November 2nd, 2017 – Industry Veteran Thomas Morris to Lead the Resort and Hospitality Company
NEW YORK, November 1, 2017 — Cerberus Capital Management, L.P. and its affiliates (“Cerberus”) today announced the acquisition of certain assets of Club Exploria, LLC and Club Exploria Resorts (“Exploria”), a diversified hospitality, development, and management company with a collection of resorts and hotels in Florida, Tennessee, and Missouri.
The Exploria acquisition builds upon Cerberus’ strong track record in the timeshare industry, including its recent acquisition of the Villas at Treetops and Fairway located in the Pocono Mountains of Pennsylvania and its former investment in Silverleaf Resorts, Inc. (“Silverleaf”), a leading vacation ownership company. It is intended that the Villas at Treetops and Fairway will operate as part of Exploria, which will allow the combined company to capitalize on shared marketing and sales opportunities with a larger geographic footprint.
To lead Exploria going forward, Thomas Morris, the former CEO of Silverleaf, has been appointed President and CEO. Rick Budd, President and CEO of the Villas at Treetops and Fairway and formerly a Senior Operating Executive with Cerberus Operations and Advisory Company, LLC, the firm’s industry-leading operations platform, will become Exploria’s Executive Chairman.
“We are proud to acquire Exploria’s exemplary collection of resorts in popular, family-friendly locations,” said Lee Millstein, Global Head of Real Estate for Cerberus. “We look forward to partnering with Tom Morris once again and to building a world-class platform in the timeshare industry.”
Exploria currently serves a worldwide ownership base of over 65,000 in popular vacation destinations such as Daytona Beach, FL, Gatlinburg, TN, and Orlando, FL. Exploria’s Orlando location, Summer Bay Orlando, is its largest managed property with 721 units and is a premier destination for families with an adventure park, mini-golf course, and four on-site dining options on its premises, among many other amenities.
“I am excited to lead Exploria into its next phase of growth and to once again be partnering with the professional team at Cerberus,” said Mr. Morris. “I have always believed in one goal: delivering excellent services and vacation experiences for our clients. Exploria’s dedicated employees paired with its superior collection of attractions will allow us to continually provide our owners and guests with memorable experiences and enhance Exploria’s brand and platform for the future.”
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $30 billion under management invested in three complementary strategies: global credit opportunities, private equity, and real estate. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
About Club Exploria LLC and Exploria Resorts
Club Exploria LLC and Club Exploria Resorts brand was created as an evolution of Summer Bay Resorts, building upon more than 20 years of proven success as a diversified hospitality, development, and management company. With approximately 700 employees, Exploria Resorts has marketing and sales operations to support the collection of resorts and hotels in Florida, Tennessee, and Missouri. The Exploria Resorts flagship property, Summer Bay Orlando in Orlando, FL, located in the Walt Disney World® Resort area, was established in 1995. The 400+ acre property is situated on a 64-acre spring-fed lake and includes a mix of 721 villa, condo, and individual home floor plans.