The Blue Green Club. An excelent investment in Punta Cana

1. Investment Opportunity in Punta Cana:
Hotel Condominium for Golfers
June 2010
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2. CONTENT
Página
1. Executive Summary 3
2. The Project 7
3. Investment Opportunity Details 41
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3. 1. EXECUTIVE SUMMARY
Punta Cana at Dawn
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4. INVESTMENT OPPORTUNITY AT THE BLUE GREEN CLUB
Summary
1. The Dominican Republic is a democratic country since 1966, it has a growing economy (average
+6% during the last 10 years) and is the leading tourist country in the Caribbean with 4 million
international tourists.
2. Punta Cana, with close to 2 million tourists, is the main destination within the Dominican
Republic and is evolving from an “all inclusive” medium-high accommodation offer from Spanish
hotel chains to a high-end “all inclusive”, prestigious American brand hotel operators and luxury
boutique hotels.
3. Punta Cana offers 12 golf courses designed by well known international firms.
4. Punta Cana is very well connected by regular and charter flights with all main outbound tourist
markets.
5. New real estate resorts are being developed in Punta Cana with top of the market offer.
6. CANA BAY, the resort where our project is, has all the infrastructure finished, a NICKLAUS
DESIGN golf course and a HARD ROCK Hotel & Casino open to the public and a private Beach
Club for residents almost built.
7. Our project, THE BLUE GREEN CLUB, is a firm designed one: Antonio Imbert (Punta Cana) &
Artur Bossy (Barcelona).
8. We offer to invest in a Golf Hotel Condominium focused on golfers: designed and targeting this
market segment.
9. Our investment offer is reasonable for its unit price ($275-$300.000) and attractive for its
doubled profitability:
• Annual Hotel profitability around 10%
• Real Estate profitability estimated between a 25% (built project) and 75% (in 3-5 years)
10. We started construction of the project on February 2010…
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5. BLUE GREEN OFFERS AN INTERESTING INVESTMENT
OPPORTUNITY WITH TWO TYPES OF PROFITABILITY
Accumulated Profitability by Year of Selling
250
200
75
63
150 50
38
51
25 36
14 24
100 6
50 100 100 100 100 100
0
Año 0 Año 1 Año 2 Año 3 Año 4 Año 5
-50 -100
-100
Inversión Inicial Retorno Hotelero Plusvalía Inmobiliaria
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6. EXPLANATION OF THE ESTIMATED PROFITABILITY
Hotel Profitability: 10% per Year
• All units will be operated as hotel rooms
• Our target will be the golf market segment, specifically from North America
• Sales will come mainly by TT.OO. specialized in golf
• We estimate a hotel profitability between 5-15% during the first 5 years of operation
Real Estate Capital Gain: 25% short & 75% medium term
• We offer to buy at $2.000/m2 when the market value is $2.500/m2 once the construction
is finished (+25%)
• The selling price is equivalent to the project cost plus a “developer fee” (15%) being any
deviations assumed by the developer
• We estimate a future value of $3.500/m2 (+75%) in 3-5 years
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7. 2. THE PROJECT
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8. HOTEL CONDOMINIUM PLAYERS
The one who promotes the
Project Developer development of the project and
searches investors and hotel operator
The one who invests in / buys one or
Investor / Buyer several units for its future hotel
operation
The one who manages and operates
Hotel Operator the whole project as a Hotel on behalf
of the Condominium
Hotel Guest / The one who stays at the hotel by
Resident paying a rate for the use of its
installations
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9. MAIN PROJECT FEATURES
A strong brand related with the destination (Punta Cana) and the market target (golf)
• The Blue Green Club
A firm design:
• Antonio Imbert, architecture (www.simplesarquitectura.com)
• Artur Bossy, landscaping & interior (www.arturbossy.com)
A differentiated real estate accommodation concept
• Architecture style like the top of the market Punta Cana villas
• Local materials being used in the construction
• Landscaping design as important as the architecture
• Modern and comfortable interior design, all units are sold fully equipped, and
all buildings have access by elevator
• Hotel operation of the units and specific building designed for the Lobby,
Restaurant, SPA and social areas
• All the project has been designed thinking on the future guest of the Hotel: the
golf players
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10. Ocean is BLUE. BLUE is Paradise …
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11. … Paradise is GREEN. GREEN is Golf …
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12. … Golf is CLUB. CLUB is Good Relationships …
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13. INTRODUCING OUR BRAND:
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14. DISTANCE OF THE DOMINICAN REPUBLIC FROM THE MAIN
TOUIRST MARKETS
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15. PROJECT LOCATION & MAIN CONNECTIONS
Punta Cana International airport is at 27km.
