Argentina News and Truffles

I’d hope everyone had a terrific Thanksgiving! This week I’d just like to share a few news articles with you that I feel are relevant to our projects in Argentina. The first is a Reuters article that predicts a growth in Argentinean tax revenues as a direct result of a forthcoming increase in tourism, which you can read about here: Link (On a similar topic, Reuters also reports that AMEX is expecting credit card spending to increases at least 10% next year as consumer activity rebounds.) You may remember our announcement not too long ago about the possibility of Algodon Wine Estates cultivating truffles. In addition to our unique vineyard or orchard estate homesites available for private development, we would also plant truffles on estate homesites that are suitable for their cultivation. So, I’m pleased to share this recent media mention of our vineyard estate in Luxury Travel Magazine. The article is headlined: “Indulge in Rare Truffles at the World's Most Exclusive Hotels”, and interestingly enough, Algodon Wine Estates is the only hotel mentioned that will cultivate and harvest truffles for use on its own properties; just one more extraordinary element that sets us apart from the rest. Incidentally, CNN has terrific piece on a North Carolina entrepreneur who is the first person to harvest and sell French black truffles on American soil. It can be a lucrative undertaking if done right. Here’s one more great reason to learn Spanish: The "TED Conference" goes to Buenos Aires in April. Catch it if you can. --Scott Mathis

2009 is a gold medal year for Algodon Wine Estates!

It’s a great day! As many of you know, after achieving Great Wine Capitals' prestigious 2010 Gold Medal (National Award) for Best Accommodation in early October of this year, our San Rafael wine estate qualified us to advance to the international award competition, which includes participants from eight major global cities in both the northern and southern hemispheres. These cities represent the "Old" and "New" worlds of wine, which (in addition to Mendoza) include Cape Town (South Africa), Florence (Italy), Mainz (Germany), Porto (Portugal), Bilbao-Rioja (Spain), San Francisco-Napa Valley (US), and Bordeaux (France), where this year's ceremony was held. On November 5, 2010 (last night), the international jury awarded the 2010 Global Winners at a distinguished gala dinner held at Château Giscours, Grand Cru Classé de Margaux in Bordeaux.

We are beside ourselves with excitement to relay that at last night’s ceremony ALGODON WINE ESTATES WAS ANNOUNCED THE 2010 GLOBAL WINNER in the Accommodation category for Great Wine Capitals Best of Wine Tourism award competition! This of course comes in addition to our (national level) Gold Medal in Accommodation and the (national level) Silver Medal for Innovative Wine Tourism Experiences, which we received for the 3rd year in a row!

Last year’s Global Winner in Accommodation was Château de Carbonneau in Bordeaux, France. For last year’s competition, 384 wineries and wine tourism businesses from the networked cities and their wine regions entered the “Best Of” awards contest. Annual winners retain the right to post plaques on their properties denoting the accolade, and their establishments appear in the following year's Great Wine Capitals Best Of Wine Tourism brochure; a 30-page booklet with listed summaries of winners and a description of their property with 20,000 copies distributed worldwide.

A BIG congratulations to our wonderful and very hardworking staff, without whom all we have is grapes and buildings! This is a tremendous accomplishment for our Algodon properties! Thank you to all who have made this possible, without your confidence and investment we could not have achieved this truly great honor. Have a great day!

Thanks, Scott Mathis

Tennis Anyone?

Lots of media news: Algodon Wine Estates’ “Migration Package” is featured in the November issue of Travel+Leisure Magazine! Their circulation is 957,987! Incredible! We’re also featured here on EliteTraveler.com! Elite Traveler has 649,000 readers per issue in over 100 countries, with an average household income of $5.3 million. Now that is “elite”! Lastly, Forbes Woman Magazine is promoting this special package for us in their publication. Their ad directs readers to our website for a 20% discount and will appear in the December issue of their magazine.

Construction on the mansion is furiously wrapping up to meet our Grand Opening goal date. Algodon Mansion’s General Manager, Pablo Veloso, tells me that the staffing recruitment for the hotel continues and that in just a few weeks the entire staff will be hired and trained. There will be an intensive and thorough 2-week training course for these new employees before any of our guests arrive.

Here’s a recent photo of the tennis center’s progress at Algodon Wine Estates. The photo shows our hardworking maintenance staff as they tend to the huge expanse of the clay courts. The clay court area is so large that our photographer couldn’t fit it all into the frame. It looks fantastic!

As I’m sure many of you have been reading, Argentina is currently in legislation to settle $20 billion of its outstanding bond disputes. This is great news for their economy in my opinion; a successful renegotiation with holders of defaulted debt should create access to international capital markets for the first time since 2001, and will open the door to foreign investment.

Look out- even Wal-Mart is getting into the action of Argentine investments!

Here is an excellent Washing Post article about Nicolás Catena, an Argentine visionary who saw Argentina's potential to produce fine wine. The article dubs him “Argentina’s Ambassador of Wine.” Catena’s is credited as the “founding father of modern Argentine wine”, and as being responsible for having launched Argentina’s wine boom. His significant role in the wine world is further evidenced by Decanter wine magazine’s honoring him as Man of the Year for 2009.

Here’s some very interesting olive oil news; evidently it has just been determined that it may play a factor in preventing Alzheimer’s. Algodon’s gold-medal-winning Extra Virgin Olive Oil isn’t just delicious; it’s also good for you!

One final thought; did you know that the average Argentine eats approximately 163 lbs. of beef every year? That comes out to approximately two McDonald’s Quarter Pounders every day, all year long.

--Scott Mathis

Chez Nous Sampling

Last week when I was visiting Buenos Aires on business, I had the pleasure of meeting once again with our new Executive Chef, Antonio Soriano, in order to discuss and sample a selection of menu items for Chez Nous. The purpose of this preview sampling was to familiarize Algodon Mansion’s principle and executive staff with the menu and its ingredients, by experiencing it firsthand. These are the people who will need to be well acquainted with the tastes, aromas, ingredients and the stories behind the recipes and foods that inhabit Chez Nous’ menu. This was also an opportunity for us to ask any questions, and provide any input we might have in relation to the menu. The sampling was comprised of nearly everything that the dinner menu will feature. We shared an open forum to confer our tasting experiences, and discussed the pairing of certain Algodon Wines with certain menu items, since Algodon Wine will be highly emphasized on Chez Nous’ wine list. One of my favorite items on the menu was a mushroom truffle mouse. Antonio, along with Gonzalo Bazterrica (Chef de Cuisine) and Damian Betular (Pastry Chef) were careful to explain to us each dish’s preparation. As virtually all of our ingredients are regional, these proficient chefs were also very informing about where each of the ingredients came from. For example, the oysters and the sea bass are from Patagonia, the garlic is from Mendoza, and the beef (of course) is 100% grass-fed Argentine beef. I must say that the three chefs appear to have a real affinity for working together, and their seemingly seamless preparation would indicate to someone who didn’t know better, that these three share camaraderie from having worked together for years. Their skills are exceptional. Damian was even able to weave some of his pastry expertise into the main menu with a certain shrimp appetizer wrapped in phyllo dough. It was extraordinary. I wish I knew more about the restaurant industry, but I am certain that our investors and customers will enjoy Chez Nous, and I hope this will be a profitable venture. We’ve decided on this logo for the restaurant: This design may, for example, appear in on the menu cover, in certain advertising, and on incidentals such as matchbooks or restaurant stationary. --Scott Mathis

