Sustainable Luxury Resorts in the Outstanding Natural Environments of Belize

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1 Sustainable Luxury Resorts in the Outstanding Natural Environments of Belize

2 Table of Contents 6 Introduction 9 Geneva International, LTD 10 Belize: Country Information 13 Tourism: World / Region / Belize 17 Tourism: Luxury Eco 21 Belize: Current Real Estate Market Conditions 24 Yum Balisi Concept 26 Island Resort 31 Island Vision Plan 33 Beachfront Resort 35 Mountain Resort 37 Planning and Schedule 38 Development Options (Exit Strategies) 39 Existing Conditions and Site Prep Site Plan APPENDIX: A1 A2 A3 A4 A5 A6 A7 A8 A9 Yum Balisi Resort Locations Belize Tourism Statistics Belize Resort Rate Comps Belize World Heritage Locations and Discussion Hurricane Statistics Doing Business in Belize Permitting Agencies Articles Sources 2

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6 Introduction Accessible high-quality property in and around the world s best natural environments is getting harder to find. In many popular international resort areas where nature is the main attraction, too often developers and tour operators saturate the environment with non-sustainable designs and operations that allow too much inappropriate activity, effectively diminishing the value of the very thing that attracted them in the first place. Many outstanding natural environments that once catered to the high-end traveler seeking an exclusive and pristine resort experience are now burdened with mass tourism and the inevitable reduced property values that follow. This ultimately leaves luxury lowimpact resorts looking elsewhere to set up shop. Accessible high-quality property in and around the world s best natural environments is getting harder to find. International tourism continues to grow at nearly 7% per year with 900 million tourists in American and Canadian baby boomer markets (over 78 million currently in the US US Census) are maturing and are expected to peak in Many of these people will be looking for their place in the sun. Additionally, the implementation of protective measures by governments and private preserves will cause limited access to many of the world s best natural environments. The ability to enjoy a luxury lifestyle in these sought after areas will depend on the availability of land and the long-term sustainability of the resort or community built within them. Furthermore, indicators suggest that resort and vacation home ownership trends are changing. Partly because of the condominium glut in many over-built markets. There Recognizing these trends, Geneva International is launching Yum Balisi, a resort consortium in Central America, one of the Americas last remaining natural wonderlands with one of the fastest growing tourist markets. 6

7 Introduction Yum Balisi, located in Belize, is a multi-faceted resort concept that incorporates Geneva s development philosophy of creating and maintaining high property values through thoughtful development plans and the use of leading edge building and operating techniques that preserve the areas special characteristics and are sensitive to the indigenous traditions. are changes in travel habits and the expectations of the new generation. In luxury markets a rapidly growing segment is the responsible, well educated vacationer who desires a variety of resort experiences. They will seek out well planned and diverse developments that protect and enhance the greatest amenity available Mother Nature. Recognizing these trends, Geneva International is launching Yum Balisi, a resort consortium in Central America, one of the Americas last remaining natural wonderlands with one of the fastest growing tourist markets. Yum Balisi, located in Belize, is a multi-faceted resort concept that incorporates Geneva s development philosophy of creating and maintaining high property values compared to regional competing countries such as Costa Rica and Mexico s Yucatan Peninsula, Belize tourism is in the adolescent stage with tremendous upward potential. through thoughtful development plans and the use of leading edge building and operating techniques that preserve the areas special characteristics and are sensitive to the indigenous traditions. Despite its size, Belize has seven UNESCO World Heritage Sites. Its natural and cultural diversity includes hundreds of islands (cayes) that comprise part of the world s second largest barrier reef, world-class diving and fishing, coastal beach front villages filled with a variety of cultures unique to Belize, mountains and jungles full of rare birds and mammals, and scores of ancient Mayan ruin sites. All of this is located within a country smaller than the State of Massachusetts and a population of 300,000 people and, presently, less than 250,000 tourists each year. Belize (formerly British Honduras) is the only English speaking country in Central America and the parliamentary styled Belizean laws allow unrestricted foreign ownership of land. The country s economy is diverse but based primarily on tourism (est. 25% of GDP). However, compared to regional competing countries such as Costa Rica and Mexico s Yucatan Peninsula, Belize tourism is in the adolescent stage with tremendous upward potential. Costa Rica has terrific natural mountain and beach environments, but lacks the off shore cays and barrier reef and the accompanying fishing and diving. The Yucatan has great Mayan and Colonial cultural interests, world class beaches and barrier reef, but no mountain jungles with perennial rivers and streams. Belize is fortunate enough to possess a very diverse culture, cays and barrier reef, mainland beaches, mountain jungles, and scores of ancient Mayan sites. The Yum Balisi Resort Concept utilizes the best of Belize by offering three separate Resort Components: Phase I A 42-acre private Island Resort near the world s second largest barrier reef and located in a World Heritage Site. The Belize is fortunate enough to possess a very diverse culture, cays and barrier reef, mainland beaches, mountain jungles, and scores of ancient Mayan sites. The Yum Balisi Resort Concept utilizes the best of Belize by offering three separate Resort Components 7

8 Introduction Development Plan includes a 20-unit high-end fly fishing and diving camp located next to the natural deep water harbor on the north side of the island. The environmentally friendly marina can accommodate sport fishing boats, yachts, and sail boats. Twenty duplex buildings housing 40 resort rooms will be built on the southern section and will surround a small luxury eco-village and smaller transient marina that will cater to day guests from all over the country. Less than 5% of the island will be used for the development. The resort will embed itself in luxury with a very strong interpretive presence. Luxury service and environmental awareness through passive and active experiences will be stressed. Phase II The proposed Beach Resort will be located near the Garifuna village of Hopkins where guests can enjoy and mingle with the vibrant and friendly local culture. The mainland location will be both a resort and base operations for all of the Yum Balisi properties. A seven acre peninsula will house several cottage type units. Design and construction techniques will be consistent with the luxury sustainable philosophy of the island resort. The mainland resort is centrally located between the island and the mountain resorts both accessible within a thirty minute boat or car ride. Phase III This development flexibility lets Yum Balisi develop the properties at a pace consistent with market demands and allows both a world class sustainable resort experience for travelers and/or a lifestyle investment for select individuals by car from the Beach Resort. River trips, trails, guided tours through the Belize jungles, and day trips to several other natural wonders of Belize will be emphasized. On site experiences will include interpretive center and wellness spa. Development Flexibility: One of the more important factors in the Yum Balisi Development Plan is that all resorts do not need to be built at once; even within the individual projects, thoughtful infrastructure design and detached dwellings allow for some construction phasing. All of the Yum Balisi Resorts will be operated as luxury Boutique Eco Lodges and several luxury boutique operators will be offered the opportunity to be involved with the resorts. However, the units in all three resorts are designed so that fractional ownership could be offered if and when the market conditions support this concept. This development flexibility lets Yum Balisi develop the properties at a pace consistent with market demands and allows both a world class sustainable resort experience for travelers and/or a lifestyle investment for select individuals. A mountain jungle resort with rivers, trails, and views to the cays. Two sites are being considered as the location for the Mountain Resort. Both are located next to federally protected nature preserves and is less than thirty minutes 8

