BajaNomad

Today we meet the new owners of Loreto Bay

camador - 7-17-2009 at 09:12 AM

Today is officially presented the buyer and new owner of TSD LORETO PARTNERS, TSD operates the real estate project LORETO BAY, this will conducted in the state capital in a press conference headed by the state governor Narcizo Agundez Montaņo and the national director of FONATUR Mexico Miguel Gomez Mont.

http://www.radarpolitico.com/2009/07/17/hoy-se-conocera-al-n...

Related notes:

http://www.radarpolitico.com/2009/06/08/a-partir-de-hoy-susp...

http://www.radarpolitico.com/2009/06/12/adeuda-loreto-bay-16...

Search for more related nots using the site search.

cajhawk - 7-17-2009 at 10:54 AM

It seems to be a pretty well kept secret if this is true. No blogs or message boards are speculating on the new owners.

backninedan - 7-17-2009 at 11:44 AM

Loreto radio station said today that fonatur was taking over the golf course and the hotel until such time that a sale is made.

Who can tell what the real story is.

Well, Did You Meet Them ?

CaboRon - 7-18-2009 at 05:15 AM

Don Alley - 7-18-2009 at 08:46 AM

Latest issue:


http://www.radarpolitico.com/2009/07/17/iniciaran-operacione...

Looks like the state will re-open and run the hotel and golf course, beginning Monday. And there are unnamed investors "interested" in taking over the company.:rolleyes:

They also report that Volaris is interested in a TJ/Loreto/Cabo flight, and that the state is still trying to get the long rumored AeroMexico San Diego flight off the ground.

BajaNews - 7-18-2009 at 08:49 AM

According to this Sudcaliforniano report today (in Spanish), the Inn and golf course are reopening on Monday:

http://www.oem.com.mx/elsudcaliforniano/notas/n1249621.htm

camador - 7-18-2009 at 10:15 AM

What does FONATUR hide ? they didn't announce the new buyer .... Posible buyers of Loreto Bay are Luis Cano Hernandez (Paraiso del Mar) or Sanchez Navarro family (La Paz entrepreneurs) ... just checked it at http://twitter.com/radarpolitico

flyfishinPam - 7-18-2009 at 11:32 AM

Please realize that these "news" outlets both linked in this thread print an awful lot of rumor and innuendo. There have been things reported on as fact that never materialized, remember that CCC supposedly being built on the highway? Never happened. And the cruise ship dock that was supposed to be started last year, so far no start, hopefully never. So please take these sources with a big grain of salt and realize that propagandist reporting is quite common here. The only news source that seems to be a consistently good source is Zeta out of TJ and most of the reports in there would curl any potential investors toenails.

flyfishinPam - 7-18-2009 at 11:38 AM

Here's a good one from that El sudcaliforniano article
"according to FONATUR 55% of the population of Loreto economy depends directly or indirectly on Loreto Bay"
remember these are the same people who presented this huge need for an Escalera Nautica complete with an overland pass from BOLA to Santa Rosallita. Where do they get their stats from? anyone who blindly believes these people and bases their investments upon their date are fools.

bajabeachbabe - 7-18-2009 at 05:31 PM

And from the Beck Loreto website:

http://www.site.beckloreto.com/Homeowner_Updates.html

"False Report. There was a release today indicating that there was a buyer for Loreto Bay. Some of you contacted us about this, so it may be circulating. This is not the case, according to Alvarez and Marsal. The root of this confusion is that FONATUR this week agreed to take over the maintenance of the golf course and the hotel. This is old news, although good for the development. The details of this arrangement have not been disclosed"

Beck is working directly with the firm hired by Citibank to find a buyer (Alverez and Marsal), so I would believe something they post. Beck is trying to salvage the partially completed houses for the Agua Viva owners at Loreto Bay and get them finished. They are posting daily updates on their website for the homeowners and much of the information is exposing the ugly truth about the situation for the homeowners, but it looks to be brutally honest.

flyfishinPam - 7-18-2009 at 06:04 PM

Wow Beck seems like they are on top of it and ready for the job. good luck to them

wilderone - 7-20-2009 at 10:01 AM

Why didn't Replay do what Beck is doing now?

