Exclusive Cruises Announces Hotel Purchase Agreement
PR Newswire - June 07, 1999 09:17
MIAMI BEACH, Fla., June 7 /PRNewswire/ -- Exclusive Cruises and Resorts, Inc. (OTC Bulletin Board: XCLU) today announced the signing of an agreement to acquire the Granada Suites hotel and Oasis Restaurant in Anaheim, Ca. The property is situated between Knotts Berry Farm & Disneyland and consists of a 80 suite hotel & 150 seat restaurant on a 1.8 acre lot. The terms of the agreement call for a purchase price of $3,400,000 with an executed Best Inns and Suites franchise agreement or $3,450,000 without the agreement.
The closing is subject to further due diligence and acceptable bank or other sources of financing. It is anticipated that the Company will immediately begin renovations on the property after closing.
Commenting on the agreement, George Macropulos, President of Exclusive Cruises and Resorts said, "The Granada Suites hotel is another step in the fulfillment of our growth plans. The property is located in a tourist area and will generate hotel, timeshare and restaurant revenue. Upon completion of our due diligence and financing, we plan to enhance the value of the property by renovating the facilities to the standard of a 4 star boutique hotel. We will be converting 50% of the rooms to timeshares utilizing our unique Club Member program. We expect to close this transaction within the next 90 days."
Exclusive Cruises and Resorts, Inc. is the parent company of two wholly owned subsidiaries in niche markets with high growth potential. Exclusive Properties, Inc. acquires and manages boutique cruise ships and resorts that operate or are located in high demand tourist destinations. Exclusive Vacations, Inc. is the group's principal sales and fulfillment arm. Exclusive Cruises and Resorts' sources of revenue include cabin and room sales from its properties, timeshare (club membership) sales, affiliation fees, annual membership dues as well as travel services to its membership base.
Financial statements in this press release other than historical facts are "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE Exclusive Cruises and Resorts, Inc.
/CONTACT: George Macropulos of Exclusive Cruises & Resorts, 305-861-8920;
or Steven G. Trapp & Company, 888-253-2542, for Exclusive Cruises & Resorts/
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