9 Geneva International, LTD. Geneva International, Ltd. is a domestic corporation with foreign subsidiaries qualified to own and operate The Geneva Organization s foreign real estate holdings. The Company seeks foreign real estate investment opportunities located in countries that are poised for short-term economic growth and longterm economic sustainability. Recent political and economical developments in various regions throughout the Caribbean, Central America and South America are turning what were once third world nations into regionally and globally positioned economies. The Company recognizes that the aging North American population and growing tourism world-wide is driving the demand for high-end hotel, resort, and commercial real estate developments abroad. The Company s initial investment focus is on select land parcels held for short and moderate term investment and, accordingly, will purchase rare and much sought after private lands in or near pristine natural environments. All land parcels acquired will offer unique geographical, ecological and environmental features and will be suitable for future environmentally sound, low-impact hotel, resort or commercial development. Preservation and thoughtful planning efforts will significantly increase the value of the Company s properties and will pave the way for the profitable lowimpact development. The Geneva Organization is an entrepreneurial real estate investment company with over 4 million square feet of commercial properties and 3,500 residential units representing over $750 million in capitalized value. Geneva was founded in late 2003 and is privately owned. Belize Advisory Committee The Fund Manager has established an Advisory Committee to provide local market insight and strategic investment guidance during the term of the fund. The Advisory Committee consists of American and Belizean representatives each with significant experience in land acquisition, property development, resort operations and government. The combined experience of the Advisory Committee at this time represents over $300 million of Belizean resort operations, development and construction. Bradley Paumen - Belize Land Owner Ramon Nunez - Belizean Hotel Owner Doug Denny - Belize Hotel Operator Aron Loewen - Belizean Contractor David Culberson - International Resort Developer 9

10 Belize: Country Information Belize was the site of several Mayan city states until their decline at the end of the first millennium A.D. The British and Spanish disputed the region in the 17th and 18th centuries; it formally became the colony of British Honduras in Territorial disputes between the UK and Guatemala delayed the independence of Belize until Belize is extraordinarily Approximately 1/3 of Belize diverse in both physical is protected through Federal features and culture. Parks and NGO Reserves. Physical features include the largest unbroken barrier reef in the Western Hemisphere, atolls, low coastal areas, dry coastal plains, mountains, and highland jungle with river gorges and waterfalls. Cultural diversity includes Mayan, Garifuna, Creole, Mestizo, Chinese, and Mennonite populations. Approximately 1/3 of Belize is protected through Federal Parks and NGO Reserves. Climate: Sub-tropical/ Mean average temperature 79 degrees F Rainfall varies from less than 50 / year in the north to over 170 /year in the southern high elevations Rainy season is generally June -October Size: total: 22,966 sq km (8,866 sq mi) land: 22,806 sq km water: 160 sq km Length 174 miles Width 68 miles (Slightly smaller than Massachusetts) Land Boundaries: total: 516 km (199 miles) border countries: Guatemala 266 km (102 Miles), Mexico 250km (96.5 miles) Coastline: 386 km (149 miles) Elevation extremes: lowest point: Caribbean Sea 0 m highest point: Doyle s Delight 1,160 m (3804 ft) Population: 301,270 (July 2008 est.) Population Density: 30 people per square mile Nationality: noun: Belizean(s) adjective: Belizean Ethnic Groups: Mestizo 48.7%, Creole 24.9%, Maya 10.6%, Garifuna 6.1%, other 9.7% Languages: English is the official language and is spoken by most Belizeans. Other languages in Belize includes: Spanish 46%, Creole 32.9%, Mayan dialects 8.9%, English 3.9% (official), Garifuna 3.4% (Carib), German 3.3%, other 1.4%, unknown 0.2% (2000 census) Government: Parliamentary Democracy Member of the Commonwealth of Nations Head of State: Prime Minister Legislative System: Elected House of Representatives and Appointed Senate Legal System: English Law Economy: Essentially private-enterprise economy. Tourism is the number one foreign exchange earner followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government s expansionary monetary and fiscal policies, initiated in September 1998, led to sturdy GDP growth averaging nearly 4% in Oil discoveries in 2006 bolstered the economic growth in 2006 and Transportation: Airports 44 (Paved -4) International Airport: Philip S. Goldson International Airport in Belize City. Expansion plans to be fully completed by Roads 1,783 mi (Paved 303mi) 10

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13 Tourism: World/Regional World Tourism Statistics 898 million international tourist arrivals in 2007 (6.5% growth per year between ) International Tourism Receipts totaled US$ 733 billion, or US$ 2 billion a day, in 2006 Tourism represents around 35% of the world s exports of services and over 70% in Least Developed Countries (LDCs) 1.6 billion forecast international tourist arrivals worldwide by 2020 Emerging Tourism Markets The Coming Economic Boom Estimates for the Americas point to an increase of 2% in international tourist arrivals in 2006 well short of the world average increase of 5.4%. However, this average masks widely differing performances across the four sub-regions. Central America achieved by far the best result, with an 11% increase, while South America s growth, at 3% which was well below its 12% increase in 2005 was still above the regional average, as was the Caribbean s 3% rise. But North America, which accounts for two thirds of the region s total arrivals, dragged the average down with a rise of only 1%. 1.6 billion forecast international tourist arrivals worldwide by million international tourist arrivals in 2007 (6.5% growth per year between ) International tourism in emerging & developing markets has grown at an average rate of 6-8% over the past decade. Twice the rate of industrialized countries. Tourism is a crucial contributor to these countries income - up to 70% for the world s poorest countries. Development financing from global Trade; Poverty Alleviation and Climate Response should recognize the long term potential of tourism as a sustainable growth engine. With international travelers projected to almost double by 2020, the most significant increases are expected to take place in markets like China, India and destinations in South-East Asia. The Gulf States and emerging Eastern Europe complete this picture, followed by the Latin American and finally African markets. Central America achieved by far the best result, with an 11% increase 13

