resort has a cost of $12,800,000 and an as completed value of $26,000,000 U.S. dollars.  At the time of the development, the U.S. Real Estate Market was under extreme pressure because of the 1986 tax law change.  IAS structured the financing with OPIC political risk insurance for 90% of the partners’ investment assuring against any political risk, civil strife or repatriation of the property and:

            a.  Overseas Private Investment Corp.            $6,000,000
                  (an Agency of the U.S. Government)
                   a guarenteed first morgage

            b.  Citizen Bank of Jamaica                             $2,000,000
                  secured loan

            c.  Cash Equity provided by private                $5,400,000
                 West German Investors
                                                                             _________________
                                                            Total                $12,800,000

Three years after opening, the project was sold for over $26,000,000.  Since opening, the hotel has been ranked as one of the Top 10 family destinations in the world.

selected developments



Omni Hotel

Boscobel Beach Club
Blue Ridge Crossing
 
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