Raintree Resorts Announces Club Expansion to Las Vegas and Hawaii

Apr 18, 2001, 01:00 ET from Raintree Resorts International from ,Diamond Resorts International

    HOUSTON, April 18 /PRNewswire/ -- Raintree Resorts International
 (Raintree) of Houston, Texas announced today that they have signed letters of
 intent with Diamond Resorts International (Diamond) of Las Vegas, Nevada
 regarding Las Vegas and Kona, Hawaii lodging inventory for their Raintree
 Vacation Club.  The inventory acquisition will include approximately
 1,100 one-bedroom intervals from Diamond's Kona Reef Resort on the Big Island
 of Hawaii and approximately 700 intervals from Diamond's Polo Towers Resort,
 located on the Las Vegas "Strip."
     Douglas Y. Bech, chairman and chief executive officer of Raintree, noted:
 "Our owners have told us they want vacation opportunities in Las Vegas and
 Hawaii, and this strategic alliance gives them exactly that.  With Kona Reef
 being an oceanfront property in Hawaii, we find tremendous synergy with our
 Mexican beachfront resorts.  The fact that Polo Towers is the premier vacation
 ownership resort in Las Vegas and is located on the Strip is an exciting bonus
 for us."  Mr. Bech also noted that Raintree's Whiski Jack subsidiary operating
 in Whistler, British Columbia will benefit tremendously from these two
 high-demand destinations for Whiski Jack's predominantly Pacific Northwest
 member base.
     Diamond's Kona Reef Resort is located in the authentic Hawaiian village of
 Kailua-Kona on the sun-drenched Kona Coast on the Big Island of Hawaii.  Kona
 Reef is a 130-unit resort and is within walking distance of all of the dining,
 shopping and recreational amenities for which this quaint village is known.
     Diamond's Polo Towers Resort is an award-winning 512-unit project located
 on the Las Vegas Strip.  Polo Towers was the first purpose-built vacation
 ownership resort on the Strip and boasts one of the most prominent locations
 on the city's new "Miracle Mile."  Situated between the MGM Grand and the new
 Aladdin, and across the street from New York New York, The Monte Carlo and the
 billion-dollar Bellagio, Polo Towers is within easy walking distance of some
 of the world's most lavish resorts and greatest entertainment.
     "We are extremely pleased to be joining such a reputable and dynamic
 company as Raintree in this venture," said Stephen J. Cloobeck, president and
 chief executive officer of Diamond Resorts International.  "It is our sincere
 belief that this agreement will lead to an expansion of our strategic alliance
 that will be of significant benefit to both of our companies."
     Raintree executives explained that these 1,800 intervals will be a popular
 addition to their Raintree Vacation Club.  "Our 32,000 owners and members will
 gain immediate access to these exciting new resort destinations," said Gustavo
 Ripol, senior vice president of Raintree and managing director of Club Regina.
 "With 50 percent of our owners and members hailing from the western half of
 the U.S. and another one-third from Mexico, we are confident that these
 additional vacation resort options will be extremely well received."
     Diamond Resorts Chief Operating Officer Robert C. Wengel added that the
 alliance provides some benefits to Diamond as well.  "With the completion of
 The Villas @ Polo Towers resort, our newest phase at Polo Towers, we were
 extremely receptive to the idea of Raintree acquiring the remaining intervals
 in the Polo Towers resort, thus achieving that resort's sellout," he said.
 "This will allow us to concentrate our sales efforts on the new Villas product
 with different pricing and a new marketing emphasis."
 
     Raintree Resorts International
     Headquartered in Houston, Texas, and founded in 1996, Raintree Resorts
 International has grown to become a multi-national resorts company that also
 includes Club Regina Resorts in Mexico:  Cancun with 69 units, Puerta Vallarta
 with 204 units and Los Cabos with 130 units; and the Cimarron Golf Resort in
 the Palm Springs area, a 242-unit development of which 40 units were completed
 in 2000, the Whiski Jack Resorts, the leading vacation ownership company in
 Whistler, British Columbia, Canada; and The Teton Club, a fractional
 ownership, 37-unit luxury ski-in, ski-out lodge in Teton Village, Jackson
 Hole, Wyoming.  In addition, RRI is developing a collection of boutique
 hotels, the first of which is the Villa Vera Hotel & Racquet Club, and
 recently the Villa Vera Puerto Mio Hotel in Zihuatanejo.
 
     Diamond Resorts International
     Diamond Resorts International has been involved in developing, marketing
 and managing vacation ownership resorts, primarily in Las Vegas, for more than
 20 years.  It began in the late 1970s with the conversion to timeshare of The
 Jockey Club, a 348-unit condominium complex on the Las Vegas Strip.  In the
 early 1990s, after successfully converting and selling out 270 units at the
 Jockey Club, the company began developing Polo Towers, the first purpose-built
 vacation ownership resort on the Strip.  Tower I, with 160 suites, was
 completed in 1992; Tower II, with 162 suites, was completed in 1995; and Tower
 III, the new Villas at Polo Towers, was opened in 2000 and, at build-out, will
 house 190 suites.  In all, Polo Towers boasts 512 luxury vacation ownership
 suites right in the heart of the fabulous Las Vegas Strip.  In 1999, DRI
 purchased 23 units in the 130-unit Kona Reef Resort on the Big Island of
 Hawaii.  It is also a developer for the 175-unit Carriage House, just one
 block off the Strip in Las Vegas.
 