14 Direct Tourism Employment * Tourism: World/Regional Costa Rica (A Sustainable Tourism Success Story) Twenty years ago the Government of Costa Rica chose tourism as its primary economic focus, putting it years ahead of other Central American and Caribbean tourist destinations. Promoting the country s natural environments through sustainable development has been a phenomenal success. 128,000 Costa Rican families are involved with eco-tourism. Costa Rica has created one of the world s only sustainable certification legislation. Increased worldwide awareness through multiple media releases has resulted in increased international flights and has made Costa Rica one of the most popular travel destinations in the world. Selected Central America and Caribbean Tourist Statistics Selected Countries Arrivals 2006 (x1000) Receipts per arrival 2006 (USD) Receipts per capita 2005 (USD) Tourism revenues as % (GDP) % Direct & indirect employment in tourism 2005 With a $1.92-billion-a-year tourism industry, Costa Rica stands as the most visited nation in the Central American region, with 1.9 million foreign visitors in 2007, thus reaching in 2007 a rate of foreign tourists per capita of 422 visitors per thousand inhabitants, one of the highest within the Caribbean Basin countries, and above other popular travel destinations such as Mexico (210), Dominican Republic (380), and Brazil (30). Promoting the country s natural environments through sustainable development has been a phenomenal success. 128,000 Costa Rican families are involved with eco-tourism. In terms of 2008 Travel and Tourism Competitiveness Index (TTCI), Costa Rica reached the 44th place in the world ranking, being the first among Latin American countries, and second if the Anglophone Caribbean is included. Just considering the sub-index measuring human, cultural, and natural resources, Costa Rica ranks in the 24th place at a worldwide level, and 7th when considering just the natural resources criteria. The TTCI report also notes Costa Rica s main weaknesses, lack of cultural sites (ranked 92nd) and poor condition of ground transport infrastructure (ranked 113th). Bahamas 1,600 1,293 6, Belize 251 1, * Barbados 552 1,385 2, Brazil 5, Chile 2, Costa Rica 1, Cuba 2, n/d n/d Dominican Republic 3, Jamaica 1,679 1, Mexico 21, Panama 843 1, Ecotourism is extremely popular with the many tourists visiting the extensive national parks and protected areas around the country. Costa Rica was a pioneer in this type of tourism and the country is recognized as one of the few with real ecotourism. In terms of 2008 Travel Tourism Competitiveness Index and, Costa Rica reached the 44th place in the world ranking, being the first among Latin American countries. Just considering the sub-index measuring human, cultural, and natural resources, Costa Rica ranks in the 24th place at a worldwide level, and ranks 7th when considering only the natural resources pillar. 14

15 Tourism: Belize With tourism receipts representing 25% of the country s GDP, the Government has indicated its firm commitment to tourism, and has expressed particular interest in sustainable tourism development. Belize receives more than 250,000 overnight tourists annually, with close to 60% from the United States. Canadians represent around 7% and their numbers are showing over 10% increase the first part of Europeans comprise about 13% of all overnight guests and is declining because of the lack of direct flights from Europe. This is being addressed by the Belize Government and direct European flights are expected by late Presently, Delta, American, US Air, and Continental serve Belize. Tourist expenditures are in line with other high quality destinations at almost $1200 per arrival. With tourism receipts representing 25% of the country s GDP, the Government has indicated its firm commitment to tourism, and has expressed particular interest in sustainable tourism development. Belize has 591 hotels with just over 6000 rooms. Most resorts and hotels are small (less than 25 rooms) and owner operated. No major hotel flag has moved into Belize, but there are several planed projects that will be attracting small luxury and boutique operators. Francis Ford Coppola s two resorts (Turtle Inn and Balncaneaux), The Lodge at Chaa Creek, Hamanasi, and several other luxury eco-resorts have been very successful and are paving the way for a next level of sustainable luxury development in Belize. Transportation and accessibility are important to tourism promotion and sustainability in Belize. International flights to Belize are limited but are a major focus of the new Prime Minister and additional flights from The US and Europe are expected to increase starting this year. Presently, Delta, American, US Air, and Continental serve Belize. The country does have a very good and fairly inexpensive commuter airline system with frequent flights to and from the International Airport in Belize City and all major tourist destinations. Paved roads within the country are limited but because Belize is so small, travel time by automobile to any mainland destination is two to three hours at the most. Inter island travel by small boat is common. Marinas in Belize City, San Pedro, Dangriga, Placencia, and the Sittee River allow travelers to access most off shore cays and atolls within 30 minutes. Accessibility is a double-edged sword. Insufficient tourist access doesn t allow growth, but as seen in areas like Cancun and St. Thomas, easy access promotes mass tourism something that would destroy the pristine natural environments that attracts tourists to Belize. Accessibility needs to be accompanied with tourism planning that helps preserve cultural heritage and promote sustainable development. This cannot be done solely on a government level. Geneva International plans to set a prime example of luxury sustainable tourism development through resort planning and operation, and will work with the Belize Government, NGOs, and other developers and hoteliers to help package and promote Belize as a culturally and environmentally sustainable destination. The inevitable increase in tourism throughout Central America, the unspoiled, natural attractions (30% 0f Belize is Preserve Accessibility needs to be accompanied with tourism planning that helps preserve cultural heritage and promote sustainable development. 15

16 Tourism: Belize Geneva International plans to set a prime example of luxury sustainable tourism development through resort planning and operation, and will work with the Belize Government, NGOs, and other developers and hoteliers to help package and promote Belize as a culturally and environmentally sustainable destination. or Federal Park), and the Governments commitment to promote sustainable tourism and environmental awareness puts Belize in a position to compete with Costa Rica and the Yucatan, particularly with small luxury resorts located near or within some of the world s best natural settings. The inevitable increase in tourism throughout Central America, the unspoiled, natural attractions (30% of Belize is Preserve or Federal Park), and the Governments commitment to promote sustainable tourism and environmental awareness puts Belize in a position to compete with Costa Rica and the Yucatan, particularly with small luxury resorts located near or within some of the world s best natural settings. 16

