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The current management of Bushkill, Penn.-based Resorts USA is purchasing the company for $32.5 million from The Rank Group, Resorts’ London-based multinational parent company.
The Pocono (Penn.) Record reported that Resorts Group Inc., a corporation formed in October and comprised of the Resorts USA management, is acquiring the Fernwood Hotel and Resort, The Villas at Tree Tops and Fairway and Minisink Financial Corp.
As part of the overall sale, Resorts Group has agreed to sell another Resorts USA holding, Outdoor World campgrounds, to a subsidiary of Texas-based Privileged Access.
The new owners will include current Resorts CEO W. Andrew Worthington and employees Kevin Lavelle, Mark Turner, Thomas Casale, Kurt Rawding, Josh Herschlag and Gina Bertucci. Also joining the ownership team is “a new partner” with previous ties to the Poconos, Harry Van Sciver of Whitebriar Financial Corp., a Marstons Mills, Mass.-based private lender that specializes in financing resort, vacation and timeshare transactions.
An agreement of sale from Rank — a UK-based international gaming company that owns European casinos — to Resorts Group was signed Nov. 30. The transaction is expected to be finalized at a Dec. 15 closing.
According to the Pocono Record, Fernwood Hotel and Resort is a 70-plus-year-old, 440-acre four-season property that includes a 125-room hotel.
The nearby Villas at Tree Tops and Fairway offers 650 timeshare units that range from one to four bedrooms. The Villas is one of the largest vacation ownership properties in the mid-Atlantic region, with more than 17,000 member families, and has year-round amenities.
Minisink Financial Corp., formed in January 2004, is a collections and payment company specializing in dues and loan processing, with offices in Bushkill.
The Fernwood and Villas complex includes four restaurants, an indoor video game and activities center, 18-hole golf course and live entertainment. More than 500,000 guests are accommodated each year.
Outdoor World operates 15 campgrounds throughout the eastern U.S.