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Sustainable Luxury Resorts in the Outstanding Natural Environments of Belize
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Table of Contents
6 Introduction9 Geneva International, LTD10 Belize: Country Information13 Tourism: World / Region / Belize17 Tourism: Luxury Eco21 Belize: Current Real Estate Market Conditions24 Yum Balisi Concept26 Island Resort 31 Island Vision Plan33 Beachfront Resort 35 Mountain Resort 37 Planning and Schedule38 Development Options (Exit Strategies)39 Existing Conditions and Site Prep Site Plan
APPENDIX:
A1 Yum Balisi Resort LocationsA2 Belize Tourism StatisticsA3 Belize Resort Rate CompsA4 Belize World Heritage Locations and DiscussionA5 Hurricane StatisticsA6 Doing Business in BelizeA7 Permitting AgenciesA8 ArticlesA9 Sources
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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 low-impact 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 2007. American and Canadian baby boomer markets (over 78 million currently in the US – US Census) are maturing and are expected to peak in 2012. 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
Introduction
“Accessible high-quality property in and around the world’s best natural envi-ronments is getting harder to find.”
Recognizing these trends, Geneva Interna-tional is launching Yum Balisi, a resort consor-tium in Central America, one of the Americas last remaining natural won-derlands with one of the fastest growing tourist markets.
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Introduction
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 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
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 thought-ful development plans and the use of leading edge building and operating techniques that preserve the areas special characteristics and are sensi-tive to the indigenous traditions.
Belize is fortunate enough to possess a very diverse cul-ture, 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
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.
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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
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
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.
Introduction
This development flexibility lets Yum Balisi develop the proper-ties 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
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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 long-term 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 grow-ing 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 environmen-tal 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 low-impact 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.
Geneva International, LTD.
Belize Advisory Committee
The Fund Manager has established an Advisory Commit-tee to provide local market insight and strategic invest-ment guidance during the term of the fund.
The Advisory Committee consists of American and Be-lizean representatives each with significant experience in land acquisition, property development, resort operations and government. The combined experience of the Adviso-ry Committee at this time represents over $300 million of Belizean resort operations, development and construction.
Bradley Paumen - Belize Land OwnerRamon Nunez - Belizean Hotel OwnerDoug Denny - Belize Hotel OperatorAron Loewen - Belizean Contractor
David Culberson - International Resort Developer
www.genevainternationalltd.com
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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 1854. Territorial disputes between the UK and Guatemala delayed the independence of Belize until 1981.
Belize is extraordinarily diverse in both physical features and culture. 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 FRainfall varies from less than 50”/ year in the north to over 170”/year in the southern high elevationsRainy season is generally June -October
Size:total: 22,966 sq km (8,866 sq mi) land: 22,806 sq km water: 160 sq kmLength – 174 milesWidth – 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 DemocracyMember of the Commonwealth of NationsHead of State: Prime MinisterLegislative 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 1999-2007. Oil discoveries in 2006 bolstered the economic growth in 2006 and 2007.
Transportation:Airports – 44 (Paved -4)
International Airport: Philip S. Goldson International Airport in Belize City. Expansion plans to be fully completed by 2015.
Roads – 1,783 mi (Paved – 303mi)
Approximately 1/3 of Belize is protected through Federal Parks and NGO Reserves.
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Tourism: World/Regional
World Tourism Statistics
• 898millioninternationaltouristarrivalsin2007(6.5%growthperyearbetween 1950-2007)
• InternationalTourismReceiptstotaledUS$733billion,orUS$2billiona day, in 2006
• Tourismrepresentsaround35%oftheworld’sexportsofservicesandover 70% in Least Developed Countries (LDCs)
• 1.6billionforecastinternationaltouristarrivalsworldwideby2020
Emerging Tourism Markets – The Coming Economic Boom
• Internationaltourisminemerging&developingmarketshasgrownat an average rate of 6-8% over the past decade. Twice the rate of industrialized countries.
