Hill International Receives Contract to Manage Construction of $6 Billion Resort in the Dominican Republic – VistaCana Resort & Country Club
MARLTON, N.J. & PUNTA CANA, Dominican Republic, Oct 30, 2008 (BUSINESS WIRE) — Hill International (HIL:6.14, -1.06, -14.7%) , the global leader in managing construction risk, announced today that it has received a contract from Grupo Angulo Abierto Internacional S.A. (AAI) to provide project management services for the new VistaCana Resort and Country Club, located in Punta Cana, Dominican Republic. The value of Hill's contract for Phase 1 of the project, which is anticipated to last three years, is estimated to be worth approximately $45.0 million.
VistaCana is the newest planned development in the popular resort destination of Punta Cana. This 1,400-acre planned resort is located 10 minutes from Punta Cana International Airport and will be built-out in multiple phases. Phase 1 is valued at $1.2 billion and includes the construction of 1,366 residences (single family, assisted living and multi-family), as well as a 40-acre man-made lake, beach recreation areas and two island venues consisting of a luxury spa and a recreational island. Phases 2 through 7 will include a signature 27-hole golf course, two clubhouse/community centers, two hotels, various residences, ecotrails and an equestrian center. Total construction cost of the entire project is estimated at $6.0 billion.
“We are very excited to work with a development partner like AAI in creating an outstanding new community in the Dominican Republic,” said Stuart S. Richter, Senior Vice President with Hill. “Over the next 10 years, this resort will be one of the most exciting projects developed in the Caribbean,” Richter added.
Grupo Angulo Abierto Internacional S.A., founded in 1992, has set as its main objective the creation and promotion of projects and solutions that strengthen Latin American relations through communication, technology and advanced concepts. The firm has offices in Frankfurt, Geneva, Panama, La Paz and Santo Domingo and is represented in Miami, New York, Zurich and London.
Hill International, with 2,100 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 11th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, overall economic and market conditions, competitors' and clients' actions, and other conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in Hill's filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by Hill is only a statement of management's belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management's belief, and Hill does not undertake to update publicly its predictions, whether as a result of new information, future events or otherwise.