Middletown, CT (December 12, 2013) — Colebrook Financial Company, which provides receivables financing for timeshare resort companies, announced that they just closed a new transaction with Starpoint Resort Group, Inc., headquartered in Las Vegas.
“We’ve been a financing source for Mike Muldoon and Starpoint for over ten years,” said Colebrook Financial Principal Bill Ryczek, “and it’s been remarkable to see what Mike has done with the company over that period. He’s one of the hardest-working people you’ll ever meet, and we’re very happy for him.”
Starpoint has shown significant growth since its inception and in the spring of this year announced the acquisition of The Geo Group of Companies, which boasts resorts located throughout Canada, the United States, the Caribbean and Central America. At roughly the same time, the company announced a strategic partnership with a private equity company, TZP Capital Partners I, based in New York City.
“Colebrook was there for us in the beginning,” said Starpoint CEO Michael Muldoon, “when we were a lot smaller than we are now. The group, especially Mark Raunikar, was a great sounding board and resource for me as I was growing the company. I didn’t have a big staff and Mark was always there to listen and provide feedback.”
Starpoint Resort Group has approximately 30,000 timeshare owners/members at 24 resorts around the world. The company also performs property management for four timeshare membership clubs and six resorts located in four countries and continues to expand the company’s footprint by providing resorts with an outlet for unsold inventory and/or full management services. Starpoint expects to close two acquisition transactions that will allow it to go into 2014 with more than 20 resorts and 50,000+ members and owners under management in U.S., Canada, the Caribbean, and Central America.
About Colebrook Financial Company
Colebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396.
About Starpoint Resort Group
Starpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the resort development business. The company closed on two acquisitions earlier this year, including: i) a management company that has the rights to provide services to timeshare owners associations under multi-location timeshare plans in the US and internationally; and ii) GeoHoliday, a timeshare club based in Canada and the Bahamas, with over 30,000 members and eight resort sites.
Media Contact for Colebrook Financial Company:
Sharon Drechsler-Scott, RRP
PRESS RELEASE SOURCE: Colebrook Financial Company