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ILX Resorts Acquires 21-Acre Site in Sedona |
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ILX Resorts Incorporated (AMEX:ILX) announced today that it has consummated the acquisition from the U.S. Forest Service, for $8.4 million cash, of a 21-acre parcel of real estate in Sedona, Ariz., adjacent to the company's Los Abrigados Resort & Spa. |
The purchasing entity, ILX-Bruno LLC, is owned 92% by ILX Resorts Incorporated and 8% by James Bruno Enterprises LLC, an investor group from Chandler, Ariz., that has an opportunity prior to October 28, 2005, to increase its participation to 18.2%.
"We are very pleased to have completed this purchase and eagerly look forward to the planning and implementation of this unique opportunity on property adjacent and proximate to our Los Abrigados Resort in Sedona," said Joe Martori, chairman and CEO of ILX.
ILX Resorts acquires, develops and operates premier timeshare resorts primarily in the western United States that provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes seven resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, and land adjacent to an existing resort in northern Arizona on which it is completing construction, and land in Puerto Penasco, Mexico ("Rocky Point"), in the early planning stages. It also, through Premiere Vacation Club, has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas and, in addition, has acquired inventory at the Scottsdale Camelback Resort in Scottsdale, Ariz.
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