Condominium hotels are designed for worry-free and hassle-free vacation homeownership. When not using their residence, individual owners have the option of placing it into an organized rental program to offset operating expenses. Homeowners enjoy a luxurious vacation home with extensive services and amenities while the onsite operator takes care of all property management and vacation rentals.

Andaz Costa Rica Resort at Peninsula Papagayo – a concept by Hyatt (the “Resort”) is owned by Hotelera Playa Sombrero, S.R.L (the “Resort Owner”). Residence owners who elect to participate in the rental program will enter into a rental management agreement (“RMA”) with Resort Owner. Resort Owner’s duties and obligations under the RMA will be sub-contracted to the onsite resort operator — an affiliate of Hyatt Hotels Corporation (“Hyatt” or “Resort Operator”). For over six decades, Hyatt has been caring for people so they can be their best. Long-term property management by one of the world’s top hospitality companies will ensure seamless hospitality and peace of mind.

No. The rental program is voluntary and independent of the sales program. If you choose to rent your home, you may elect to enter into a RMA with the Resort Owner. The optional rental program is designed to ensure that all rental guests receive the same superior quality of accommodation and access to services and resort amenities that they would expect to receive as guests of the resort.

The initial term is two (2) years. The RMA will automatically renew biannually for additional twenty-four (24) month periods unless you or the Resort Owner provides notice of non-renewal.

Your future buyer will have the option to either assume the RMA or opt-out. If the buyer elects to opts out, however, he/she must honor all reservations in place at such time.

The Resort Operator is entitled to accept reservations for any rental period within twelve (12) months of the reservation date, subject to prior reservations made by the homeowner.

For reservations made more than one (1) year in advance, homeowners have unlimited usage and pay only housekeeping charges.

Yes. As long as your residence is available, you can use it and pay only housekeeping charges.

You may request daily housekeeping service and other services during your stay, subject to payment of the Resort Operator’s prevailing rates for those services. The only housekeeping service you are required to receive and pay for is on the arrival date and departure date.

Residence owners will receive fifty percent (50%) of the net rental income (defined as the gross room rental income less a ten percent [10%] rental program system reimbursement).

The Residences will be advertised for rent by the Resort Operator as part of the Resort inventory, providing proprietary access to Hyatt’s global distribution network and millions of potential guests. All associated marketing costs will be absorbed by the rental program system reimbursement fee.

The Resort Operator will set the daily room rates based on rates charged at comparable properties in the market, size of residence, length of stay, seasonality, and forecasted available inventory. The Resort Operator reserves the right to set and change rates at any time. Future rental performance will depend on many factors, including but not limited to the occupancy and average rate of other luxury branded residences on Peninsula Papagayo (e.g. Four Seasons Two-Bedroom Pacifico Residence and Four Seasons Three-Bedroom Pacifico Residence).

Unfortunately, we are not able to provide projections of occupancy rates or rental rates due to U.S Securities laws.

No. Rental revenues from your residence are not pooled with rental revenues from other residences. Each residence will have separate income and expense accounts, and each owner’s rental income will be directly tied to the number of days their residence is rented.

Residences will be segmented according to floor plan, creating discrete room-type rotation groups. Reservations within each room-type rotation group will be assigned using a sequential rotation system. The only exception to the sequential rotation rule is when guests request a specific residence. In such cases, reservations would be assigned to the requested residence (if available), and that residence would revert to the bottom of the rotation. The allocation of rental opportunities will naturally be affected by the timing and frequency of homeowner use. Accordingly, it is likely that some residences will be rented more frequently than others and will achieve different rental revenue and homeowner distributions.

No. Of the current one hundred and thirty-two (132) rooms and twenty-one (21) suites at Andaz Costa Rica Resort, only the presidential suite has a kitchen. The new Andaz Residences, with three brand new room categories, will dramatically change how Hyatt markets the resort, allowing it to reach exciting new markets.

With larger family-size accommodations, the new Andaz Costa Rica Residences will allow Hyatt to expand into the fast-growing family travel market. Architect Ronald Zürcher’s innovative two-bedroom and three-bedroom townhomes with full kitchens and plunge pools are an ideal match for families seeking more authentic experiences on inter-generational re-connection holidays.

Homeowners are responsible for the cost of running and maintaining their private residence, including:

$8,165 per Assessment Unit per year†

Two-bedroom villa: ≈ $25,000 per year*
Two-bedroom penthouse: ≈ $35,000 per year*
Three-bedroom penthouse: ≈ $45,000 per year*

*2021 estimate
†2022 estimate

Residences will be delivered fully furnished and all furniture, fixtures and appliances (“FF&E) will be in compliance with Andaz brand standards. One par level of operating supplies and equipment (“OS&E”) is included with your purchase. Owners wishing to place their residence in the rental program will be required to purchase one additional par level.

For each rental period, a percentage of your gross rental revenue (3.5%) will be deposited into a separate replacement reserve account. This capital account will be used to fund all unscheduled maintenance and repairs, as well as periodic renovations deemed necessary to maintain brand standards. If your reserve fund is insufficient to pay for such costs, you will be required to make up the difference.

The guest’s credit card will be charged for any damage.

Property damage insurance and premises liability insurance must be in place throughout the term of the RMA. The property damage coverage must be at least equal to the full replacement cost of the FF&E and OS&E. The premises liability policy must be a minimum of One Million Dollars ($1,000,000.00) for each occurrence.

Monthly statements will be issued by the Resort Operator showing a breakdown of rental activity, revenues, and expenses. Your statement will be issued with an invoice, as appropriate.

Profits will be distributed quarterly via wire transfer, subject to applicable bank fees.

No.

Yes.