Orlando, Fl., September 19, 2012 - Westgate Resorts, a leader in the timeshare and destination resort industries, recently closed a $35 million Revolving Senior Warehouse Facility with Capital One Bank. This deal comes on the heels of a $165 million securitization that Westgate completed earlier this year.
"Capital One Bank's Vacation Ownership team is thrilled to work with Westgate given the company's 30-year track record operating in major vacation hubs across the U.S." said Michael C. Szwajkowski, Executive Vice President, Commercial and Specialty Finance, Capital One Bank. "We look forward to continuing our work with Westgate to support the company's growth strategy."
Westgate Resorts, which acquires, develops, markets and manages vacation ownership properties, is one of the largest privately-owned timeshare companies in the world. The four-year facility provided by Capital One Bank will be used to finance notes receivable arising from the sale of vacation ownership intervals at Westgate's resort properties. In addition, the previous $165 million securitization was used to pay down existing debt and provide additional liquidity for the company.
"The company is operating stronger than ever and these financial transactions are representative of the success our team has achieved," said David A. Siegel, Chief Executive Officer, Westgate Resorts. "This financing will allow Westgate to continue our growth trajectory and respond to the increasing demand in the timeshare ownership market."
About Westgate Resorts
One of the largest privately owned timeshare companies in the world, Westgate Resorts features luxury resorts in premier travel destinations such as Orlando, Florida; Park City, Utah; Las Vegas, Nevada; Gatlinburg, Tennessee; Branson, Missouri; Myrtle Beach, South Carolina; Williamsburg, Virginia; Miami, Florida; Mesa, Arizona; and Tunica, Mississippi. Founded in 1980 by David A. Siegel, Westgate Resorts develops and operates uniquely themed destination resorts that include luxurious accommodations, destination health spas, water parks, restaurants and retail shopping outlets. For more information about Westgate Resorts, visit www.westgateresorts.com.
Chief Operating Officer
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