Acquired by Celebrity Resorts
|ORLANDO (November 6, 2003) – Celebrity Resorts, an Orlando-based vacation
ownership company, has acquired six new properties from Leisure Resorts.
Announced today, the purchase expands the company’s property into several
new markets and defines the company as an emerging leader in the vacation
The multi-million dollar purchase by Celebrity Resorts includes the remaining inventory at six timeshare resorts, a sizable mortgage portfolio, management contracts at each property as well as all Leisure Resorts assets and rights in those properties. Closing for the sale will take place in November with Textron Financial Corporation, who provided $8 million in financing to the bankrupt Leisure Resorts estate, playing a major role in the successful sale.
“The Leisure Resorts acquisition presents an exciting opportunity for our company,” says Jared Meyers, Chief Executive Officer of Celebrity Resorts. “We are grateful to Textron and Leisure Industries Trustee C. Alan Bently for their backing and welcome the owners and staff to Celebrity Resorts.”
Through this acquisition, Celebrity Resorts will develop and manage former Leisure Resort properties in Honolulu, Hawaii; Reno, Nevada; Brigantine Beach, New Jersey; Indian Shores, Florida and two resorts in Steamboat Springs, Colorado. The Steamboat Springs properties are the two largest additions, and all resorts will have both floating weeks and fixed week properties available for sale. Once the acquisition is complete, the Celebrity owner base will expand to nearly 50,000 owners along with adding nearly 150 employees. As part of their commitment to these new properties, Celebrity Resorts will provide $5 million of funding to the home owner associations at the six properties, alleviating some financial concerns. Additionally, Celebrity Resorts pledges that no resort employee will be terminated due to this acquisition.
Prior to this recent purchase, Celebrity Resorts properties were located in Orlando, Lake Buena Vista and Palm Coast, Florida. The new purchase triples the number of Celebrity Resort properties with plans for additional expansion in the future.
About Celebrity Resorts
|Also See:||The Chateau Vacation Ownership Development in Las Vegas Aligns with Marriott Vacation Club International / April 2003|
|Intrawest Creating New Concept of Real Estate Ownership; Building Vacation Homes Sold in Shares of 10 for Five Weeks a Year / March 2002|