(PR NEWSWIRE) Torrequebrada Resort & Casino Located in Malaga, Spain to Be Ac
Torrequebrada Resort & Casino Located in Malaga, Spain to Be Acquired By
Phoenix Partners L.P., Merging Partner to AmeriResource Technologies, Inc.
LAS VEGAS and NEW YORK, Nov. 6 /PRNewswire/ -- Delmar A. Janovec, Chairman
and CEO of AmeriResource Technologies, Inc. ("ARET")
(OTC Bulletin Board: ARET) and Mr. Joseph Del Valle, Managing Partner of
Phoenix Partners LP. ("Phoenix") have announced that Phoenix Partners has
executed an agreement to acquire the Torrequebrada Resort & Casino located in
Malaga, Spain for $73,000,000 million dollars US. As the financing for the
acquisition has been successfully circled, the agreement is not contingent on
financing. The transaction is scheduled to close prior to February 16, 2001,
subject to the final results of the balance of the due diligence. The
Torrequebrada Resort & Casino is intended to become a holding of the company
that will result form the planned merger between AmeriResource Technologies,
Inc. and Phoenix Leisure Holdings, LLC, which will be called AmeriLeisure &
Entertainment Holding, Inc.
In an effort to significantly enhance the probability of a successful
outcome, Phoenix, as originator and sponsor of the transaction, has succeeded
in assembling a group of co-investors and strategic partners consisting of
Starwood Hotels & Resorts (NYSE: HOT) Banco Santander, the Bank of Nova
Scotia, and, a New York Stock Exchange listed entertainment company whose
gaming subsidiary will be responsible for the branding and management of the
casino. Upon consummation of the acquisition, Phoenix and Starwood intend to
hold an equity interest of not less than 70% and 20% respectively. The
balance will be in the hands of the participating banks.
The Torrequebrada Resort & Casino is a five star complex located on the
Costa de Sol, an area commonly referred to as the Spanish Riviera. It boasts
350 rooms, several restaurants and lounges, indoor and outdoor pools, a
private beach, golf and a health spa facility. More significantly, however,
it has one of the largest casinos in Spain and the largest business conference
center outside of Madrid. It also houses one of the better known cabaret
theaters. The replacement value of the hotel complex has been assessed at
well over $100,000,000 million dollars US.
Michael Carstens, Co- Managing Partner of Phoenix Partners L.P. further
stated: "The operations of the resort and casino have been the responsibility
of its current owner, a Spanish hospitality company that specializes in the
management of small boutique hotels and not entities the size of the
Torrequebrada. As a result, its facilities have been significantly
underutilized over the past several years. Despite this however, the property
has produced impressive cash flows."
The value-added capabilities of the Phoenix group should allow the
facility to achieve its maximum potential. The post-transaction business plan
to be drafted by Phoenix and Starwood will call for the property to be branded
as a Sheraton. It is intended that the casino will also be branded under a
well-recognized casino management company. The Phoenix group intends to
undertake an aggressive marketing campaigns to promote the resort and casino
worldwide. Dr. Michael J. Signorelli, a well-regarded Las Vegas Hotel and
Gaming Executive will serve as a consultant regarding the gaming operations.
The acquisition of the Torrequebrada by Phoenix represents one of several
ongoing transactions that when consummated intend to become holdings of
AmeriLeisure & Entertainment Holdings, Inc. Mr. Michael Carstens, Co-Manager
Partner of Phoenix Partners L.P. has indicated that in light of the advanced
stages of these transactions and in keeping with the post-merger initiatives
set, Phoenix has initiated the preliminary process for the eventual listing of
AmeriLeisure & Entertainment Holdings, Inc. on the American Stock Exchange.
Assuming all proceeds as planned, states Mr. Carstens, the desired listing
should be completed sometime during the first Q1 2001.
Statements in this press release, include forward-looking statements that
include risk and uncertainties. The forward-looking statements in this press
release are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially due to a variety of factors, products and/or services and other
risks detailed from time to time in the Company's ability to produce and
market certain products and/or services and other risks detailed from time to
time in the Company's reports filed with the Securities and Exchange
Commission.
For further information, contact: Delmar A. Janovec, Chairman & CEO of
AmeriResource Technologies, Inc., 702-579-3347, or fax, 702-579-3350,
aretemail@yahoo.com.
SOURCE AmeriResource Technologies, Inc.
-0- 11/06/2000
/CONTACT: Delmar A. Janovec, Chairman & CEO of AmeriResource
Technologies, Inc., 702-579-3347, or fax, 702-579-3350, aretemail@yahoo.com/
(ARET ARET.OB HOT)
CO: AmeriResource Technologies, Inc.; Phoenix Partners LP; Torrequebrada
Resort & Casino; Phoenix Leisure Holdings, LLC; Starwood Hotels &
Resorts; Banco Santander; Bank of Nova Scotia
ST: Nevada, Spain, New York
IN: FIN CNO LEI
SU: TNM FNC
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