SAN MATEO, Calif., Sept. 23 /PRNewswire/ -- Signature Resorts, Inc. (Nasdaq-NNM: SIGR) today announced the execution of a definitive agreement to acquire 100% of the capital stock of Vacation Internationale, Ltd. for approximately $24.3 million, comprised of $8.0 million in cash and the assumption of approximately $16.3 million of indebtedness. Founded in 1974, Vacation Internationale is a Bellevue, Washington based developer and operator of vacation ownership resorts which has sold over $275 million in vacation ownership products since its inception. Its Vacation Time Share Program includes 21 owned, managed or affiliated resorts in the Western United States, Hawaii, Mexico and Canada. The acquired assets include Vacation Internationale's approximately $12.8 million mortgages receivable portfolio. Vacation Internationale's club program allows its approximately 31,000 member families to enjoy increased vacation flexibility by using points as a currency to reserve each year the specific resort, season, unit type and length of stay at any of the club's 21 resorts which meets their needs, resulting in a reported 96% satisfaction rating among its members. This points-based reservations program effectively functions as an internal exchange company for the members, 92% of whom use their points to vacation within the Vacation Internationale 21 resort system. Andrew Jody Gessow, Signature's co-founder, President and co-CEO, commented, "Adding Vacation Internationale's 21 resort locations to Signature's existing resorts will ultimately offer our combined 140,000 owner families 56 vacation destinations in eight countries. Combining Vacation Internationale, the first vacation points club in North America, with LSI, the largest points club in Europe, under the same ownership umbrella gives Signature a commanding position in the vacation ownership industry and a strong platform to expand into other leisure-related services." Mr. Gessow continued, "We will be pleased to offer through Vacation Internationale such premiere vacation destinations as Sun Valley, Idaho; Whistler, British Columbia; Steamboat Springs, Colorado; and Puerto Vallarta and Mazatlan, Mexico to our expanding portfolio of exciting vacation destinations." Vacation Internationale's 21 owned, managed and affiliated resorts are located in Sun Valley, Idaho; Whistler, British Columbia; Steamboat Springs, Colorado; Puerto Vallarta and Mazatlan, Mexico; the Big Island (2 resorts), Maui (4 resorts), Oahu (2 resorts), and Kauai, Hawaii (2 resorts); Palm Springs, and Oceanside, California; Newport and Sunriver, Oregon; Ocean Shores, Washington; and Lake Tahoe, Nevada. Signature's agreement to acquire Vacation Internationale is subject to the satisfaction of customary closing conditions, is anticipated to close during the fourth quarter of 1997 and follows Signature's recent acquisition of LSI Group Holdings, PLC, a United Kingdom based developer and operator of a European points based vacation club system with 11 resorts in England, Spain and Austria. Signature Resorts, Inc. is the world's largest owner and operator of vacation ownership resorts. Upon completion of Signature's pending acquisition of the Embassy Suites Resort at Kaanapali Beach, Maui, Hawaii, Signature will operate 29 resorts in sales and 35 total resorts located in North America and Europe. Signature's 34 existing resorts are located in Poipu Beach, Kauai, Hawaii; South Lake Tahoe (3), Avila Beach and Lake Arrowhead, California; Sedona (5) and Scottsdale, Arizona; Orlando (2) and Miami Beach, Florida; St. Maarten, Netherlands Antilles (2); Williamsburg, Virginia (2); St. John, U.S. Virgin Islands; Branson, Missouri; Hilton Head, South Carolina; Lake Conroe, Texas; England's Lake District and Midlands (3); Southern, England; the Sun Coast of Spain (3); the Spanish island of Menorca (2); Lanzarote, Canary Islands; and the Austrian Alps. This release contains forward looking statements, which include Signature's geographic and points-based vacation club system expansion plans, Signature's future prospects and other forecasts and statements of expectations. Actual results might differ materially from those expressed in any forward looking statements made by Signature due to, among other things, factors related to whether the Vacation Internationale acquisition closes, the assimilation and integration of Vacation Internationale and LSI Group Holdings, PLC into Signature's existing operations, exchange rate related risks and those factors identified in Part I of Signature's Annual Report on Form 10-K for the year ended December 31, 1996.
SOURCE Signature Resorts