Monday March 15, 7:29 am Eastern Time
Company Press Release
Fairfield Communities to Add Daytona Beach Resort
to Portfolio of Florida Properties
LITTLE ROCK, Ark.--(BUSINESS WIRE)--March 15, 1999--Fairfield Communities, Inc. (NYSE:FFD - news) today announced plans to add 124 vacation ownership villas in Daytona Beach, Florida, to its portfolio of properties. The villas will be part of the 19-story oceanfront complex that is under construction and will be known as Ocean Walk Resort. Sales of the Fairfield villas at the resort are expected to commence in the second quarter of 1999.
Ocean Walk Resort is located on a stretch of beachfront property that will be zoned exclusively for pedestrians and permanently closed to all motor vehicle traffic. Amenities at the resort will include indoor and free-form outdoor heated swimming pools, a large heated whirlpool spa, and a health and fitness center complete with an exercise room, golf training simulation center, and game room. The complex also will include an 80,000 square foot space for restaurants and specialty shops. Outdoors, vacationers can enjoy patio dining, a 235-foot ''lazy river'' for tubing, and an island putting green.
Local attractions include Daytona International Speedway, the Boardwalk, free concerts at the Bandshell, and the quarter-mile Ocean Pier, with its gondola skyride and revolving ''Space Needle,'' and the nature trails and recreational activities at nearby Ponce de Leon Inlet Lighthouse, a national landmark. In addition, Daytona is less than an hour's drive from both Cape Canaveral and Fairfield's Orlando resort. Using the Company's points-based system, Fairfield owners purchase stays at both properties and enjoy all the attractions of Orlando and Daytona within a single vacation.
''Fairfield has always been committed to offering its owners a wide variety of vacation options,'' said Bill Schnepp, Regional Vice President. ''By developing this property, we can offer our owners a range of experiences on one vacation. Using our points-based system, Fairfield owners will be able to enjoy a customized vacation that includes the family fun and excitement of Walt Disney World and a few days of relaxation and recreation in beautiful Daytona Beach.''
Fairfield Communities, Inc., incorporated in 1969, is one of the nation's largest vacation ownership companies, providing quality recreational experiences at twenty-eight locations in 12 states and the Bahamas, to approximately 240,000 Fairfield property owners.
This release may contain forward-looking statements. Such statements reflect the current views of Fairfield with respect to future events and are subject to certain risks and uncertainties, including uncertainties relating to Fairfield's estimates of the amounts of costs and expenses that will ultimately be incurred in connection with the mergers and related activities and to assumptions and judgements made in applying generally accepted accounting principles thereto. As a result of those matters and the factors identified in the last two paragraphs of Management's Discussion and Analysis entitled ''Forward-Looking Information'' of Fairfield's 1997 Annual Report to Stockholders, actual results may vary significantly from those contemplated herein.
Contact:
Fairfield Communities, Inc.
Robert W. Howeth
Chief Financial Officer
501-312-3856
or
Morgen-Walke Associates, New York
Michele Katz/Connie Bienfait/
Randy Hecht
Press: Merridith Ingram/Eileen King
212-850-5600 |
