HOLIDAY ISLAND, Ark., Aug. 28, 2017 (GLOBE NEWSWIRE) -- Holiday Island Holdings, Inc. (OTCPink:HIHI) - a development stage company operating in the land development sector of the market – released the news today that a Letter of Intent was executed between the buyer and seller on August 25, 2017 detailing the terms of the El Mariachi Restaurant acquisition.
Under the terms of the Letter of Intent, HIHI will raise $200,000 within 90 days of the LOI date of August 25, 2017. The Holiday Island Developer will purchase the building and land (.5 acres) from the First National Bank of Northwest Arkansas for up to $120,000, deed the property to HIHI, then use the balance of $80,000 to buy fully developed prime land within the Holiday Island Shopping Center.
Gene Thompson, CEO and Director of the Company said, "This is another big step in our pursuit of our first income producing real estate acquisition located in the Holiday Island Shopping Center – the newest and largest shopping center within 20 miles. Once the sale is closed, we expect it will be a big help to attract new investment. And, lowering the purchase from $160,000 to $120,000 increases the annual return from 10% to 13.3%, which is significantly above average.”
About Holiday Island Holdings, Inc. (OTCPink: HIHI):
Holiday Island Holdings, Inc. is operating its core business in land development in a continued effort to acquire and further develop income producing commercial and residential real estate located in Holiday Island, Arkansas. The company is in the process of further developing a town poised to become the largest community between Northwest Arkansas Metroplex and Branson, Missouri, and become a significant player in the local retail, commercial, and residential markets.
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Source:Holiday Island Holdings, Inc.