• Tourismisacrucialcontributortothesecountries’income-upto70%for the world’s poorest countries.
• DevelopmentfinancingfromglobalTrade;PovertyAlleviationandClimate 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.
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%.
“898 million international tourist arrivals in 2007 (6.5% growth per year between 1950-2007)”
“Central America achieved by far the best result, with an 11% increase”
“1.6 billion forecast international tourist arrivals worldwide by 2020”
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Costa Rica – (A Sustainable Tourism Success Story)
Twenty years ago the Government of Costa Rica chose tourism as its pri-mary 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 world-wide 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.
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 coun-tries, and above other popular travel des-tinations such as Mexico (210), Dominican Republic (380), and Brazil (30).
In terms of 2008 Travel and Tourism Competitiveness Index (TTCI), Costa Rica reached the 44th place in the world rank-ing, 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).
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 consid-ering 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 re-sources pillar.
Tourism: World/Regional
Selected Central America and Caribbean Tourist Statistics
SelectedCountries
Arrivals2006
(x1000)
Receiptsper arrival
2006(USD)
Receiptsper capita
2005(USD)
Tourismrevenues
as %(GDP)
% Direct & indirect
employment in tourism 2005
Bahamas 1,600 1,293 6,288 34.1 68.7
Belize 251 1,166 97 24.1 13*
Barbados 552 1,385 2,749 29.2 55.3
Brazil 5,019 860 18 0.5 7.0
Chile 2,276 533 73 1.9 6.8
Costa Rica 1,725 944 343 8.1 13.3
Cuba 2,150 994 169 n/d n/d
Dominican Republic 3,965 956 353 18.8 19.8
Jamaica 1,679 1,124 530 21.6 31.9
Mexico 21,353 570 103 1.6 14.2
Panama 843 1,139 211 6.3 12.9
*Direct Tourism Employment
Promoting the country’s natural environments through sustainable development has been a phenomenal success. 128,000 Costa Rican families are involved with eco-tourism.
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Tourism: Belize
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 2008. Europeans comprise about 13% of all over-night 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 2008.
Tourist expenditures are in line with other high quality des-tinations 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 inter-est 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 attract-ing 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 develop-ment in Belize.
Transportation and accessibility are important to tourism promotion and sustainability in Belize. Inter-national 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 develop-ment. This cannot be done solely on a gov-ernment level.
Geneva International plans to set a prime ex-ample of luxury sustainable tourism develop-ment 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 sus-tainable destination.
The inevitable increase in tourism throughout Central America, the unspoiled, natural attractions (30% 0f Belize is Preserve
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.
Presently, Delta, American, US Air, and Continental serve Belize.
Accessibility needs to be accompanied with tourism planning that helps preserve cultural heritage and promote sustainable development.
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Tourism: Belize
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.
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% 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.
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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.
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:
•Minimizesnegativeeconomic,environmentaland social impacts.•Generatesgreatereconomicbenefitsforlocalpeople and enhances the well being of host communities. •Makespositivecontributionstotheconservation of natural and cultural heritage embracing diversity.•Providesmoreenjoyableexperiencesfortouriststhroughmore meaningful connections with local people, and a greater understanding of local cultural, social and environmental issues.• Isculturallysensitive,encouragesrespectbetweentouristsandhosts, 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
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 eco-brand.
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.
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.
The two things needed most to satisfy this demand is – high quality environments, and appropriate level of consumer services.
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Tourism: Luxury Eco
From a developer’s perspective, there are many economic, social, environmental, and even institutional benefits of sustainable development:
•Uniqueproductwithexclusivemarketniche•Reduceddesignandcapitalcosts• Increasedmarketvalue• Increasedprofitpointswithintheresort•Reducedoperatingcostsoverthelifeofthebuildings•Reducedbuildingfootprint•Streamlinedapprovalprocess•PartnershipswithNGO’sandfunding
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.
Luxury and comfort brings the guest the first time – a unique, meaningful experience brings them back.
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.
