ILX RESORTS INCORPORATED (AMEX: ILX) a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the Western United States, announced today that it had acquired the Bell Rock Inn, a ninety-six-room resort hotel located in the Village of Oak Creek, six miles from the Company`s Los Abrigados Resort & Spa in Sedona, Arizona.
“Bell Rock Inn is a splendid acquisition, in that it is an excellent complement to the Company’s existing presence in Sedona, Arizona,” said Joe Martori, Chairman and CEO. “This lodging inventory, when added to the Company’s Los Abrigados Resort & Spa (175 units); Inn at Los Abrigados (10 units) and the recent long-term lease acquisition of Los Abrigados Lodge (41 units) has resulted in an increase in the Company’s capacity in Sedona in the year 2000 of approximately 45%, and is consistent with our previously announced intentions to better position ourselves in the Sedona market and expand our total revenues from Sedona.”
The Company acquired Bell Rock Inn for $5,200,000 with very favorable mortgage financing in place.
“We will now have lodging venues in the gateway to Sedona at Los Abrigados, in the Village of Oak Creek and at Uptown Sedona, offering considerably more flexibility to our prospective hotel guests, exchange guests and vacation ownership tours,” Martori continued. “Bell Rock Inn will be operated as a full-service hotel. At some point in the future, after securing any requisite approvals from our lenders and the Arizona Department of Real Estate, we may seek to annex Bell Rock Inn to the Company’s Premiere Vacation Club.”
ILX Resorts Incorporated develops, operates and markets upscale vacation ownership resorts. The Company owns, operates and markets interests in five resort properties in Arizona and Colorado, as well as two Varsity Clubs of America properties, one in Indiana (near the University of Notre Dame) and one in Tucson, Arizona (near the University of Arizona). The Company has an additional property in San Carlos, Mexico that it markets through its Premiere Vacation Club. It recently began a mixed-use development project in Las Vegas, Nevada.