Westgate Resorts Closes on $140M, Total Financing Reaches $850M

Orlando, Florida based, Westgate Resorts, one of the largest privately owned timeshare and vacation ownership companies in the world, recently closed on $140 million securitization. Since April, 2012, Westgate Resorts timeshare has closed financing transactions of more than $850 million.

Approximately $700 million of the money is in securitizations that include 25 new investors, including money funds, hedge funds, and insurance companies. The balance of the funding comes from four new credit lines backed by major commercial banks.

According to Westgate Resorts, the massive funding goes to pay down existing debt and provide greater liquidity for the company. David A. Siegel, President and Chief Executive Officer, Westgate Resorts, says, “We appreciate the continued confidence of the financial markets and we are already on pace to significantly exceed last year’s sales revenues. We attribute our success to the outstanding experience we deliver our guests, and our industry leading sales and marketing efficiencies.”

Siegel adds, “We believe we enhance the lives of our guests by providing them a lifetime of wonderful vacation memories,” added Siegel. “I want to thank all of our financial partners for their support, and our valued Westgate team members for exceeding our guests’ expectations each and every day.”