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16. THE RESORT: CANA BAY Beach & Golf Resort
THE BLUE GREEN CLUB
HARD ROCK HOTEL
Private Beach Club
Entrance
Golf Club
NICKLAUS DESGN Golf Course
Our site is at Hole 6 Tee and 1.000m from the Beach Club
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17. THE DESIGN REFLECTS THE LIFE AND DOMINICAN ARCHITECTURE
The Caribbean:
- Relax life
- Good time
- “Simpatía”
- Outdoor living
Dominican Architecture:
- Cana Roofs
- Wood structures
- Piedra coralina
- Wood terraces
- Palm trees
- Deep vegetation
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18. MASTER PLAN
Design by Antonio Imbert
Bloque 1: 62 apartamentos y Lobby
Group of apartments managed A B
as a hotel (“rental pool”)
- Lobby building with
reception, restaurant & SPA
- All apartments fully furnished
and equipped Lobby C
- Elevators in all buildings
E
Two “bloques” of apartments.
One with higher category D
- Golf views
- Big terraces
- Majority apartments 2 B
bedrooms & 2 bathrooms
A
- One pool per “bloque”
- Spacious outdoor areas
B
Bloque 2: 16 apartamentos de mayor nivel
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19. LANDSCAPING
Design by Artur Bossy
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20. WHOLE PROJECT VIEW
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21. BLOQUE 1 APARTMENTS
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22. BLOQUE 2 APARTMENTS
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23. LOBBY BUILDING
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24. PERSPECTIVE FROM THE SPA AT THE LOBBY BUILDING
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25. CANA BAY BEACH CLUB
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26. INTERIORS
Nota: las ilustraciones son a efecto de mostrar solamente los espacios
interiores, no el tipo de decoración.
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27. 78 APARTMENTS & 6 DESIGN TYPES
Habitaciones
Nº de Nº de Tipo de
por
Apartamentos Habitaciones Diseño
Apartamento
Edificio A 28 2 56 Tipo 1
Edificio B 8 3 24 Tipo 2
Edificio C 6 2 12 Tipo 1
6 1 6 Tipo 3
Edificio D
8 2 16 Tipo 1
Edificio E 6 2 12 Tipo 1
SUBTOTAL BLOQUE 1 62 126
6 2 12 Tipo B
Edificio A
4 2 8 Tipo C
Edificio B 6 2 12 Tipo A
SUBTOTAL BLOQUE 2 16 32
Total 78 158
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28. APARTMENT TYPE 1 – 48 UNITS
2 Bedrooms & 2 Bathrooms
m2
Interior 94
Terraza 22
Hall Ext. 6
Total 122
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29. APARTMENT TYPE 2 – 8 UNITS
3 Bedrooms & 3 Bathrooms
m2
Interior 145
Terraza 26
Hall Ext. 9
Total 180
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30. APARTMENT TYPE 3 – 6 UNITS
1 Bedroom & 1 Bathroom
m2
Interior 64
Terraza 13
Hall Ext. 2
Total 79
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31. APARTMENT TYPE A – 6 UNITS
2 Bedrooms & 2 Bathrooms
m2
Interior 104
Terraza 63
Hall Ext. 9
Total 176
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32. APARTAMENT TYPE B – 6 UNITS
2 Bedrooms & 2 Bathrooms
m2
Interior 100
Terraza 43
Hall Ext. 9
Total 152
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33. APARTAMENT TYPE C – 4 UNITS
2 Bedrooms & 2 Bathrooms
m2
Interior 102
Terraza 73
Hall Ext. 9
Total 184
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34. THE PROJECT UP TO DATE
The developer is Julio Allés de Olives by the company ISLAND WEST CAPITAL INC (only shareholder)
