Hotel Online Special Report Fairfield Communities Enters Las Vegas and Gatlinburg Markets With Initial Purchases of Properties for Resort Development LITTLE ROCK, Ark – Sept. 25, 1998–Fairfield Communities, Inc. (NYSE:FFD) today announced its entry into the Las Vegas, Nevada and Gatlinburg, Tennessee timeshare markets.
The Company has completed the initial purchase of Las Vegas property to construct a resort that is convenient to McCarran International Airport and a half-block from the Hard Rock Hotel and Casino and the MGM Grand Theme Park. Fairfield also purchased property in the Governor’s Crossing area of Pigeon Forge/Gatlinburg, Tennessee, a few miles from the entrance to The Great Smoky Mountains National Park.
Both locations rank within the top five most-preferred destinations within Fairfield’s historic market areas. The additions of these two new locations also further expand the vacation options available through the Company’s popular points-based system, which affords Fairfield owners the opportunity to design their own vacation schedules each year and to select their destinations from more than two dozen locations.
As the Company continues to add value to its points-based system by developing and acquiring more luxury resorts, the Las Vegas resort will serve as Fairfield’s flagship property in the western U.S. and as its base for ongoing expansion throughout that region.
“We’re very excited about being able to offer our owners the opportunity to enjoy Fairfield vacations in Las Vegas and Gatlinburg,” said Fairfield’s President and Chief Executive Officer, John W. McConnell. “With its constantly expanding entertainment and recreational activities, Las Vegas adds another exciting element to the diverse vacation experiences we offer our owners. Similarly, the Gatlinburg area offers the excitement of several theme parks and the opportunity to relax amid the natural beauty of The Great Smoky Mountains National Park.
We believe these resorts will be excellent additions to our portfolio of properties.” In Las Vegas, the Company plans phased construction of one 13-story and one 17-story building at the new resort, with 122 units available at the conclusion of the initial phase and 416 units available upon completion of the project. Plans for the resort’s numerous amenities include indoor and outdoor pools, a health club with Jacuzzi(TM) whirlpool baths, and an activity center. Construction is expected to begin late in the second quarter or early in the third quarter of 1999, and sales are scheduled to commence in the third quarter of 1999.
The start of construction of more than 100 two-bedroom and 100 doubleshare units in Gatlinburg is slated for the first quarter of 1999, with sales projected to begin in the second quarter of 1999. In addition to planned luxury amenities such as indoor and outdoor pools and a clubhouse with a health and equipment room and activity center, the resort will be adjacent to the numerous attractions of the Governor’s Crossing complex, which continues to be developed and is expected to include a 30-acre water park, several theme restaurants, and two shopping malls.
Fairfield Communities, Inc., incorporated in 1969, is one of the nation’s largest vacation ownership companies, providing quality recreational experiences at 28 locations in 12 states and the Bahamas, to approximately 220,000 Fairfield property owners.
This release may contain forward-looking statements. Such statements reflect the current views of Fairfield with respect to future events and are subject to certain risks and uncertainties, including uncertainties relating to Fairfield’s estimates of the amounts of costs and expenses that will ultimately be incurred in connection with the mergers and related activities and to assumptions and judgements made in applying generally accepted accounting principles thereto. As a result of those matters and the factors identified in the last two paragraphs of Management’s Discussion and Analysis entitled “Forward-Looking Information” of Fairfield’s 1997 Annual Report to Stockholders, actual results may vary significantly from those contemplated herein.
Contact: Fairfield Communities, Inc., Little Rock Robert W. Howeth, Chief Financial Officer, 501/312-3856 Also See: Vacation Ownership: Coming of Age with the Consumer / Jan 1998 Vacation Ownership – Reengineering the Financial Platform / KPMG / 1998 Timeshare’s Seduction – Vacation Ownership has Shed its Poor Image / Mike Malley / H&MM / July 1998