www.CostaRicaTicas.com

I worked in that part of banking for a few years, and it looks like banks in Costa Rica follow the general rules for these types of loans as banks elsewhere. Reading the article it seems to be saying that the loans that have been propped up by government covid related payment deferrals are the concern. How many of those will go into default and then the next steps toward foreclosure. And that could relate to the HDR property, but my guess is that it is long past that stage and the losses are already booked. Losses are booked normally when payments are not being made, and the reserve for losses adjusted when the property is seized, and again possibly when it is finally sold or disposed of. Again, by the time the property is seized and becomes an asset the loan will have been totally written off, and when the property finally sells the proceeds are straight income to the bank.

Remember, the old HDR closed suddenly before the pandemic and was then in the process of re-development as a "family friendly, long stay hotel". Presumably, the old ownership interests lost all assets and the loan and government encumbrances were worked through then. About that time, the domain 'avenidadelrey.com' crops up with the old 'delreyhotel.com' merely serving as a utility name server. This would jive with new the new business model speculated on at that time; a complex with lodging, retail, entertainment, etc. Even a 'cultural center' across the parking lot. Then came COVID. Everything stopped and the property began gathering dust and cobwebs. The new owners would be those seeking forebearance and floating rumors of an imminent opening to generate cash flow. This might send the government and public banks into 'nod, nod, wink, wink, say no more' mode.

Also, keep in mind that the grant to convert the Key Largo / Del Mar property was only $300K. Nothing has been happening with that property either, not even banner. The list of needed improvrments just to bring it to code has been growing. No doubt the available funds have been shrinking.

Lastly, don't assume public CR banks follow the same rules as other private international banks. The publicly owned banks here take measures to support the Central Bank such as buying government bonds when nobody else will.

I could be wrong, December 1st is only 3 weeks away. Winter is coming....

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If you lose your temper you’re phucking yourself - Garcia Marquez

All could be this way...in any case it does not seem that likely that it will open back up in some similar manner to the past. Who knows though. It probably makes most financial sense if it did, but time only will tell us.

Shit, I completely missed those words, but now that you mention it, that would explain the new bobsled course going up on Arenal......

Read on another forum a post from a reliable poster that he walked by the HDR a few days ago and he saw workmen putting up Christmas decorations inside. Sounds like they are planning to open in some form. Haven't heard if they are booking rooms yet. It would be great even if they had only the old bar up and running. If they build it, we will come.

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" Omit no happy hour that may give furtherance to our expedition."

Only 35 more drinking days until Christmas.

https://www.diarioextra.com/Noticia/det ... brir-local

No rooms, bar only.

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If you lose your temper you’re phucking yourself - Garcia Marquez

Dang, more CR red tape. 36 days including Christmas.

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" Omit no happy hour that may give furtherance to our expedition."

Article says it was closed previously for the same thing. Does anyone recall it ever being closed before?

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Bring on the dancin' girls and put the champagne on ice. -Bon Scott

Costa Rica: We make easy, hard........

Hoe Dog koo koo ka choo

My speculation is that the first time was immediately before the pandemic after Big John's girlfriend & heir ran it into the ground. At that time Annex Gran Hotel Sociedad Anónima, which covers Hotel El Rey, owed 213,547,052 colones in CCSS fees. This got cleared sometime after July 20 2020. Then the Jaco hotel boys started planning the remodel / repurposing of the property into the long-stay "family friendly" project. I further speculate this ran into some problems and the yellow tape went up again around October of this year.

There is no ignoring there are rumors on the street of a December 'return to glory', after all why would some drunks, hookers, uber drivers, and RockinRob's brother make this shit up? Perhaps a cooler full of beer and a crock pot of Swedish meatballs? I've got my mistletoe belt buckle all shined up and ready to wear if it happens.

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If you lose your temper you’re phucking yourself - Garcia Marquez

A couple things. We all know if it is print then it is true. Secondly my brother would never fold for a mere case of beer and swedish meatballs...there would need to be a bottle of 15 year old single malt and a couple Monte Cristo White cigars thrown into the mix. That being said I hope that the DR does open in December so at least Boynton can get his mistletoe belt buckle polished for Christmas.

DR opened or closed, hovia has promised a Christmas polishing. FYI - my home bar is well stocked with Laphroiag 10yr. I prefer Islay malts and 20yr Tawny Ports.

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If you lose your temper you’re phucking yourself - Garcia Marquez

Oh, Phuck! If only that were true.

(in Mandy Patinkin voice) I do not think that means what you think it means

https://hoteldelrey.com/ The Website is working. They're either messing with us or there are plans to reopen. I will break up with my GF (or not even say a word ) and venture into the belly of the beast if they're reopening. Too many good memories here.

So who has tried to book a room through the website or looked for contact information to call and check the hotel status?

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I aim to misbehave. -Capt. Malcolm Reynolds