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ILX Resorts Announces Strategic Alliance with Parmatour S.p.A. |
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PHOENIX July 24, 2003 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 an agreement in principle with Parmatour S.p.A. to enter into a strategic alliance to maximize the existing synergies between the companies and create expanded opportunities for the growth of both companies in the travel and leisure industry. |
It is anticipated that ILX Resorts and Parmatour will each participate in the ownership and management of the other on terms to be subsequently announced.
"Parmatour, a holder of major brands, tourist facilities and travel programs worldwide, will complement many of our existing and anticipated vacation ownership and hotel endeavors while strengthening and reaffirming our respective presences in the travel and leisure industry worldwide," said Joe Martori, chairman and CEO of ILX Resorts. "Our alliance presents unique opportunities for each company to capitalize upon and grow its existing business models and pursue certain heretofore untapped markets for our products and services."
Parmatour was founded in January 2003 to reorganize, succeed to and expand upon the travel and leisure businesses associated with the following well-established European brands: Club Vacanze, Comitours, Going, Chiariva, Sestante and Last Minute Tour. "ILX's experience and expertise will enhance Parmatour's recognition as a leader in travel and leisure services in Italy and will support our expansion plans into other markets like North America," expressed Romano Bernardoni, president of Parmatour S.p.A.
ILX Resorts acquires, develops, and operates premier timeshare resorts in the United States and Mexico that provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes six resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, land adjacent to an existing resort in northern Arizona and 44 acres of land one mile from the Las Vegas Strip, to both of 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.
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