Partnership Forms European Resort Management Joint Venture
Monday August 5th, 2013 - 10:46AM O
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LONDON--Interval Leisure Group (ILG) and CLC World Resorts & Hotels have entered into a definitive agreement to establish a joint venture resort management company that will be based in the United Kingdom.
The new entity, VRI Europe Limited, will acquire CLC World’s European shared ownership management business for approximately $85.6 million and equity, which will result in a 75.5% ownership stake for ILG.
VRI Europe will manage 21 resorts with more than 1,500 units in the U.K., Spain, France and Portugal. The closing is expected to take place in the fall, subject to the satisfaction of customary conditions and regulatory requirements.
“This joint venture is consistent with ILG’s strategy to be a leader in management services to the global, non-traditional hospitality market,” Craig M. Nash, ILG’s chairman, president, and CEO, said in a statement. “The creation of VRI Europe provides a tremendous opportunity to expand our footprint in the shared ownership management space and collaborate with one of Europe’s most successful resort developers.”
Tags: • Hospitality • Management Companies •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.