BUYER: OLCC Florida LLC (principals: Wilson Resort Group LLC, Don Harrill, Brian Lower, Thomas Nelson and Michael Thompson), Kissimmee
SELLER: Summer Bay Partnership
PROPERTY: 571 W. Elkcam Circle, various lots and weeks, Marco Island
PRICE: $6.63 million
ATTORNEY ON DEED: John C. Alvarez Esq., Kissimmee
PLANS, DESCRIPTION: Vacation resort developer Orange Lake Resorts purchased all the unsold timeshares at the 36-villa Sunset Cove Resort for $6.63 million.
The property features three-bedroom waterfront villas along with a pool and sundeck, a bar and promenade area, boat dock and a fitness center.
Orange Lake Resorts purchased the Marco Island property and the Desert Club Resort in Las Vegas from Summer Bay Resorts Inc.
The new ownership plans to bring both properties under the Holiday Inn Club Vacations brand.
Stacey Sutherland, vice president of corporate communications for Orange Lake Resorts, says the Sunset Cove Resort was particularly attractive to the company because of its quality.
“This was a very high-end accommodation,” she says. “We felt it a was a good fit for our Signature Collection program.”
The company already has upscale Signature Collection properties in Myrtle Beach and Orlando.
Along with a number or improvements that had already been approved in the homeowners' association budget, Orange Lake Resorts plans to improve its units' kitchens with granite countertops and stainless steel appliances, upgrade the patio furniture and replace all the tile floors in the living area.
Holiday Inn Club Vacations was created in September 2008 as a strategic alliance between IHG, the world's largest hotel company, and Orange Lake Resort.
Holiday Inn founder Kemmons Wilson created the brand's flagship property in Orlando, located next to Walt Disney World Resort, in 1982. Other resort locations include Lake Geneva, Wis., Panama City, Fla., Brownsville, Vt., Myrtle Beach, S.C., and Gatlinburg, Tenn.