-by InsideTheGate.com staff
(May 23, 2017)
Cerberus Capital Management, L.P. has announced that an affiliate of the firm has acquired Bushkill Group from its parent company Resorts Group, Inc.
Pennsylvania-based Bushkill is the owner of the The Villas at Tree Tops & Fairway, one of the leading single site timeshare resort properties in the Mid-Atlantic region. The 400-acre, four-season property located in the Pocono Mountains of Pennsylvania is bordered by the Delaware Water Gap National Recreation Area and includes 650 timeshare units ranging from one to four bedrooms and almost 20,000 member families. It is known for its diverse year-round amenities and family-friendly atmosphere.
Cerberus will be investing in the Villa’s infrastructure and future expansion, while the former owners of the Bushkill Group will retain the closed Fernwood Resort and some other properties.
Finanical terms of the transaction were not disclosed.
As part of the transaction, Rick Budd, Senior Operating Executive, Cerberus Operations and Advisory Company LLC, has become President and CEO of Bushkill.
“Cerberus is excited about working with Bushkill to continue to deliver great, family-friendly experiences across its well-known resort portfolio, while investing to grow the existing site with the goal of adding additional locations,” said Mr. Budd in a statement. “This transaction aligns with Cerberus’s real estate strategy, finding undervalued assets with tremendous upside potential. Beyond that, Bushkill, and, in particular, The Villas at Tree Tops & Fairway property, is well known for having exemplary staff with whom we will work to continue to provide diverse, year-round amenities and services to member families and guests.”
Andy Worthington, former President and CEO of Bushkill said, “We have been fortunate to own and operate Bushkill for the past 11 years and are pleased to be turning this great company over to Cerberus, a firm with a proven track record of success.”
This is not Cerberus’ first foray into the timeshare market. In 2011 an affiliate of Cerberus acquired Silverleaf Resorts, a publicly traded timeshare company based in Dallas, TX. that operated 13 timeshare resorts across the U.S. Following that merger Silverleaf was taken private and in 2015 Cerberus sold the company to Orange Lake Resorts, parent company to Holiday Inn Club Vacations.
Cerberus and its affiliates manage over $30 billion for many of the world’s most respected investors, including government and private sector pension and retirement funds, charitable foundations and university endowments, insurance companies, family offices, sovereign wealth funds and high net worth individuals.