Monday, June 27, 2011

Why I wouldn't BUY Palo Verde Resort in La Fortuna Costa Rica

Palo Verde Resort in La Fortuna Costa Rica is FOR SALE but I wouldn't buy it. And in a minute I'll tell you a few of the reasons I wouldn't touch Palo Verde Hotel with a ten ft. pole. But really, my hope is that Eugene 'Gene' Conti receives his just deserts and winds up losing his ass on Palo Verde.

Here's a few of the main reasons I wouldn't touch Palo Verde:

* Palo Verde Resort has been open for a number of years and I would love to see how much positive cash flow it has generated over the years, you know, because it was such a money maker for it's owners, Gene Conti, Larry Bernstein and myself. Oh, that's right, I've NEVER seen a dime from the operations of Palo Verde... NEVER, in 6 years. Not sure how Gene Conti stayed open for so many years without making any money... I wonder?

* Hell, I'd be interested in seeing any of the paperwork associated with Palo Verde, I'm sure it's very 'creative' to say the least.

* I want to talk to the guy who appraised Palo Verde at 1.7 million dollars or was it 1.4...hmmmm, not sure, but I'm sure of one thing, it's not even remotely close to either of those figures. Forget that, maybe it should be RE-appraised NOW... that would be interesting.

* If I was even a little interested in Palo Verde, I would 'GOOGLE' it along with the names of the owners and see what comes up... even if you think I have an axe to grind, if you read this blog in reverse I do raise some legitimate concerns... just sayin.

* Me personally, I'm a LOT wiser now and within 5 minutes of meeting Gene Conti, I'd know and besides, Palo Verde has bad karma. (actually this dude to the right kinda looks like Gene...hehe)

* Way to many other options in the Arenal La Fortuna area, I'd keep looking.

The upside? When Eugene Gene Conti needs money,,, he will deal, so the possibility of picking up a rundown, mold smelling hotel with 'potential' for next to nothing is much more than likely. The longer Palo Verde is on the market, the better your chances of getting it for next to nothing. Unfortunately, Palo Verde reeks more than mold.

And if you happen to talk to Gene Conti could you remind him he still owes me $6300. I'd appreciate it.