17 Tourism: Luxury Eco Ecotourism is nature based tourism involving the education and interpretation of the natural environment and is culturally and ecologically sustainable. It is typically defined as travel to destinations where the flora, fauna, and cultural heritage are the primary attractions. Sustainable tourism is Tourism that meets the needs of present tourists and host regions while protecting and enhancing opportunities for the future. (TIES) Some of the characteristics of responsible tourism are: Minimizes negative economic, environmental and social impacts. Generates greater economic benefits for local people and enhances the well being of host communities. Makes positive contributions to the conservation of natural and cultural heritage embracing diversity. Provides more enjoyable experiences for tourists through more meaningful connections with local people, and a greater understanding of local cultural, social and environmental issues. Is culturally sensitive, encourages respect between tourists and hosts, and builds local pride and confidence Public awareness of environmental issues helped to create this market in the late 1980 s. Some of the first eco lodges were more like glorified camp sites (Maho Bay, St. John, USVI). Eco tourism has since become mainstream and is consumer driven. Protected areas around the world are increasingly seen as destinations and most major flag and boutique operators are Ecotourism is nature based tourism involving the education and interpretation of the natural environment and is culturally and ecologically sustainable. It is typically defined as travel to destinations where the flora, fauna, and cultural heritage are the primary attractions. scrambling to understand sustainability and set up small luxury resorts in these areas. Celebrities and the super wealthy have entered this market and frequently spare no expense in creating their own luxury ecobrand. While the luxury end of this market is strengthening, the lower end seems to be less understood. Too many two and three star resorts offer eco themes, which many critics call green washing, but don t integrate the principles of sustainability. The two things needed most to satisfy this demand is high quality environments, and appropriate level of consumer services. Today s affluent traveler is looking for individuality and meaningful environmental and cultural experience. However, all research indicates that individual comforts come first. Luxury and comfort brings the guest the first time a unique, meaningful experience brings them back. The two things needed most to satisfy this demand is high quality environments, and appropriate level of consumer services. Protected areas around the world are increasingly seen as destinations and most major flag and boutique operators are scrambling to understand sustainability and set up small luxury resorts in these areas. 17

18 Tourism: Luxury Eco From a developer s perspective, there are many economic, social, environmental, and even institutional benefits of sustainable development: Luxury and comfort brings the guest the first time a unique, meaningful experience brings them back. Unique product with exclusive market niche Reduced design and capital costs Increased market value Increased profit points within the resort Reduced operating costs over the life of the buildings Reduced building footprint Streamlined approval process Partnerships with NGO s and funding opportunities Issues such as climate change, regulatory risks, environmental degradation, waste management, and responsiveness to local communities should be addressed by every developer; those who don t run the risk of losing market share and investor interest. Issues such as climate change, regulatory risks, environmental degradation, waste management, and responsiveness to local communities should be addressed by every developer; those who don t run the risk of losing market share and investor interest. 18

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21 Belize: Current Real Estate Market Conditions The real estate market in Belize has grown substantially in the past decade, but is nowhere near the maturity found in other Caribbean resort areas. The real estate market in Belize has grown substantially in the past decade, but is nowhere near the maturity found in other Caribbean resort areas. Typical of most tropical destinations, the primary market is made up of ocean front vacation homes and resorts. Mountain and jungle properties in Belize attract many buyers and are particularly conducive for eco tourism development. Several barrier islands and acreage on some of the larger islands is available. Island pricing is inconsistent with limited comparables. It is difficult to formulate market value of islands and island lots. Prices for parcels on islands can be as low as $100,000 and entire islands are offered as high as $30M. A preliminary estimate of average market value would be $100,000 - $200,000 per acre. Most existing resort developments are small (few have more than 50 units) and, though construction is generally high quality, architecture and site planning are fairly mediocre. A handful of large-scale developments are being planned by large US and Canadian firms. Belize laws and English as the official language make real estate transactions understandable and straight forward. Fee simple title is available to foreigners, most of which come from the US. Canadians and British represent a smaller, but significant, percentage of the buying market. Condominiums with rental management operations and individual lot sales for custom homes are the most common types of real estate product offered for sale. Ambergris Caye in the northern part of Belize is the most developed area in the country. As in most markets where the buyers have been primarily Americans, Ambergris saw a spike in condo and lot sales in Prices rose accordingly and several condo projects were started to meet the rising demand. The two other popular Belize resort areas that saw similar trends are Placencia and Hopkins, with Hopkins being the smallest of these areas and the last of the three to become a hot market. Prices of condos and lots obviously vary depending on location. Beach front condos range from under $200,000 up to $1M with a few projects are advertising 5000 s.f. + villas for well over $1M. Several new developments throughout the popular tourist areas are asking $500 - $600 per square foot, which places some of these projects close to the level of Mexico s Playa del Carmen and Cancun markets. Luxury beachfront units in those markets sell for $600 - $1000 per square foot. Some fractional ownership opportunities have started to be marketed in a few Belize developments. Ambergris has by far the largest real estate inventory and, therefore, the widest price range. Size and configuration of buildable land, limits the variety of product and pricing in Placencia and Hopkins. Most properties in those markets are water front and second tier properties are available. Beachfront lots in all 21

22 Belize: Current Real Estate Market Conditions Belize laws and English as the official language make real estate transactions understandable and straight forward. Fee simple title is available to foreigners, most of which come from the US. three markets are typically 50 wide. Lots on Ambergris average approximately $4000 per lineal foot. In Hopkins and Placencia lots are generally $3000/ foot. Well located lots are difficult to find and this market remains strong, particularly in Hopkins. A 2008 assessment by Geneva International indicates that condo sales have slowed and several of the condominium projects on Ambergris seem to have stalled. Most of the stalled projects are typical forced projects in a somewhat saturated market. Most suffer from poor planning and design or are not in prime locations. Lack of construction financing and relying on construction pre-sale deposits and construction progress payments from the buyer exacerbate this scenario. Placencia and particularly Hopkins have not experienced market saturation on the same level as Ambergris. However, several developments that are under construction are not fully funded and will rely on pre-sales and construction progress payment in order to be successful. Most of these projects would not be considered luxury. Vernacular architecture is rarely used or misunderstood, sustainable designs and construction practices are rarely employed, and the interior spaces are typically large (up to 5000 s.f.) which may be inconsistent with future market trends and offers limited flexibility of future use. With the overall Beach front condos range from under $200,000 up to $1M with a few projects are advertising 5000 s.f. + villas for well over $1M. number of available condo units small, relative to the busier Mexican and Costa Rican markets, these units should eventually sell out. Lots on Ambergris average approximately $4000 per lineal foot. In Hopkins and Placencia lots are generally $3000/ foot. Well located lots are difficult to find and this market remains strong, particularly in Hopkins. 22

23 Belize: Current Real Estate Market Conditions The country seems poised to move into a more sophisticated level of resort and condo development. Well-managed fractional ownership developments, small luxury and sustainable resorts, and boutique hotels are all in short supply. As Belize tourist numbers continue to increase, more high-end resort developers and operators will move into the market, greatly increasing the level of professionalism and the variety of luxury product. The country seems poised to move into a more sophisticated level of resort and condo development. Well-managed fractional ownership developments, small luxury and sustainable resorts, and boutique hotels are all in short supply. As Belize tourist numbers continue to increase, more high-end resort developers and operators will move into the market, greatly increasing the level of professionalism and the variety of luxury product. 23

