Thursday September 11th, 2008 - 12:09AM
DALLAS—Encore Hospitality, a subsidiary of Encore Enterprises, has acquired Destin, FL-based Sterling Resorts, LLC and Sterling Realty, LLC from The Sterling Companies via a stock purchase agreement.
Sterling Resorts is a vacation rental management company with a portfolio of.vacation homes, bed and breakfast hotels and more than 20 luxury condominium resorts with more than 2,600 units in destinations along the Gulf Coast of northwest Florida, Alabama and Mississippi.
Sterling Realty serves northwest Florida to the Biloxi, Mississippi Gulf Coast areas through 11 offices with a primary emphasis on providing vacation property real estate services.
Key management of Sterling Realty and Sterling Resorts will continue with Ken Wampler as COO of Sterling Resorts and Jim Olin as managing broker for Sterling Realty and as managing director of business development for both companies.
Both executives will report to Larry Horwitz, Encore Hospitality CEO, and newly named CEO of both companies.
With this latest acquisition, Encore Hospitality has 67 properties with more than 7,600 rooms open or under development, including more than 44 hotels under eight brands across 13 states, and 23 luxury vacation condominium resorts. Additionally, it manages 24 homeowners? associations and provides real estate services through 11 offices in three states.
Encore Hospitality acquires, builds and develops new hotels and now has nine full and select service hotels with more than 1,100 rooms under construction or in developmentin six states under five global brands with approximate combined construction budgets in excess of $150 million.
Encore Enterprises, Inc. now is comprised of Encore Hospitality, Pineapple Management Services, Sterling Resorts, Sterling Realty, Encore Retail, Encore Multifamily, Encore Development and Encore Construction.