Affiliate of Resort Finance America Converts Recently-Acquired Park City Property to Branded, Timeshare Resort

DALLAS, Nov. 1, 2012 /PRNewswire/ -- Resort Finance America ("Resort Finance"), a business controlled by Centerbridge Partners, L.P.,  today announced that it has converted its recently-acquired Park City, Utah property to a timeshare resort and appointed Hilton Grand Vacations to provide sales, marketing and property management services for the resort, which will be known as Sunrise Lodge.  

Lantern Asset Management ("Lantern") will continue to provide asset management services for the property.  Both Resort Finance and Lantern are wholly owned by Centerbridge Capital Partners, L.P.

Resort Finance President William T. Phillips said, "We are pleased to announce the rebranding of this property as a Hilton Grand Vacations luxury resort, and the related selection of Hilton Grand Vacations as the exclusive provider of timeshare services for this high-quality project.  Today's announcement represents an expansion of Resort Finance's existing relationship with Hilton Grand Vacations, and we look forward to our continued collaboration."

Hilton Grand Vacations, the vacation ownership division of Hilton Worldwide, will provide property management services at Sunrise Park City effective immediately and vacation ownership sales and marketing services beginning in early November.  All future deeded real estate interests in the 83-unit ski-in/ski-out property will include membership in Hilton Grand Vacations Club, providing owners with distinctive global travel advantages, and membership in the renowned Hilton HHonors guest loyalty program featuring more than 3,750 hotels across ten leading brands worldwide. 

"We are honored that Hilton Grand Vacations has been selected to bring this spectacular resort to life.  It's an absolutely incredible property, ideally positioned at the base of one of the most celebrated ski resorts in the United States," said Mark Wang, President of Hilton Grand Vacations.  "We plan to launch timeshare sales in November and welcome our first guests just as the ski season begins.  We anticipate strong interest in the Hilton vacation ownership opportunities offered in Park City – and the resort experience itself will be remarkable.  The continued growth of our business in a capital efficient manner, working in partnership with Resort Finance, supports the innovative expansion of our brand."

Sunrise Lodge will provide owners with a ski lodge feel in both the common areas and individual units, along with a variety of amenities, including a heated outdoor pool/spa, fitness center and business center.  The proximity to ski lifts and other amenities within the Canyons Ski Resort, coupled with the magnificent views of the Park City landscape and close proximity to the Salt Lake City International Airport, make Sunrise Lodge an ideal, year-round vacation destination.   

About Resort Finance America, LLC and Lantern Asset Management, LLC
Resort Finance was formed in connection with the acquisition of $1.0 billion portfolio of loans related to timeshare resorts throughout North America from Ally Commercial Finance LLC in September 2010 by Centerbridge Capital Partners, L. P. and management.  Lantern is a real estate asset management company headquartered in Dallas, Texas, with offices in Orlando and New York, that is wholly owned by affiliates of Centerbridge and management.  Lantern was formed at the time of the acquisition to assist Centerbridge in managing the Resort Finance assets and future timeshare and commercial real estate investments.

About Hilton Grand Vacations

Hilton Grand Vacations Company, LLC, is a division of Hilton Worldwide, recognized as the leading global hospitality company. Headquartered in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel, and reservation services for more than 175,000 Club Members.  For more information, visit www.hiltongrandvacations.com.

About Hilton Worldwide

Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels.  For 93 years, Hilton Worldwide has been offering business and leisure travelers the finest in accommodations, service, amenities and value.  The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands.  Its brands are comprised of more than 3,750 hotels and timeshare properties, with 615,000 rooms in 85 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors®.  For more information about the company, visit www.hiltonworldwide.com or connect with Hilton Worldwide at www.hiltonworldwide.com/media.

Contacts

For Resort Finance America and Lantern Asset Management
Jaquelyn M. Scharnick, Brunswick Group
214-254-3790
[email protected]

For Hilton Grand Vacations
Elena Norman
407-722-3178
[email protected]

SOURCE Resort Finance America