24 Yum Balisi Concept The Yum Balisi Concept is steeped in diversity Two prominent cultures in Belize are the Garifuna and the Maya. Yum Balisi takes its name from these two cultures. Yum is the word for god or father in Maya. Balisi is the word for Belize in the Garifuna language. The Yum Balisi Concept is steeped in diversity, starting with Belize itself and continuing with the resort locations and operations. Few places have as much diversity as Belize. Popular tourist destinations that compete with Belize are Mexico s Yucatan Peninsula and Costa Rica. Both areas have great natural assets, are easily accessed, are well promoted, and, as with many popular tourist areas, have thriving luxury real estate markets. The Yucatan has great beaches, a barrier reef with fantastic fishing and diving, and cultural diversity. The Yucatan does not have mountain jungles and is starting to suffer under the weight of too many tourists. Costa Rica has great beaches and fishing, tremendous mountain jungles, and a well-established sustainable tourism market. Costa Rica does not have a barrier reef and lacks cultural diversity. Belize combines the best these two competitive markets have to offer mountain jungles, hundreds of private islands, the second largest barrier reef in the world, and a very diverse culture all in a country the size of Massachusetts. Some of the many things that attract travelers and investors to Belize include: Its official language is English The political climate is very pro-tourism Easy to do business and gain fee-simple tile to property Direct flights from the US World class diving and fly fishing Seven World Heritage sites Mayan ruins (There are more unearthed ancient ruins than modern homes in Belize) Broad leaf mountain forests The largest barrier reef in the Western Hemisphere Largest population of West Indian Manatee in the world A friendly multi-cultural population One of the largest jaguar populations in the world, second to the Amazon Basin 30% of the country is protected The basic premise of the Geneva International s Resort Plan is to capture the diversity of Belize by creating three small, sustainable luxury resorts in the three distinctly different Belize environments: A private island Yum Balisi Island Resort A local beach front village Yum Balisi Beach Resort A mountain broad leaf forest - Yum Balisi Mountain Lodge Located within thirty to sixty minutes of each other, all three resorts can be experienced in a single vacation. The Plan will fit current and future market demands and trends and is not so overly ambitious that it must rely on additional nationwide infrastructure or a substantial increase in the number of tourists. Any one or all phases of the Plan can be implemented immediately. The basic premise of the Geneva International s Resort Plan is to capture the diversity of Belize by creating three small, sustainable luxury resorts in the three distinctly different Belize environments 24

25 Yum Balisi Concept Located within thirty to sixty minutes of each other, all three resorts can be experienced in a single vacation. The Plan will fit current and future market demands and trends and is not so overly ambitious that it must rely on additional nation-wide infrastructure or a substantial increase in the number of tourists. Any one or all phases of the Plan can be implemented immediately. Geneva International understands and will incorporate these basic ingredients needed for successful resort real estate development in the new millennia: Integrated Design Use of vernacular architecture for private villas and lodges combined with small village setting that gives the resorts a sense of place. Working with the natural environment, allowing no degradation, gives the resorts the feeling of being of the land, not simply on the land. Second Home Ownership Capability The emergence of the fractional ownership trends gives the developer flexible financing capability along with increased profits. Fractional ownership gives the buyer an investment opportunity and allows them to enjoy a luxury resort and the accompanying amenities and services without the high cost of individual ownership. This is particularly appealing in expensive luxury markets where individual units might sell for over $1M. Cultural Programs The conventional hotel lounges and gift shops are giving way to the need to provide a more sophisticated diversity of cultural experiences indigenous arts, foods, music, educational and interpretive programs. These experiences are unique and help create a strong repeat and word of mouth market. Diverse Experience Opportunity Affluent baby boomer couples make up the base of the current luxury market. But travel habits are changing. These couples often travel with friends or family, where each person might enjoy different activities. By offering experiences such as spa, environmental interactive programs, diving, fishing, sailing, Mayan ruin sight-seeing, birding, hiking jungle trails, drumming with the local Garifunas; there is an activity for everybody. Sustainability Consumer awareness of global climate changes command that resorts are developed with strong building and operating practices that protect and enhance the surrounding environment and commit to educational and interpretive programs that, not only teach travelers how to respect the local environment, but involves local communities in the resort programs and operations. Sense of Community All successful resorts and communities have a place where people can congregate a village, an active park, an active beachfront, etc. Even dog parks have become great places for socialization. Providing interaction areas for guests and residents gives the resort a true sense of community and is a breeding ground for shared positive experiences. Year round Demand Belize and Yum Balisi Resorts are year round destinations. Though tropical locations tend to see greater numbers of tourists in the winter and spring, summer and fall provide warmer sea temperatures and more sea life for divers and recreational fishing. The climate of the mountain elevation and the constant ocean breezes of the island and mainland locations provide year round comfort. 25

26 Yum Balisi: Island Resort (Phase I) The Island Resort will be a 42-acre island locally known as Cat s Caye Island Location and Description The Island Resort will be a 42-acre island locally known as Cat s Caye. It is one of the 450 cays and atolls that make up the Belize Barrier Reef Complex, which stretches the entire 178 mile length of the country. The Barrier Reef Complex was formed as coral grew along three separate limestone fault blocks that arose from the sea to form ridges about 67 million years ago. The Belize Barrier Reef Complex is a part of the Located in the group Mesoamerican Barrier Reef of islands called the System that stretches from South Water Caye northern Yucatan, Mexico, Marine Preserve south along the entire eastern shores of Belize, through (recently dedicated as Guatemala to the tip of a World Heritage Site - Honduras. This is the largest UNESCO) barrier reef system in the Western Hemisphere and the second longest barrier reef system in the World, behind Australia s Great Barrier Reef. Located in the group of islands called the South Water Caye Marine Preserve (recently dedicated as a World Heritage Site - UNESCO) it is 12 miles due west of the northern most section of the Placencia peninsula. It is approximately 18 nautical miles from the Village of Hopkins where the Yum Balisi Mainland Beach Resort will be developed. The island is basically a sand/mangrove drift that was partially cleared by previous owners. A large natural deep water harbor is located on the north side of the island. Shallow coral reefs dominate the east and south sides of the island. An underwater assessment shows that the coral is healthy. There is little sedimentation and no sign of bleaching. The waters around the island are teaming with over 500 species of fish, but have not been identified as one of 13 Belizean fish Spawning Aggregation Sites recognized by the Nature The waters around the island are teaming with over 500 species of fish Conservancy. There are no turtle nesting sites or critically sensitive flora and fauna that will be affected adversely. The area that was cleared of vegetation will be re-forested with indigenous plantings. 26