1st Wine Barrel Program Shipment!

This week I’d like to share some photos related to our personalized wine barrel program. The following pictures are from our partnered winery, Bombal & Aldao, where much of our wine is barreled. The personalize vintages of our first wine barrel program (from our 2007-2008 harvest) have officially been sent to barrel owners, who will be receiving their bottles soon. The above photo is of several barrels assigned to, and labeled with the name of, individual barrel owners. Each barrel contains the custom blend or varietal of each individual’s choosing. The next photo gives you an idea of what our cellar looks like. The following photo shows the custom hand-labeling of our barrel program’s bottles. Each label is customized to the specifications of the barrel owner, including their name, design, and any description or text they might want to appear. As a barrel owner myself, I’m personally looking forward to receiving my “Mathis Estates” bottles any day now! Our bi monthly newsletter is due out soon, and it’s packed full of Algodon Property updates. You’ll be very pleased with Gerhard Heusch’s new rendering of the Grand Center Court for Algodon Wine Estates’ tennis center. The one time dream of hosting Mendoza’s top tennis tournament, The Algodon Malbec Classic, is slowly turning into a reality. Look for our latest online issue of The Algodon next week! --Scott Mathis

First Look at the Hard Court and the Rest…

I love this photo…this will truly be a top notch facility. In addition to this hard court, we also have the 8 clay courts and 3 grass courts. The following photo shows how far our clay courts have come in just a few weeks. As you can see, the lights are in, and the chalk lines have been drawn. Amazing.

I haven’t shared the grass court photos yet, as they have been under construction. The only thing the grass courts are waiting on now is the seeding. The bulk of the construction for these grass courts has been the drainage system- a very essential element, obviously. Here’s a photo of where the grass courts stand now.

Here’s a link to WineSur.com’s announcement of the “Best in Wine Tourism Awards”, of which Algodon Wine Estates won the Gold Medal for AWE’s lodging and a Silver Medal for wine tourism related experiences. We look forward to the final round of competition in Bordeaux next month, which we have qualified for. Cross your fingers, our team has been working very hard! And finally, it appears that golf will be returning to the Olympics at the Summer Games in Rio de Janeiro. Exciting news for golf enthusiasts! (-Which includes everyone at Algodon Wine Estates!) -- Scott Mathis

This Week’s Roundup of News and Events…

Press, media, and more press! Here is a terrific piece on Algodon Mansion and Algodon Wine Estates from MartiniLife; a daily email newsletter that shares “the best kept secrets in gear, gadgets, fashion, entertainment, food and dining, travel, and a few things that you just can't live without.” Glad to know we’re somewhere on that list! Algodon Wine Estates was also featured in last weekend’s La Nación, one of Argentina’s leading newspapers! Apparently, Clarín is its main competitor. Here is a rough Google translation of the article: Al pie de la Montaña y Viñedos con (At the foot of the mountains and vineyards). We’ve received some new photos this week that I’d like to share. The first is of our new Algodon Wine Estates signage, which we’ve hung on the winery’s exterior. It really looks great. I feel it lends a personalized touch to the structure, which has in many ways become the iconic symbol of the property.

The next photo is of the glass roof for Chez Nous’ outside dining patio. Very nice! I’m looking forward to the evening when guests of the restaurant can dine on its patio and be able to look up and see the stars and Buenos Aires sky. When I was in Paris on business last weekend, I was invited to an interesting, analogous property to Algodon Mansion, called Pershing Hall. It’s similar to our Buenos Aires hotel in many ways and apparently, it’s a very successful operation. At 350 sq ft, some of their suites are significantly smaller than ours; however they’re getting 500 Euros a night for those. Their top suite is 700 sq ft and it goes for about 1,000 Euros. Their restaurant is one of the most popular in Paris. Here’s an article from the Washington Business Journal (via the Pittsburgh Business Times) headlined Argentina’s travel industry provides business and leisure. The article talks about what a hotspot Argentina is right now, and its growing appeal to Americans. That’s no news to us! Lastly, in economic news, Argentine will reportedly pay off its Paris Club debt over the next five years. --Scott Mathis

Algodon in the Media, del Potro, and More…

Algodon Mansion gets a nice mention in this month’s Delta Sky Magazine! The write-up acknowledges our restaurant, menu, and accompanying estate-grown Malbec. Although, the restaurant details are a bit outdated…we’re happy to have made an appearance. Delta Sky Magazine reaches 5 million readers each month! Algodon Wine Estates is also featured in Area 3 Magazine, a widely distributed publication in Mendoza. The article, which discusses our newly established international wine panel, is unfortunately not online yet- but I’ll be sure to share it with you once it’s up. In the meantime, here’s a scanned photo from the magazine’s hardcopy.

Score another one for the Argentines! Juan Martin del Potro’s U.S. Open win was a surprise to us all, but I’m not complaining! Argentina is everywhere is sports news these days, and that only means good things for Algodon Wine Estates & Champions’ Club! Our new tennis courts and newly expanded 18-hole golf course are literally weeks away from being ready to play. I wonder how del Potro feels about San Rafael, perhaps we’ll see him at Argentina’s first Algodon Malbec Classic!…In other sports news, Argentina’s Rugby team, Los Pumas, have been invited to join the Southern Hemisphere’s Tri Nations. If everything goes according to the plan, Tri Nations will become “Four Nations” in 2012. While we haven’t any immediate plans to construct a Rugby field at Algodon Wine Estates, you never know what the future holds…2016 perhaps?

