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$7M Sets Up Rancho Manana Expansion

CAVE CREEK, AZ-A local developer and manager of flex-ownership vacation resorts purchases 19 units at the Rancho Manana Resort. With an estimated $7 million ready to invest, the buyer eyes a Q4 groundbreaking for an additional 20 units.

By Lee Simmons | Updated on July 09, 2004

CAVE CREEK, AZ-Despite being headquartered in Phoenix, ILX Resorts Inc., a developer and manager of flex-ownership vacation resorts, is finally expanding its local portfolio. The firm has put down $7 million for 19 units at the Rancho Manana Resort in Cave Creek, with plans to build an additional 20 units on the site.

“We have not had a big presence in the Phoenix area so when this opportunity came available, we decided to move forward,” Margaret Eardley, executive vice president and CFO at ILX, tells GlobeSt.com about the 5720 E. Rancho Manana Blvd. property. “They were originally sold as fractional units. There were two phases built. Phase one was sold out and we purchased phase two.”

ILX completed the sale with Rancho Manana Ventures LLC of Phoenix. An additional 19 units recently were sold to another buyer, according to Eardley.

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