Member Articles
Timeshare Market Update
Related Articles inReal Estate & Construction
More Real Estate & Construction Aricles → Latest Firm's PressGraham Thompson Market Overview As the timeshare market continues to recover from the dramatic contraction of the tourism industry and overall decline in consumer discretionary spending, Western Reserve believes a “dose of equity” is needed to aid this recovery and recapitalize this highly leveraged industry
Public Market Performance
Improvement in Securitization Issuances
2011 Brings an Increase in Activity to the Timeshare Capital Markets
Timeshare Consumer and Operator Outlook
Larger Operators are Capitalizing on Current Capital Markets Conditions
Select M&A Transaction Activity
─ May-2011: Island One Resorts, a large private operator of nine resort properties consisting of a customer base of over 50,000 owners is recapitalized and reorganized by Timeshare Acquisitions LLC ─ Apr-2011: Tempus Resorts is acquired by Tempus Resort Acquisitions LLC, an affiliate of the Diamond Resort Holdings and Guggenheim Partners ─ Mar-2011: Bluegreen announces that it is exploring strategic alternatives for the Company's Bluegreen Communities business segment ─ Sep-2010: Centerbridge Partners acquired the resort finance business from GMAC Commercial Finance, which primarily consists of a $1.0b portfolio of loans related to timeshare resorts throughout North America ─ Sep-2010: Diamond Resorts Corporation acquired the majority of the assets of ILX Resorts through a stalking horse bid. ILX Resorts filed for Chapter 11 bankruptcy in March 2009. Diamond purchased the assets for $29.7m, which was composed of $5.9m in cash and the assumption of the debtors’ obligations under Textron Financial’s loans ─ Jan-2010: Shell Vacations is recapitalized by York Capital Management. York acquired an equity interest in the company and provided working capital, partially replacing its existing senior term loan Relevant Public Comparable Metrics
Western Reserve Transaction Overview Western Reserve represented Island One, Inc. in its reorganization by Timeshare Acquisitions LLC. Island One, based in Orlando, Florida, is one of the largest privately‐held timeshare developers in the United States. Founded in 1981, the Company has grown from a single site to an organization that has successfully acquired, developed and re‐developed nine properties in Florida and the U.S. Virgin Islands. Island One’s affiliate, Club Navigo allows customers to gain access to a larger network of 29 affiliate resorts. Island One filed a Chapter 11 bankruptcy case in September 2010, and its plan of reorganization was confirmed and became effective in May 2011. The reorganized company will retain operation of its eight resorts in Florida and divest of certain other inventory and assets. The Company’s executive team remains intact, with Deborah Linden, Board Co-Chair, focusing on business development and strategic planning and Sterling Stoudenmire IV assuming the role of Chief Executive Officer. “Western Reserve is happy to have helped provide a solution that has produced a stronger, more viable entity going forward. Working with Island One has been a gratifying experience, and after 20 months, it is nice to structure a transaction that keeps the organization intact and satisfies all parties involved,” said Western Reserve Managing Director, Victor F. Faris. Linden said, “Western Reserve was instrumental in finding and maintaining the interest of a capital partner that understands the industry and can integrate and implement our growth strategy. For the past 20 months, Vic and his team have provided great service and advice, helping our Company to arrive at the best possible outcome for all vested parties. We are now financially and structurally well-positioned to capitalize upon a very deliberate strategy for growth.” About Western Reserve Western Reserve Partners delivers customized investment banking solutions for middle-market companies. The firm’s Managing Directors average more than 15 years of experience and have directly executed more than 550 transactions. Western Reserve is a member of M&A International Inc., the world’s leading alliance of investment banking firms, with 44 members and more than 500 professionals across 39 countries.
|
Related Articles in
Real Estate & Construction
- Data Centres - Our Unsung Heroes
January, 2021 - Five Things to Know when Considering Urban Redevelopment in Tennessee
January, 2021 - Proptech – An Opportunity Not a Threat
January, 2021 - 10 Steps for Out-of-State Contractors to Get Licensed in Florida Without an Exam
January, 2021
More Real Estate & Construction Aricles →
Latest Firm's Press
Graham Thompson