(Carl Cronan is editor of Real EstateFlorida.)
DESTIN, FL-Encore Enterprises has acquired two units of the locally based Sterling Cos. through a stock purchase agreement. Sterling Resorts LLC and Sterling Realty LLC will become part of the Encore Hospitality subsidiary as a result of the deal, for which the value was not disclosed.
Bharat Sangani, chairman and founder of Dallas-based Encore, says his company already manages 900 luxury condominium units in three different beachside resorts in Destin, located in the far west end of the Florida Panhandle. The Sterling acquisition will allow it to grow its hospitality segment across the country, he says.
Sterling Resorts is a leading vacation rental management company in the Southeast with at least 20 luxury condo resorts totaling 2,600 units along the Gulf of Mexico in northwest Florida, Alabama and Mississippi, along with vacation homes and bed-and-breakfast inns. Sterling Realty has 11 offices between Biloxi, MS and Destin, with a primary emphasis on vacation property real estate services.
"It is a natural fit to pair Sterling's local brand equity and service offerings with the national power of Encore," Jim Olin, Sterling's managing partner and broker, stated in a release. He added that the transaction will benefit owners, guests and customers.
Sterling's key management will stay on with Encore, with Ken Wampler remaining COO of Sterling Resorts and Olin serving as managing broker for Sterling Realty as well as managing director of business development for both the realty and resorts segments. Olin and Wampler will report to Larry Horwitz, CEO of Encore, whose title now extends to both Sterling companies.
Encore's hospitality holdings include Pineapple Management Services Inc., Pineapple Resorts and Encore Hospitality, in addition to Sterling Resorts and Sterling Realty. The company claims to have completed at least $1 billion worth of acquisitions and developments since it was established in 1999.
With the latest acquisition, Encore Hospitality has 67 properties with more than 7,600 rooms open or under development, including more than 44 hotels under eight brands in 13 states and 23 luxury vacation condominium resorts. It also manages 24 homeowners' associations.
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