Land
• Bought in 2007
• The land has 4 lots each one with its own Título de Propiedad
“Permisología”
• Permiso de construcción aprobado por CANA BAY desde 2008
• No objeción del Ayuntamiento de Higüey obtenida
• No objeción de SECTUR inminente
• Demás instancias a continuación ya que es normal en R. Dominicana obtener los demás permisos a medida que se
construye el proyecto
Construction: started in February 2010 bloque 1A (28 appartments)
• Contratista General: CONSTRUCTORA AYBAR (www.aybargroup.com)
Tax exemptions: Aprobación Previa de CONFOTUR and waiting for Aprobación Definitiva in July 2010
• Exención del impuesto de la renta for 10 years (income tax)
• Exención del impuesto en la primera transmisiones inmobiliaria (3%) (first sale)
• Exención del impuesto de la propiedad inmobiliaria (1%) (owner)
CANA BAY Beach & Golf Resort
• Urbanization Infrastructure finished
• Nicklaus Design Golf Course open to the public since march 2010
• Beach Club built at 70%
• The Hotel opened in 2009 as MOON PALACE (Mexican PALACE RESORTS) but will re-open as HARD ROCK HOTEL &
CASINO during summer 2010
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35. BLOQUE 1A CONSTRUCTION
June 2010
Vista de la obra desde el tee del hoyo 6
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36. VIEWS FROM THE PROJECT: TEES & FAIRWAY WHOLE 6
Nicklaus Design Golf, CANA BAY Resort, Punta Cana
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37. CAMPO DE GOLF NICKLAUS DESIGN
Open since March 2010
Nicklaus Design Golf, CANA BAY Resort, Punta Cana
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38. BEACH CLUB - CANA BAY
70% built
Club de Playa, CANA BAY Resort, Punta Cana Vistas desde el Club de Playa CANA BAY, playa Macao, Punta Cana
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39. HARD ROCK HOTEL & CASINO
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40. PROJECT TEAM
ISLAND WEST CAPITAL INC Directors
• Presidente: Julio Allés de Olives (Spanish)
- Business Owner – MNK Villas (www.mnkvillas.com)
- Former consultant at The Boston Consulting Group ( BCG) and THR International Tourism
Consultants
- General Manager of the Project
• Secretario: Bernardo Bagur Pons (Spanish)
- Businessman specialized in property construction and management
- Construction Manager of the Project
• Tesorero: Manuel Pacheco Berroa (Dominican)
- Director de Promoción de Inversiones Turísticas en SECTUR
- Responsible in all permissions related activities
Professional Services Hired:
• Project Architect: Antonio Imbert (www.simplesarquitectura.com)
• Landscaping and Interior Design Architect: Artur Bossy (www.arturbossy.com)
• Construction Architect: Arq. Técnico Joan Mas (14 years in Punta Cana)
• Cost Analysis and Budgeting: Ing. Ana Thomas de GRUPO PUNTACANA
Providers
• CONSTRUCTORA AYBAR (www.aybargroup.com)
• BAVARO IDEAS, logo,, web, brochures (www.bavaroideas.com)
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41. 3. INVESTMENT OPPORTUNITY DETAILS
3. 1. Project Cost & Selling Price ($/m2)
3. 2. Hotel Estimated Cash Flow Account
3. 3. Apartments for sale, Investment Packages and Estimated Profitability
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42. TOTAL PROJECT COST IS $1.700/m2
Includes land, construction, furniture, permissions and professional services
COSTE PROYECTO ($/m2 VENTA)
$2.000
$1.800
$238
$1.600 $238 $238
$160
