Over promise and under deliver should be the slogan of Leisure Canada.
Perhaps this phrase could serve as a warning to other Cuban real estate developers looking to start projects in a timely manner on Cuban land.
Of course the Cuban government doesn’t do many things quickly and I’m sure this is partially to blame for the extremely long delay regarding Leisure Canada’s development projects in Cuba but when it comes to hyping, perhaps even misrepresenting Leisure Canada’s state of real estate development in Cuba, the company is squarely to blame.
Recent Developments
The recent press release titled Third Quarter Results regarding its real estate development projects states that the architectural, engineering and concept design plans for their hotel development project, in Havana’s Monte Barreto district, have been approved by the Cuban authorities.
However, In April 2007, almost four years ago, the company was granted surface rights to the Havana land with a statement saying this would lead to “groundbreaking of the 238-room Phase One by end of 2007” so this item is not news. The press release also states that the company has not even begun to even solicit proposals from contractors to begin construction. This would appear to be a misrepresentation of the facts.
A positive comment about the Cuban government approving 99 year leases in the press release is a newsworthy event for Leisure Canada yet the stock price barely changed on this major announcement.
The release stated “This paves the way for consumers to acquire leasehold real estate in Cuba under competitive financing conditions similar to other offerings in Mexico and the Caribbean.” I don’t know about other offerings in other countries but we all know Cuba is not like other countries so to compare real estate in Cuba to real estate in Mexico and other Caribbean countries also appears to be hype or at least a misrepresentation of common sense.
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