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ICA SIGNS LETTER OF INTENT FOR RESORT DEVELOPMENT JOINT VENTURE WITH KOLL INTERNATIONAL

 MEXICO CITY, Nov. 30 ~PRNewswire~ -- Empresas ICA Sociedad Controladora, S.A. de C.V. (NYSE: ICA), Mexico's largest construction company, today announced that it has signed a letter of intent to form a joint venture with Koll International of Newport Beach, Calif. This partnership will develop and manage Cabo del Sol, an 1,800 acre golf oriented mega resort in Los Cabos, Mexico, at the tip of the Baja California peninsula. The estimated value of the project is $750 million. Construction on the project has already begun.
 Cabo del Sol will be developed in stages over a ten year period and will be gradually opened to the public. When complete, Cabo del Sol will be a self-contained luxury resort that surpasses international standards and includes several chain and boutique hotels, a variety of vacation homes and a large selection of recreational amenities. The property will contain 2,000 hotel rooms on four prime oceanfront sites; 3,400 single family residential units and custom home sites; three championship golf courses; beach club; tennis club and a shopping~entertainment village.
 Bernardo Quintana Isaac, chief executive officer of ICA remarked, "We are pleased to be associated with Koll International in this project. We are confident that this will be a mutually beneficial combination of expertise from both partners."
 Mr. Donald M. Koll, chairman and chief executive officer of the Koll Company stated, "We are proud to be associated with a company of the stature and prestige of ICA. There is not only great synergy between our activities but there is also synergy among the policies and goals of top management."
 Koll International is a division of the Koll Company of Newport Beach, Calif. It is one of the leading development and construction firms in the United States. The company is known for high quality office and industrial buildings and multi-tenant business parks and retail centers.
 Empresas ICA Sociedad Controladora, S.A. de C.V. is the largest construction company in Mexico. It is engaged in a full range of construction and related activities. ICA constructs infrastructural facilities, as well as industrial, urban and housing construction for both the Mexican public and private sectors. ICA is also involved in the construction, maintenance and operation of highways, bridges and tunnels under concessions granted by the Mexican government. In addition, ICA manufactures and markets industrial goods; owns and operates hotels. The company is also involved in the quarrying and marketing of construction aggregates, particularly limestone.
 -0- 11~30~92
 ~CONTACT: Javier Mora, director of finance of ICA, 011-525-227-5047, or Cathleen Mayrose of Dewe Rogerson, 212-688-6840, for ICA~
 (ICA)


CO: Empresas ICA Sociedad Controladora S.A. de C.V.; Koll International ST: IN: CST SU: JVN

TM-OS -- NY058 -- 2041 11~30~92 16:00 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:458
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