ORLANDO, FL (May 29, 2015) — A multi-office team of attorneys with international law firm Greenberg Traurig represented longtime client Orange Lake Holdings, LLP, parent company of Orange Lake Resorts, in its acquisition of the parent company of Silverleaf Resorts, Inc. from an affiliate of Cerberus Capital Management, L.P. The transaction, which closed May 18, represents one of the single largest acquisitions in the vacation ownership industry. Financial terms were not disclosed.
The deal team, led by Orlando Corporate & Securities Shareholder Todd A. Miller and Las Vegas Real Estate Shareholder Jim Mace, included Orlando Corporate & Securities Shareholders Andrew R. Finkelstein and Jason C. McDonald, and Orlando Associates Travis M. Walker (Corporate & Securities) and Bruce T. Lower (Real Estate).
Silverleaf Resorts, with headquarters in Dallas, is a growing vacation ownership company that operates 13 vacation properties across six states in the eastern half of the U.S. It has more than 3,000 employees and serves approximately 120,000 members.
The acquisition will enable Orange Lake Holdings to operate two brands independently – Holiday Inn Club Vacations and Silverleaf Resorts – encompassing 26 resorts, 7,200 villas and more than 320,000 owners. Club members in both brands will continue to enjoy all the benefits of their existing membership plans.
“With this acquisition, we will be doubling the size of our parent company,” said Don Harrill, CEO of Orange Lake Resorts. “This is an historic development for both companies. With our combined reach, we continue to stay on the forefront of providing diverse travel experiences for today’s changing market.”
Other Greenberg Traurig deal team members included: Kimberly Morris Agee (Las Vegas); David A. Barkus (Miami); Andrew G. Berg (Washington, D.C.); Burt Bruton (Miami); Jacob D. Bundick (Las Vegas); Ed Chansky (Las Vegas); Peter L. Cockrell (Washington, D.C.); Steven M. Felsenstein (Philadelphia); Robert S. Fine (Miami); Karl A. Freeburg (Phoenix); Russell P. Hintze (Orlando); Christopher Humphrey (Las Vegas); Marvin A. Kirsner (Boca Raton); Marc B. Koenigsberg (Sacramento); Mindy B. Leathe (Miami); Jonathan I. Lessner (Delaware); Scott R. MacLeod (Orlando); Mary K. Marks (New York); Steve Mastbaum (New York); Richard J. Melnick (Northern Virginia); Katie Molloy (Tampa); Christopher J. Neumann (Denver); Jonathan M. Perry (Orlando); Gil Rudolph (Washington, D.C.); Sara G. Sanfilippo (Tampa); Irving Scher (New York); Robin L. Scott (Miami); J. Scott Sheehan (Houston); Aaron T. Slavens (Miami); Jeffrey H. Verbin (Phoenix); Gregg R. Vermeys (Las Vegas); and Peter W. Zinober (Tampa).
SunTrust Robinson Humphrey and Bank of America Merrill Lynch acted as financial advisors and joint lead arrangers for the financing to support the acquisition.
About Orange Lake Holdings
Orange Lake Holdings is the parent company of Orange Lake Resorts and Silverleaf Resorts, encompassing 26 resorts and 7,200 villas in the U.S., with over 320,000 timeshare owners and 6,000 employees. Orange Lake Resorts, a leader within the vacation ownership industry with more than three decades of proven success, operates the Holiday Inn Club Vacations® brand. It was created in 2008 through a strategic alliance with IHG® (InterContinental Hotels Group), one of the largest hoteliers in the world. The Holiday Inn Club Vacations flagship property in Orlando, Fla., located next to the Walt Disney World® Resort, was established in 1982 by Holiday Inn® brand founder Kemmons Wilson. The brand operates 12 resorts across eight states, with another in development in Scottsdale, Ariz., scheduled to open in late 2015. For more information on Holiday Inn Club Vacations or to book reservations, visit hiclubvacations.com. Find us on Facebook at facebook.com/hiclubvacations or Twitter at twitter.com/hiclubvacations. Silverleaf Resorts is a growing vacation ownership company that has provided getaway and destination resort experiences since 1989. With headquarters in Dallas, Texas, the company operates 13 resorts in six states across the eastern half of the U.S. For more information on Silverleaf Resorts or to book reservations, visit silverleafresorts.com. Find us on Facebook at facebook.com/silverleafresorts or Twitter at twitter.com/slresorts.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 1,750 attorneys serving clients from 36 offices in the United States, Latin America, Europe, Asia, and the Middle East. The firm is among the “Power Elite” in the 2014 BTI Client Relationship Scorecard report, which assesses the nature and strength of law firms’ client relationships. For additional information, please visit http://www.gtlaw.com.
PRESS RELEASE SOURCE: Greenberg Traurig, LLP