Our Executive VP & CFO is in Buenos Aires this week and sent the following email to us soon after his arrival: “I only had a couple of minutes today to see the Mansion, but WOW – it’s a MANSION - it just looks fantastic. A person working on every corner, and the progress is enormous. The stairs are in and some of the rooms are basically finished (without furniture). The kitchen crew is working in the kitchen and the light-well is truly the “show-off” center piece. No doubt we still have a lot of work ahead, but things look great. The master suite bathrooms are enormous and the quality is 100%.” He also sent us some new photo updates from Algodon Wine Estates, including this one of the tennis courts, which by the way are looking tremendous. Thanks for the update, Tim!

-- Scott Mathis

Argentine Interview, AM Update, More Media, and Wine News…

I hope everyone had a memorable Memorial Day weekend! For those Spanish speakers (or Google Translate aficionados) check out our interview with Los Andes online published this week (the interview can also be found at AreadelVino.com). Los Andes newspaper is a huge publication, analogous to the New York Times of Mendoza. In the interview we discuss among other things our Algodon Wine, a bit of our history, and the fact that we’ve already invested approximately $25 million in our Argentine properties. The interviewer also touches on the world-wide economic downturn and its effect on real estate developments. I have always been very clear about my optimism regarding the future of Argentine real estate, and that I believe in the importance of diversifying personal investments outside of the U.S. economy and the U.S. dollar. In one of my favorite exchanges, the interviewer asks to what extent our Argentine developments have been affected by the economic crisis:

Question: Did you have to lay off any staff due to the (economic) crisis? Answer: Actually we hired nine people in Buenos Aires for the mansion; a luxury hotel with a restaurant, bar, and wine cave- and two others for the hotel in Mendoza.

Gerhard Heusch emailed me this morning and once again confirmed that the scheduled Algodon Mansion opening date is still intact. They’re working very hard down there, and the work is going fast!

Algodon Wine Estates gets a tremendous write-up from Jim Bryant for Chicago’s (metro area) “Quintessential Barrington” lifestyle magazine. Mr. Bryant’s glowing descriptions of our estate, our wine, our amenities, and San Rafael- go beyond terrific. He also very favorably mentions our partners at Bombal & Aldao and Finca los Alamos.

In other wine news, The LA Times published an interesting article titled Findings of wine contest study hard for critics to swallow. From the article; “…consumers should not always assume that gold medal winners are outstanding wines…retired Cal State Humboldt professor Robert Hodgson said he looked at the results for more than 4,000 wines entered in 13 U.S. competitions in 2003 and found little consistency in what wines won gold medals.” Our Master of Wine, Antony Foster, followed up on this in an email to me. For the most part, he indicated that he’s in agreement with the article, and that he thinks it would be in our best interest to enter our wines in reputable competitions run under international rules. Good advice.

--Scott Mathis

Algodon Wine Sales, Our Neighbors, and a Gold Medal!

Our Chicago area wines sales are looking good. This week I spoke to our Midwest distributer, Jomada Imports, and was told that we’re selling on average 150 cases (12 pack) of Algodon wines on a monthly basis…that’s 1,800 bottles a month. That’s a nice start considering that Algodon Wines are new to the US market and its consumers. Keep up the good work Jomada!

Our neighbor next door to the Algodon Mansion recently finished some exterior construction. It looks good and is a big improvement on what was there previously.

Big olive oil news! Diego Coll Benegas, Algodon Wine Estates’ Director of Project Development, Tourism & Hospitality, just emailed me to say that Algodon Olive Oil won the gold medal in a national competition hosted in Buenos Aires this week. Our gold medal was for the “blended” category. That’s exciting news. I’ve had the olive oil myself, and I have to say that a gold medal comes as no surprise to me. I guess we’ll have to reprint our olive oil’s bottle labels to include: “Argentine judges agree: Algodon Extra Virgin Olive Oil is the best!” We will be serving Algodon Olive Oil at Algodon Mansion.

--Scott Mathis

Algodon Pool Tiles, Clerc for ESPN’s Open Coverage, and Media Mentions…

Get ready for blue tiles and sun- and bring your bathing suits! Algodon Mansion’s rooftop pool will soon be ready! We just received a very special shipment of SICIS mosaic tile, which has been imported from Italy, and our contractors will immediately begin laying the surfacing tile. We’ve all been looking forward to this stage of construction on our roof, as it’s the literal icing-on-top. Algodon Mansion’s pool terrace will also feature teak decks and poolside loungers, as well as an intimate open-air bar and lounge.

Anyone who knows me knows that I love tennis, so it will come as no surprise that I am excited about the US Open here in New York. Even more so because our own José Luis Clerc (Algodon Wine Estates’ Ambassador & Director of the Clerc Tennis Academy) will be covering play-by-play analysis for the Spanish-speaking audiences of ESPN International and ESPN Deportes. Algodon properties gets yet another media mention; Examiner.com’s J.S. Fletcher has given both Algodon Mansion and Algodon Wine Estates a nice write up in this week’s issue, which you can check out here.

In wine news, WineSur.com reported this week that Malbec exports have increased significantly this year. We already know this, of course, because we’ve been hearing about it for the last six months; however WineSur provides a chart detailing Malbec’s major importers. The U.S. is in first place with a whopping 52% of the pie chart.

--Scott Mathis

Algodon Mansion’s Kitchen, and more…

I received word today from Pedro Lagleyze that the mansion’s kitchen has been completed. We’re just waiting for the gas to be connected, after which the operating staff of Chez Nous will move in and start cooking. We’re still waiting on finalizing certain menu items. As I mentioned in an earlier post, I’ll be sure to share the finalized menu soon. You’ll see it both here and in the next newsletter.

I stumbled upon a Brazilian blog that features a write-up of Algodon Mansion. Apparently, even in Brazil we’re getting publicity and getting recognized! The blog (written in Portuguese) belongs to Alexandra Forbes, who regularly writes for Wish Report (the Brazilian equivalent to Robb Report), Vogue, Prazares da Mesa (Brazil’s #1 food magazine), Air Canada’s in-flight magazine and IN (Lan’s in-flight). You can see more about her here: http://www.alexandraforbes.com/. Hopefully we can have her down in person after we’re open.

