Apartments at the Enchanted Gardens Resort, Ocho Rios. - FileSADDLE BROOK, N.J.:
AMERICAN LEISURE Holdings, Inc., announced that its subsidiary company Leisureshare International PLC, a UK company, has signed a Memorandum of Understanding to acquire the Enchanted Gardens Resort in Ocho Rios, Jamaica.
The Enchanted Gardens Resort is a luxury resort property, which will be refurbished later this year into an RCI Gold Crown Resort Property. Resort Condominiums International, LLC is a subsidiary of Cendant Corporation and operates the largest of the world's exchange programmes. Enchanted Gardens offers 129 rooms and/or suites, set in low-rise clusters among its botanical gardens, many with private patios, plunge pools and jacuzzis.
Through this acquisition American Leisure Holdings will create its first Caribbean property for its Leisure Travel Partners and Clubs. Malcolm Wright, president, said: "I was first introduced to Edward Seaga, whose family owns the property, in May 2000. I wanted to buy the property from the moment I saw it; its beauty is absolutely stunning. We have agreed to terms acceptable to all parties, which makes this a wonderful acquisition for the AMLH group. The property, which will be appraised prior to closing, is expected to have a market value in excess of US$25 million. We intend to commence developing the remainder of the property once the existing resort is refurbished and we are able to determine the demand, occupancy levels and room rates."
The purchase agreement is expected to be finalised and executed during next month and closing is anticipated in January 2003.
American Leisure Holdings, Inc. is a marriage between travel service businesses and leisure property businesses. Its strategy is to own and manage vacation hotel/resort properties located throughout popular vacation destinations in the United States and the Caribbean, operate vacation club and travel club programmes targeted to corporate and leisure travellers, and sell travel services and vacation ownership to its club member bases.