27 Yum Balisi: Island Resort (Phase I) Less than 5% of the island will be used for the resort footprint. Classic Caribbean and Mayan design Project Overview The island will have 4 main components: A fishing/diving/sailing center An environmentally friendly marina A 40-unit beach front cottage resort An interpretive eco-village that emphasizes local culture, sustainable design, and natural resource protection Less than 5% of the island will be used for the resort footprint. Designated beach and snorkel trails and raised walkways will simultaneously protect the flora and fauna and allow people interact with nature as a positive and educational experience. Throughout the project vernacular architecture will blend architectural elements of both Classic Caribbean and Mayan design. All structures will conform to the following design specifications: Piling foundations Category 4 Hurricane design and fastenings Concrete post and beam systems incorporated with local Belizean woodcraft finishes Raised elevations to take advantage of Trade Winds and preserve vegetation Cistern capacity below most structures to collect rain water Erosion control measures that exceed national codes Use of local material and labor Relatively small, superbly designed units that do not use raw materials on wasted interior spaces The southern portion of the island (the cleared area) will be reforested with indigenous plants that would naturally exist in a typical littoral forest. Including: Coco plum Sea Grape Gumbo Limbo Button wood Thatch palm Various palms including the thatch, silver, buccaneer, royal, coco, and Washingtonian 20 side by side duplex cottages (40 rooms) will be placed on the south and east shorelines. There are no significant beaches on the island and there are no plans to attempt to create a man-made beach. However, nonchlorine and ionization fresh water pools will be available for resort guests. Additionally, shallow 20 side by side duplex water natural swimming cottages (40 rooms) will be areas and moored sunning rafts will be constructed at selected shoreline areas so placed on the south and guests can enjoy the water and sun. The east shorelines coral reefs off the shores of the island are in shallow water (3 to 15 feet). Water visibility is excellent and there is no significant current, turning snorkeling around the island a memorable experience. An Interpretive Village will be located in the center of the resort and will contain spa and wellness center, local Category 4 Hurricane design and fastenings Erosion control measures that exceed national code reforested with indigenous plants 27

28 Yum Balisi: Island Resort (Phase I) An Interpretive Village will be located in the center of the resort and will contain spa and wellness center, local arts and crafts center, food and beverage operations, a Belize natural resource learning center, and a renewable energy interpretive center. arts and crafts center, food and beverage operations, a Belize natural resource learning center, and a renewable energy interpretive center. A transient marina located in a natural harbor on the west side of the island will accommodate day tourists and shuttle services to the Mainland Resort. All water gardens and planting centers that will be intertwined within the resort and will serve a purpose indigenous nursery, constructed wetland sewage treatment grey water gardens, and impervious runoff ponds. The north portion of the island is mostly mangrove. A raised walkway system will connect the main resort and village area to a fly fishing/ diving/ sailing center and 20 small tree house cottages on the north side. The walkway will be wide enough to accommodate golf carts. The cottages will be built over the vegetation and will primarily be available for fishing and diving customers. Belize is world famous for its underwater visibility and spectacular dive locations. It also has some of the best fly fishing and grand slam capability in the Caribbean. With the growing popularity of catamarans and modern navigation technology, sailing is starting to have a significant presence in Belize. Yum Balisi will utilize its luxury designs and services and environmentally pure operation policies to attract affluent salt water enthusiasts. The fly fishing camp will be on par with Casa Blanca in the Yucatan s Sian Ka an. One of the more A raised walkway system will connect the main resort and village area to a fly fishing/ diving/ sailing center and 20 small tree house cottages on the north side attractive diversity strategies of Yum Balisi is that guests from both the north side luxury fishing camp and the main resort on the south side will have the ability to stay at either side and use all island services and amenities. The natural harbor on the north side of the island will be used as a marina for permanent and short-term transient boats. Water and power will be available, but in keeping with the environmental protective nature of the project, fueling and maintenance services will be prohibited. Floating docks will connect to the raised walkway system and will accommodate boats from small flats-style fishing boats to 50 catamarans sport fishing boats. Infrastructure The natural harbor on the north side of the island will be used as a marina for permanent and shortterm transient boats. The island will be powered by a combination of active and passive solar, small wind generators, and an emergency diesel generator. Power consumption will be monitored and the resort will employ several energy saving operational practices. Creative uses of alternative energy resources will be intertwined throughout the resort allowing guests see how these systems work. Potable water will come from collected rainfall and a reverse osmosis system. Cisterns will be built under several of the resort structures and will have a collective storage capacity of 150,000 gallons. A 12,000 gallon per day reverse osmosis system will supplement the need for potable water during the dry season. Salt water discharge will be managed so that it does not increase that salinity rate of the surrounding waters. 28

29 Yum Balisi: Island Resort (Phase I) Solid Waste that cannot be recycled or composted will be taken off island to the Mainland resort staging area, Geneva International will be discussing the possibility of thermal oxidation and other environmentally efficient solid waste removal processes with the Government of Belize. Sewage will be treated with Constructed Wetlands. This system emulates natural wetlands but speeds up the process by using a flow bed of water loving indigenous plants to break down pollutants and remove nitrogen and phosphorous. The grey water effluent is then used for irrigation. Transportation to and from the island will originate at the Mainland Resort staging area in the Hopkins area. All supplies and guests can be transferred by boat in less than thirty minutes. A heliport will be provided for clear weather transport from the mainland. Impervious Surface Runoff Ponds will prevent rain water runoff from concentrating and carrying sediment into the ocean. The ponds will be either stocked with fresh water fish that eat mosquito larvae and the resort will use BT (bacillus thuringinsis) products to help insure that the fresh water ponds will not be mosquito breeding areas. Materials used for construction will be able to withstand usual water damage - no sheetrock, no laminated wood in floors or cabinetry, etc. Mangroves will be left in place at the coast line except for three or four small (10 ) openings for snorkel and natural pool entry. No dredging or excavation of surrounding protective coral. Marina docks designed to be moved onto land. Interpretive Programs play a very important role in modern sustainable luxury resorts. Yum Balisi will design into all of its projects interpretive trails and experience centers that give guests the opportunity to learn without being lectured. Learning centers will not only include the inherent natural resources, but will include sustainable resort practices and renewable energy technologies. Interpretive Programs play a very important role in modern sustainable luxury resorts. Storm damage and erosion mitigation Design the structures so that roofs do not have large overhangs (up-lift). Liberal use of hurricane shutters with properly designed hardware. Palapas roofs, if used, fair better than solid roofs because there is no pressure difference between the inside and outside of the structure. Hurricane clips, straps, and hangars will be used throughout. Most buildings will be built above typical 100 year flood line (1 ½ - 2 meters) 29