"anyone who blindly believes these people and bases their investments upon their data are fools."
Ha! Butterfield and Grogan did!! and they are.

flyfishinPam - 7-20-2009 at 11:45 AM

well my guess is that Beck, according to their website, is a reputable business that has been operating in Mexico for over a decade and Replay well, Replay was not that it was something else.

flyfishinPam - 7-20-2009 at 11:48 AM

Quote:
Originally posted by wilderone
"anyone who blindly believes these people and bases their investments upon their data are fools."
Ha! Butterfield and Grogan did!! and they are.


well those two it appears have laughed all the way to the bank at our (US taxpayers) expense (Citigroup takeover) and at the expense of those homeowners.

vandenberg - 7-20-2009 at 02:03 PM

For what it is worth !!
Just came back from Nopolo beach and the hotel is still fenced off. And the golfcourse doesn't show any sign of reopening either.
So much for rumors.:biggrin:

It's also possible that the Monday of the reopening wasn't dated, so it could be any Monday. Something like "Manana":biggrin:

[Edited on 7-20-2009 by vandenberg]

JESSE - 7-20-2009 at 02:33 PM

Isnīt it strange. The Mexican goverment, that same goverment that is well known for flaking out of projects, leaving them half built, or going full ahead in one administration, only to have the next drop out. IN LORETO they are the complete opposite.

They can't say no, they keep pumping money into a losing development, they keep trying to make it something it never will, and magic!!!!!! regardless of whos president, each administration keeps supporting this losing project. Only explanation to me, somebody or many invested a ton of money on land around the place, or this is one of those bubbles you get to blow up and deflate (wich means you can pump and remove your money right when you want it).

Cypress - 7-20-2009 at 02:42 PM

Loreto Bay.:( How long are they gonna keep pounding sand down that rat hole?:?:

flyfishinPam - 7-20-2009 at 04:47 PM

Quote:
Originally posted by JESSE
Isnīt it strange. The Mexican goverment, that same goverment that is well known for flaking out of projects, leaving them half built, or going full ahead in one administration, only to have the next drop out. IN LORETO they are the complete opposite.

They can't say no, they keep pumping money into a losing development, they keep trying to make it something it never will, and magic!!!!!! regardless of whos president, each administration keeps supporting this losing project. Only explanation to me, somebody or many invested a ton of money on land around the place, or this is one of those bubbles you get to blow up and deflate (wich means you can pump and remove your money right when you want it).


I think you're on to something here. :light:

Don Alley - 7-20-2009 at 10:11 PM

Quote:
Originally posted by JESSE
...Only explanation to me, somebody or many invested a ton of money on land around the place...


I think Loreto Bay was buying Nopolo land peicemeal, and FONATUR still owns much of the surrounding land.

Ah, and I believe some of the property in the area is owned by a Dutch conglomerate.:lol:

vandenberg - 7-21-2009 at 11:27 AM

Quote:
Originally posted by Don Alley
Ah, and I believe some of the property in the area is owned by a Dutch conglomerate.:lol:



800 M2.....:biggrin::biggrin:

cajhawk - 7-22-2009 at 12:41 PM

Quote:
Originally posted by vandenberg
Quote:
Originally posted by Don Alley
Ah, and I believe some of the property in the area is owned by a Dutch conglomerate.:lol:



800 M2.....:biggrin::biggrin:


Loreto Bay was purchased on a rolling option basis, so they have purchased phases 1,2 and 3 (of 9) from FONATUR. FONATUR still owns the last 6 phases and I would think that the only value Loreto Bay Company would have to a new buyer is if the Mexican Government would allow the purchaser to take over the land contract. If the buyer is a Mexican National, I would doubt that Loreto Bay had a better deal than the purchaser would get directly from FONATUR.