International Land Alliance Announces Reopening of Emerald Grove Estates Event Center

Rhea-AI Summary

International Land Alliance (OTCQB:ILAL) has reopened its renovated event center at Emerald Grove Estates in Southern California, anticipating increased demand following the return of organized events. Construction improvements are expected to be completed by May 7, 2021. The property, acquired in Q1 2019 for $1.1 million and recently appraised at $2.8 million, includes an 8,000 square foot venue currently generating revenue. Upcoming events, including a wedding for 120 guests, signify strong market interest and potential revenue generation for the company.

Positive

• Reopened event center expected to generate significant revenue.
• Recent appraisal value increase from $1.1 million to $2.8 million.
• Upcoming events indicate strong demand and potential for profit.

Negative

• None.

Newly Renovated Property to Serve Surging Event Venue Demand

SAN DIEGO, CALIFORNIA, April 27, 2021 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, has reopened its newly renovated event center at its Emerald Grove Estates property in Southern California. The Company expects construction relating to improvements at the property will be completed by May 7, 2021, with various anticipated events to be hosted at the venue thereafter.

"With organized events returning to the Southern California region, we are thrilled to reopen our doors to provide a remarkable event venue in the Temecula wine country,” said Jason Sunstein, Vice President of International Land Alliance. “We capitalized on the recent intermission in gatherings by making significant upgrades, including premier landscape architecture and a 3600 square foot outdoor addition, to compliment the 360-degree, unobstructed views at this intimate property. In May, we will host a 120-person wedding at the venue, and are seeing incredible demand for live performances, retreats, and other gatherings as we head into the summer season. We look forward to generating meaningful revenue for ILA through this property, which is now well-equipped with features that cultivate an ultimate event experience.”

ILA acquired this property in Q1 2019 for $1,100,000, which included three vacant 20-acre parcels, and one 20-acre parcel with an existing 8,000 square foot event venue currently generating revenue. In Q3 2019, the Company sold one vacant 20-acre parcel for $630,000. The property was recently appraised at approximately $2,800,000.

For more information, please contact Lisa Landau, Director of Operations at Emerald Grove Estates at lisa@ila.company or visit https://ila.company/emerald-grove-estates/

About International Land Alliance, Inc.:

International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.

Safe Harbor Statement

The press release may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.

CONTACT:
Investor Relations:
Brooks Hamilton
Senior Vice President
MZ Group – MZ North America
(949) 546-6326
ILAL@mzgroup.us
www.mzgroup.us

FAQ

What is the significance of International Land Alliance's event center reopening?

The reopening of the event center at Emerald Grove Estates indicates a response to increased demand for venues after event restrictions due to the pandemic, potentially leading to significant revenue generation for ILAL.

When were the renovations at Emerald Grove Estates completed?

Renovations at the Emerald Grove Estates event center are expected to be completed by May 7, 2021.

What was the acquisition cost of the Emerald Grove Estates property?

International Land Alliance acquired the Emerald Grove Estates property for $1.1 million in Q1 2019.

What is the current appraised value of the Emerald Grove Estates property?

The Emerald Grove Estates property was recently appraised at approximately $2.8 million.

What upcoming events are planned at the event center?

An upcoming event at the venue includes a 120-person wedding scheduled for May, alongside other anticipated gatherings.