Westgate Completes over $850 Million in Financing Transactions over Past 15 Months
ORLANDO, Fla., July 19, 2013 /PRNewswire/ -- Westgate Resorts, a leader in the timeshare and destination resort industries, recently closed a $140 million securitization bringing a total of over $850 million in financing transactions since April of 2012. Of the $850 million in transactions, approximately $700 million were securitizations that have brought in over 25 new investors to the company, including money funds, insurance companies and hedge funds. The remaining transactions include more than $150 million in new lines of credit with four major commercial banks.
"We appreciate the continued confidence of the financial markets and we are already on pace to significantly exceed last year's sales revenues," said David A. Siegel, President and Chief Executive Officer, Westgate Resorts. "We attribute our success to the outstanding experience we deliver our guests, and our industry leading sales and marketing efficiencies."
Westgate is an industry leader in the development, sales, marketing and operations of themed destination resorts, and is one of the largest privately-owned timeshare companies in the world. This securitization, along with the previous securitizations, has been used to pay down existing debt and provide additional liquidity for the company. As a result of this new liquidity, Westgate has made significant enhancements to the guest experience and amenities at almost all Westgate Resorts locations, and is rapidly growing sales across the country.
"We believe we enhance the lives of our guests by providing them a lifetime of wonderful vacation memories," added Siegel. "I want to thank all of our financial partners for their support, and our valued Westgate team members for exceeding our guests' expectations each and every day."
About Westgate Resorts
One of the largest privately owned timeshare companies in the world, Westgate Resorts features luxury resorts in premier travel destinations such as Orlando, Florida; Park City, Utah; Las Vegas, Nevada; Gatlinburg, Tennessee; Branson, Missouri; Myrtle Beach, South Carolina; Williamsburg, Virginia; Miami, Florida; Mesa, Arizona; and Tunica, Mississippi. Founded in 1980 by David A. Siegel, Westgate Resorts develops and operates uniquely themed destination resorts that include luxurious accommodations, destination health spas, water parks, restaurants and retail shopping outlets. For more information about Westgate Resorts, visit www.westgateresorts.com.
SOURCE Westgate Resorts