Timeshare Information

Silverleaf Resorts, Inc., a leader in the development, marketing and operation of timeshare resorts, has announced that it has entered into a definitive agreement to be acquired by SL Resort Holdings Inc., an affiliate of Cerberus Capital Management, L.P.

The transaction has been approved by Silverleaf’s Board of Directors, and the Board will be recommending that Silverleaf’s shareholders approve the transaction. Under the agreement, Silverleaf shareholders will receive, at the closing, $2.50 in cash for each share of Silverleaf common stock they own, representing a premium of approximately 75% based on the closing trading price of $1.43 of Silverleaf common stock on February 3, 2011. Cerberus has agreed to provide equity financing for the full amount of the merger consideration.

Thomas Morris, Executive Vice President, Capital Markets and Strategic Planning of Silverleaf, said, “Our Board of Directors and our management team believe that following a review of strategic alternatives this merger transaction is the best approach to maximize shareholder value and is in the best interests of Silverleaf’s shareholders, timeshare owners, and employees. We look forward to working with Cerberus to effect a smooth transition.”

“Cerberus is pleased to be investing in a company with an outstanding management team and proven track-record of success in the vacation ownership industry,” said Timothy F. Price, a Cerberus Managing Director and spokesman. “The family of resorts under the Silverleaf banner has a long history of providing members with convenient, high-quality vacation experiences at affordable prices. We look forward to supporting the Company’s management team and dedicated employees as they work to ensure that the Company’s members continue to enjoy great vacations for years to come.”

Silverleaf has engaged Gleacher & Company Securities, Inc. as its financial advisor in connection with the proposed merger.

The Silverleaf Board of Directors has received an opinion from Gleacher & Company Securities, Inc., that the consideration to be paid to Silverleaf shareholders in the transaction is fair from a financial point of view.

Completion of the transaction is subject to customary closing conditions, including approval by the Company’s shareholders. Silverleaf intends to hold a special meeting of its shareholders for the purpose of approving the merger as promptly as possible. Upon completion of the transaction, Silverleaf will become a private company, wholly-owned by Cerberus, and its common stock will no longer be traded on NASDAQ.

Robert E. Mead, the Chairman of the Board of Directors and Chief Executive Officer of Silverleaf, has entered into a Voting Agreement with Cerberus pursuant to which he has agreed to vote shares beneficially owned by him representing 24.5% of the outstanding shares of Silverleaf in favor of the transaction.

The Caribbean Hotel & Tourism Association (CHTA) has presented Interval International and participating member resorts with an award recognizing their generous support of its scholarship program. Their contributions to the CHTA Education Foundation (CHTAEF) have steadily increased over the past few years, totaling $175,000.

Neil Kolton, Interval’s director of resort sales and service for the region, accepted the honor at the recent Caribbean Marketplace in Montego Bay, Jamaica.

“The support from Interval and its affiliated resorts has been instrumental in our ability to provide students and hospitality executives with the means to establish and further their careers,” noted Tom Pas, chairman of CHTAEF. “These ongoing contributions have made it possible for a significant number of Caribbean nationals to take advantage of educational opportunities that would not have otherwise been available to them. We owe Interval and its affiliates a debt of gratitude.”

“While this acknowledgment is greatly appreciated, the true reward is seeing scholarship recipients become successful professionals who in turn contribute to the tourism industry in the region,” said Kolton, who also credited the company’s member resorts for their generous support of CHTAEF.

The CHTAEF was established in 1987 as a non-profit organization to provide scholarships and special assistance to Caribbean hospitality industry personnel and students pursuing hospitality and tourism careers. The foundation has awarded more than US$1 million dollars in scholarships and grants

As a Strategic Partner of CHTA and a Board Member of the CHTA Education Foundation and the Caribbean Tourism Organization’s Scholarship Foundation, Interval has been a long time supporter of the tourism industry in the Caribbean. The company is committed to understanding the unique needs of the region and providing products and programs tailored to this market.

Interval has a timeshare exchange network of more than 2,500 resorts in over 75 nations. Through offices in 14 countries, Interval offers high-quality products and benefits to resort clients and approximately 2 million families who are enrolled in various membership programs. Interval is an operating segment of Interval Leisure Group, Inc., a leading global provider of membership and leisure services to the vacation industry.

(Photo credit - persepectivemagazine.com)

Just in time for Valentine's Day! Marriott’s Shadow Ridge in Palm Desert is bringing a sweet experience to its owners and guests with the opening of its very own Dylan’s Candy Bar, "the world’s sweetest candy emporium," modeled after the innovative New York flagship store.

“The Marriott Vacation Club experience is about creating memorable moments for our owners and guests,” said Daniel Slaughter, general manager of Marriott’s Shadow Ridge. “We’re excited to offer the first Dylan’s Candy Bar at a Marriott resort and see this as the perfect complement to our amenities at Marriott’s Shadow Ridge.”

