SOURCE: Grupo Mariana S.A. | Nicaragua

April 20, 2011 14:23 ET

Festive Groundbreaking at Seaside Mariana Signals Official Beginning of Construction on Pacific Coast Community

MANAGUA, NICARAGUA--(Marketwire - Apr 20, 2011) - After four years of meticulous planning, an innovative resort community, Seaside Mariana, is beginning to rise on a 923-acre site on Nicaragua's Pacific Coast, with the official groundbreaking held on March 18. Local and national dignitaries, property owners and representatives of developer Grupo Mariana gathered on the beach to celebrate the long-awaited start of construction on the project that will feature a range of residential offerings, a Jack Nicklaus Signature Golf Course, Wyndham Hotel & Casino, town center and spa, and a full range of amenities.

"It was indeed a happy moment when we turned over the first shovelful of sand," said Kevin Fleming, chairman of Grupo Mariana. "We have worked tirelessly toward this and now can begin to demonstrate the vision that will create a very special community, which will have a profound impact on all of Nicaragua as it progresses."

In addition to the groundbreaking ceremony, a press conference was held to outline development at Seaside Mariana and the involvement of Wyndham Hotels & Resorts. Among those participating was Javier Chomorro, executive director of ProNicaragua, who stressed the growing status of Nicaragua: "We truly believe Nicaragua is a country of opportunity and on the right track for economic growth that offers unique windows of opportunities for those interested in living, investing and doing business in Nicaragua."

The project at Seaside Mariana is Wyndham's first in Nicaragua, according to Louis Alicea, Wyndham Worldwide's director of development for the Latin American and Caribbean region. The planned $30 million, 330-room Wyndham Nicaragua Resort & Casino will feature a beachfront Wyndham hotel and residential condominiums within the community's town center. For Grupo Mariana, the involvement of Wyndham Hotels & Resorts is further proof of its stated desire to showcase Nicaragua and position it as an evolving economic market that offers significant opportunities for investment. The country already is experiencing increasing international investment and steadily upward trends in tourism.

"We are very excited about the infusion of expertise, influence and international visibility the alliance with Wyndham Hotels & Resorts provides us," Fleming said. The alliance between Grupo Mariana and Wyndham Hotels & Resorts, he also noted, will help overcome the lingering misperceptions about Nicaragua and demonstrate the country is a promising place to visit, work and invest.

Also highlighted was the commitment of Grupo Mariana to reinvest 5% of each real estate transaction at Seaside Mariana back into the economic development of the surrounding area.

The special events were part of a four-day fact-finding tour for a contingent of North American visitors, including individuals who already have purchased property at Seaside Mariana. A day-long meeting included presentations and discussions on a broad range of topics, including Nicaragua's tourism and economic development, as well as detailed information on real estate acquisition in the country.

Grupo Mariana is involved in the development and sale of Nicaraguan real estate, the creation and management of authentic Nicaraguan hospitality experiences, and the export and promotion of Nicaraguan products. A core part of the company's mission is to reinvest in the country's growth and economic development.