Date: Fri, 19 Dec 1997 02:12:05 GMT Server: GoSite-SSL/2.3 Connection: close Content-Type: text/html Last-Modified: Tue, 16 Dec 1997 23:01:41 GMT ETag: "79b0f-d82-34970855" Content-Length: 3458 Accept-Ranges: bytes
NEWS RELEASE
FOR IMMEDIATE RELEASE |
ILX RESORTS SELLS INTEREST IN LOMACASI COTTAGES
PHOENIX, AZ December 9, 1997 -- ILX RESORTS
INCORPORATED (NASDAQ: ILEX) today announced the sale of its
partnership interest in Lomacasi Cottages, a 20-unit hotel project in
Sedona, Arizona, effective December 5, 1997. The selling price of
$2,850,000 was paid through $2,250,000 in purchase-money debt assumption
by the buyer and surrender by the buyer for redemption by ILX Resorts of
500,000 shares of common stock valued at $1.25 per share.
"In light of our emphasis on our Varsity Clubs of America
and Premiere Vacation Club concepts, and the recently enacted Sedona
Lodging Ordinance, the disposition of our interest in Lomacasi made good
business sense," said Joe Martori, chairman and chief executive
officer of ILX Resorts. "Additionally, many of our initial
objectives relating to Lomacasi will be realized through the retention of
a management contract with the Buyer that accompanied the sale."
ILX Resorts develops, operates and markets upscale vacation ownership
resorts and hotels. It is currently marketing interests in projects
located in Sedona and Payson, Arizona, and in Colorado, Florida, Hawaii
and Mexico. Its wholly-owned subsidiary, Varsity Clubs of America
Incorporated, is developing all-suite, interval ownership hotels near
prominent universities, with its first completed project near the
University of Notre Dame in Indiana and second under construction within
three miles of the University of Arizona in Tucson.
This news release includes statements that may contribute
forward-looking statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. This information may
involve risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would cause
or contribute to such differences include, but are not limited to, those
factors detailed by ILX Resorts Incorporated in its filings with the
Securities and Exchange Commission.
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Contacts:
Joseph P. Martori, Chairman and CEO -- (602) 957-2777