Cabo del Sol Partners, Day Group & ICA Commit $25 Million to Real Estate, Golf Development.Real Estate, Golf & Travel Editors NOTE TO MEDIA: Photo is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com LOS ANGELES--(BUSINESS WIRE)--March 14, 2000 The Day Group today announced a 50% acquisition of the general partnership in Cabo del Sol, the Los Cabos real estate development. Together with their Mexican partner, Empresas ICA Ica (ē`kä), city (1993 pop. 108,724), capital of Ica dept., SW Peru, on the Pan-American Highway. It is a commercial center for the cotton, wool, and wine produced in the region. There are several summer resorts nearby. , S.A. de C.V. (BMV BMV Bolsa Mexicana de Valores BMV Bureau of Motor Vehicles BMV Bundesministerium für Verkehr (German: Federal Ministry of Transport) BMV Below Market Value BMV Brome Mosaic Virus BMV Bedside Medication Verification :ICA) and (NYSE NYSE See: New York Stock Exchange :ICA) they will invest approximately $25 million in the property for development of a new Weiskopf golf course, residential lots and related infrastructure. The Los Angeles-based Day Group, a group of investors led by Robert A. Day, Founder, Chairman and Chief Executive Officer of TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) Group, Inc., acquired the 50% general partnership interest in Cabo del Sol from Koll Resorts International, Newport Beach, Calif. Cabo del Sol is an 1,800-acre master planned resort community built overlooking the Sea of Cortes Noun 1. Sea of Cortes - a gulf to the west of the mainland of Mexico Gulf of California Mexico, United Mexican States - a republic in southern North America; became independent from Spain in 1810 and located between Cabo San Lucas Cabo San Lucas (popularly known as just Cabo) is a small city at the southern tip of the Baja California peninsula at , in the municipality of Los Cabos in the state of Baja California Sur, Mexico. and San Jose del Cabo, Baja California Sur Baja California Sur (s  r), state (1990 pop. 317,764), 27,571 sq mi (71,428 sq km), NW Mexico, on the Baja California peninsula. La Paz is the capital. , Mexico. The development, with two miles of beachfront property, currently features an 18-hole Jack Nicklaus Signature golf course, commonly referred to as "the Pebble Beach of Baja," and two luxury oceanfront hotels -- the Fiesta Americana Grand and Sheraton Hacienda del Mar. A third hotel, the Ritz Carlton, is under construction. "Our goal is to quickly position Cabo del Sol among the most prestigious resort communities in the world," said Jonathan Jaffrey, a principal of the Day Group. "Together with our partners at ICA, we have mapped out an aggressive plan to build and open the new Weiskopf signature course and introduce new residential product within the next 18 months." Initially, approximately $12 million have been earmarked to begin construction on the Weiskopf golf course, the second 18-hole championship course on the property. Since its opening in 1994, the Nicklaus-designed Ocean Course at Cabo del Sol has been ranked among the "Top 100 Courses in the World" by Golf Magazine and was recently voted one of the "Top 10 Public Courses" by Golf Digest's readers' poll. Upon completion, Cabo del Sol will be the site of three 18-hole championship golf courses, deluxe golf clubhouse, four 5-star oceanfront hotels, 1,700 residential units, tournament tennis facilities, a village center and an urgent care facility. The Day Group has been a minority partner in Cabo del Sol for the last 10 years. The company is also associated with the development of Estrella del Mar in Mazatlan and has substantial property investments on South Padre Island, near Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. . ICA, Mexico's largest engineering, procurement and construction  The introduction to this article is vague. To comply with Wikipedia's guidelines, it should be improved. company has been 50% owner of Cabo del Sol since 1992. The company's principal business units are civil and industrial construction. ICA also exports construction aggregates; manufactures capital goods and operates ports, tunnels, highways and municipal services under government concession contracts. A photo accompanying this release can be found at http://www.businesswire.com/cgi-bin/photo.cgi?pw.031400/bb3 |
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