$1.400 $166 $168
$1.200
$1.000
$800 $1.192
$1.102 $1.072
$600
$400
$200
$200 $199 $202
$0
Total Bloque 1 Bloque 2
Suelo Construcción Mobiliario Permisos y Técnicos
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43. BUYING AT $2.000/m2 INVESTORS WILL HAVE A REAL ESTATE
CAPITAL GAIN BETWEEN 25% AND 75% …
POTENCIAL REVALORIZACIÓN
($/m2)
$4.000
$3.500
$3.000
$1.500
(75%)
$2.500
$500
(25%)
$2.000
$300
(15%)
$1.500
$1.000 $2.000
$1.700
$500
$0
Coste Proyecto Dirección Proyecto Inversión Inicial Plusvalía CP (Obra Finalizada) Plusvalía MP (Año 3-5 Hotel)
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44. … AND A HOTEL PROFITABILITY AROUND 10% PER YEAR
DIVIDENDO ESPERADO POR OPERACIÓN HOTELERA ($/m2)
$2.500
$242 $297
$160 $199
$118
$2.000
6% 8% 10% 12% 15%
$1.500
$1.000 $2.000
$500
$0
Inversión Inicial Año 1 Año 2 Año 3 Año 4 Año 5
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45. ESTIMATED NET INCOME PER TYPE OF APARTMENT
RESULTADO ESPERADO POR TIPO DE APARTAMENTO
$70.000
$60.000
$50.000
$40.000
$30.000
$20.000
$10.000
$0
Apto 2 habitaciones Apto 1 habitación Apto 3 habitaciones Apto VIP 2 habitaciones
Año 1 Año 3 Año 5
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46. MAIN HOTEL INDICATORS
Año 1 Año 2 Año 3 Año 4 Año 5
Ocupación / Occupancy 60% 70% 75% 80% 85%
Average price per Apto (2 Bedrooms) $260 $273 $287 $301 $316
Revenue/Apartment $56.940 $69.752 $78.470 $87.887 $98.049
Aptos (Number of apartments) 78 78 78 78 78
Ingreso Alojamiento (Accommodation
$4.441.320 $5.440.617 $6.120.694 $6.855.177 $7.647.807
Revenue)
m2 Aptos $11.752
Ingreso / Revenue $/m2 $378 $463 $521 $583 $651
Fuente: datos mercado benchmarkings y estimaciones promotor
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47. HOTEL P&L ESTIMATED ACCOUNT
Año 1 Año 2 Año 3 Año 4 Año 5
Alojamiento / Accommodation $4.441.320 $5.440.617 $6.120.694 $6.855.177 $7.647.807
Restauración / F&B $1.032.607 $1.499.570 $1.958.622 $2.262.209 $2.600.254
Ventas Hotel / Sales $5.473.927 $6.940.187 $8.079.316 $9.117.386 $10.248.062
Comisiones TTOO / Commissions $999.297 $1.156.131 $1.224.139 $1.199.656 $1.147.171
Promoción / Promotion $90.000 $60.000 $100.000 $125.000 $150.000
Coste Habitaciones / Room Cost $888.264 $979.311 $918.104 $1.028.277 $1.147.171
Coste Restauración / F&B Cost $681.521 $899.742 $1.077.242 $1.131.104 $1.170.115
Coste Energía / Energy Cost $666.198 $816.093 $918.104 $1.028.277 $1.147.171
Coste Mantenimiento / Maintenance Cst. $222.066 $326.437 $367.242 $411.311 $458.868
Coste Administración / Administration C. $100.000 $125.000 $150.000 $150.000 $150.000
Costes de Operación / Operating Cst. $3.647.346 $4.362.714 $4.754.831 $5.073.624 $5.370.496
GOP $1.826.581 $2.577.473 $3.324.485 $4.043.762 $4.877.566
Base Fee $164.218 $277.607 $403.966 $455.869 $512.403
Incentive Fee $182.658 $257.747 $332.449 $404.376 $487.757
Management Fees $346.876 $535.355 $736.414 $860.245 $1.000.160
BAIT / EBIT $1.479.705 $2.042.118 $2.588.071 $3.183.516 $3.877.406
Impuestos / Taxes $0 $0 $0 $0 $0
Beneficio Neto / Net Profit $1.479.705 $2.042.118 $2.588.071 $3.183.516 $3.877.406
CAPEX $88.826 $163.219 $244.828 $342.759 $382.390
Resultado a Repartir / Net Rent $1.390.879 $1.878.900 $2.343.243 $2.840.757 $3.495.016
m2 en venta / surface 11.752
Resultado $/m2 / Net Rent $118 $160 $199 $242 $297
Inversión Inicial $/m2 / Investment $2.000