30 Yum Balisi: Island Resort (Phase I) As Stewards of the island and surrounding waters, resort management will be subject to an Operations Manual that will be used to help protect and enhance the environment. It will be written and by consultants from Belize and professionals from their respective fields of expertise. The Manual will address things that affect the day to day operations of the resort: Water saving devices (Dual flush toilets, etc.) Power consumption (CFL bulbs, LED night lights, room use monitors, etc.) Investigate the use of bamboo linens and other highly renewable resource uses Set up sustainable food directives Insect control through BT products (bacillus thuringinsis) and other environmentally safe systems Composting and recycling programs Less use of plastic containers by providing for and encouraging reusable containers Use biodegradable cleaning liquids and coral friendly sun lotions As Stewards of the island and surrounding waters, resort management will be subject to an Operations Manual that will be used to help protect and enhance the environment 30

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33 Yum Balisi: Beachfront Resort (Phase II) The Village of Hopkins has been chosen as the location for Yum Balisi s Beach Resort. Hopkins, a small coastal village of about 1000 people, is located between Dangriga and Placencia. The Village of Hopkins has been chosen as the location for Yum Balisi s Beach Resort. Hopkins, a small coastal village of about 1000 people, is located between Dangriga and Placencia. It is about 45 nautical miles south of Belize City. Some Belizeans consider it to be the center of the Garifuna culture, which is probably the most historically interesting culture in the Americas. Famous for their drumming and dance, the Garifuna have kept their Arawakan originated language and their Caribbean/African heritage. This very friendly culture is one of the reasons tourists enjoy the Hopkins area and is largely responsible for Belize One Magazine naming Hopkins The Friendliest Village in Belize. The easiest way to get to Hopkins is to take a twenty minute commuter flight from Belize City to Dangriga followed by a twenty minute drive to the Village. A drive from Belize City to Hopkins follows the interior roads and takes a little less than 2 hours. Several small hotels and villas successfully operate in Hopkins, including Hamanasi and Jaguar Reef. Condominium activity seems to have peaked in 2007 naming Hopkins The Friendliest Village in Belize with some selling close to $1M. However, development activity remains brisk and several new projects are under construction. Land is hard to find. The area was subdivided into small beachfront lots several years ago. Most lots are 50 wide and, when available, sell for about $3,000 per lineal foot. There is not a significant second tier subdivision because of low elevation and wetlands immediately behind the village. The Sittee River flows into the Caribbean just south of Hopkins. The River is navigable up stream for several miles and a marina located near the mouth serves the Hopkins area. Since the coral reefs are found near the islands of the barrier reef, turtle grasses are the dominant underwater feature near the mainland shores. The water visibility is good and the beaches, while not as white and powdery as island beaches, are tropical and inviting. A seven acre peninsula about 2 miles south of the Village center, locally known as False Sittee Point is the property that will become the Beach Resort. Though specific project planning is still underway, the resort will work with its natural features and the surrounding area to command a sense of place. The same ecological care through thoughtful design, construction, and operation policies that have been planed for the island resort will be represented at the Resort. Besides being a world class resort, Yum Balisi s Beachfront Resort and Hopkins will function as the administrative and logistical base for all Land is hard to find Several small hotels and villas successfully operate in Hopkins, including Hamanasi and Jaguar Reef. 33

34 Yum Balisi: Beachfront Resort (Phase II) of the Yum Balisi Resorts. The Beach Resort will have at least 40 rooms. Saving valuable mangroves on the south side of the property, a few of the rooms are being planned to be built over the water. Similar to the Fishing camp on the Island Resort, they will be connected to the land and to each other with a raised walkway system. The main beach is approximately 500 on the Hopkins (north) side of the peninsula. The tip of the peninsula will remain a mangrove sanctuary for nesting birds and sea life. An interpretive walkway will give guests the opportunity to see why mangroves are so important to coastal ecosystems. Saving valuable mangroves on the south side of the property, a few of the rooms are being planned to be built over the water. Though specific project planning is still underway, the resort will work with its natural features and the surrounding area to command a sense of place. The same ecological care through thoughtful design, construction, and operation policies that have been planed for the island resort will be represented at the Resort. Strong emphasis will be on local cultural heritage preservation. An important component of the resort and for Yum Balisi will be to insure that guests can easily and comfortably interact with the local population. Yum Balisi Resorts will work with other hoteliers and developers in the area to help provide for a Village Center. The Center is intended to be a place for shared positive experiences where locals can showcase their culture and guests of nearby resorts can come to shop for local foods and crafts. So that it does not become a contrived Belizean Village theme park, locals will be asked to contribute their ideas and expertise to help give the Center a true sense of place. Benefiting from both local participation and funding The tip of the peninsula will remain a mangrove sanctuary for nesting birds and sea life. from nearby resorts, the Center should give Hopkins a tool that will help it remain the Friendliest Village in Belize. Strong emphasis will be on local cultural heritage preservation. 34

35 Yum Balisi: Mountain Resort (Phase III) The Maya Mountain Corridor in is a million-acre area of mostly protected public and private reserves covered with broad leaf and mountain pine forests. Home to over 220 types of trees and more than 330 bird species The Maya Mountain Corridor in is a million-acre area of mostly protected public and private reserves covered with broad leaf and mountain pine forests. The mountains run from the crest in southwestern Belize to an area a couple of miles west of Hopkins and have elevations of over 3,000 feet. Home to over 220 types of trees and more than 330 bird species, it is one of the world s most diverse ecosystems. Miles of trails that wind through the parks and preserves allow visitors to see mountain rivers, waterfalls, caves, Mayan ruins, jaguar habitat (Belize has the second largest jaguar population in the world), howler monkeys, scarlet macaws, and a host of flora and fauna unique to this mountain jungle. Yum Balisi has optioned a 1500-acre piece of mountain jungle on the eastern edge of the Maya Mountains and within a thirty-minute drive from Hopkins. The property is adjacent to Mayflower Bocawina National Park with vistas back to the beaches, Hopkins, and the cays. As with the Mainland Resort, Mountain Resort planning is in the early stages. However, as with all Yum Balisi Resorts, the Yum Balisi has optioned a 1500-acre piece of mountain jungle on the eastern edge of the Maya Mountains and within a thirty-minute drive from Hopkins. Mountain Resort will work with its natural features and the surrounding area to command a sense of place. Yum Balisi s ecological stewardship, obvious in all of its properties, will be represented through the same thoughtful design, construction, and operation policies. 35

36 Yum Balisi: Mountain Resort (Phase III) A mountain resort will offer Yum Balisi guests a destination that completes the Belize experience. Guests of either the Island or the Mainland resorts can stay several nights at the Mountain resort or day trip to take advantage of the various activities offered hiking, guided tours, mountain spa, participating in wildlife and forest management programs. Yum Balisi s ecological stewardship, obvious in all of its properties, will be represented through the same thoughtful design, construction, and operation policies. A mountain resort will offer Yum Balisi guests a destination that completes the Belize experience. 36

