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Rank Group Sells Pocono Assets for $33M

BUSHKILL, PA-Barely a footnote to the London-based company's $965-million sale of Hard Rock is its sale of Fernwood and the Villas at Tree Tops and Fairway to the current management.

By Marita Thomas | Updated on December 13, 2006

BUSHKILL, PA-The London-based Rank Group Plc has sold Resorts USA Inc. to Resorts Group Inc. for $32.5 million. The properties include the Fernwood Hotel & Resort and the Villas at Treetop and Fairway here along with locally based Minisink Financial Corp., which is a collections and payment processing company, and Outdoor World Campgrounds, which consists of 15 camping locations along the East Coast.

Fernwood is a 440-acre property that includes a 125-room hotel and the 650 Villas at Treetop and Fairway, which has 17,000 vacation ownership members. Resorts Group is a recently formed company, primarily comprised of a team that has managed Resorts USA for the past nine years. It includes Andrew Worthington, president and CEO, and Kevin Lavelle, Mark Turner, Thomas Casale, Kurt Rawding, Josh Herschlag, Gina Bertucci, and a new partner, Harry VanSciver of Marston Mills, MA-based Whitebriar Financial Corp., which specializes in financing resort and timeshare transactions.

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