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American Resort Development Assoication
Washington, DC
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Financial Reporting Standards for a Global Association
Components: Industry Financial Reporting Standards
SAG professionals developed the first "state of the industry report" on the vacation ownership industry for the industry's global association. The American Resort Development Association. The report concentrated on financial performance of the resorts, fractional and private resident clubs for the industry. SAG professionals also helped to create the first Timeshare and Vacation Ownership's Uniform Systems of Accounts. The Uniform Systems helped participating vacation ownership companies in creating financial statements which are in similar formats, accounting disposition of various revenue and expense items and corresponding footnotes.
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Morgan Stanley Real Estate
New York, NY
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Vacation Ownership Company
Components: Acquisition of One of the Largest Vacation Ownership Companies in the U.S.
Project Value: $xxx million
SAG partners and professionals were engaged by Morgan Stanley Real Estate Fund to advise on the acquisition of the Shell Group of Chicago. Responsibilities included an extensive review of the company's accounting and financial controls, systems and executive management structure. In addition, a comprehensive review of all resorts in active sales with regard to sales conduct, management of HOA's (prior to turnover to buyers) and revenue recognition policy of resort sales. Additional work was done on the evaluation of the company's receivables portfolio, defaults on sales contracts and sourcing of financing for the company.
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WorldStar Resorts
Greenwich, CT
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Resort Company
Components: Structure and Negotiation of Non-Shareholder Capital Contributions
Project Value: $5 million
SAG professionals as part of the organizing team with a major Chicago based law firm, assisted senior management of WorldStar resorts in the structuring of the initial capitalization of the company by negotiating a $5 million dollar non-shareholder capital contribution ("NSCC"). Such a capital infusion provides for the receiving company to receive capital from the contributing company without beneficial interest in the stock or debt of the organizing company, by using an esoteric provision of the IRS tax code, section 118(a). The NSCC allows the contribution of capital virtually tax free to the recipient based on potential corporate benefits to the contributing company.
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Promus International Hotels
Memphis, TN
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Vacation Ownership Structuring
Components: Portfolio of Vacation Ownership Assets
SAG professional served as the vacation ownership expert in the preparation and presentation of the Promus' entry into the vacation ownership industry.
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Grand Cypress Resort Orlando
Orlando, FL
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Luxury Golf Resort
Components: 1,500-acre Residential, Hotel, Golf
SAG professionals served as advisor for the acquisition and financial structuring of this 1,500-acre large-scale golf resort in Central Florida, including the potential for conversion and selling of vacation villas as timeshare or vacation condominium facilities.
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Westgate Vacation Ownership
Orlando, FL
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Business Process Re-Engineering
Components: Vacation Ownership Company
SAG professionals served as a vacation ownership expert in a major business process re-engineering, sales force review, and customer relationship management companywide, as well as other individual projects for Westgate Vacation Ownership, entailing both timeshare and residence club divisions.
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Blackacre Capital Management & Union Square Partners
New York, NY
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Condominium to Fractional Ownership
Components: 200-unit Luxury Fractional Resort
SAG professionals participated in the evaluation and review of the market feasibility and bid structuring for converting a condominium project into a luxury fractional property for Black Acre Capital and Union Square Partners. The proposed urban fractional would cater to the market segments seeking a luxury experience while visiting Manhattan, without the complexities and partial use of a whole ownership condominium.
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Los Millares Golf & Country Club
Andalucía, Spain
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International Resort Mixed-Use
Components: Hotel, Golf, Residential, Spa, Casino
Project Value: $100 million
SAG team members prepared a market analysis and business plan for Phase I of the Los Millares Golf and Country Club in Andalucía, Spain. Los Millares is a 1,800 acre master planned destination golf resort. Phase I included a 350-room Grand Hyatt hotel, two 18-hole championship golf courses, 900 residential units, a health spa, equestrian center, tennis center and casino. The scope of services included a detailed market analysis for each component (hotel, golf, residential, spa, and casino), and extensive modeling of potential cash flows, development costs, capital structures and investor returns.
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Leeward Harbour Spa & Marina Resort
Great Abaco, The Bahamas
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International Resort Mixed-Use
Components: 65-acre Residential, Hotel, Fractional Ownership, Golf, Spa, Marina
SAG professionals prepared a resort and development planning analysis and advised on capital funding strategies for a large scale luxury residential, hotel and fractional ownership resort on Great Abaco, The Bahamas. The proposed 65-acre Leeward Harbour Spa & Marina Resort is located near the fishing village of Sandy Point on the southwestern peninsula of Great Abaco, one of the most attractive and accessible "Family Islands" of the Bahamas. Leeward Harbour will be developed as an "Eco-Friendly", "Environmentally Green Resort", featuring low impact designs of facilities and accommodations that will accentuate and preserve the "Old Bahamas" style and charm of the area. A one-mile span of ocean shoreline combining crescent shaped sandy beaches and coral rock formation surrounds the site creating a truly unique and picturesque ocean shoreline. The project will include estate lots & homes along the beach and on the championship golf course and whole-ownership condominiums.
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Exhale Spas
New York, NY
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Spa Company
Components: Disposition of AQUA Spas to Exhale Spas
Project Value: $300 million
SAG partners advised the management and owner's in the solicitation and analysis of potential acquisition of AQUA day spas of Santa Monica. Prior to acceptance of bids by potential buyers, SAG partners went in to re-organize the management, financial structure and controls of the company as well as upgrading shareholder communications and reviews. Upon the restructure of Aqua Spas, SAG professionals evaluated bid proposals from potential buyers. Ultimately, AQUA was sold to Exhale Spas, owned by Brentwood Capital for a price 83% higher than any other bids. Additional work was conducted to help in the negotiations and structuring of the acquisition documents and the final execution of the transaction.
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