Traded on the New York Stock Exchange, Fairfield Communities invests in hotel and motel properties. With the Dolphin's Cove acquisition from Dolphin's Cove Resort LTD, a Winner's Circle Resorts International Inc. affiliate, the number of Fairfield member owners grows to 340,000.
Along with the resort and its unsold inventory of units, Fairfield is acquiring property management rights to the resort, as well as a portfolio of receivables from previous vacation ownership interest sales. As part of the purchase agreement, Fairfield has also purchased option rights to develop a 150-unit oceanfront, vacation-ownership resort in Southern California.
"With the Dolphin's Cove acquisition and oceanfront resort, Fairfield continues to strengthen its brand recognition and presence in the western U.S.," says Jim Berk, Fairfield's president/CEO. "Dolphin's Cove is an excellent addition to our portfolio of Gold Crown resorts and is a very strategic asset from a marketing standpoint. These California projects complement our existing presence in the west and allow us to further leverage our strategic alliance with Harrah's Entertainment."
Last November the firm agreed to be acquired by Cendant Corp., subject to shareholder approval. The acquisition is expected to close early this year. Fairfield Communities owns, markets and manages resort properties at 33 locations in 12 states and the Bahamas. The company operates 32 sales centers and more than 110 timeshare and whole-ownership resort associations.
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