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Press Release: American Leisure Holdings, Inc.
August 19, 2005
ORLANDO, FL -- American Leisure Holdings, Inc. (OTCBB:AMLH), announced yesterday that it has obtained commitments
for two credit facilities to be used in the development of The Sonesta Orlando Resort at Tierra del Sol (the "Project").
KeyBank, N.A. issued the commitment wherein it is the lead lender in a $96,600,000 development and construction
facility for Phase I of the Resort which consists of a luxury vacation home community comprised of 250 town homes
and 180 mid-rise condominiums. In addition, KeyBank, N.A. has committed to fund a second loan in the amount of
$14,850,000 as a land loan on Phase II of the Resort. KeyBank plans to hold approximately $50 million of the combined
commitments with the balance syndicated to other banking organizations. Both loans are expected to close within
60 to 90 days. Both loans are part of a comprehensive finance plan for the development of the project that also
includes a Community Development District ("CDD"), which will be used to pay for the Project's sitework.
The Sonesta Orlando Resort is designed to be constructed in two phases. Phase I is scheduled to include 430 vacation
units, a 126,000 square foot Clubhouse (84,000 approximate square footage under air), and one of Central Florida's
largest swimming and recreation complexes which includes a combination pool and lazy river swimming feature, an
outdoor sports bar and food service, restroom facilities, showers, water-slides, beach volleyball and extensive
sundecks. Phase II is expected to start during the construction phase of Phase I during 2006 with full Project
completion for all 972 units scheduled during 2007. Phase II is scheduled to include 542 vacation units and additional
resort amenities. The planned amenities for Phase II include miniature golf, a flow rider water attraction, a wave
pool, a rapid river, and a children's multilevel interactive water park. The additional Clubhouse improvements
in Phase II are expected to include the finishing, equipping and furnishing of banquet and meeting rooms, casual
and fine dining restaurants, a full service spa, a sales center and an owners' club.
Phase I has been fully pre-sold for $166,000,000. Total sales to date on both phases now total $255,000,000. The
estimated costs to complete the construction of Phase I are $73,000,000 for vertical construction and $57,000,000
be for other costs such as sales commissions, permits, developer fees, contingencies, closing costs, bank fees
and interest, and soft costs such as architectural, engineering, and legal costs. The Company is projecting to
spend $24,900,000 in Phase I for the first phase of its clubhouse and resort amenities and an additional $21,100,000
in the second phase.
The Company expects that the first phase of sitework for 600 units at an estimated cost of $19,200,000 will be
funded by the Westridge Community Development District ("District") via the sale by the District of bonds
issued on a non-recourse basis to the Company ("CDD Bonds"). The District was initially created by the
Company and enabled by an order of a Florida State District Court. The CDD Bond issue is being underwritten by
KeyBank Capital Markets.
The Project will occupy 122 acres and fronts US Route 27 approximately three miles south of US Highway 192 and
two miles north of the intersection of Interstate 4 and US Route 27, between Osceola and Polk Counties in Central
Florida.
Malcolm Wright, AMLH President and CEO said, "The Company is creating a unique development for the Greater
Orlando Community that combines quality construction with spectacular resort amenities that reflect the entertainment
focus of our area. This is designed to provide both our vacation home owners and our future resort guests the opportunity
to enjoy a world class resort facility operated by expert management with special advantages also available from
our resort operator, Sonesta International Hotels Corporation. The Company will continue to concentrate on growing
its vacation resort development projects for management and distribution through its travel companies, Hickory
Travel Systems, Inc. of Saddle Brook, NJ, an international travel consortium and travel services provider, and,
TraveLeaders of Coral Gables, Florida, a travel management firm with fourteen offices in nine states from Florida
to California."
The Sonesta Orlando Resort at Tierra Del Sol is Sonesta's first Orlando resort property. "Orlando is the second
largest hotel market in the U.S. and we believe this extraordinary resort, with its oversized guest accommodations,
location and sensational amenities, will be an attractive destination for visitors," noted Sonesta President
Stephanie Sonnabend. Sonesta's other Florida properties are in the South Florida area, specifically Key Biscayne,
Coconut Grove and Sunny Isles Beach. Recently, Sonesta announced plans for a major renovation to the Sonesta Beach
Resort Key Biscayne to take place over the next three to four years.
"We're very excited about participating in this outstanding project," said Robert Carmichael, Senior
Vice President and Team Sales Leader of KeyBank Real Estate Capital's Orlando Office. He added, "American
Leisure presents a compelling combination of development expertise coupled with the synergy of an extensive travel
agency network. KeyBank has taken the lead in underwriting both the conventional construction loans and the bond
financing for this innovative financial model."
About American Leisure Holdings, Inc.
American Leisure Holdings Inc. (OTCBB:AMLH) is an integrated travel services distribution and travel destination
development company. The Travel Division is comprised of TraveLeaders, and Hickory Travel Systems, Inc., a travel
distribution network whose members produce multi-billion dollar gross annual sales. The Company's plan is to acquire
travel companies and expand its affiliated travel network within AMLH's business model for an integrated distribution
channel while continuing its web based and e-commerce solutions development. The Company is actively working to
develop innovative travel and communication technology to enhance its competitive position in the travel management
and vacation home development arenas. The Company intends to take advantage of the natural synergy between travel
distribution and the management and development of travel destinations. This synergy will enhance the performance
of the AMLH Vacation Home Resort Development Division that develops high quality vacation home resort properties.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is the nation's third-largest commercial real estate capital provider with nearly $19
billion in annual financings. It provides construction and interim loans, mezzanine financing, private equity,
commercial mortgages, investment banking and loan sales and syndications services nationwide for virtually all
property types. Its 800 financing professionals serve a national client base through 36 locations in major U.S.
markets. KeyBank Real Estate Capital is a business unit of KeyBank National Association, a subsidiary of Cleveland-based
KeyCorp, one of the nation's largest bank-based financial services companies, with assets of approximately $91
billion.
About Sonesta International Hotels Corporation
Sonesta Hotels, Resorts & Nile Cruises, based in Boston, represents a collection of 25 upscale hotels and resorts
and 3 Nile Cruise ships. Founded in the 1940's, Sonesta has a long-standing reputation in the hotel industry for
offering properties that are designed to deliver uncompromising personal service, reflect the culture and history
of their location and provide a memorable experience unique to each hotel. Sonesta's properties are located in
Boston, New Orleans (2), Miami (3), Orlando (opening 2006), St. Maarten, Brazil, Peru (7), Tuscany (3), and Egypt
(9). For more information about Sonesta Hotels, Resorts & Nile Cruises, call 1-800-SONESTA (800-766-3782),
or visit Sonesta's website at http://www.sonesta.com
Forward Looking Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The statements regarding AMLH in this release that are not historical in nature, particularly
those that utilize terminology such as "may," "will," "should," "likely,"
"expects," "anticipates," "estimates," "believes" or "plans,"
or comparable terminology, are forward-looking statements based on current expectations about future events, which
AMLH has derived from the information currently available to it. These forward-looking statements involve known
and unknown risks and uncertainties that may cause AMLH's results to be materially different from results implied
in such forward-looking statements. Important factors known to AMLH that could cause forward-looking statements
to turn out to be incorrect are identified and discussed from time to time in AMLH's filings with the Securities
and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof,
and AMLH undertakes no obligation to correct or update any forward-looking statements, whether as a result of new
information, future events or otherwise.
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Contact:
American Leisure Holdings, Inc., Miami
Toni J. McGann, 305-245-5050
Source: American Leisure Holdings, Inc.