Industry veteran Thomas Morris to lLead the resort and hospitality company.
NEW YORK – Cerberus Capital Management, L.P. and its affiliates announced the acquisition of certain assets of Club Exploria, LLC and Club Exploria Resorts, a diversified hospitality, development, and management company with a collection of resorts and hotels in Florida, Tennessee, and Missouri.
The Exploria acquisition builds upon Cerberus' strong track record in the timeshare industry, including its recent acquisition of the Villas at Treetops and Fairway located in the Pocono Mountains of Pennsylvania and its former investment in Silverleaf Resorts, Inc., a leading vacation ownership company. It is intended that the Villas at Treetops and Fairway will operate as part of Exploria, which will allow the combined company to capitalize on shared marketing and sales opportunities with a larger geographic footprint.
To lead Exploria going forward, Thomas Morris, the former CEO of Silverleaf, has been appointed President and CEO. Rick Budd, President and CEO of the Villas at Treetops and Fairway and formerly a Senior Operating Executive with Cerberus Operations and Advisory Company, LLC, the firm's industry-leading operations platform, will become Exploria's Executive Chairman.
"We are proud to acquire Exploria's exemplary collection of resorts in popular, family-friendly locations," said Lee Millstein, Global Head of Real Estate for Cerberus. "We look forward to partnering with Tom Morris once again and to building a world-class platform in the timeshare industry."
Exploria currently serves a worldwide ownership base of over 65,000 in popular vacation destinations such as Daytona Beach, FL, Gatlinburg, TN, and Orlando, FL. Exploria's Orlando location, Summer Bay Orlando, is its largest managed property with 719 units and is a premier destination for families with an adventure park, mini-golf course, and four on-site dining options on its premises, among many other amenities.
"I am excited to lead Exploria into its next phase of growth and to once again be partnering with the professional team at Cerberus," said Mr. Morris. "I have always believed in one goal: delivering excellent services and vacation experiences for our clients. Exploria's dedicated employees paired with its superior collection of attractions will allow us to continually provide our owners and guests with memorable experiences and enhance Exploria's brand and platform for the future."
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
