MarBrisa News: Increase Financing Commitment

Resort Finance America and CapitalSource Increase Financing Commitment to Grand Pacific Resorts' MarBrisa Project

From - http://www.prnewswire.com/news-rele...cific-resorts-marbrisa-project-120953974.html

New commitment reflects strong endorsement of Grand Pacific's management team, business strategy and relationship with Hilton Grand Vacations

DALLAS, April 29, 2011 /PRNewswire/ -- Resort Finance America, LLC ("RFA"), which is managed by Lantern Asset Management, LLC, and Grand Pacific Resorts of Carlsbad, California ("GP"), one of the oldest and largest vacation ownership companies in California, today announced that they have expanded their existing relationship.

This increased financial commitment reflects RFA's confidence in GP's leadership and business strategy, as well as MarBrisa's relationship with Hilton Grand Vacations ("HGV"), which has assumed responsibility for the management, marketing and operation of MarBrisa.

Under the terms of the new agreement, RFA will increase its existing construction financing commitment at GP's MarBrisa Resort. The additional construction financing will be utilized to complete the current phase of development and to construct 60 additional units at the resort. CapitalSource has also agreed to provide a new revolving timeshare receivables facility to GP to finance consumer purchases of inventory at MarBrisa. The transaction closed earlier this month.

"This transaction reflects our confidence in Grand Pacific's strong and disciplined management team and its business strategy, as well as the company's record of success in the Southern California marketplace," RFA President William T. Phillips said. "In addition, with Hilton Grand Vacations, Grand Pacific has attracted a top-tier industry operator, making this an even more compelling investment opportunity."

David Brown and Tim Stripe, co-presidents of Grand Pacific Resorts, added, "We are gratified that both RFA and CapitalSource have provided this important vote of confidence in our business strategy. This new commitment will allow us to construct the second phase at MarBrisa. Our alignment with HGV will enhance the guest experience and accelerate the sales of the project."

Built in 2008 and situated on 41 prime acres overlooking the Pacific Ocean, Hilton Grand Vacations Club at MarBrisa is entitled for the development of 350 timeshare units and is located near the quaint coastal village of Carlsbad. MarBrisa offers year-round appeal as an idyllic vacation destination. The classic Spanish Mediterranean-style resort features luxurious studio, one-, two- and three-bedroom vacation villas, each with a private patio or balcony offering panoramic ocean or park views. Hilton Grand Vacations Club at MarBrisa offers guests direct access to nearby LEGOLAND® California and SEA LIFE™ Aquarium. Golfers delight in dozens of excellent nearby courses, including The Crossings at Carlsbad Championship Golf Course adjacent to the resort. The property is just a short drive from Southern California's renowned attractions including SeaWorld, the Wild Animal Park and the San Diego Zoo.

Click to expand...

Thanks for the info.

I have not been down to Carlsbad since the resort became HGVC @ MarBrisa, but I have read from folks here how "unfinished" the project appeared. It sounds like they now have the funding to turn it into a really nice HGVC style resort. Good News.