Rentabilidad Anual $/m2 / Profitability 5,92% 7,99% 9,97% 12,09% 14,87%
Fuente: datos mercado benchmarkings y estimaciones promotor - 47 -

48. HOTEL P&L ESTIMATED ACCOUNT
(% over indicated base)
Base del % Año 1 Año 2 Año 3 Año 4 Año 5
Alojamiento / Accommodation Total Hotel 81% 78% 76% 75% 75%
Restauración / Food & Beverage Total Hotel 19% 22% 24% 25% 25%
Ventas Hotel / Sales
Comisiones TTOO / Commissions Alojamiento 23% 21% 20% 18% 15%
Promoción / Promotion Alojamiento 2% 1% 2% 2% 2%
Coste Habitaciones / Room Cost Alojamiento 20% 18% 15% 15% 15%
Coste Restauración / F&B Cost Restauración 66% 60% 55% 50% 45%
Coste Energía / Energy Cost Alojamiento 15% 15% 15% 15% 15%
Coste Mantenimiento / Maintenance Cst. Alojamiento 5% 6% 6% 6% 6%
Coste Administración / Administration C. Alojamiento 2% 2% 2% 2% 2%
Costes de Operación / Operating Cost Total Hotel 67% 63% 59% 56% 52%
GOP Total Hotel 33% 37% 41% 44% 48%
Base Fee Total Hotel 3% 4% 5% 5% 5%
Incentive Fee Total Hotel 3% 4% 4% 4% 5%
Management Fees Total Hotel 6% 8% 9% 9% 10%
BAIT / EBIT Total Hotel 27% 29% 32% 35% 38%
Impuestos / Taxes BAIT 0% 0% 0% 0% 0%
Beneficio Neto / Net Profit Total Hotel 27% 29% 32% 35% 38%
CAPEX Alojamiento 2% 3% 4% 5% 5%
Resultado a Repartir / Net Rent Total Hotel 25% 27% 29% 31% 34%
Fuente: datos mercado benchmarkings y estimaciones promotor
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49. COMENTARIOS A LA CUENTA DE RESULTADOS
1. ACCOMMODATION AVERAGE PRICES: first year like prices 2010 comparables. 5% annual growth.
2. OCCUPANCY: the average 80% in year 4 is equivalent to:
• 95% high winter season (Christmas and Easter)
• 90% low winter season (December - April)
• 85% high summer season (15 July to end of august)
• 70% low summer season (other may to November)
3. TARGET OCCUPANCY: best hotels in the area have a average annual occupancy of 90-95% and although this would be our benchmark
in our profitability model we have estimated a maximum occupancy of 85%
4. COMMERCIALIZATION COSTS:
• During the first years we will depend on Golf TT.OO. We estimate that this distribution channel will represent 90% of sales in
year 1 and will reduce until 60% in year 5. TT.OO. Commissions are estimated at 25% of rack rates.
• Year by year we will improve our direct selling that is why we have also increase our promotion budget from $60.000 to
$150.000
5. OPERATING COSTS: we have used different sources but especially the Hotel ALISEI one where Julio Allés is President of the Hotel
Condominium.
• Rooms: from 20% to 15% of accommodation revenue
• Energy & Utilities: 15% of accommodation revenue
• Administration: increasing from $100.000 to $150.000
• CAPEX (capital expenditure): increase from 2% of room sales to 5% per year
6. FOOD & BEVERAGE: F&B revenue estimated as 30-40% accommodation revenue. F&B costs starts at 66% of F&B revenue and will
decrease until 45%.
7. MANAGEMENT FEES:
• Base Fee: increase from 3% to 5% of total Hotel Revenue
• Incentive Fee: 10% of Gross Operating Profit
8. TAXES: developer is applicable for an income exemption tax during the first 10 years of operation.
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50. APARTMENTS ON SALE
IN THE BUILDING UNDER CONSTRUCTION
7 Units: 2 Beds
& 2 Baths
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51. APARTAMENTS ON SALE – BLOQUE 1A (UNDER CONSTRUCTION)
Units with 2 beds & 2 baths
M² M²
M² M² M² Selling Market Estimated Profit.
