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 in principle to acquire 988 two-bedroom intervals (19 units) and available land for a minimum of an additional 20 units (1,040 intervals) at Rancho Manana Resort and has acquired 150 timeshare intervals (two- and three-bedroom units) at the Scottsdale Camelback Resort, both locations being situated in metropolitan Phoenix.
"We anticipate annexing these properties to Premiere Vacation Club in the second quarter 2004 thereby increasing Club inventory and affording its members the opportunity to vacation at two additional venues located in the Valley of the Sun in spectacular settings. It is also our intention to commence the construction of 20 more units at Rancho Manana in 2004," 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 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 parcels 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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