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SOURCE Festiva Development Group
Company adds two Florida resorts to portfolio
ORLANDO, Fla., Dec. 20, 2013 /PRNewswire/ -- Festiva Development Group has added two more Florida resorts to its portfolio through the acquisition of Orlando-based Kosmas Group International (KGI Resorts) and its subsidiary companies. This transaction adds approximately 15,000 vacation owners and club members, 1,100 intervals, and 200 employees to the company.
The new resorts are Coconut Palms Beach Resort II in New Smyrna Beach, Fla. and Vacation Villas at Fantasyworld Two in Kissimmee, Fla. This brings Festiva's number of Florida offerings to five, expanding the company's presence in its most sought-after vacation destination.
Subsidiaries included in the transaction include E Tour & Travel, an Orlando-based travel agency that specializes in deeply discounted Florida vacation packages. Partner businesses include hotels and resorts as well as brands such as Disney, Universal Orlando and Enterprise Rent-a-Car. E Tour & Travel served 20,000 families in 2012, and executives expect that number to increase significantly in coming years.
"The acquisition of KGI greatly enhances our ability to generate future growth due to their superb marketing operation and the variety of services they provide," said Festiva Development Group President Butch Patrick. "This has the opportunity to greatly impact our company's trajectory, particularly with KGI's Lance Croft joining Festiva Development Group as our senior vice president of marketing.
"The initial integration has gone extremely well and the assimilation will be complete in early 2014," he added. "We are excited to focus on executing the strengths of the combined companies to provide all of our members and guests with their fondest vacation memories."
As part of the acquisition, Orlando will become the primary corporate office for Festiva Development Group, though the company will maintain a support presence in Asheville, N.C.
Coconut Palms Beach Resort II, New Smyrna Beach, Fla.
The oceanfront Coconut Palms Beach Resort II has 122 one- and two-bedroom units, each with a private balcony. On-site amenities include a tiki bar; three pools; and rentals of equipment including beach chairs and umbrellas, surfboards, bicycles, scooters, and more. The resort is located between Daytona Beach and Canaveral National Seashore, providing guests easy access to attractions such as NASCAR racing, historic sites, live entertainment and more.
Vacation Villas at Fantasyworld Two, Kissimmee, Fla.
Located just three miles from Walt Disney World, Vacation Villas at Fantasyworld Two features 96 units, each with two bedrooms and three bathrooms. On-site amenities include a pool, hot tub, playground and picnic area. In addition to Disney, nearby activities include attractions such as SeaWorld Orlando and Universal Studios Orlando, plus golf, water parks, outlet shopping and more.
This is Festiva's third acquisition of 2013. This summer, the company acquired six resorts in Alabama, Arkansas and Missouri from Arkansas-based Escapes!, Inc., and it recently acquired 39 units at the oceanfront Sandcastle Resort and Hotel in Myrtle Beach, S.C.
Based in Orlando, Festiva Development Group operates a collection of resorts in sought-after destinations throughout the Midwest, Mid-South, Southeast, Northeast and Caribbean. Festiva Sailing Vacations, a Festiva company that operates the Festiva Cruise Club, charters all-inclusive luxury catamaran yachts in the Caribbean.
Festiva is one of the largest privately held vacation ownership companies in the United States. The company currently has more than 95,000 owners and members among 31 vacation ownership destinations in 11 states and the Caribbean, plus the Festiva Cruise Club.
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