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Tourism: Luxury Eco
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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 2005 – 2007. 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
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.
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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 number of available condo units small, relative to the busier Mexican and Costa Rican markets, these units should eventually sell out.
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.
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.
Belize: Current Real Estate Market Conditions
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.
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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.
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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:
• ItsofficiallanguageisEnglish• Thepoliticalclimateisverypro-tourism• Easytodobusinessandgainfee-simpletiletoproperty• DirectflightsfromtheUS• Worldclassdivingandflyfishing• SevenWorldHeritagesites• Mayanruins(Therearemoreunearthedancientruinsthanmodern
homes in Belize)
• Broadleafmountainforests• ThelargestbarrierreefintheWesternHemisphere• LargestpopulationofWestIndianManateeintheworld• Afriendlymulti-culturalpopulation• Oneofthelargestjaguarpopulationsintheworld,secondtothe
Amazon Basin• 30%ofthecountryisprotected
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:
• Aprivateisland–YumBalisiIslandResort• Alocalbeachfrontvillage–YumBalisi
Beach Resort• Amountainbroadleafforest-YumBalisi
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 nation-wide infrastructure or a substantial increase in the number of tourists. Any one or all phases of the Plan can be implemented immediately.
Yum Balisi Concept
“The Yum Balisi Concept is steeped in diversity”
“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”
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Yum Balisi Concept
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.
• SecondHomeOwnershipCapability – 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.
• CulturalPrograms – 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.
• DiverseExperienceOpportunity– 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.
• SenseofCommunity – 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.
• YearroundDemand – 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.
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.
26
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 Mesoamerican Barrier Reef System that stretches from northern Yucatan, Mexico, south along the entire eastern shores of Belize, through Guatemala to the tip of Honduras. This is the largest 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 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.
Yum Balisi: Island Resort (Phase I)
The Island Resort will be a 42-acre island locally known as Cat’s Caye
“The waters around the island are teaming with over 500 species of fish”“Located in the group
of islands called the South Water Caye Marine Preserve (recently dedicated as a World Heritage Site - UNESCO)”
27
Yum Balisi: Island Resort (Phase I)
Project Overview
The island will have 4 main components:
• Afishing/diving/sailingcenter• Anenvironmentallyfriendlymarina• A40-unitbeachfrontcottageresort• Aninterpretiveeco-villagethatemphasizeslocalculture,
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:
• Pilingfoundations• Category4Hurricanedesignandfastenings• ConcretepostandbeamsystemsincorporatedwithlocalBelizean
woodcraft finishes• RaisedelevationstotakeadvantageofTradeWindsandpreserve
vegetation• Cisterncapacitybelowmoststructurestocollectrainwater• Erosioncontrolmeasuresthatexceednationalcodes• Useoflocalmaterialandlabor• Relativelysmall,superblydesignedunitsthatdonotuserawmaterials
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:
• Cocoplum• SeaGrape• GumboLimbo• Buttonwood• Thatchpalm• Variouspalmsincludingthethatch,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, non-chlorine and ionization fresh water pools will be available
for resort guests. Additionally, shallow water natural swimming areas and moored sunning rafts will be constructed at selected shoreline areas so guests can enjoy the water and sun. The 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
Less than 5% of the island will be used for the resort footprint.
“20 side by side duplex cottages (40 rooms) will be placed on the south and east shorelines”
“Classic Caribbean and Mayan design”
“Category 4 Hurricane design and fastenings”
“Erosion control measures that exceed national code”
“reforested with indigenous plants”
28
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 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 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.
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.
“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 natural harbor on the north side of the island will be used as a marina for permanent and short-term transient boats.
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.
Storm damage and erosion mitigation• Designthestructuressothatroofsdonothavelargeoverhangs
(up-lift).• Liberaluseofhurricaneshutterswithproperlydesignedhardware.• Palapasroofs,ifused,fairbetterthansolidroofsbecausethereisno
pressure difference between the inside and outside of the structure.• Hurricaneclips,straps,andhangarswillbeusedthroughout.• Mostbuildingswillbebuiltabovetypical100yearfloodline
(1 ½ - 2 meters)
• Materialsusedforconstructionwillbeabletowithstandusualwaterdamage - no sheetrock, no laminated wood in floors or cabinetry, etc.
