Ultimate Resort(R) Acquires BVG's Ventures Equity Vacation Club (Etats-Unis)
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Ultimate Resort(R) Acquires BVG's Ventures Equity Vacation Club (Etats-Unis)
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2008-02-26
Acquisition Adds Six Multi-Million Dollar Club Properties and Three New Club Destinations
Ultimate Resort, the leader in the destination club industry with more global destinations than any other luxury destination club, announced today the acquisition of Ventures Equity Vacation Club, the destination club of Tampa-based resort developer BVG Incorporated. Ultimate Resort acquired Ventures Equity Vacation Club in exchange for an undisclosed amount of cash and membership interests in Ultimate Resort ELITE Club.
As part of the acquisition, Ultimate Resort acquired six new multi-million dollar club properties valued at approximately $17 million, including six new club homes in:
-- Key West, Florida
-- Indian Rocks Beach, Florida
-- Lake Las Vegas, Nevada
-- New York, New York
-- Scottsdale, Arizona
-- Beaver Creek, Colorado
As a result of the acquisition of Ventures Equity Vacation Club, Ultimate Resort also adds three new club destinations in Key West and Indian Rocks Beach in Florida, as well as in Lake Las Vegas in Nevada, expanding the number of new destinations and additional properties in nearly 50 destinations in the US, Mexico, the Caribbean and Europe. The club is designed to provide individuals, families and corporate executives with generous access to an expanding portfolio of impeccably decorated and maintained private homes. All are luxurious havens in superlative locations and offer personalized concierge services and amenities similar to those of a private country club or a five- star hotel.
"We are creating a true global market leader and are very excited to see our destination and property portfolios grow with the addition of six spectacular new homes from the acquisition of the Ventures Equity Vacation Club. These luxury club properties, with average home values approaching $3 million each, will add to the dozens of choices within Ultimate Resort's ELITE club level, creating one of the industry's strongest high-end club offerings. We are equally excited to welcome the Ventures' members to our Ultimate Resort ELITE Club as well. The acquisition of the Ventures homes and new members fits well with our expansion plans," said Jim Tousignant, founder, president and CEO of Ultimate Resort.
Ventures Equity Vacation Club is a destination club with multi-million dollar private residences in diverse locations, from Beaver Creek, Colorado to Key West, Florida. "Ventures homes offer the utmost luxury in each of the carefully selected destinations," said Jae Heinberg, president of BVG. "We are very pleased Ultimate Resort has recognized the value of adding our club's homes and valued members to its expanding organization. This deal is a win-win for everyone involved."
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