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ILX Resorts and Mark Advent Group Sign Definitive Agreements for Development of Las Vegas Project |
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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 its subsidiary, VCA Nevada Incorporated, has executed operating agreements with Las Vegas-based real estate, hotel, casino and entertainment developer Mark Advent's ACV International, L.L.C. and Phoenix business leaders Carol Colombo and Tony Bonacci, for the development of VCA's Premiere Park property in Las Vegas. |
"We are pleased to report the signing of agreements with the development team that has been assembled to move forward at Premiere Park in Las Vegas, as reported in our press release of July 16, 2003," said Joe Martori, chairman and CEO of ILX.
Premiere Park is a 44-acre parcel of real property located at the northwest corner of Paradise Road and Tropicana Boulevard proximate to the Las Vegas Airport, University of Nevada-Las Vegas and the Las Vegas "Strip." The site is currently zoned and approved for mixed-use restaurant, retail and office development. "Currently we are refining our development options and have assembled a world-class team of consultants to help execute our collective vision for this spectacular site," said Advent.
ILX Resorts acquires, develops, and operates premier timeshare resorts in the western United States 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 the 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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