• Mangroveswillbeleftinplaceatthecoastlineexceptforthreeorfoursmall (10’) openings for snorkel and natural pool entry.
• Nodredgingorexcavationofsurroundingprotectivecoral.• Marinadocksdesignedtobemovedontoland.
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.
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:
• Watersavingdevices(Dualflushtoilets,etc.)• Powerconsumption(CFLbulbs,LEDnightlights,roomuse
monitors, etc.)• Investigatetheuseofbamboolinensandotherhighly
renewable resource uses• Setupsustainablefooddirectives• InsectcontrolthroughBTproducts(bacillusthuringinsis)and
other environmentally safe systems• Compostingandrecyclingprograms• Lessuseofplasticcontainersbyprovidingforand
encouraging reusable containers• Usebiodegradablecleaningliquidsandcoralfriendlysun
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
31
Page Title
32
33
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 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
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.
naming Hopkins “The Friendliest Village in Belize”
Several small hotels and villas successfully operate in Hopkins, including Hamanasi and Jaguar Reef.
“Land is hard to find”
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.
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 from nearby resorts, the Center should give Hopkins a tool that will help it remain the “Friendliest Village in Belize”.
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.
Saving valuable mangroves on the south side of the property, a few of the rooms are being planned to be built over the water.
The tip of the peninsula will remain a mangrove sanctuary for nesting birds and sea life.
Strong emphasis will be on local cultural heritage preservation.
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. 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 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.
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”
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.
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 opera-tion policies. A mountain resort will offer Yum
Balisi guests a destination that com-pletes the Belize experience.
37
Planning and Schedule
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.
Planning and development schedule
Phase I (All Three Resorts) - (6 - 8 months)April 2008 – October 2008
• Identifyandsecuretheproperties• Analyzemarketandenvironmentalconditions• Hirelocalandinternationalconsultantswhocanprovidevaluable
expertise• CreateResortConceptPlan• Createpreliminarymasterplans(VisionPlan)• AssessenvironmentalandsocialeconomicimpactsofthePlanned
Project• CreatelogisticalfinancialandpracticalprojectPhasing• PlanandCompleteshort-termimprovements• Secureentitlements• CompleteMasterPlan• ProvideDevelopmentandMarketingPlan• IdentifyFundingSources
Phase II (Island Resort Only) - (3 months) November 2008 – January 2009
• Finalizeworkingdrawings• IdentifyContractors• StartnegotiationswithBoutiqueHotelgroupforpossiblesale,lease
or partnership• Setupmanagementcompany• Setupsalesandmarketingoffices(iffractionalownershipisoffered)
Phase III – (18 Months) February 2009 – July 2010
• ConstructionoftheYumBalamislandresort• FinalizeworkingdrawingsandpermitsfortheMainlandBeachResort
and the Mountain Resort• IntegratemanagementcompanyandmarketingofficeintotheBeach
and Mountain Resort planning and sales
Extensive research in Belize, with local expert consultation, is on-going and will continue throughout the life of the project.
38
Development Options
Partially based on the following data, Geneva International believes that its Yum Balisi Resort Concept is a sound business opportunity:
• Tourismisthelargestbusinesssectorintheworldeconomy,repre-senting 10% of the GDP worldwide
• Therewere800milliontouristsworldwidein2007isexpectedtoincrease to 1.6 billion by the year 2020
• CentralAmericaisoneofthefastestgrowingtouristareasintheworld
• Nature tourism is growing 3 times faster than the tourism industry as a whole
• TheBelizemarketisinitsadolescenceandispoisedforthedevelop-ment of sustainable luxury resorts
• TheBelizeGovernmentisverystable,supportsforeigninvestment,and supports sustainable tourism
• GenevaInternational,alongwithitspartnersandconsultants,hastheability 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 pres-ents 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.
