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 has agreed to acquire 600 timeshare intervals at The Carriage House deluxe suite hotel, a 155 room facility located one block away from the Las Vegas “Strip”, adjacent to MGM Hotel & Casino and across the street from the new Aladdin Hotel & Casino.
“The Carriage House is a delightful condominium hotel, ideally located only three miles from McCarran International Airport and affording easy access to the “Strip”, the Las Vegas Convention Center, the UNLV campus and Interstate 15. It will be an excellent addition to our Premiere Vacation Club,” said Joe Martori, Chairman and CEO.
The Company will purchase the timeshare units for $900,000 cash and believes it will be afforded the opportunity to add, in the future, substantial additional Carriage House inventory to its Premiere Vacation Club.
“We will now have a lodging venue in Las Vegas at the “Strip.” Upon its imminent annexation to our Premiere Vacation Club, it will give our owners additional flexibility and expand our vacation ownership revenues through a planned Las Vegas sales center,” Martori continued.
ILX Resorts Incorporated develops, operates and markets upscale vacation ownership resorts. The Company`s current portfolio of resorts consists of six resorts in Arizona, one in Indiana, one in Colorado, one near completion of construction in San Carlos, Mexico, and land adjacent to an existing resort in northern Arizona for with the Company holds development rights. The Company markets its vacation ownership interests primarily through its ILX Premiere Vacation Club.