Irrigation Board gives Algodon Wine Estates approval to drill additional wells for the new luxury hotel, residences, spa and village lots of the utility project
MIAMI, FL / ACCESSWIRE / November 2, 2022 / Gaucho Group Holdings, Inc. (NASDAQ:VINO), a company that encompasses a growing collection of e-commerce platforms focused on fine wine, luxury real estate, and leather goods and accessories (the “Company”), today announced its subsidiary Algodon Wine Estates has received approval from the Departamento General de Irrigación of Mendoza to drill its third well to support the winery’s 4,138 hectare wine, wellness, gastronomy and sports resort and luxury residential development in San Rafael, Mendoza, Argentina take care of. This follows the previously announced permit to construct the property’s first and second water wells, which have since been drilled. The Company believes this continued initiative can significantly enhance the property’s valuation as it further prepares the real estate project for expansion.
Algodon Wine Estates intends to apply to the local community to drill additional water wells, aiming for a total of 6 across the property. Successful completion of this initiative is expected to provide access to natural aquifers that may allow for expansion of the real estate project, vineyards and winery, and other property amenities. Algodon Wine Estates (algodonwineestates.com) luxury gated community includes over 400 lots in their Phase 1 plan and also includes the vineyards and winery responsible for producing the wines of Algodon Fine Wines (algdoonfinewines.com), as well as a boutique hotel (algodonhotels.com) with amenities such as a nine-hole golf course (with another nine holes in the pipeline), Grand Slam-style tennis courts, a year-round restaurant serving traditional Argentine cuisine, and other services. More than 100 vineyards overlook the golf course, and the estate’s wines have won multiple awards in international tasting competitions.
The Company also continues to build out the infrastructure of its revamped master plan for an ultra-luxurious 60-room hotel and spa, which will also include 30 to 50 residences, which Algodon Wine Estates is seeking to co-brand with a luxury hotel brand. Revenue potential from the hotel rooms and branded residences could generate an additional $25 million per year. The master plan further builds on the winery’s award-winning vineyard development by highlighting the existing 1946 winery and vines, local Mendocino culture, as well as the existing grounds, amenities and winery characteristics. The master plan provides for the development of an additional 200 lots ranging in size from 2.47 acres to 6 acres. The Company believes that the sale of these additional lots could ultimately generate more than $100 million in revenue.
“People may forget that most of Mendoza is located in a high 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 premier world-class wine, wellness, culinary and sports lifestyle resort and community in the region, and we feel we have done just that “develop” is a step further to add even more value to this extraordinary project. We believe that health and well-being are now more important than ever for individuals. Today, big cities have lost their appeal, and our award-winning rural community can offer many a unique peace of mind found only in a natural, socially distanced living community.”
About Gaucho Group Holdings, Inc.
For more than a decade, Gaucho Group Holdings, Inc. (gauchoholdings.com)’s mission has been to find and develop opportunities in Argentina’s undervalued luxury real estate and consumer markets. Our company is positioned to capitalize on the continued and rapid growth of global e-commerce across multiple market sectors with the goal of becoming a leading provider of diversified luxury goods and experiences in desirable lifestyle industries and retail landscapes. With a focus on fine wines (algodonfinewines.com & algodonwines.com.ar), hospitality (algodonhotels.com) and luxury real estate (algodonwineestates.com) in conjunction with our own Algodon brand, as well as leather goods, ready-to-wear and fashion brand accessories Gaucho – Buenos Aires™ (gaucho.com), these are the luxury brands where Argentina finds its contemporary expression.
Cautionary Note 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 contained herein, other than statements of historical fact, concern, among other things, changes in the Exchange rates and their effect on the company, planned investments, future cash flows and borrowings, the pursuit of potential acquisition opportunities, our financial condition, business strategy and other plans and objectives for future operations, 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 relied upon as) guarantees of future performance. Consider our risk factors detailed in our reports submitted to Edgar. The Company disclaims any obligation to update any forward-looking statements contained herein.
Gaucho Group Holdings, Inc.
SOURCE: Gaucho Group Holdings, Inc.
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