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.
39
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 man-grove 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 under-way.
Existing Conditions and Site Prep Site Plan
Work Item Budget Schedule
Trash that has drifted onto the island over the years is being re-moved. Trash will be monitored monthly.
$2000 On-Going
A few unsightly dead trees left over from clearing are being re-moved.
$1000 30 days
Existing silt fence is being repaired and new fence will be added as needed.
$1500 30 days
Fishing shack is being repaired for use as an open-air meeting place while visiting the island
$3000 60 days
The existing dock is being repaired for use $1000 60 days
Openings to the small and the large lagoon (future transient and deep-water marinas) are being made slightly larger to accommo-date sailing and sport fishing vessels
$10,000 90 days
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 area.
$3000 45 days
1,000 – 5,000 yards of sand will be brought in and placed in the low areascreated by the organic dredge material
$100,000 90 days
Hundreds of littoral forest trees(gumbo limbo, sea grape, coco plum, palms) will be planted to start the re-forestation program and to helpprevent sediment runoff.
$10,000 90 days
A small section of raised walkway will be built as an example of the proposed walkway system. (200’)
$10,000 90 days
40
Existing Conditions and Site Prep Site Plan
A1
APPENDIX: Yum Balisi Resort Locations
A2
APPENDIX: Belize Tourism Statistics
A2
APPENDIX: Belize Resort Statistics
A3
APPENDIX: Belize Resort Rate Comparison
NIGHTLY RATES
Kanantik Reef & Jungle Resort (South of Hopkins):Rooms only - $300 doubleAll inclusive - $402
Jaguar Reef (Hopkins Beach front):$220 - $325 plus extras (double)
Hopkins Bay (Villas):Varied - $360 (double)
Coco Plum – (Island)$220 + per person
Blue Horizon (Island - Fishing)$300 per person
Caye Chapel (Island)$300 – Single Room$1700 – Villa (3 bdrm)
Chaa Creek – (Mountain Luxury Eco-lodge)$200 per person$500 per villa (up to 4 people)
Hamanasi – (Hopkins Beach)$200 - $375 double
Laru Beya – (Placencia Resort)$140 single room / $520 villa
A3
Turtle Inn – (Coppola Resort - Placencia)$325 - $2100 single
Blancaneaux - (Coppola Mountain Resort)$310 - $1200 single
Cayo Espanto – (Private Island near San Pedro)$1200 - $2300 double all inclusive
Victoria House – (Classic Resort in San Pedro)$250 single room / $1250 3 - bdrm villa
Caye Winds – (San Pedro Villas)$1200 villa
Roberts Grove – (Placencia Condo/Hotel)One bdrm - $295Three bdrm - $900
APPENDIX: Belize Resort Rate Comparison
APPENDIX: World Heritage Locations & Discussions
A4
World Heritage SiteFrom Wikipedia, the free encyclopedia
A UNESCO World Heritage Site is a site (such as a forest, mountain, lake, desert, monument, building, complex, or city) that is on the list maintained by the international World Heritage Program administered by the UNESCO World Heritage Committee, composed of 21 state parties which are elected by the General Assembly of States Parties for a four-year term.
The program catalogues, names, and conserves sites of outstanding cultural or natural importance to the common heritage of humanity. Under certain conditions, listed sites can obtain funds from the World Heritage Fund. The program was founded with the Convention Concerning the Protection of World Cultural and Natural Heritage, which was adopted by the General Conference of UNESCO on November 16, 1972. Since then, 185 states have ratified the convention.
As of 2008, 878 sites are listed: 678 cultural, 174 natural, and 26 mixed properties, in 145 states. Italy is home to the greatest number of World Heritage Sites (43) to date. UNESCO references each World Heritage Site with a identification number; but new inscriptions often include previous sites now listed as part of larger descriptions. As a result, the identification numbers exceed 1200 even though there are fewer on the list.
