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 completed the purchase of a leasehold interest in 44 acres of prime real estate situated in Las Vegas, Nevada. The property, which is located at the corner of Paradise Road and Tropicana Avenue in very close proximity to the “Las Vegas Strip,” has been under contract since late August of 2000.
“This site, currently known as the Las Vegas International Golf Center, will be developed into a first class mixed use development including, potentially, traditional hotel, restaurant, golf and other tourist oriented ancillary uses,” said Joe Martori, Chairman and CEO. “We anticipate that this acquisition will provide ILX Resorts Incorporated with a unique opportunity to position the Company in the Nevada market, and to expand our vacation ownership revenues. It enhances our recent acquisition of timeshare inventory at The Carriage House in Las Vegas and our opportunities to enlarge our presence at this other Las Vegas property. We believe that these purchases will enable us to penetrate the Las Vegas market as a source of customer leads for our Arizona timeshare properties and our flexible ILX Premiere Vacation Club concept.”
“As significant, our role as master developer, in concert with McCarran International Airport, has the potential to secure the Company an ongoing, long-range, stream of material leasehold revenues for the duration of the now-amended 50-year master lease with McCarran. We look forward to a close working relationship with airport authorities and our dramatically expanded presence in Nevada. `The Kaleidoscope at McCarran` will be just that - a seemingly endless variety of complementary real estate uses set in a tasteful pattern of innovative and orderly development at the gateway to Las Vegas,” Martori continued.
The purchase price of the Company`s investment is $5,000,000, on terms which the Company believes to be highly advantageous.
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 in San Carlos, Mexico, and land adjacent to an existing resort in northern Arizona for which the Company holds development rights. It also, through Premiere Vacation Club, has acquired and continues to acquire inventory at The Carriage House in Las Vegas. The Company markets its vacation ownership interests primarily through its Premiere Vacation Club. Internet users can visit the ILX Resorts Incorporated web site at http://www.ilxresorts.com.