The shop’s bright turquoise walls with a candy-coated ceiling, custom candy-themed light fixtures and shelves full of tantalizing treats is guaranteed to indulge the inner child in everyone. Guests can enjoy a delicious adventure discovering their favorite candy and chocolates, including scrumptious gummy bears and jelly beans, a vast variety of nostalgic treats and various flavors of Dylan’s Candy Bar’s exclusive line of chocolate bars. Other eye catchers include the famous Whirly Pop Tree with its branches of lickable lollipops and candy-inspired apparel and accessories that look good enough to eat.

The iconic Dylan’s Candy Bar was founded by Dylan Lauren, daughter of the legendary fashion designer Ralph Lauren. Dylan’s dream of combining a love of candy and a passion for art became a reality when the first Dylan's Candy Bar, located in New York City, opened in 2001. Since then, Dylan has expanded her stores to include locations in East Hampton and Roosevelt Field, N.Y.; Orlando, Fla.; Houston, Texas and prestigious wholesale venues around the globe.

“As a great explorer (of candy, that is) I love traveling and discovering new treats from around the world,” said Dylan Lauren, CEO & Founder of Dylan’s Candy Bar. “By partnering with Marriott’s Shadow Ridge, we have combined the delight of luxury vacationing with the deliciousness of candy to create a mouthwatering duo that will ensure the sweetest of escapes.”

Renown for merging the worlds of art, fashion and pop culture with candy, Dylan's Candy Bar is not your average "candy store." Besides over 7,000 different kinds of candy from around the world, it features candy-inspired fashion and a café serving delicious baked treats and gourmet ice cream, as well as a party room and candy-cocktail bar.

Located in the heart of Palm Desert, Marriott’s Shadow Ridge currently has timeshare rentals available for your Valentine getaway. And when you visit the candy store you can pick up something sweet for your sweetheart with Dylan’s Candy Bar Valentine’s Day special edition chocolate bars including a premium Belgian milk chocolate “Bleeding Heart Bar” filled with sweet red caramel, sure to get your Valentine's heart beating.

(Candy Store Photo Credit - news.marriott.com)

The American Resort Development Association (ARDA) is a Washington D.C.- based trade association representing the vacation ownership and resort development industries (timeshares). Besides corporate members, ARDA's membership also includes timeshare owner associations (HOAs), as well as timeshare owners themselves through the ARDA Resort Owners Coalition (ARDA-ROC).

ARDA promotes the growth and development of the timeshare industry through a variety of capacities, including Advocacy. ARDA monitors regulatory issues that affect timeshare by engaging in lobbying efforts focused on the establishment of a legislative environment that enhances consumer confidence and protection.

Recent legislative updates which ARDA is monitoring are:

• Hawaii. At the urging of Hawaii Governor Neil Abercrombie, several bills have been introduced in the Legislature to increase the TAT on timeshare owners from 7.25% to 9.25% as well as increase the amount subject to tax from 50% of the daily maintenance fee to 150% of the daily maintenance fee. The House Tourism Committee heard testimony from the timeshare industry on the Governor's bills, HB 809 and HB 1163, earlier this week, however, and delayed any action.


• Nevada. Due to a $50 fee imposed on foreclosures in 2009 and an additional $150 fee added in Nevada's 2010 special legislative session to address budget issues, deed of trust foreclosures now cost an additional $200. ARDA-Nevada wants to reduce foreclosure costs by permitting internet advertising of foreclosure sales.


• South Carolina. In early December, 2010, the Tax Realignment Commission (TRAC) sent its final report to the legislature, and in doing so made the following recommendations with respect to the timeshare industry: i) the removal of the sales tax exemption the industry currently enjoys for the sale, resale, and exchange of timeshare interests, ii) the imposition of a transient accommodations tax on maintenance fees paid on all timeshare interests in South Carolina, and iii) the removal of the personal property tax exemption for fixtures, furnishings and equipment located in a timeshare unit.


• Wisconsin. As in several other states recently, ARDA-ROC and ARDA-Wisconsin will support the passage of legislation to enact non-judicial foreclosure for timeshare mortgages and owners’ association assessment liens in 2011.


• Texas. Unlike many other states, Texas has no real estate transfer fees and prices of real estate sales are not typically disclosed publicly. This year, legislators will introduce bills requiring real estate purchasers (including timeshare buyers) to disclose the sales price in order to record the sale.

Dan Lubner, President of the Hospitality Design Division of Robb & Stucky Interiors, has recently been named to a three-year term to the prestigious Suppliers Council of the American Resort Development Association (ARDA).

Suppliers Council members are called upon to provide insight into current industry issues and to help develop and guide association programs. Membership indicates a high level of commitment to the vacation ownership industry and provides direct contact with the ARDA Chairman and association president.