Each World Heritage Site is the property of the state on whose territory the site is located, but it is considered in the interest of the international community to preserve each site.
Belize Barrier Reef Reserve System
Serial ID Number Name & Location Coordinates Area Date Inscribed
764-001 Bacalar Chico National Park and Marine ReserveBelize
0 Ha 1996
764-002 Hol Chan Marine ReserveBelize
0 Ha 1996
764-003 Half Moon Caye Natural MonumentBelize
0 Ha 1996
764-004 South Wather Caye Marine ReserveBelize
0 Ha 1996
764-005 Glovers Reef Marine ReserveBelize
0 Ha 1996
764-006 Laughing Bird Caye National ParkBelize
0 Ha 1996
764-007 Sapodilla Cayes Marine ReserveBelize
0 Ha 1996
United Nations - Updated 27 June 2008United Nations - Copyright © 1992-2008 UNESCO World Heritage Centre
A5
Since 1889, the year records were started, 20 hurricanes and 31 tropical storms have hit Belize.
17 of the 20 hurricanes were in September and October.
Because the coastline of Belize is less than 200 miles long and partly because of the mountainous terrain in central and southern Belize, hurricane frequency in Belize is significantly less than in the US.
Odds of a hurricane hitting Belize in a given year – 17%Odds of a hurricane hitting Florida in a given year – 68%Odds of a hurricane hitting the Gulf Coast of the US – 67%Odds of a hurricane hitting the East Coast of the US – 47%
Hurricanes with direct impact since 1951: 1961 = 2 1971 = 1 1974 = 1 1978 = 1 2000 = 1 2001 = 1
( H for hit, T for light touch)
1945 - 2 un-named 1950 - 1953 None 1954 - Gilda (T) 1955 - 1959 None 1960 - Abby (TS) 1961 - Anna (H), Hattie (H) 1962 - 1968 None 1969 - Francelia (H) touching the southern tip of Belize 1970 - None 1971 - Chloe (T), Edith (H), Laura (T) 1972 - 1973 None 1974 - Fifi (H), Carmen (H) touching the northern Tip of Belize 1975 - 1976 None 1977 - Freida (T) 1978 - Greta (H) 1979 - None 1980 - Hermine (T) 1981 - 1992 None 1993 - Gert (T) 1994 - 1999 None 2000 - Keith (H) 2001 - Iris (H), Chantal (T) touching the northern tip of Belize 2005 - Emily (T), Wilma (T)
APPENDIX: Hurricane Statistics for Belize
A6
APPENDIX: Doing Business in Belize
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COMPARING REGULATION ACROSS 32 ECONOMIES AND WITH 178 ECONOMIES
A6
APPENDIX: Doing Business in Belize
36
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107
( SID
S 21
)
Proc
edur
es (n
umbe
r)9
Exte
nt o
f disc
losu
re in
dex
(0-1
0)3
Tim
e (d
ays)
44Ex
tent
of d
irect
or li
abili
ty in
dex
(0-1
0)4
Cost
(% o
f inc
ome
per c
apita
)53
.1Ea
se o
f sha
reho
lder
suits
inde
x (0
-10)
6M
inim
um c
apita
l (%
of i
ncom
e pe
r cap
ita)
0.0
Stre
ngth
of i
nves
tor p
rote
ctio
n in
dex
(0-1
0)4.
