Tempus Acquisition, LLC, agrees to provide debtor-in-possession financing to Tempus International to assist it in continuing to operate until the closing of the acquisition
Las Vegas, NV (November 20, 2010) — Tempus Acquisition, LLC, an affiliate of Diamond Resorts International® (Diamond) a global leader in the hospitality and vacation ownership industries, has announced it has entered into an agreement to acquire a substantial portion of the assets of Tempus Resorts International, Ltd. The acquisition is subject to the approval of the U.S. bankruptcy court and certain other conditions. To effect the transaction, Tempus Resorts International, Ltd. and certain of its subsidiaries have filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida.
According to Stephen J. Cloobeck, Chairman and Chief Executive Officer, Diamond Resorts International®, “Dependent upon the outcomes of the court, we are pleased to be in a position to offer strategic guidance for Tempus assets and quality customer service for the 40,000 owners who look forward to utilizing their vacation holiday product.”
Diamond Resorts International®, with global headquarters in Las Vegas, Nev., is one of the largest vacation ownership companies in the world with more than 177 branded and affiliated resorts and over 24,000 guest beds in 26 countries with destinations throughout the continental United States and Hawaii, Canada, Mexico, the Caribbean, Europe, Asia, Australia and Africa. Offering simplicity, choice and comfort to more than 385,000 owners and members through the branded hospitality service of more than 5,500 team members worldwide, Diamond Resorts International® is dedicated to providing its guests with effortless and relaxing vacation experiences every time, for a lifetime.
Annually, nearly 1.4 million owners, members and guests enjoy the simplicity, choice and comfort Diamond Resorts International® offers through our branded hospitality experience.
About Diamond Resorts Corporation
Diamond Resorts Corporation and its subsidiaries develop, own, operate and manage vacation ownership resorts and, through resort and partner affiliation agreements, provide owners and members with access to 69 managed resorts and 108 affiliated resorts through THE Club® at Diamond Resorts International®.
To learn more, visit DiamondResorts.com
SOURCE: Diamond Resorts International