We are seeing even more articles about the popularity of Argentine wine! The first comes from WineSur.com, and is a brief interview with Napa Valley’s Paul Wagner; president and founder of Balzac Communications & Marketing (a marketing and PR firm representing some of Napa’s most prominent wineries.) Says Mr. Wagner; “Argentinian wines are the new trend and latest fashion; we say that they are "hot" since everybody wants to try them. Malbec's sensory profile is ideal for the Americans' palate since US consumers prefer fruity and easy-to-drink wines. Moreover, prices are competitive and a noticeable growth has been perceived since some years ago.” The second article is from Bloomberg.com and, as the title of the article suggests, is another recession spun piece; New Yorkers Swap Bordeaux for Argentine Malbec as Recession Red. From the article; “These days, people in the Hamptons, a Long Island retreat for financiers and celebrities, aren’t indulging as they used to in high-priced brands…U.S. consumption of Argentine wines is rising as the global recession spurs even the wealthy to hunt for bargains. In the first six months of 2009, imports from the South American country rose 34 percent from a year earlier to $103 million, while mainstays Italy, Australia and France recorded U.S. sales slumps of as much as 30 percent.”

Lastly, on the Argentine economy Reuter’s recently reported that “Argentina can meet its debt obligations this year and in 2010 and a $2.25 billion coupon payment this week proves the government's ability to pay, Economy Minister Amado Boudou said…”

---Scott Mathis

Tennis Courts, AM staff, Chez Nous…

We’re seeing some great progress on the courts! They’re ready for play, and as you can see from the photo, they just need a net and some fences. The Algodon Malbec Classic, hosted at Algodon Wine Estates of course, is not far off…

Algodon Mansion is also really looking great; I was down there last week. Our management team did a great job of interviewing candidates for the hotel and kitchen. Some of our new hires are from one of my favorite hotels in Recoleta. This is an experienced group that will represent Algodon Mansion well.

I spoke with nearly everyone here and we have all decided to rename (or name; since we never officially decided on one) the mansion’s restaurant to “CHEZ NOUS,” which means “OUR PLACE” in French. Our Buenos Aires crew really likes it and how it works with the property and the concept! The menu at CHEZ NOUS is complete as well, and I believe everyone will love it. We are currently having an English translation of the menu prepared, which we’ll share as soon as it’s finished.

All in all, there has been substantial progress on Algodon Mansion. With most of the larger projects complete, we are now primarily just working on the little details. Everyone down there is working very well together, and they (as much as us in New York) are all very excited to see the finish line and a finished product in the very near future...

The Argentine Post directs us to a nostalgic YouTube video of Argentina’s early years. The 1932 travel newsreel is a classic Metro-Goldwyn-Mayer presentation. As I was watching the video, it struck me that this was the same period in time when José Jurado was first making a name for himself in the international golf world.

--Scott Mathis

Mansion Lightwell, Jurado Memorabilia, & Other News…

I received some great photo updates from Pedro Lagleyze (Algodon Mansion’s Construction & Project Manager) recently, including the following shot of the six-story glass partition in the lightwell that descends to the lobby:

In late November (around the time of Algodon Mansion’s Grand Opening), La Indiana Polo Club will host a post-tournament awards and dinner at the mansion’s restaurant, and cocktails will be served at the rooftop pool bar. This particular tournament is called the J.M Baillieu Cup and it coincides with the Argentine Open. We’ll be having a very busy holiday season this year.

Our Manhattan office recently acquired an authentic “International Newsreel” photograph from 1931 of the Prince of Wales and José Jurado. The gentleman were close friends and known golfing compatriots. José Jurado’s grandson originally developed our San Rafael golf course and winery before it became Algodon Wine Estates. Jurado is hailed as the “Father of Argentine Professional Golf”, and is perhaps best known for his losing stroke to Tommy Armour at the 1931 British Open. His famous double bogey was at Carnoustie Golf Club's 17th hole, and is reproduced on Algodon Wine Estates’ course. Jurado appears in the photo on the far right, and the Prince is next to him:

A caption typed on the back of the photo says; “With a matching beret, the Prince of Wales is shown spending his first day back in England, on the Golf Links at Sunningdale. He played with the Argentine Professionals who are in England to take part in the British Golf Championships.” We will most likely be displaying this photo in the new clubhouse.

Bloomberg.com is reporting that Argentina seeks to return to global markets this year after making $2.25 billion in interest payments. “It’s very important to fulfill our obligations, pay the debt so that the country can return to global credit markets before year-end,” Economy Minister Amado Boudou said. Good news for Argentina.

--Scott Mathis

Organic wine, Olive Oil, Grass Courts, and Hitting the Slopes

According to WineSur.com, Argentine organic wines are growing in popularity. In case you missed our last newsletter, Algodon Wine Estates has set aside 2.1 acres of Malbec vineyards and 2.1 acres of Bonarda vineyards for organic treatment. Organic certification for these vineyards won’t be achieved for three years; however it is yet another income-generating and value-building aspect of our versatile wine estate.

Diego Coll Benegas (Algodon Wine Estates’ Director of Project Development, Tourism & Hospitality) wrote me today to tell me that our olive oil is bottled! I’ve had the pleasure of enjoying it while dining at the estate’s award-winning restaurant; it is truly delicious and is the perfect complement to our wines. The new Algodon Olive Oil labels look great as well. I hope we can show them to you in the next newsletter, which is due out in just a few weeks.

I’ve been in conversations with our design architect, Gerhard Heusch, regarding a new design for Algodon Wine Estates’ entrance/gate in the next phase of construction. I like the idea of incorporating, or rather I’m inspired by, the conceptual design of a traditional Argentine Estancia. My feeling is that this will give the entrance a warm and welcoming aesthetic. Once we have some preliminary sketches, I’ll be sure to share them with you. Also, as construction on our tennis courts continues, we decided to add one more grass court (at no significant added expense), which will give us a total of three grass courts. Had we decided to only construct two, we already would have been highly regarded as an important tennis destination. Three grass courts just ups-the-ante; as we will be the only three-court facility in all of Argentina.

The Argentine Post has an informative piece on skiing in Argentina. Although Bariloche is featured in the article, Las Leñas is also mentioned. As you may already know, Las Leñas, one of the best ski resorts on the continent, is just a 2 hour drive from Algodon Wine Estates. Something to keep in mind when planning your next trip to Mendoza!

Algodon Mansion bath products, and Buenos Aires makes top 10 again…

It was recently decided that Algodon Mansion’s suites will carry Côté Bastide and Laura Tonatto bath and fragrance products. These are world-class lines that truly fit well and compliment our Buenos Aires mansion, as well as the Algodon brand image. Both distinguished lines have a large international presence and are synonymous with sophistication and elegance. As these small, though essential, details begin to finalize, it forces me to look back on the road traveled to get here, and I am happy by all that we have accomplished. Just a few more months and we can all share a toast to one another at Algodon Mansion’s Grand Opening.