3
Dea
ling
with
lice
nses
(ran
k)3
(SID
S 2)
Payi
ng ta
xes (
rank
)47
( SID
S 13
)
Proc
edur
es (n
umbe
r)11
Paym
ents
(num
ber p
er y
ear)
41Ti
me
(day
s)66
Tim
e (h
ours
per
yea
r)14
7Co
st (%
of i
ncom
e pe
r cap
ita)
18.5
Pro�
t tax
(%)
21.6
Labo
r tax
and
cont
ribut
ions
(% o
f pro
�t)
7.0
Empl
oyin
g w
orke
rs (r
ank)
28 ( S
IDS
12)
Oth
er ta
xes (
% o
f pro
�t)
2.2
Di�
culty
of h
iring
inde
x (0
-100
)22
Tota
l tax
rate
(% o
f pro
�t)
30.8
Rigi
dity
of h
ours
inde
x (0
-100
)20
Di�
culty
of �
ring
inde
x (0
-100
)0
Trad
ing
acro
ss b
orde
rs (r
ank)
116
( SID
S 28
)
Rigi
dity
of e
mpl
oym
ent i
ndex
(0-1
00)
14D
ocum
ents
to e
xpor
t (nu
mbe
r)7
Non
wag
e la
bor c
ost (
% o
f sal
ary)
4Ti
me
to e
xpor
t (da
ys)
23Fi
ring
cost
(wee
ks o
f sal
ary)
24Co
st to
exp
ort (
US$
per c
onta
iner
)1,
800
Doc
umen
ts to
impo
rt (n
umbe
r)6
Regi
ster
ing
prop
erty
(ran
k)11
3 ( S
IDS
18)
Tim
e to
impo
rt (d
ays)
26Pr
oced
ures
(num
ber)
8Co
st to
impo
rt (U
S$ p
er c
onta
iner
)2,
130
Tim
e (d
ays)
60Co
st (%
of p
rope
rty
valu
e)4.
7En
forc
ing
cont
ract
s (ra
nk)
170
( SID
S 30
)
Proc
edur
es (n
umbe
r)51
Get
ting
cred
it (ra
nk)
84 (S
IDS
6)Ti
me
(day
s)89
2St
reng
th o
f leg
al ri
ghts
inde
x (0
-10)
7Co
st (%
of c
laim
)27
.5D
epth
of c
redi
t inf
orm
atio
n in
dex
(0-6
)0
Publ
ic re
gist
ry co
vera
ge (%
of a
dults
)0.
0Cl
osin
g a
busi
ness
(ran
k)24
(SID
S 3)
Priv
ate
bure
au co
vera
ge (%
of a
dults
)0.
0Ti
me
(yea
rs)
1Co
st (%
of e
stat
e)23
Reco
very
rate
(cen
ts o
n th
e do
llar)
63.5
CO
UN
TRY
PRO
FILE
BELIZE
SIN
GAPO
REST
. VIN
CEN
T &
THE
GREN
ADIN
ESAU
STRA
LIA
UNIT
EDST
ATES
NEW
ZEAL
AND
UNIT
EDKI
NGD
OM
NEW
ZEAL
AND
MAL
DIV
ESSI
NGA
PORE
HON
G KO
NG
CHIN
AJA
PAN
Beliz
e
Rank
ing
BEST
(1)
Wor
st (1
78)
59
116
283
113
84
107
47
116
170
24
1 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
105
110
115
120
125
130
135
140
145
150
155
160
165
170
175
180
Ease
of
doin
gbu
sines
s
Deal
ing
with
licen
ses
Empl
oyin
gw
orke
rsRe
gist
erin
gpr
oper
tyGe
tting
cred
itPr
otec
ting
inve
stor
sPa
ying
taxe
sTr
adin
gac
ross
bord
ers
Enfo
rcin
gco
ntra
cts
Clos
ing
abu
sines
sSt
artin
g a
busin
ess
Bel
ize
59
116
3 28
11
3 84
10
7 47
11
6 17
0 24
APPENDIX:
A7
APPENDIX: Permitting Agencies
Belize Coastal Activities and Responsible Agencies
Activity Agency
Dredging / Mining Geology and Petroleum Dept. (GPD)
Land Filing / Reclamation GDP&LandsandSurveyDept.
