Ultimate Resort Acquires BVG's Ventures Equity Vacation Club
FEBRUARY 25, 2008. 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."
About Ultimate Resort(R)
Ultimate Resort Luxury Destination Clubs is the leader in the destination club industry with more global destinations than any other luxury destination club. Ultimate Resort operates a family of destination club offerings that provide members with flexible access to a growing portfolio of spectacular residences, concierge member services and exclusive club amenities. With the upcoming merger with Private Escapes(R) announced in late 2007 and expected to close in the second quarter of 2008, Ultimate Resort offers more destinations and membership plans than any other destination club in the industry. The $200 million dollar merger agreement with Private Escapes announced in late 2007 creates the industry's largest and fastest growing destination club, based on the number of global club destinations. The combined company will be the only destination club that operates three distinct clubs and multiple membership plans, targeting the $1 million, $2 million and $3 million average home value club categories. Approximately 1,300 club members will have access to more than 140 exclusive club properties located in nearly 50 of the world's best resort destinations in the US, Mexico, the Caribbean and Europe. Members also have flexible access to an exclusive collection of almost 200 four and five star luxury hotels in dozens of major cities in the US, Europe, Asia, the Middle East, South America and Central America.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
