Darn Lou:
We can't go to our company owned resturant but let's go
to our company owned Hotel:
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NIAR News Release:
Orlando, Florida - North American Resorts, Inc., announced today it has signed an Agreement to acquire a 50% Joint Venture Interest in the development of a 75 room "Country Suite Hotel" which is part of the Carson Hospitality Group of Companies, which includes the Radisson Hotel chain. It is expected the "Inn" will cost approximately $4,000,000.00 to construct and will have nearly $2,000,000.00 of operating revenue at stabilization and approximately $500,000.00 of net operating income, financing for the project is expected to be finalized within 60 days.
The Company further announced that it is in the final stages of negotiations for a long term financing commitment for its timeshare properties with a California Lender. Due to the expected ability to obtain long term timeshare financing, the Company has cancelled its Letter of Intent with the LRG Restaurant Group, Inc.
Brian Nelson, the Corporation's President, stated, "With the ability to finance the timeshare sales, this puts the Company in a position to take advantage of several new projects. We have been steadily increasing sales but now we can step up our sales efforts. We are also very excited about entering the Vacation Market in Northern Wisconsin and plan to expand our efforts into the Hospitality Industry."
For further information call: Harry Stone, Investor Relations 800-340-0123
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