Middletown, CT (July 23, 2013) — Liberty Bank announced they recently took a leadership position in arranging for a $145 million facility renewal for Virginia Beach developer Gold Key Resorts, a division of Gold Key | PHR Hotels & Resorts.
Working with a consortium of five other banks, Liberty Bank helped restructure an existing facility to provide funding for Gold Key Resorts’ growth. “We are proud to have been Gold Key’s lead lender since 1994 and have enjoyed being part of their strategic vision,” says Liberty Bank VP Denise Brewer. “During our long-standing relationship, we have watched them grow to approximately 29,000 timeshare owners as they developed Beach Quarters Resort, Boardwalk Resorts & Villas, Turtle Cay Resort, Ocean Beach Club and the latest phase of Ocean Beach Club, Oceanaire.”
Liberty has been our lead lender for close to 20 years,” says Gold Key Resorts EVP of Finance Michael Poch. “They helped us get started. This relationship has always worked as a strategic partnership, mutually beneficial to both parties. Liberty has consistently worked with us throughout our history, including the economic downturn, and we look forward to continuing our alliance.”
ABOUT PHR/GOLD KEY RESORTS
Gold Key | PHR Hotels and Resorts is the Virginia Beach Oceanfront’s number one employer with up to 2,400 associates in season. The company owns and operates eight properties in the Mid-Atlantic region and oversees approximately 1,700 rooms. The integrated hospitality firm owns and/or manages hotels, vacation ownership resorts and leading area restaurants including Mahi Mah’s ™, Catch 31™ and Salacia ™. For more information on Gold Key | PHR Hotels & Resorts, visit www.goldkeyphr.com.
ABOUT LIBERTY BANK
Established in 1825, Liberty Bank, based in Middletown, Connecticut, is the state’s oldest mutual bank, with more than $3.5 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 30 consecutive years. The bank’s commitment to superior service has resulted in lending relationships with some of the industry’s largest and most successful developers. Member FDIC. Equal Housing Lender.
Media Contact for Liberty Bank: