Resort in the Pacific Northwest,
Will Include Two 18-hole Golf Courses, Hotel and Conference Facilities,
|REDMOND, Wash. - June 13, 2000 --Trendwest Resorts,
Inc. (Nasdaq:TWRI) today announced that it has signed a definitive
agreement with its majority shareholder JELD-WEN to acquire the JELD-WEN
property located in Upper Kittitas County in Washington State.
Part of the property being acquired by Trendwest is the 6,200 acre site for the proposed MountainStar Resort.
The MountainStar Resort will become Washington State’s premier destination resort, located on the eastern slopes of the Cascade Mountains less than two hours from the Seattle Metropolitan area. Trendwest will also be acquiring JELD-WEN land designated as an urban growth area for the City of Cle Elum, Wash. The acquisition will finalize later this month.
“Trendwest has been managing the planning and permitting of the JELD-WEN property for the past three and one-half years,” observed Mike Moyer, senior vice president of Trendwest. “This acquisition now puts us in the position of being owner of these properties with full and permanent responsibility for the completion of the development.”
MountainStar will be the largest resort for the Company to date, and the largest of its kind in the Pacific Northwest, one of Trendwest’s major markets. The conceptual master plan for the property includes two 18-hole golf courses, hotel and conference facilities, a spa and fitness center, vacation homes and condominiums. In addition the property will give vacationers the opportunity to enjoy numerous outdoor activities including horseback riding, hiking, tennis and cross-country skiing. Owners and occupants will enjoy four distinct seasons and the natural beauty of the terrain. Subject to permitting and environmental requirements, the MountainStar groundbreaking is scheduled for later this summer, starting a long-term development plan.
“This was a very attractive investment for Trendwest,” said Bill Peare,
Trendwest CEO. “There is no other property available of this size
which is as suitable for the planned uses and as accessible to the metropolitan
area of Seattle/Tacoma.”
Trendwest Resorts, Inc.
Tim O’Neil, 425/498-2561
Chief Financial Officer
|Also See:||Trendwest Resorts Breaks Ground on new Resorts in Oceanside, Calif. and Maui, Hawaii / March 2000|
|Trendwest Resorts, Inc. Reports 1999 Net Income of $34.9 million vs $24.0 million / Vacation Credits Sold for the Year Up 26.5% / Feb 2000|