||RESORTS USA TO BE SOLD
BUSHKILL, PA - In a transaction signed on November 30, Rank Group Plc. - the UK based gaming company that owns Resorts USA Inc., has agreed to sell Fernwood Hotel & Resort, The Villas at Tree Tops and Fairway, Minisink Financial and Outdoor World, to Resorts Group, Inc. for $32.5 million. Resorts Group is owned by several members of the management team who have run Resorts USA for the last nine years including W. Andrew Worthington, Kevin Lavelle, Mark Turner, Thomas Casale, Kurt Rawding, Josh Herschlag, Gina Bertucci and a new partner, Harry VanSciver of Whitebriar Financial Corporation. Resorts Group, Inc., will continue to operate Fernwood Hotel & Resort, The Villas at Tree Tops and Fairway, and Minisink Financial. As part of the transaction, Resorts Group has agreed to sell the Outdoor World campgrounds to a subsidiary of Texas-based Privileged Access, the largest company operating membership campgrounds throughout the United States whose holdings include the Thousand Trails system. Outdoor World operates campgrounds in 15 locations throughout the eastern United States.# # #
Fernwood Hotel & Resort is a 440-acre four season property with a 125 room hotel and 650 villas ranging from one to four bedrooms that make up The Villas at Tree Tops and Fairway. The Villas is one of the largest vacation ownership properties in the Mid-Atlantic region with over 17,000 member families and is known for its diverse year round amenities and family-friendly atmosphere. Minisink Financial is a collections and payment processing company specializing in dues and loan processing with offices in Bushkill, PA. In total, between its accommodations, four restaurants, Winter Fun Center, 18 hole par 71 golf course and live entertainment, the Fernwood and Villas properties welcome over 500,000 guests annually.
Andy Worthington, President and CEO, comments, “The Fernwood Resort has been in the hospitality business for over 70 years providing superior vacation and meeting experiences. Our loyal owners and guests have made us one of the leaders in the Pocono Mountain resort industry. To maintain that standing, we will continue to place a high priority on guest and owner satisfaction.”
The transaction will be finalized at a December 15 closing. Worthington concludes, “As we enter our busy holiday season, we will be focusing on delivering memorable vacation experiences to our guests. We are looking forward to a positive financial finish for 2006 with strong 2007 bookings already confirmed.”
Contact: Gina Bertucci - 570-588-6661 x2118 - firstname.lastname@example.org 2006/12/07