Comprised of leading industry firms, the Council was formed in 2005 to provide education and networking for ARDA’s supplier members and to serve as subject matter experts for the association in terms of product and service procurement trends impacting the resort industry.

“We welcome Dan with his vast expertise in furnishing and renovating hotels and resorts around the globe. His extensive knowledge in this highly specialized field is providing tremendous benefits to our entire Council,” said Joy Powers RRP, Director of Business Development of Concord Servicing Corp. and Chairman of the Suppliers Council.

Robb & Stucky Interiors is a nationally respected interior design and premier furnishings retailer with 15 showrooms in Florida, Texas, Arizona, and Nevada as well as Robb & Stucky patio stores. The company’s Hospitality Design Division has completed domestic and international commercial design assignments for hotels, condominiums, timeshare and fractional resorts located from Denver to Dubai.

Robb & Stucky Interiors was recognized for design excellence in August, 2010, by The Southeast Building during the Aurora Award Gala held in Orlando, Florida. Robb & Stucky won five awards, including two Grand Auroras.

ARDA is a Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has nearly 1,000 corporate members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC).

RCI, the global leader in vacation exchange and one of the Wyndham Worldwide family of brands, announced it has expanded its network in Brazil through its affiliation with Thermas de Olympia Resort in Olympia, one of the most important tourism centers of the State of Sao Paulo, Brazil.

Developed by LM Empreendimentos e Participações S/A , the resort is situated on 65 acres. Thermas de Olympia features 488 units including 40 duplex suites, 16 two-bedroom suites and 432 family suites that offer a separate living room. Each unit is equipped with a digital phone system, digital safe and panoramic balcony.

Located in the Guarani Aquifer, Thermas de Olympia is in a desirable area in the northwest region, near Sao Jose do Rio Preto and offers many recreational facilities on the complex. One of the most impressive attractions is the Thermal Water Park of Orange groves which includes waterfalls, slides, water cannons,, swimming pools, paddleboats, surfing and many more water activities. The resort also hosts a convenience store and mini zoo on site.

“We are pleased to join the RCI network,” said Guilherme Lopes Morais, president of LM Empreendimentos e Participações S/A. “Our partnership with RCI will help increase the visibility for Thermas de Olympia to illustrate the many reasons why our resort is a great place that offers fun for the whole family.”

“Affiliating with Thermas Olympia Resort strengthens our presence in the Brazilian market and is the perfect place for us to extend our vacation exchange system,” said Alejandro Moreno, director, Business Development, RCI Brazil. “We are confident that this affiliation will be a successful one.”

With approximately 30 years of experience in the market, LM Empreendimentos e Participações S/A provides customers with quality products and differentiated investments, especially in areas of potential tourism and hospitality. As an engineering services provider, the company makes available key services with a commitment to high quality. LM Empreendimentos e Participações S/A has in its portfolio the construction of over 4,000 apartments, plus restaurants, bars, venues for concerts, shops and boutiques

RCI is part of Wyndham Exchange & Rentals, the worldwide leader in vacation exchange and the world’s largest full-service vacation rentals business, providing access to more than 85,000 vacation properties in approximately 100 countries. Wyndham Worldwide Corporation is one of the world’s largest hospitality companies with leading brands in lodging franchising, vacation ownership, vacation rentals and vacation exchange. For additional information visit our media center.

(Photo credit - serben.com.br)

Marriott International has been recognized for the 14th consecutive year by Fortune Magazine as one of the “100 Best Companies to Work For.” Marriott is a Fortune “All Star,” being one of only 13 companies on the list every year since it launched in 1998. Marriott is the second highest ranked company with 100,000 or more associates and was ranked 71st overall.

“Marriott opens doors to a world of opportunities, wherever your journey takes you,” said David Rodriguez, executive vice president of Global Human Resources. “Our company’s enduring “spirit to serve” culture provides associates a family environment of teamwork, trust, and cooperation where we value the contributions of our diverse global workforce.”

Marriott prides itself on fostering growth and development for associates as they find their own career journey, and offers a wide range of unique programs and benefits.

Marriott has long been recognized as a great place to work by several prominent publications including Working Mother, DiversityInc and LATINA Style magazines.

To pick the "100 Best Companies to Work For," Fortune partnered with the Great Place to Work Institute to conduct the most extensive employee survey in corporate America. Three hundred eleven companies participated in this year's survey. Two-thirds of a company's score is based on the results of the Institute's Trust Index survey, which is sent to a random sample of associates from each company. The survey asks questions related to their attitudes about management's credibility, job satisfaction, and camaraderie.

The other third of the scoring is based on the company's responses to the Institute's Culture Audit, which includes detailed questions about pay and benefit programs and a series of open-ended questions about hiring practices, internal communications, training, recognition programs and diversity efforts. Any company that is at least seven years old with more than 1,000 U.S. associates is eligible.