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Exclusive Cruises & Resorts Acquires Option to Buy Miami Beach Hotel
HALLANDALE, Fla.--(BUSINESS WIRE)--August 18, 1998--Exclusive Cruises & Resorts, Inc. (OTCBB:XCLU - news), through its wholly-owned subsidiary, Delta Vacation Properties, Inc., has acquired an option to buy The Brazil Hotel, a beachfront hotel in the North Beach neighborhood of Miami Beach .
The Brazil Hotel has 63 rooms and is currently operating at 70% occupancy. Upon completion of the transaction, Exclusive Cruises & Resorts will remodel the property and increase room capacity to 80 rooms. The Hotel will be a 50% partial-timeshare, with revenues of $12,168,000 and a net profit of $2,465,000 from the timeshare alone based on an 18 month sell-out period.
The North Beach section of Miami Beach is under going extensive revitalization, including the addition of a boardwalk directly in front of the hotel that will increase visibility and demand for this EXCLUSIVE project. This newest hotspot in the Miami area caters to Latin American and European tourists as well as those from the United States and Canada.
Exclusive Cruises & Resorts, Inc. is the parent-company of two wholly-owned subsidiaries in niche markets with high growth potential. Delta Vacation Properties, Inc. acquires and manages small and unique cruise ships and hotels that operate or are located in high demand tourist destinations.
Suxess Marketing & Travel, Inc. undertakes cabin, room and timeshare sales and is the principle sales arm of Exclusive Cruises & Resorts.
The Company's first luxury ship, the Acqua Azzurra, commissioned in Greece in September 1995, was acquired in December 1997. The ship accommodates 50 passengers in 25 beautifully appointed outside suites with private facilities, close circuit TV's, and air-conditioning.
Financial Statements in this press release other than historical facts are ''forward-looking'' statements with 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.
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