Press Release
September 6, 2001
REDMOND, WA -- Trendwest Resorts, Inc. (Nasdaq:TWRI), announced Sept. 4 that construction is continuing on schedule
with their resort in Seaside, Oregon. The company broke ground in June on the five-story parking garage phase of
the development and began construction today on the resort's eight-story condominium building. Both the resort
and the parking garage are projected to open in Fall 2003.
When complete, the Trendwest resort will have 284 condominium units, some of which will be made available for sale
through the company's fractional vacation ownership program. The majority of the units will be for use by owners
of the company's vacation club, WorldMark. The resort complex will also include a parking garage with 180 stalls
reserved for the general public.
The resort property is located on approximately three acres along the Promenade in the premier Oregon Coast resort
town, just 79 miles west of Portland. Resort guests will be able to enjoy the facility's many amenities including
a pool with spa, complete workout center and recreational area; play on the beach; visit some of the local galleries;
or investigate the areas colorful historic sites.
"Seaside is a much anticipated vacation destination of our owners, so we are extremely pleased with the progress
of our resort here," commented Gary Olmeim, Vice President of Resort Development at Trendwest Resorts. "Throughout
the development process we have enjoyed working with the city government, local businesses and local residents
to develop a resort that we can all be proud of."
When the company held their groundbreaking ceremony and reception nearly 800 citizens attended to show their support
for this project, which is projected to bring nearly 300,000 annual visitors to this beach community that is so
dependent on tourism. According to Dolna Mespelt, Seaside Downtown Development Association, "the downtown
business owners are eagerly awaiting the boost that Trendwest is going to give to our economy."
Trendwest Resorts, Inc., headquartered in Redmond, Washington, is a leader in the vacation ownership industry.
Through its exclusive relationship with WorldMark, The Club, and WorldMark South Pacific Club, the Company provides
a flexible vacation ownership system, based on the use of Vacation Credits. As of June 30, 2001, Trendwest had
45 sales offices, and 128,000 WorldMark and WorldMark South Pacific owners enjoyed over 2,350 condominium units
at 44 resort locations in the United States, British Columbia, Mexico, Fiji and Australia. For more information,
visit Trendwest and WorldMark at www.trendwestresorts.com and www.worldmarktheclub.com.
Statements herein contain forward-looking information concerning the Company's future prospects and other forecasts
and statements of expectations. Actual results may differ materially from those expressed in the forward-looking
statements made by the Company due to, among other things, the Company's ability to complete development in a timely
manner, find acceptable debt or equity capital to fund such development, achieve planned sales levels, as well
as other risk factors described in the Company's SEC reports and filings.
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CONTACT:
Gary Olmeim, Vice President of Resort Development
425.498.2675 or garyo@trendwestresorts.com
or
Sonia Tolbert, Community Relations Manager
425.498.2687 or soniat@trendwestresorts.com
SOURCE: Trendwest Resorts, Inc.