Pier, Seawall, Groyne and Other Construction
Lands and Survey Dept.(Physical Planning Section)
Mangrove Clearance Forest Dept. (Mangrove Unit)
SubdivisionsLand Utilization Authority
(Physical Planning)
Pollution, Environmental Clearance,&EnvironmentalImpactAssessment
Dept. of the Environment
APPENDIX:
A8
Top Ten Luxury Travel and Lifestyle Trends for 2008The urge for self expression will spread while a new ethical and environmental consciousness will take an even firmer hold.http://www.hospitalitynet.org/news/154000320/4033953.html
Upscale Tourists Hunger for ‘Eco-Luxurious’ Experienceshttp://www.usatoday.com/travel/destinations/2008-02-14-upscale-costa-rica_N.htm
Green Luxury Packages at FairmontTheResort&HotelChainOffersSeasonalSustainableTravelPackageshttp://luxuryresorttravel.suite101.com/article.cfm/green_luxury_packages_at_fairmont
Hilton Hotels Corporation Announces Global Sustainability Goalshttp://www.hotelinteractive.com/article.aspx?articleid=10695
Four Elite Island Resorts’ Properties Earn Green Certificationhttp://www.hotelinteractive.com/article.aspx?articleid=10399
Luxury Hotel Sales Declinedbut average price per room rose from $443,000 to $479,000.http://www.reuters.com/article/pressRelease/idUS160229+08-Apr-2008+PRN20080408
Cornell Panel: Sustainability Key PriorityAccording to the International Ecotourism Society, more than two-thirds of U.S. travelers consider “active protection of the environment, including support of local communities,” to be part of a hotel’s responsibility, while 70% would pay a premium to stay at a hotel with “a responsible environmental attitude.” With such consumer passion as their guide, luxury hotels and resorts are going green with programs and amenities that help protect the globe.http://www.hotelsmag.com/article/CA6552370.html?industryid=47566
Caribbean, Mexico, Central America Construction Peakinghttp://www.hotelsmag.com/article/CA6565516.html?industryid=47567
Luxury Hotels Breaking a Million-Dollar Barrierhttp://www.nytimes.com/2006/10/29/realestate/commercial/29sqft.html
Fishing on a Belizean Island and Enjoying a Nice Dayhttp://www.nytimes.com/2007/05/19/sports/19outdoors.html?_r=1&oref=slogin
New Agreement Works to Balance Belize’s Cruise Ship Tourism and Conservationhttp://www.eturbonews.com/2476/new-agreement-works-balance-belizes-cruise-sh
APPENDIX: Articles
APPENDIX:
A8
EcoLuxury Launches New Travel Website in Response to Rising Occupancy RatesEcoLuxury has come up with a new website, ecoluxurylodging.com, featuring listings for green and hypo-allergenic vacation rental properties, green products guests often take home with them, and do-it-yourself guides for greening vacations and homes.
UN Promotes Sustainable Tourism at World Heritage Sites UNESCO World Heritage Sites must be treated as an integral part of the tourism product as they face up to future challenges. The ever-growing number of international and domestic tourists who are attracted to these emblematic destinations can also be a threat to their conservation. “Heritage sites cannot be managed in isolation. Tourism functions through a long supply chain and there is a range of transportation, accommodation, information and tour operation services that are delivered before a tourist actually arrives at the gate of a heritage site; tourism can be influenced at any of these points”,
Investing in Real Estate in BelizeReal estate in Belize has increased in value at an impressive rate in the past five years. Investment by Canadians and Europeans, accompanied by potential upcoming direct flights from Europe, is likely to increase the area’s popularity further.http://www.nuwireinvestor.com/articles/investing-in-real-estate-in-belize-51782.aspx
APPENDIX: Articles
A9
1. The United Nations World Tourism Organization
2. World Economic Forum
3. International Ecotourism Society (TIES)
4. Coastal Zone Management Institute – Belize
5. Government of Belize
6. Belize Tourism Board
7. CIA World Fact Book
8. The Nature Conservancy – Belize
9. Holocene Sediments of the Belize Shelf – Jordan 2002
10. UNESCO
11. World Bank
12. Hotel Magazine
APPENDIX: Sources
