| Fortune Real Estate Development Corporation OTC: FRDJ |
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OTC |
FRDJ |
| 52 Week Range | $1.05 - $3.00 |
| Shares Outstanding | 20 M |
| Float | 5 M |
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Shares O/S: 20,000,000
Float: 5,000,000 (approximately)
52-week Range: $1.05 - $3.00
About
Fortune Real Estate Development Corp
Fortune Real Estate Development
Corporation specializes in converting hotels into Condotels, a
concept that has gained popularity in many international
vacation resorts. It involves selling the hotels rooms and
suites to individual purchasers, who usually are families
interested in a vacation rental, or purchasing a timeshare. The
owner has complete discretion over the time they will occupy
their Condo, and will receive some income from having it rented
out to others during periods when they are not using it.
Condotels are attractive for tourist accommodation, as an
alternative to regular hotels. They offer the luxury and
amenities of a luxury hotel, at an affordable price. Rooms are
rented weekly, and services are geared toward families on
vacation.
Condotel features include:
- Rooms are privately owned, and may be rented out to
vacationers when the owner is not in residence
- It provides owners with the opportunity to acquire rental
income plus own a vacation condo
- A concierge is on-duty during the day and evening
- Maid service is offered weekly
- Hotel facilities, such as pools, fitness centres, tennis
courts, continue to be operated by the hotel and available for
the guests
- On site restaurants and lounges are leased to private
operators
Prior to purchasing a hotel, Fortune Real Estate Development
will assess the suitability of the hotel for conversion to a
condo hotel. It must be a luxury hotel, located in a tourist
destination area, with the potential to be successfully
developed into condominiums. The hotel operating costs must have
the capacity to be significantly reduced, while still ensuring
that the guest amenities and facilities will operate at a
quality level.
Delroy Cowan is the CEO and major
shareholder of Fortune Real Estate Development Corporation (FRDJ.PK)
a publicly traded company, headquartered in Miami, Florida. A
dynamic leader and with acute business skills, he has a proven
track record of business and real estate development. Born and
raised in Jamaica Mr Cowan received his education and began his
early career in business there, with one small retail tire store
known as Tire King, which has successfully grown to become one
of the largest chains of tire stores on the island.
While in Jamaica Mr. Cowan focused heavily on real estate
development, by building and refurbishing both residential and
commercial properties and then reselling them. He successfully
completed several major developments including residential
condominiums and one of the largest Amusement Parks in the
Caribbean.
When he came to Florida in 1987, he continued in real estate
development, buying and refurbishing apartment buildings. He
soon had a thousand units rented, and then diversified into
commercial property ownership. It was during this time that he
again diversified and owned a variety of companies including a
television network (the Caribbean Satellite Network) and a used
car dealership in Miami. Continually analyzing and evaluating,
Mr. Cowan realized that he much preferred real estate
development, rather than the day-to-day demands of operating
small businesses, so he sold most of his companies, retaining
interest in the car dealership and Tire King. He continued to
study the market, and saw a niche in the hotel industry, which
has the potential for a great deal of profit.
He is now specializing in acquiring hotels and apartment
buildings and redeveloping them as condo hotels and residential
condos. The Dorsan Suites is the initial project of Fortune Real
Estate Development Corporation. Mr. Cowan is very dedicated to
the success of his businesses typically working a twelve hour
day. He has assembled a strong and effective team, who has the
skills to ensure that the project meets its goals and targets.
In order to be successful, however, Mr. Cowan acknowledges the
importance of taking a step back to relax and recharge. He
reserves Saturday evenings and Sundays for his family, and may
also use this time to ride his motorcycle or pilot his
ultra-light. A quick escape before returning to his fast-paced
work life.
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