Tempus Resorts is now officially part of Diamond Resorts International. Formerly headquartered in Orlando, the 40,000 Tempus owners are now Diamond Resorts owners. Tempus operated the Mystic Dunes Resort and Golf Club in Orlando, Florida and the Dunes Village Resort in Myrtle Beach, South Carolina. Located on over 600 acres in Central Florida and just minutes away from the major theme park attractions, Mystic Dunes provides more than 700, fully furnished, one, two and three bedroom units, as well as an 18 hole championship golf course. From an Atlantic coast beachfront location in Myrtle Beach, the Dunes Village is the first Diamond Resort located in Myrtle Beach.
Financing has eased up for Diamond Resorts International. The timeshare resort company has announced that it has completed a securitization involving the issuance of $64.5 million of investment-grade rated securities. The issuance was completed through one of its trusts and was comprised of “A” rated vacation ownership loan backed notes. The transaction achieved a 95% advance rate against the outstanding balance of the receivables in the securitization portfolio. According the Chief Financial Officer of Diamond Resorts, this transaction reflects the superlative quality of its vacation ownership receivables, the efficiency of its servicing platform and the strength of the hospitality management and vacation ownership businesses.
ILX Resorts, based in Arizona, may be purchased by Diamond Resorts International. Sedona’s Los Abrigados Resort and Spa may soon be under new management if an acquisition offer for ILX Resorts by Diamond Resorts Corp. is approved by the Securities and Exchange Commission. Diamond Resorts will assume all of ILX’s debt in exchange for acquiring all of its property, including three Sedona area resorts. ILX filed for Chapter 11 under the U.S. Bankruptcy Code in March 2009, and its representatives appeared in the District of Arizona’s US Bankruptcy Court in November.
When the acquisition is completed, Diamond Resorts International will assume control of all of ILX’s assets, including its 10 resorts, all its sales and marketing centers, its real estate holdings including five acres in Bullhead City and 2.1 acres in Puerto Peñasco in Mexico. Based in North Las Vegas, Nev., Diamond Resorts is one of the largest timeshare and vacation resort companies in the United States.
It owns or manages more than 150 resorts in Asia, Australia, the Caribbean, Europe and North America, including the Ridge on Sedona Golf Resort, Sedona Summit in Sedona. Sedona Springs, the Villas of Sedona and the Villas at Poco Diablo, all in Sedona. ILX Resorts currently owns Los Abrigados and the Inn at Los Abrigados, both in Sedona, and the Premiere Vacation Clubs with four located in Arizona, as well as Las Vegas, Colorado, Indiana, and San Carlos in Mexico.
There are three new properties located close to Cape Town that are now part of the DRI list of timeshare properties. The Peninsula Resort, Avalon Springs, and Wilderness Dunes all offer easy access to Cape Town and the pristine beaches of South Africa’s coast. The Peninsula Resort is situated on Cape Town’s magnificent mile. Avalon Springs has a luxury spa and a large pool area with giant waterslides, and the Wilderness Dunes offers a fully accommodating chalet-style units with easy access to a variety of watersports and the popular Wilderness National Park.