ID Level Hall Comm $/m2 $/m2 Comments
Interior Terrace Total Price Price Capital Gain %
Ext Area
A31 3 94,0 20 6,1 16,9 137,0 $295.000 $2.153 $370.000 $2.700 $75.000 25%
A37 3 94,0 21 6,1 16,9 138,0 $285.000 $2.065 $360.000 $2.608 $75.000 26%
A38 3 94,0 20 6,1 16,9 137,0 $295.000 $2.153 $370.000 $2.700 $75.000 25%
A41 4 94,0 24 6,1 16,9 141,0 $305.000 $2.163 $380.000 $2.694 $75.000 25% Cana at terrace
A42 4 94,0 44,8 6,1 16,9 161,8 $340.000 $2.101 $430.000 $2.657 $90.000 26% Cana & jacuzzi at terrace
A47 4 94,0 45,3 6,1 16,9 162,3 $340.000 $2.095 $430.000 $2.649 $90.000 26% Cana & jacuzzi at terrace
A48 4 94,0 24,8 6,1 16,9 141,8 $305.000 $2.150 $380.000 $2.679 $75.000 25% Cana at terrace
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52. LOCATION OF APARTMENTS ON SALE - BLOQUE 1A
SELLING PRICE
4 $305.000 $340.000 $340.000 $305.000
3 $295.000 $285.000 $295.000
NIVEL
2 $260.000 $260.000
1 $260.000
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53. INVESTMENT PACKAGES – GROUP OF APARTAMENTS (6-8)
C: 6 units 2 beds
B: 8 units 3 beds D1 Y D2, 7 units:
4 units 2 beds &
3 units 1 bed
E: 6 units 2 beds
A: 8 units 2 beds
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54. INVESTMENT PACKAGES IN THE BLUE GREEN CLUB
Summary
Type of
# Gross % Market Market Capital Profit.
Bloque Apts. (# Investment Inv / Unit Inv $/m2
Units m2 Bloque Price $/m2 Gain (%)
Beds)
Paquete A 1A 2 8 1.106 28% $2.230.000 $278.750 $2.016 $2.860.000 $2.585 $630.000 28%
Paquete B 1B 3 8 1.541 100% $3.100.000 $387.500 $2.012 $3.880.000 $2.518 $780.000 25%
Paquete C 1C 2 6 824 100% $1.680.000 $280.000 $2.038 $2.100.000 $2.548 $420.000 25%
1 3 274 $600.000 $200.000 $2.190 $760.000 $2.774 $160.000 27%
Paquete 2 4 550 $1.100.000 $275.000 $2.000 $1.380.000 $2.509 $280.000 25%
1D 50%
D1
7 824 $1.700.000 $2.063 $2.140.000 $2.597 $440.000 26%
2 4 550 $1.140.000 $285.000 $2.073 $1.410.000 $2.564 $270.000 24%
Paquete 1 3 274 $570.000 $190.000 $2.080 $730.000 $2.664 $160.000 28%
1D 50%
D2
7 824 $1.710.000 $2.075 $2.140.000 $2.597 $430.000 25%
Paquete E 1E 2 6 829 100% $1.830.000 $305.000 $2.207 $2.290.000 $2.761 $460.000 25%
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55. OUR PRICES ARE VERY COMPETITIVE CONSIDERING
COMPARABLE PROJECTS IN PUNTA CANA AREA
INVERSIÓN MÍNIMA EN PROYECTOS COMPARABLES
$1.400.000
Villa 2 Bedroom Apartments
$1.200.000
$1.000.000
$800.000
$600.000
$400.000
$200.000
$0
CAP CANA SOLAR + VILLA PUNTACANA RESORT SOLAR + CAP CANA SOTOGRANDE - APTO 2 CAP CANA GOLDEN BEAR LODGE - THE BLUE GREEN CLUB - APTO 2
VILLA HAB APTO 2 HAB HAB
Superficie => 500 m2 500 m2 231 m2 261 m2 140 m2
With either option you have the opportunity to play golf at the same courses
Fuente: Oficinas de Venta de los Proyectos
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56. AND IT IS ALSO ATTRACTIVE IN $/M2
INVERSIÓN EN PROYECTOS COMPARABLES: $/m2
$6.000
Villa 2 Bedroom Apartment
$5.000
$4.000
$3.000
$2.000
$1.000
$0
CAP CANA SOLAR + VILLA PUNTACANA RESORT SOLAR + CAP CANA SOTOGRANDE - APTO 2 CAP CANA GOLDEN BEAR LODGE - THE BLUE GREEN CLUB - APTO 2
VILLA HAB APTO 2 HAB HAB
Superficie => 500 m2 500 m2 231 m2 261 m2 140 m2
Fuente: Oficinas de Venta de los Proyectos
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57. CANA BAY, OUR RESORT, WILL OFFER PRICES IN BETWEEN THE
ACTUAL OFFER IN PUNTA CANA AREA
PRECIOS M ÍNIMO Y MÁXIMO EN VENTA DE CONDOM INIOS (US$/m2)
8.000
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0
CAP CANA CANA BAY MELIA COCOTAL
Fuente: Oficinas de Venta de los Resorts
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