Once again, Buenos Aires has made Travel & Leisure’s “Top 10 World’s Best Cities”. BA is ranked #4 this year (slipping two spots from #2 in 2007 and 2008). The accompanying article touts; “Beyond the “Paris-of-South-America” clichés, this is a city of world-class art, exceptional cuisine, and internationally acclaimed design. After a 2001 crisis battered the nation’s economy and the value of its currency, B.A. became one of the world’s few high-gloss/low-cost travel destinations…”

Finally, there was a great recent article in the New York Times on BA’s “bares notables”. In 1998, the city legislated these “notable bars” (a landmarked status, I suppose) “as the official designation for bars, cafes, billiard halls and confectionaries whose antiquity, architecture or historical significance make them worthy of note and of preservation efforts”. The article details several of these businesses and their unique histories. If you’re making a trip down there anytime soon, be sure to print this one out and take it with you. There are some very interesting places that are perhaps a bit off the beaten tourist track. If you remember, just a few weeks ago I posted about the Times’ take on BA’s Barracas barrio. I’m pleased to see that such a well respected newspaper is continually covering so much of the culture from one of my favorite cities in the world.

Tennis court photo update!

I’d like to share a letter I received last week from Algodon Wine Estates’ Director of Finance and Administration, Rubén Barsamian. Rubén’s been doing a great job in San Rafael pushing the tennis construction forward. Here’s his photo update regarding the tennis courts:

“Scott,

Attached I'm sending updated photos of the tennis center construction. The first one corresponds to the twin clay courts to the west, covered with chipped brick:”

“The second picture shows the already leveled site for the four clay courts that will be built next to the first two. There the bricks have to be placed and leveled and the retaining wall needs to be constructed:”

“The third photo shows the single clay court to the east, near the golf fairway:”

Muchas gracias, Señor Rubén. What a great partner we have in Buenos Aires. Without his steadfast force and direction, we would not be seeing such great forward movement. Our construction team has also finished work on the new canal:

Algodon Wine Estates was featured recently in Los Andes newspaper, which may perhaps be described as the “New York Times” of Mendoza. Check it out even if you don’t read Spanish; there are a few corresponding photos…

--Scott Mathis

Algodon Mansion update, and wine tours

We received a nice Algodon Mansion update from Pedro Lagleyze this week. Some of the highlights include; the installation of the mirrored televisions in the bathrooms; the installation of the lightwell waterfall now that the six-story glass partition has been put up (see last week’s entry); finishing up painting in several suites; and nearly all of the kitchen equipment has been installed. Here’s a photo of the glass ceiling which will cover the outside patio in the dining room:

It looks great. We’re just waiting for the aluminum finishing for it to be complete.

The Wall Street Journal gives its readers some ideas of what to do for summer vacation. Titled “Camps for Grown Ups”, one of their recommendations is to attend a summer Wine Camp in Long Island. The camp “covers the topics of vineyard work, the terroir of Long Island, chemistry of winemaking, blending, and food and wine pairing.” This sounds like our own guided tours and tasting seminars at Algodon Wine Estates. Ours include wine descriptions, terminology and practices. People who take our tour get a detailed tutorial regarding vineyards, planting methods, irrigation, climate, and the manual labor involved in maintaining a successful winery. In fact, if the weather is nice on that day, you can even pick your own grapes. The tasting seminars always end with a platter of smoked cuts, artisan cheeses and olives.

By the way, I’d like to wish everyone here in the U.S. a very happy 4^th of July! Have a great weekend.

--Scott Mathis

Truffles, and a lot of press for AWE!

Our bimonthly newsletter came out this week, and if you’ve already checked it out you will have noticed the introduction to our newest potential asset to Algodon Wine Estates; the cultivation of black and white truffles. We’ll have more information on this as the summer progresses, but in the meantime we’re very excited about the prospect and what it could mean for our estate. I believe we’ve already created an extraordinarily unique and very valuable development there in San Rafael, Mendoza, and recent details such as bottling our own estate-grown extra virgin olive oil, cultivating truffles, making some incredible vintages and providing super-recreational championship golf, tennis, and polo only serves to create even more value in worth as well as in reputation.

Also this week, Algodon gets even more full page write ups; this time in the latest issue of Unique Homes magazine. Titled On Location: The Next Napa Valley. It’s available on your local newsstand, open to page 42! Algodon Mansion also appears at the bottom of the page. Unique Homes magazine focuses on luxury real estate, and targets high-end consumers and sellers. It has a circulation of over 70,000 readers and topics covered include “European castles, oceanfront contemporaries, world-class resort properties and luxurious hideaways.” Algodon Wine Estates is also currently featured on the Elite Traveler website, which receives approximately 80,000 hits per month. We also appear in the newsstand copy of the magazine, which has a circulation of 135,000. They focus on luxury travel and target affluent readers throughout the U.S., so this is another great outlet for Algodon! In just a few weeks we’ll be appearing in United Airlines’ in-flight Hemispheres Magazine which has a print run of 250,000, with a readership of 7.5 million! That’s an incredible number! And last but not least, we also appear in 944 Magazine (circulation: 245,000!) on newsstands now. 944 focuses on fashion, entertainment and luxury lifestyles, with separate editions in Los Angeles, Las Vegas, Miami, Orange County, Phoenix, San Diego and San Francisco. Topics covered include health, fitness, nightlife, restaurants, latest styles and trends, music, art, film, interior design and travel. This has been an amazing month in the media for us!

In other news, Harpers Wine & Spirit online magazine tells us that Argentine wine exports are up in volume and value. That great news in today’s economic climate! Of course, Malbec is the most exported varietal accounting for a hefty 28% of the volume.

--Scott Mathis

Algodon Wine Estates updates, and other news…

Here is a preview of what our tennis courts may look like after construction is completed in just a few short months. I came across this photo in my email archives, and wanted to share it. These courts were built by the same contractors who are currently building ours. It’s exciting to try and picture. Obviously ours will look even better than this with our Grand Center Court that seats nearly 700 people and is sunken into the ground for panoramic views from above. We’ll also have 8 clay courts, 2 grass courts, and 1 hard court.

Rubén Barsamian sent me the next photo earlier in the week. It shows one of our contractors leveling the courts. As I may have mentioned before, except for the Grand Center Court, as of today the land has all been leveled:

I also received photo updates on the two new reservoirs on our (recently expanded) golf course this week. Here you can see that they have lined the pond in anticipation for its filling:

Very exciting, and all of this will only add even more value to our already remarkable estate.

