Advising CLC World Resorts & Hotels on the sale of its European shared ownership resort management business
04 Nov 2013
Interval Leisure Group (ILG) and CLC World Resorts & Hotels (CLC) have completed a joint venture to establish VRI Europe, a resort management company headquartered in the UK, with operations also in Spain. VRI Europe acquired CLC’s shared ownership resort management business and will provide resort management services at 21 managed resorts. The joint venture brings together the resources, assets and employees of two leaders in the non-traditional hospitality market.
Simmons & Simmons advised CLC on the sale and establishment of the joint venture.
CLC designs, develops and manages holiday resorts offering a wide range of holiday based products and freehold property options. Established in 1984, CLC currently has a portfolio of 32 resorts in the US, the UK, Spain, Austria, Turkey and the Gold Coast of Australia.
ILG is listed on NASDAQ and based in the US, with about 4,000 employees worldwide. It is a leading global provider of membership and leisure services to the vacation industry. ILG’s primary vacation network comprises more than 2,800 resorts in over 75 countries.
The Simmons & Simmons team was led by Corporate lawyers Gideon Sharp, Ania Rontaler, Tom Fricke and Tom Burgoo, supported by, amongst others, Banking lawyers Rich Hughes and Tim Proudlock, ICT lawyers Lawrence Brown and Frances Stocks, Commercial lawyer Mark Dewar, Real Estate lawyer Faisal Nisar and Tax lawyers Darren Oswick and Mark Watterson.
Commenting on the transaction, Ania Rontaler, said "we are delighted to have been able to deliver a successful sale for CLC and to establish their joint venture with ILG. We greatly enjoyed working with CLC and their strong in-house team on this complex and bespoke transaction and look forward to watching the joint venture develop".
Commenting on the transaction, Eugene Miskelly, Group Counsel for CLC said "it was reassuring to be supported by such an excellent team with the depth of talent and resources required by this complex transaction. The Simmons & Simmons team project managed the transaction superbly, balancing total professionalism, commercial pragmatism and a sense of humour in the correct measures".
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