37 Planning and Schedule Extensive research in Belize, with local expert consultation, is on-going and will continue throughout the life of the project. This Resort Concept and Vision Plan is being created by Geneva International. Extensive research in Belize, with local expert consultation, is on-going and will continue throughout the life of the project. Understanding all aspects of resort development in Belize is paramount and the learning process is continuous. Environmental concerns, permitting issues, the political climate, tourism and real estate market conditions, social economic impacts, labor, taxation, etc. are just some of the areas under observation and discussion by Geneva. Phase II (Island Resort Only) - (3 months) November 2008 January 2009 Finalize working drawings Identify Contractors Start negotiations with Boutique Hotel group for possible sale, lease or partnership Set up management company Set up sales and marketing offices (if fractional ownership is offered) Planning and development schedule Phase I (All Three Resorts) - (6-8 months) April 2008 October 2008 Identify and secure the properties Analyze market and environmental conditions Hire local and international consultants who can provide valuable expertise Create Resort Concept Plan Create preliminary master plans (Vision Plan) Assess environmental and social economic impacts of the Planned Project Create logistical financial and practical project Phasing Plan and Complete short-term improvements Secure entitlements Complete Master Plan Provide Development and Marketing Plan Identify Funding Sources Phase III (18 Months) February 2009 July 2010 Construction of the Yum Balam island resort Finalize working drawings and permits for the Mainland Beach Resort and the Mountain Resort Integrate management company and marketing office into the Beach and Mountain Resort planning and sales 37

38 Development Options Geneva International believes that its Yum Balisi Resort Concept is a sound business opportunity. Nature tourism is growing 3 times faster than the tourism industry as a whole The Yum Balisi Concept (page 24) is based on creating a unique resort brand that incorporates luxury market demands with sustainable resort development, steeped in the diverse ecologies and cultures of Belize. Partially based on the following data, Geneva International believes that its Yum Balisi Resort Concept is a sound business opportunity: Tourism is the largest business sector in the world economy, representing 10% of the GDP worldwide There were 800 million tourists worldwide in 2007 is expected to increase to 1.6 billion by the year 2020 Central America is one of the fastest growing tourist areas in the world Nature tourism is growing 3 times faster than the tourism industry as a whole The Belize market is in its adolescence and is poised for the development of sustainable luxury resorts The Belize Government is very stable, supports foreign investment, and supports sustainable tourism Geneva International, along with its partners and consultants, has the ability to develop the Yum Balisi Resort Concept. However, sound development plans are incomplete unless they demonstrate that they can adapt to mercurial market demands and economic conditions. The Yum Balisi Concept (page 24) is based on creating a unique resort brand that incorporates luxury market demands with sustainable resort development, steeped in the diverse ecologies and cultures of Belize. The Concept is presently three Phases, but because of multiple locations and relatively small resort sizes, Yum Balisi presents many development options. Option 1 - Full resort development and branding Includes planning, permitting, build-out, and in house resort branding and operation of all Phases (see Planning and Schedule section). Option 2 - Full resort development (all Phases) with a major boutique flag as an investment partner Yum Balisi will act as developer with an experienced boutique operator as an equity partner. Option 3 - Full resort development (all Phases) but lease or contract the operations to an experienced boutique operator. Option 4 - Partial resort development The Island Resort and /or either one of the Mainland or Mountain Resorts fully developed. Geneva will contract with an existing Mainland or Mountain operator to complete the Yum Balisi experience. Option 5 - Plan and permit the Island Resort Sell the Island and the Yum Balisi Concept along with any options or contracts for the other resort areas Geneva has entered into. Option 6 - Incorporate any one or combinations of options 1 4 and utilize the popular Fractional Ownership model to raise development funds Fractional insures that the resorts will operate as five-star destinations, the Belize natural environments insure a world-class experience, and the Yum Balisi plan will insure that the resorts are sustainable. A fractional ownership development pro forma model is included in the Appendix. 38

39 Existing Conditions and Site Prep Site Plan Work Item Budget Schedule Trash that has drifted onto the island over the years is being removed. Trash will be monitored monthly. $2000 On-Going A few unsightly dead trees left over from clearing are being removed. $ days Existing silt fence is being repaired and new fence will be added as needed. $ days Fishing shack is being repaired for use as an open-air meeting place while visiting the island $ days The existing dock is being repaired for use $ days Openings to the small and the large lagoon (future transient and deep-water marinas) are being made slightly larger to accommodate $10, days sailing and sport fishing vessels A temporary site for an LCM (small barge) is being created in an area on the west side of the cleared portion of the island. This will simply consist of bollards and some sand fill at the ramp landing $ days area. 1,000 5,000 yards of sand will be brought in and placed in the low areas $100, days created by the organic dredge material Hundreds of littoral forest trees (gumbo limbo, sea grape, coco plum, palms) will be planted to start the re-forestation program and to help $10, days prevent sediment runoff. A small section of raised walkway will be built as an example of the proposed walkway system. (200 ) $10, days The southern portion of the island, approximately 15 acres, was cleared and some areas filled with sandy/organic material dredged from nearby lagoons. The remainder of the island is mostly mangrove with small areas of littoral forest. There is a small dock on the south side of the island and old fishing shacks on the eastern and northern shores. In order to prevent any environmental degradation and to get the property in shape for showing, immediate improvements are underway. 39

40 Existing Conditions and Site Prep Site Plan 40

41 APPENDIX: Yum Balisi Resort Locations A1

42 APPENDIX: Belize Tourism Statistics A2

43 APPENDIX: Belize Resort Statistics A2

44 APPENDIX: Belize Resort Rate Comparison NIGHTLY RATES Kanantik Reef & Jungle Resort (South of Hopkins): Rooms only - $300 double All inclusive - $402 Coco Plum (Island) $220 + per person Chaa Creek (Mountain Luxury Eco-lodge) $200 per person $500 per villa (up to 4 people) Jaguar Reef (Hopkins Beach front): $220 - $325 plus extras (double) Blue Horizon (Island - Fishing) $300 per person Hamanasi (Hopkins Beach) $200 - $375 double Hopkins Bay (Villas): Varied - $360 (double) Caye Chapel (Island) $300 Single Room $1700 Villa (3 bdrm) Laru Beya (Placencia Resort) $140 single room / $520 villa A3

45 APPENDIX: Belize Resort Rate Comparison Turtle Inn (Coppola Resort - Placencia) $325 - $2100 single Victoria House (Classic Resort in San Pedro) $250 single room / $ bdrm villa Blancaneaux - (Coppola Mountain Resort) $310 - $1200 single Caye Winds (San Pedro Villas) $1200 villa Cayo Espanto (Private Island near San Pedro) $ $2300 double all inclusive Roberts Grove (Placencia Condo/Hotel) One bdrm - $295 Three bdrm - $900 A3