Earlier this week the New York Times ran this piece on the revitalization of the Barracas barrio in Buenos Aires. This neighborhood is experiencing “spillover rejuvenation from neighboring Puerto Madero and San Telmo, two areas that have benefited from a rise in tourism and a real estate boom. Barracas, near the city’s old ports, means barracks or warehouses. Long since abandoned, many warehouses are being renovated into luxury housing…” Sounds like the “Soho effect”. I’d be curious to know if the article had any immediate impact on real estate sales for the area. I’m betting it did…

--Scott Mathis

Polo, Dakar, GM bailout, and Art…

Hola! Nacho Figueras explains the rules of polo in Vanity Fair Magazine. In case you don’t know, Nacho is synonymous with Argentina polo. Nacho was recently our guest for a wine tasting and cocktail reception at Algodon Mansion. (pictured from left to right: Nacho Figueras, Me, Luisa Aldao, German Neuss, Camilo Aldao, and Nacho’s lovely wife Delfina):

Last weekend he and Great Britain’s Prince Harry played the Veuve Clicquot Manhattan Polo Classic, a celebrity attended charity match at New York’s Governors’ Island. The competing teams were Black Watch and Sentebale, and the British team won 6-5. This brings to mind the construction of Algodon Wine Estates’ own twin polo fields scheduled for completion next year. Polo is very big in Argentina, and our Champions’ Club will feature only the best of these types of facilities.

As I mentioned in an earlier post, the Dakar Rally will return to Argentina in 2010. The map of next year’s route is now available online, and it indeed runs right through San Rafael! What a great publicity and promotional opportunity for the city, and in turn Algodon Wine Estates. As you can imagine, the hotel was also fully booked when the rally came through earlier this year.

Argentina’s President Cristina Fernandez de Kirchner announces that the country will use $70 million of nationalized pension funds to provide General Motors (Argentine unit) with a loan to help the automaker finish work on a new car model. Finally, here’s a CNN video link to a report on the Buenos Aires International Art Fair (aka “ArteBA”), which has been called “the hottest art event on the planet”. One gallery owner interviewed explains how the combination of Argentina’s weak peso and the world-wide economic downturn is presenting lucrative opportunities for the county’s artists. Evidently savvy international collectors have realized that Argentina offers world-class pieces of art for unheard-of prices, and they are loading up on these great deals. That’s called “getting in when the getting is good” and similarly-minded people are doing the same with real estate there, obviously.

--Scott Mathis

Much in the news!

I have a lot that I’d like to share with you from a news-filled past week. Our San Rafael Wine Estate appears in New York Magazine’s Special Wedding Issue (honeymoon section), available on newsstands now…and Algodon Mansion’s General Manager, Pablo Veloso, also sent me this pickup of Algodon Mansion in Air France Magazine. You can read more on both of those in the June issue of the Algodon Newsletter.

I came across an interesting article in The Washington Post last week about sommelier Mark Slater (a James Beard Foundation award-recipient for his outstanding wine program) who, when asked what his top seller is, says (a particular brand of) Argentine Malbec; "That stuff flies out of here….I sold 15 cases in a week!" On that topic, a recent WineSur.com article talks about the great potential for Argentine wines in the Asian markets. Evidently reasearch says that fine wine consumption in this sector is expected to grow by 79.3% in the next two years. That’s a remarkable number- the population in China alone is 1.3 Billion.

Here we have good news for you racing fans; AP is reporting that Argentina may be hosting a Formula One race next year, probably in Buenos Aires. Be sure to book your rooms at the mansion.

In anticipation of the French Open, The Wall Street Journal ran this fun tennis piece about the joys of playing on a clay court; “Increasingly, some of the game’s best coaches and tennis officials —even in the normally clay-allergic United States —see mastering the dusty red stuff as crucial to achieving all-around greatness.” Ask anyone who knows me and they’ll tell you that I am a huge lover of the game. I’m looking forward to playing on our clay courts, as well as each of our 2 grass courts and our sunken Grand Center Court that seats nearly 700 people. By the way, here’s a photo taken last week of the land being cleared for the courts’ construction:

Hope everyone is enjoying the nice weather!

--Scott Mathis

Polo Anyone?

It looks like the world of Argentine Polo is alive and well, despite any global economic slowdown, according to a recent Reuters article that you can read here. The article also touches on polo tourism and Argentina’s position as the world's top destination for polo. Our polo fields at Algodon Wine Estates, by the way, should be completely excavated and seeded this year.

This photo was taken at a recent cocktail party inside the Algodon Mansion amidst all the construction. There was a huge turnout, and it was quite fun. Nacho Figueras and his wife Delfina Blaquier are pictured here with me. Nacho, of course, is a world famous Argentine Polo player and may be the face that most Americans associate with Argentine Polo. The photo above appeared in the December 20, ’08 issue of the Argentine magazine “Noticias”.

--Scott Mathis

Algodon Wine Estates online interactive map

Hello friends. As our websites continue to evolve in tandem with the properties, real estate developments, and businesses that they represent, we are on occasion treated to something truly exciting via online technology. Our new interactive map of the estate’s features and individual homesite descriptions is, in my opinion, a very impressive addition to the site. The system, which is powered by Google Maps technology, illustrates the estate’s geography and has all kinds of easy to use features that make it fun to navigate. If you haven’t seen it yet, you can check it out here.

I personally love Google Maps; you can visit almost any neighborhood in the world. I know the Google satellite mapping of Argentina was only recently added to its website, so the map of Algodon Mansion’s location in Buenos Aries, for example, offers only a basic view, which you can see here. However, I assume that Buenos Aires will eventually have a more detailed mapping, such as we have in New York City. Here’s a Google Maps link to our office in Manhattan. Enjoy!

- Scott Mathis

Happy New Year!