 

SOURCE Raintree Resorts International; Diamond Resorts International
    HOUSTON, April 18 /PRNewswire/ -- Raintree Resorts International
 (Raintree) of Houston, Texas announced today that they have signed letters of
 intent with Diamond Resorts International (Diamond) of Las Vegas, Nevada
 regarding Las Vegas and Kona, Hawaii lodging inventory for their Raintree
 Vacation Club.  The inventory acquisition will include approximately
 1,100 one-bedroom intervals from Diamond's Kona Reef Resort on the Big Island
 of Hawaii and approximately 700 intervals from Diamond's Polo Towers Resort,
 located on the Las Vegas "Strip."
     Douglas Y. Bech, chairman and chief executive officer of Raintree, noted:
 "Our owners have told us they want vacation opportunities in Las Vegas and
 Hawaii, and this strategic alliance gives them exactly that.  With Kona Reef
 being an oceanfront property in Hawaii, we find tremendous synergy with our
 Mexican beachfront resorts.  The fact that Polo Towers is the premier vacation
 ownership resort in Las Vegas and is located on the Strip is an exciting bonus
 for us."  Mr. Bech also noted that Raintree's Whiski Jack subsidiary operating
 in Whistler, British Columbia will benefit tremendously from these two
 high-demand destinations for Whiski Jack's predominantly Pacific Northwest
 member base.
     Diamond's Kona Reef Resort is located in the authentic Hawaiian village of
 Kailua-Kona on the sun-drenched Kona Coast on the Big Island of Hawaii.  Kona
 Reef is a 130-unit resort and is within walking distance of all of the dining,
 shopping and recreational amenities for which this quaint village is known.
     Diamond's Polo Towers Resort is an award-winning 512-unit project located
 on the Las Vegas Strip.  Polo Towers was the first purpose-built vacation
 ownership resort on the Strip and boasts one of the most prominent locations
 on the city's new "Miracle Mile."  Situated between the MGM Grand and the new
 Aladdin, and across the street from New York New York, The Monte Carlo and the
 billion-dollar Bellagio, Polo Towers is within easy walking distance of some
 of the world's most lavish resorts and greatest entertainment.
     "We are extremely pleased to be joining such a reputable and dynamic
 company as Raintree in this venture," said Stephen J. Cloobeck, president and
 chief executive officer of Diamond Resorts International.  "It is our sincere
 belief that this agreement will lead to an expansion of our strategic alliance
 that will be of significant benefit to both of our companies."
     Raintree executives explained that these 1,800 intervals will be a popular
 addition to their Raintree Vacation Club.  "Our 32,000 owners and members will
 gain immediate access to these exciting new resort destinations," said Gustavo
 Ripol, senior vice president of Raintree and managing director of Club Regina.
 "With 50 percent of our owners and members hailing from the western half of
 the U.S. and another one-third from Mexico, we are confident that these
 additional vacation resort options will be extremely well received."
     Diamond Resorts Chief Operating Officer Robert C. Wengel added that the
 alliance provides some benefits to Diamond as well.  "With the completion of
 The Villas @ Polo Towers resort, our newest phase at Polo Towers, we were
 extremely receptive to the idea of Raintree acquiring the remaining intervals
 in the Polo Towers resort, thus achieving that resort's sellout," he said.
 "This will allow us to concentrate our sales efforts on the new Villas product
 with different pricing and a new marketing emphasis."
 
     Raintree Resorts International
     Headquartered in Houston, Texas, and founded in 1996, Raintree Resorts
 International has grown to become a multi-national resorts company that also
 includes Club Regina Resorts in Mexico:  Cancun with 69 units, Puerta Vallarta
 with 204 units and Los Cabos with 130 units; and the Cimarron Golf Resort in
 the Palm Springs area, a 242-unit development of which 40 units were completed
 in 2000, the Whiski Jack Resorts, the leading vacation ownership company in
 Whistler, British Columbia, Canada; and The Teton Club, a fractional
 ownership, 37-unit luxury ski-in, ski-out lodge in Teton Village, Jackson
 Hole, Wyoming.  In addition, RRI is developing a collection of boutique
 hotels, the first of which is the Villa Vera Hotel & Racquet Club, and
 recently the Villa Vera Puerto Mio Hotel in Zihuatanejo.
 
     Diamond Resorts International
     Diamond Resorts International has been involved in developing, marketing
 and managing vacation ownership resorts, primarily in Las Vegas, for more than
 20 years.  It began in the late 1970s with the conversion to timeshare of The
 Jockey Club, a 348-unit condominium complex on the Las Vegas Strip.  In the
 early 1990s, after successfully converting and selling out 270 units at the
 Jockey Club, the company began developing Polo Towers, the first purpose-built
 vacation ownership resort on the Strip.  Tower I, with 160 suites, was
 completed in 1992; Tower II, with 162 suites, was completed in 1995; and Tower
 III, the new Villas at Polo Towers, was opened in 2000 and, at build-out, will
 house 190 suites.  In all, Polo Towers boasts 512 luxury vacation ownership
 suites right in the heart of the fabulous Las Vegas Strip.  In 1999, DRI
 purchased 23 units in the 130-unit Kona Reef Resort on the Big Island of
 Hawaii.  It is also a developer for the 175-unit Carriage House, just one
 block off the Strip in Las Vegas.
 
 SOURCE  Raintree Resorts International; Diamond Resorts International