Press Release
January 5, 2001
PHOENIX, AZ -- ILX Resorts Incorporated (AMEX:ILX) a leading developer, operator and marketer of upscale flexible-stay
vacation ownership resorts in the Western United States, Friday announced that it had acquired the Bell Rock Inn,
a 96-room resort hotel located in the Village of Oak Creek, six miles from the company's Los Abrigados Resort &
Spa in Sedona, Ariz.
``Bell Rock Inn is a splendid acquisition, in that it is an excellent complement to the company's existing presence
in Sedona, Arizona,'' said Joe Martori, chairman and chief executive officer.
``This lodging inventory, when added to the company's Los Abrigados Resort & Spa (175 units), Inn at Los Abrigados
(10 units) and the recent long-term lease acquisition of Los Abrigados Lodge (41 units) has resulted in an increase
in the company's capacity in Sedona in the year 2000 of approximately 45 percent, and is consistent with our previously
announced intentions to better position ourselves in the Sedona market and expand our total revenues from Sedona.''
The company acquired Bell Rock Inn for $5,200,000 with very favorable mortgage financing in place.
``We will now have lodging venues in the gateway to Sedona at Los Abrigados, in the Village of Oak Creek and at
Uptown Sedona, offering considerably more flexibility to our prospective hotel guests, exchange guests and vacation
ownership tours,'' Martori continued.
``Bell Rock Inn will be operated as a full-service hotel. At some point in the future, after securing any requisite
approvals from our lenders and the Arizona Department of Real Estate, we may seek to annex Bell Rock Inn to the
company's Premiere Vacation Club.''
ILX Resorts Incorporated develops, operates and markets upscale vacation ownership resorts. The company owns, operates
and markets interests in five resort properties in Arizona and Colorado, as well as two Varsity Clubs of America
properties, one in Indiana (near the University of Notre Dame) and one in Tucson, Ariz. (near the University of
Arizona).
The company has an additional property in San Carlos, Mexico that it markets through its Premiere Vacation Club.
It recently began a mixed-use development project in Las Vegas. Internet users can visit the ILX Resorts Incorporated
web site at http://www.ilxresorts.com.
For more information, contact Joseph P. Martori, chairman at 602/957-2777.
This news release constitutes certain ``forward-looking statements.'' Forward-looking statements are based on current
expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted
or quantified and many of which are beyond the company's control.
Actual results could differ materially from these forward-looking statements as a result of a number of factors,
including, but not limited to, the company's need for additional financing, intense competition in various aspects
of its business, the risks of growth, its dependence on key personnel and other risks detailed from time to time
in ILX's Securities and Exchange Commission reports.
Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking
statements and no assurances can be given that such statements will be achieved.
ILX Resorts Incorporated does not assume any duty to publicly update or revise the material contained herein.
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Contact:
ILX Resorts Incorporated, Phoenix
Joseph P. Martori, 602/957-2777