I hope everyone and your families had a great New Year’s Eve! 2009 is setting up to be a spectacular year already. Algodon Mansion is opening, we have new wines and labels, the opening of our 18 hole golf course, a future polo field…and the year has barely even started. Let's get busy, and stay busy! Happy New Year! By the way, I received an email from a colleague vacationing at Algodon Wine Estates over the holiday, which I’d like to include a passage from; “Scott, I am here in AWE – so beautiful! Today there were quite a few golfers, people eating in the restaurant, taking tours of the winery etc. I am doing the Ruta del Vino & checking out Mendoza tomorrow…” That was a good email to get, and a nice way to start the year. Have a great 2009! -Scott Mathis

Hotel Rates in Buenos Aires

Hotel rates in Buenos Aires have risen significantly in just the past few years due to the country’s growing economy and tourism traffic. Our office recently did a study of suite rates of premium 5-star hotels in Buenos Aires to see what the competition is charging. We chose to look at comparable hotels to Algodon Mansion’s 5-star quality suites and amenities, and looked at suite rates from 2005 (when the idea for Algodon Mansion was still just an idea in my head) versus what they go for today. I think this positive illustration says quite a bit about Argentina’s economy. You’ll also notice that all of these hotels have over 100 rooms, and one of them even has over 200. With Algodon Mansion’s boutique status of only 10 very high-end, butler-attended suites, there is no question in my mind that our hotel will have a remarkable reputation for highly personalized services that elevates us above all the rest in Buenos Aires. Here’s what we found, and the following price list is approximated:HotelRateComparison.pdf

Happy Holidays!

Happy Holidays, Friends! There has been a lot of talk in the news of late regarding the condition of our global economy. I believe that even though the world is in the midst of an economic crisis, the companies that are able to weather the storm will be in a unique position to capitalize on the opportunities ahead. Our company recognizes that many people are being hurt in this worldwide economic downturn, so we are determined to turn this current crisis into an opportunity for our investors. While we remain realistic about the conditions of the current global market, we are also very optimistic about the opportunities that are presenting themselves in Argentina. Some bright highlights in the recent news include a Reuters report that Argentine wine exports are seen growing, despite the crisis, and Expedia Travel Trendwatch’s annual report that despite the tough economy; “the upcoming holiday and winter travel season will not differ greatly from previous years, and with fuel prices declining in recent months, many airfares are the same or even lower than the 2007 season.” I hope you all have a superb holiday season. We’ve had challenging but a great year in 2008, and I look forward to making 2009 an even better one. Happy New Year!

A Real Estate Comparison

Here’s a great photo comparison of U.S. vs. Argentine real estate valuation that may put things into perspective for many people. This is more than eyebrow-raising; it’s enlightening, and it’s what we’ve been saying all along. Click the link for an illustration that says a thousand words: Real Estate Comparison.pdf

José Luis Clerc

As I’ve mentioned in an earlier post, we’ve partnered with José Luis Clerc, who happens to be one of the most recognized and revered professional tennis players in Argentina’s history. He will be promoting Algodon Wine Estates’ tennis center, and will also be overseeing the construction and design of the tennis center’s courts, clubhouse, and the overall tennis program itself. His official titles are Director of the José Luis Clerc Tennis Center (at Algodon Wine Estates), and Ambassador of Algodon Global Properties. The latter title is appropriate since he will also serve as a public relations conduit and provide his personal and professional international contacts with the goal of developing tennis exhibitions with former and/or top world players and futures tournaments to be held at Algodon Wine Estates. The fact that José is a very personable gentleman combined with his impressive place in the history of tennis truly makes him a uniquely qualified individual to represent our Algodon brand, both on and off the court. His player’s history can be found here on Wikipedia. José began playing professionally in 1977, and won 25 ATP Titles, and retired in 1988. His highest rank was World No. 4 in August 4, 1981, following a run of 27 victories and 4 titles in one month, and had year-ending rankings 8th in 1980, 5th in 1981, 6th in 1982, and 8th in 1983. José represented Argentina for the Davis Cup from 1976 to 1989. He currently runs a tennis school in Argentina was recently a featured commentator for ESPN Latin America’s coverage of the 2008 US Open.

New Nine Holes

The new nine holes are certainly coming together, and soon our 18-hole course will be up-and running, adding to our reputation as the first golf course in Argentina to be surrounded by vineyards. (Though we’ll soon have to change our boast to; “We’re the first combined championship golf course, and championship tennis center, and championship polo center in Argentina to be surrounded by vineyards…”) Golfers will literally play through vineyards, walnut, pear and olive orchards, and enjoy breathtaking views of the Sierra Pintada Mountains with the Andes as its backdrop. The goal is to create a course that blends with the existing vineyards, indigenous plants, and topography so that it appears as one with the landscape. The design team has opted for a noninvasive approach by allowing the new course to “grow into” its surrounding, and once complete it should reflect a harmonious synergy with the natural beauty of its surroundings. The green will be 7,400 yards from the tips, and will be a challenge for the low handicapper; yet the 5 different tee boxes make the course accessible to the entire family. Again, the entire 18-hole course will be open for play in May, 2009, but in the meantime the original nine holes are still open for play. Summer will be starting soon in Argentina, so I’m sure we’ll be seeing a lot of visitors, especially with the press we’ve been getting lately. Check out this media mention; Algodon Wine Estates Barrel Ownership Program. --Scott Mathis

Algodon Brand

I’ve recently been asked to talk a little bit about the name idea for the Algodon, so I’ll do that today. My original goal was to create a brand name of distinction, refinement and elegance- a name which conjures “a clean and pure appreciation for the good life, and a sense of refined culture.” Obviously, that’s a big order. So after much careful thought, we decided to run with the word “Algodon,” which means “cotton” in Spanish. Though my Mississippi grandparents were cotton farmers at the start of the 1900s (“when cotton was king!”), for the most part I initially associated the word with the Cotton Club days of the Roaring 20's, and even that sophisticated glamour so often associated with the 50's "Rat Pack". This was a time when travel and leisure were synonymous with culture and sophistication, and that’s the feeling I was going for. My desire is to make Algodon- both as a brand and as a destination- the modern day equivalent in an active, global lifestyle, and ultimately “a destination where the best elements of the illustrious past and the affluent present meet.” Above I’ve quoted some of the language we used when initially defining our brand identity, and I think the language that we came up with worked really well for us.

Bottom line, the Algodon brand represents a lifestyle. My goal and my company’s goal is to continue seeking out distinguished properties which encapsulate old-world charm and sophistication, and to refurbish them with modern day service, technology, and amenities.

