Gaucho Group Holdings, Inc. Subsidiary Announces Significant Improvement to Residential and Commercial Infrastructure with New Water Wells, Boosting Land Values
Irrigation Authority Grants Algodon Wine Estates Consent to Drill Additional Wells to Service New Luxury Hotel, Residences, Spa and Project Village Grounds
MIAMI, FL/ACCESSWIRE/November 2, 2022/ Gaucho Group Holdings, Inc. (NASDAQ:VINO), a company that includes a growing collection of e-commerce platforms with a focus on fine wines, luxury real estate, and leather goods and accessories (the “Company”) ), today announced that its subsidiary Algodon Wine Estates has received approval from Mendoza’s Departamento General de Irrigación to drill its third water well to service the 4,138-acre winery, wellness, gastronomy and sports and luxury residential development, in San Rafael, Mendoza, Argentina. This follows the previously announced announcement of approval to create the estate’s first and second water wells which have since been drilled. The Company believes that this ongoing initiative can significantly improve the valuation of the property as it further prepares the real estate project for expansion.
Algodon Wine Estates plans to ask the local municipality to drill additional water wells with a goal of a total of 6 throughout the property. The success of this initiative aims to allow access to natural aquifers that can serve the expansion of the estate’s real estate project, vineyards and winery, and other amenities. The Algodon Wine Estates (algodonwineestates.com) luxury residential development includes over 400 estate lots in its Phase 1 plan and also includes the vineyards and winery responsible for producing Algodon Fine Wines (algdoonfinewines. com), as well as a boutique hotel (algodonhotels.com), with amenities such as a nine-hole golf course (with nine more holes to come), grand slam-style tennis courts, an open restaurant year round serving traditional Argentine cuisine and other services. More than 100 lots of vines overlook the golf course and the wines grown on the estate have won numerous awards in international tasting competitions.
The company is also continuing to develop the infrastructure for its revised master plan for an ultra-luxury 60-room hotel and spa, which is also expected to include 30-50 residences, for which Algodon Wine Estates is seeking to co-brand with a luxury hotel brand. . The revenue potential of hotel rooms and branded residences could generate an additional $25 million per year. The master plan further builds on the estate’s award-winning wine development with an emphasis on the existing winery and 1946 vines, local Mendocino culture, as well as the estate’s existing land, amenities and features. . The master plan includes the development of 200 additional lots, ranging in size from 2.47 acres to 6 acres. The Company anticipates that sales of these additional lots could ultimately generate more than $100 million in revenue.
“People may forget that the majority of Mendoza is in a highly desert climate, and in such an environment, access to fresh water is vital,” said Scott Mathis, CEO and Founder of Gaucho Group Holdings. “We came to San Rafael, Mendoza with a plan to develop the best world-class resort for wine, wellness, cuisine and sports lifestyle and residential development in the region, and we have feel like we’ve done just that. Each additional piece of equipment we develop is an additional step to add even more value to this extraordinary project. We believe that people now prioritize health and well-being more than ever before. Big cities have lost their appeal these days, and our award-winning rural community can offer many a unique peace of mind only found in a natural, socially distant living community.”
About Gaucho Group Holdings, Inc.
For more than ten years, the mission of Gaucho Group Holdings, Inc. (gauchoholdings.com) has been to seek out and develop opportunities in Argentina’s undervalued luxury and consumer real estate market. Our company has positioned itself to take advantage of the continued and rapid growth of global e-commerce across multiple market sectors, with the goal of becoming a leader in diversified luxury goods and experiences across lifestyle industries and sought-after retail landscapes. With a focus on fine wines (algodonfinewines.com & algodonwines.com.ar), hospitality (algodonhotels.com) and luxury real estate (algodonwineestates.com) associated with our exclusive Algodon brand, as well as leather goods, ready-to-wear and accessories from the fashion brand Gaucho – Buenos Aires™ (gaucho.com), these are the luxury brands in which Argentina finds its contemporary expression.
Caution Regarding Forward-Looking Statements
The information discussed in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact , included herein with respect to, among other things, changes in foreign exchange rates and their impact on the Company, planned capital expenditures, future cash flows and borrowings, the search for potential acquisition opportunities, our condition financial information, our business strategy and other plans and objectives for future operations, are forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they involve certain assumptions, risks and uncertainties and are not (and should not be taken as) guarantees of future performance. Refer to our risk factors set out in our reports filed with Edgar. The Company disclaims any obligation to update any forward-looking statements made herein.
Gaucho Group Holdings, Inc.
THE SOURCE: Gaucho Group Holdings, Inc.
See the source version on accesswire.com: