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March 3, 2009

Grupo Mariana to Develop Luxury Resort in Nicaragua

By Pardhasaradhi Gonuguntla

Seaside Mariana Managua, Nicaragua—Grupo Mariana, a developer of a family of resorts based here, has engaged with UK-London based Convex Capital, an investment specialist and advisory firm, to provide strategic investment planning of an exclusive luxury resort on the country’s Pacific Coast near Pochomil, located in the municipality of San Rafael del Sur. Founded in January 2007, Seaside Mariana Spa & Golf Resort is situated on 923 acres with over one mile of beach.

The Master Plan will feature luxury Real Estate offerings such as condominiums, golf and ocean front villas, a town center, equestrian club, beach club, five star boutique hotel and Nicaragua’s first Jack Nicklaus Signature Golf Course. The planning and design phase of the project is complete, and Infrastructure work has begun.

Under the arrangement, Convex Capital becomes engaged with Seaside Mariana Spa & Golf Resort and Grupo Mariana Family of Resorts, which have additional projects underway or planned throughout Nicaragua. The primary objective is to develop a cohesive corporate funding strategy and present this Nicaraguan property opportunity to a variety of funding sources, including high net worth individuals, institutional investors and sovereign wealth funds. Nicaragua’s economy is rapidly evolving, and is experiencing increasing international investment and upward trends in tourism.

According to Grupo Mariana Chairman Kevin Fleming, the alliance will result in the aim to attract and place approximately US $200 million into Seaside Mariana Spa & Golf Resort. “We are very pleased with the expertise and access to international funding that the alliance with Convex Capital provides us,” Fleming said. “This allows us to concentrate on our specialty of creating world-class resorts, supported by the financial boost that will enable us to increase the momentum of our development phases of the project and support Fundación Mariana within the local communities.”

“More and more people are learning about what we are calling The New Nicaragua, a country with amazing natural beauty and growing economic vitality,” Fleming said. “We are working to overcome the misperceptions people still have and demonstrate that this is a wonderful place to visit, work and invest in.”

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