I’ve been asked if I am looking to create a hotel chain. The answer is no. I prefer to think of this as simply a collection of exclusive properties within Argentina, which operate under the Algodon brand. And who knows? From there we may expand into other leading cultural cities of the world. But let’s not get ahead of ourselves…

Formula For Success

As I mentioned in a previous post, Argentina’s booming economy and real estate market are presenting unparalleled investment opportunities every day, and are attracting savvy international investors from all over the world, including us. When approaching the real estate market, we felt that an ideal investment sector for ourselves and our investors would be the hospitality sector. I personally feel that identifying underperforming commercial properties and repositioning them into hotel or mixed-use properties is a formula for success. Argentina’s uninterrupted property appreciation has roughly seen a 50% increase in real estate values since overcoming its financial crisis in 2002. So it’s logical to me that, while property appreciation alone may be well worth the initial investment, capitalizing on that investment to create an additional primary source of income should be our ultimate goal. A successful luxury boutique hotel such as Algodon Mansion may potentially generate multiple revenue sources from a single piece of property. That’s good news to me. While the Algodon Mansion will serve as a high-end, private hotel for distinguished guests, we also hope to appeal to the local community with the restaurant, lounge and spa. Our goal in the property’s renewal is to reclaim the old world charm and sophistication of its original 1912 architecture, while at the same time denoting an aesthetic value of modern elegance and functionality. We’re all proud of it. By respecting and maintaining the integrity of the building’s original facade, we believe the finished product will add to the beautification of the neighborhood; attracting a loyal customer base and becoming a travel destination for both the local community and visitors to Buenos Aires. Next week I’ll talk about the name we’ve chosen for the hotel brand, and how we reached the decision to call our project “Algodon.” Have a great week! --Scott Mathis

Algodon Mansion

“Perhaps the most tangible sign of Argentina’s economic recovery, is its booming real estate market, which has transformed Buenos Aires, the capital, into a construction site.” - The Wall Street Journal I love that quote. Tourism in Argentina is thriving right now, and has been for the last several years. I see it every time I go down there, and my favorite hotels are always almost booked to capacity. Argentina is literally the leading tourism destination in all of Latin America, and had over 4.5 million visitors in 2007. The Argentine Tourism Office says that visitors from the US alone grew more than 35% between 2005 and 2007. I like those numbers! 2.2 million foreigners visited Buenos Aires last year, and Buenos Aires City Tourism Bureau did a study that found foreign tourists prefer four and five star hotels (who doesn’t?), and that 2007 occupancy rates exceeded 85%. Things are looking good for our hotel project. The mansion we purchased is absolutely amazing. It was previously a private residence and is located at 1647 Montevideo Street in the heart of the embassy and luxury hotel district, Recoleta. The Mansion is a magnificent 20,000 sq/ft estate that was built in 1912. It’s a 5-story building, but we added a subbasement during the renovation, bringing it to 6-stories. The architectural team we decided to use for the renovation is headed by internationally acclaimed architect, Gerhard Heusch. He’s got a great portfolio, and I’ve had the pleasure of seeing some of his past projects in person, including The Grand Havana Room in both New York and LA. The hotel will feature 10 luxury suites, a 5-story hanging garden, and rooftop pool, spa, and bar. Watching the completion of this project has been a real experience. These days, I get down there to oversee the project just about every other week. One of the highlights for me has been the construction of the rooftop pool. Wow. It’s going to be truly fantastic. The hotel is also going to have a restaurant featuring South American & French-fusion cuisine, a private dining room with a wine cave and humidor, library bar, wine cellar, and an outside dining patio that features an A-framed glass ceiling. This project has become very personal to me, and I have to say that I’m quite proud of it. With Gerhard’s help (as well as the rest of our incredible work team down there), Algodon Mansion should be opening its doors in December. That’s right around the corner, and we’re all very excited about it. The plan is to have a wonderful New Year’s opening party for our partners and friends. I’m looking forward to it. I’ll be here next week with more about Algodon Mansion…Gotta go, I have work to do! --Scott Mathis

My Trip to Buenos Aires

When I arrived in Buenos Aires in 2003, it was common knowledge that the economy had recently suffered a debilitating blow, that the country had defaulted on its national debt and that the unemployment rate was soaring. Since I am by nature a contrarian, this was part of my motivation for going. Although my expectations were somewhat tamed by media coverage about the economic and social problems, I had hoped to enjoy the city’s charms and the value of its currency which had devalued by about 70% from its previous level. In fact, I was “wowed” to find a vibrant world-class city, full of sophisticated, well-dressed and happy people, historic beautiful neighborhoods with lush green parks and public monuments, wide-open boulevards lined with buildings boasting some of the finest architecture I had ever seen. I was also enthralled with the great shopping… markets…. music…. dancing…. wonderful food, wines and entertainment. I knew then why they call Buenos Aires the Paris of South America, at a third of the price here in the States and an even larger value discrepancy in comparison to the major European cities.

My enchantment with the city prompted my interest to learn more about the local real estate market. The more I learned, the more convinced I became that there was a huge opportunity, that prices were extremely low compared to other leading cities and with the economy and tourism rebounding strongly, many elements of risk had already greatly subsided. I was determined to take action.

But that’s enough for today. Next time I’ll be talking about how my vision has indeed been realized by my companies (InvestProperty Group and DPEC Partners) in the creation of a luxury boutique hotel (“Algodon Mansion”) in Buenos Aires, and then later a very beautiful wine and golf resort (“Algodon Wine Estates”) in San Rafael- the southern heart of Mendoza.

Life is good!

-- Scott Mathis

My First Entry

Here we go- my first blog entry. I’ve been asked by several friends and coworkers; “What’s possessed you to write an online diary?” So first off let me say, a daily “diary” is certainly not my intention in creating this journal. I’m not here to talk about what I had for breakfast this morning (delicious as it was.) I’d like to think of this as a way to share my personal knowledge and experience regarding current and timely investment opportunities with my friends, family, clients and partners. This is also a great venue for me to keep those same people informed of my companies’ latest endeavors as well as the evolution of our projects.

As many of you know, I’ve taken a particular interest in Argentina’s real estate market, specifically Buenos Aires and Mendoza, after remarkable investment opportunities were made available due the country’s economic crisis several years ago. And though these opportunities have been much publicized, I’ve still been asked; “Why? Why Argentina?” I would like to say that my black box, which is fed with copious amounts of charts and data, issued a proclamation that the time was ripe to enter the real estate market there. However, things don’t normally work that way, at least not for me. My determination to enter this market really began as a personal journey, a tourist visit to Buenos Aires in fact, and was gradually transformed by my experiences and what I witnessed firsthand, into a determination to pursue a vision. So, while in the past few years there has been a lot of positive media coverage relative to Argentina’s real estate market, there is a big difference between words and action. Hence, I have used my conviction to take action and enter this market and am currently in the process of turning my vision into what I feel will be a profitable business and investment opportunity.

Next week I’ll tell you a little bit about my first visit to Buenos Aires, and what specifically it was that really clarified my vision and opened my eyes to the amazing opportunities Argentina offers its investors.

Until then…

-- Scott Mathis