18. OPENING DATE 'Paradisus Papagayo Bay Resort & Luxury Villas'	9 Months Ended
Sep. 30, 2016
Notes
18. OPENING DATE 'Paradisus Papagayo Bay Resort & Luxury Villas'	18. NOTE 18: OPENING DATE “PARADISUS PAPAGAYO BAY RESORT & LUXURY VILLAS” On June 2, 2014, the Company amended its agreement with Meliá (“Sixth addendum to the management agreement of March 8, 2011”) to postpone the opening date as follows: - The construction of the “Paradisus” would be completed by November 15, 2015. - Should the “Paradisus” not be completed by November 15, 2015, (subject to force majeure) and should an extension date not be agreed, subsequent to November 15, 2015, the Company would be obligated to pay Meliá a daily amount of $2,000 as liquidated damages. - Should the Company be unable to complete the construction of the “Paradisus” by February 15, 2016, Meliá, can terminate the management agreement obligated the Company to compensate Meliá in the amount of $5,000,000 unless the respective parties agree to extend such date. Dated April 27, 2016, a seventh addendum was signed between the Company and Meliá with the following major conditions: a. New completion date: September 15, 2018 (subject to force majeure). b. Should the completion not occur by September 15, 2018, and should the parties not have agreed in writing an extension to such date, after September 15, 2018, the Company shall pay Meliá a daily amount of $2,000 as liquidated damages. c. Should the completion not occur by November 15, 2018, the Meliá will be entitled to terminate the agreement unless the parties agree in writing to extend such date. The Company shall be obliged to pay Meliá an amount of $5,000,000 as liquidated damages solely to compensate Meliá. d.

18. OPENING DATE 'Paradisus Papagayo Bay Resort & Luxury Villas'

9 Months Ended

Sep. 30, 2016

18. OPENING DATE 'Paradisus Papagayo Bay Resort & Luxury Villas'

18. NOTE 18: OPENING DATE “PARADISUS PAPAGAYO BAY RESORT & LUXURY VILLAS”

On June 2, 2014, the Company amended its agreement with Meliá (“Sixth addendum to the management agreement of March 8, 2011”) to postpone the opening date as follows:

- The construction of the “Paradisus” would be completed by November 15, 2015.

- Should the “Paradisus” not be completed by November 15, 2015, (subject to force majeure) and should an extension date not be agreed, subsequent to November 15, 2015, the Company would be obligated to pay Meliá a daily amount of $2,000 as liquidated damages.

- Should the Company be unable to complete the construction of the “Paradisus” by February 15, 2016, Meliá, can terminate the management agreement obligated the Company to compensate Meliá in the amount of $5,000,000 unless the respective parties agree to extend such date.

Dated April 27, 2016, a seventh addendum was signed between the Company and Meliá with the following major conditions:

a. New completion date: September 15, 2018 (subject to force majeure).

b. Should the completion not occur by September 15, 2018, and should the parties not have agreed in writing an extension to such date, after September 15, 2018, the Company shall pay Meliá a daily amount of $2,000 as liquidated damages.

c. Should the completion not occur by November 15, 2018, the Meliá will be entitled to terminate the agreement unless the parties agree in writing to extend such date. The Company shall be obliged to pay Meliá an amount of $5,000,000 as liquidated damages solely to compensate Meliá.