Shell Vacations Raises Growth Capital
York Capital Management Makes Equity Investment; Company Restructures Credit Facilities.
January 29, 2010 - Shell Vacations LLC, a leader in the development, sales and operation of vacation ownership properties throughout North America, today announced it has received a substantial investment from York Capital Management, a leading global investment firm. As part of the transaction, Shell Vacations completed a recapitalization through which it replaced its existing senior term loan with a York equity interest and a working capital loan. Simultaneously York acquired a portion of the Company's existing indebtedness.
The Company intends to use the proceeds from the recapitalization to grow its operations and pursue opportunities in related businesses. Terms of the transaction were not disclosed.
Shell Vacations LLC operates through a club points system that allows its club members to use their points at any resort in the Shell system or for any number of external benefits including hotels, flights, cruises, and entertainment.
"We are very pleased to welcome our new partners to the company,” said Sheldon Ginsburg, Chairman of Shell Vacations LLC. “York brings an expertise in structuring and financing that will be particularly important in Shell Vacations' ongoing development.”
Shell Vacations LLC President Tracy L. Sherles agrees, “With York's investment and access to capital, Shell Vacations will be well positioned to capitalize on future developments and opportunities.”
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 
