General Development Corp., based in Miami, has announced it has agreed to purchase Glen Ivy Financial Group Inc. of Corona, Calif., which operates the Park Plaza and Park Regency in Park City, Utah, for $65 million in cash and notes plus contingent earn out payments of up to $23.5 million.
Glen Ivy is a leading vacation timeshare company in the western United States. Glen Ivy operates 10 properties in southern California, Arizona and Hawaii besides the Park City operations. It also operates a service division with its own travel, mortgage and property management subsidiaries.For the unaudited one-year period ended Dec. 31, 1988, Glen Ivy had revenues of approximately $81.6 million and pre-tax income of approximately $15.7 million.
General Development Chairman David F. Brown and President Robert F. Ehrling said the proposed acquisition represents a major step in the expansion of the company's timeshare operation.
Established in 1975, Glen Ivy operates the following timeshare properties: Plaza Resort & Spa and The Villas of Palm Springs in Palm Springs, Calif.; Laguna Surf in Laguna Beach, Calif.; Heidelberg Inn in June Lake, Calif.; The Desert Breezes Resort in Palm Desert, Calif.; The Pono Kai in Kauai, Hawaii; Lake Havasu in Arizona and The Shores at Lake Travis in Lago Vista, Texas.