Company adds two Florida resorts to portfolio.
ORLANDO, FLA. – 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.
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