Cielo Paraiso Opens New Panamanian Golf Course Development

---

(BOQUETE, PANAMA) -- Cielo Paraiso will open the first 18-hole championship level golf course in Boquete, Panama next January. The course marks the completion of the first phase of Gladstone Development's new residential resort development, Cielo Paraiso, which also includes 14 completed homes and 30 home sites for purchase.  Located in the scenic mountains of Boquete, the 750-acre development is the newest and most exclusive residential resort community in Central America.

Designed by J. Michael Poellet to preserve the indigenous flora and wildlife habitat, Cielo Paraiso's 18-hole course will delight golfers of all skill levels.  While playing the friendly but challenging course, players will also enjoy spectacular views to the Baru Volcano, the Jaramillo and Talamanca Mountain ranges and the Pacific Ocean dotted with islands. The 7,200-yard par-72 layout encompasses woodlands, meadowlands, ridgelines and riparian valleys coupled with dramatic elevation changes making for a signature golf experience.

"Our goal with Cielo Paraiso was to create a course that blended seamlessly into the unique topography of the land," J. Michael Poellet said. "I sincerely believe that we have created one of the most visually stunning courses in all of Central/South America."

Scenic home sites are currently available for purchase at Cielo Paraiso, starting at $150,000. These spacious home sites range from ¾ acre to over two acres are set on picturesque locations throughout the property and offer sweeping views of the Pacific Ocean, Talamanca and Jamarillo Mountains,  Volcan Baru and golf course.

"Cielo Paraiso is a unique opportunity to own a piece of Boquete, one of the most desirable destinations in Panama for those who seek to retire comfortably or invest in a vacation home in increasingly popular Central America," says Gladstone Development President Colleen Lal.  "The wonderful year-round climate and scenic beauty of the region makes Boquete a perfect location for an active lifestyle that can include championship golf, hiking, birding, mountain biking and rafting, as well as many other activities."

Gladstone Development is currently developing the plans for Phase II of the development, which will include a collection of well-appointed options that are smaller in size.  This idea has been well received amongst buyers looking in Boquete.

"Although our home sites are a very affordable option to own in Boquete, we plan to diversify our product mix to accommodate demand for clients looking for a smaller second home," Lal says. The master plan for Phase II will be released later in 2010, with construction beginning in early 2011.

Conveniently located just 30 minutes from David, the capital of Panama's Chiriquí Province, the destination of Boquete is nestled in the country's most mountainous region at some 3,600 feet above sea level. Situated between the Caldera River, which lies to the east, and Baru Volcano to the west, Boquete enjoys a comfortable temperate climate that is ideal for outdoor enthusiasts.

Known as the "Valley of the Flowers and the Eternal Spring," charming Boquete has established itself as one of the fastest-growing retirement and tourism destinations in the Western Hemisphere with its serene beauty and variety of outdoor activities.  Its lush vegetation, vibrant population of rare birds and the hiking opportunities provided by the Baru Volcano, the highest point of the country, have established Boquete as one of the world's top eco-tourism destinations.

Recently ranked by the AARP as one of the top destinations to buy a home, Panama offers first-world infrastructure of roads, business services, medical care and telecommunications.  A growing retirement and investment haven for its desirable but affordable standard of living, Panama has a sophisticated capital city, incredible rain forests, some of the finest eco-tourism in the world, bird-watching, scores of exotic beaches and islands, snorkeling, diving, sport fishing, white water rafting, rock climbing, fine restaurants, and a multitude of historical sites.

---

Rosewood San Miguel de Allende Receives Major Bank Loan

(SAN MIGUEL DE ALLENDE, MEXICO) -- In a big show of support for the country's high-end real estate market, Rosewood San Miguel de Allende, a community that encompasses a 67-room resort and the Artesana Rosewood Residences, recently gained approval for an $88 million loan from Mexico's largest bank, Banamex.

 It is the single largest loan in real estate in the historic town of San Miguel de Allende and in the history of the state of Guanajuato, and a great vote of confidence in the project. The development is the largest single venture in San Miguel since the post-World War II era. It employs 300 to 900 construction workers daily and also has struck a partnership with local Via Orgánica, an organization supported by the municipality, to grow organic vegetables and herbs onsite that will supply the hotel restaurants.

Artesana Rosewood Residences is nearing completion on the first phase of construction with 29 custom homes and the Rosewood San Miguel de Allende resort opening in early 2011.

---