Silverleaf Resorts helps vacationers get away without going far away. The company owns and operates more than a dozen time-share resorts in six states (Florida, Georgia, Illinois, Massachusetts, Missouri, and Texas). Its resorts feature amenities such as golf, clubhouses, and indoor water parks. Silverleaf's portfolio of properties include six "destination resorts" located near national tourist areas, and seven affordable "getaway resorts" located near major metropolitan markets. The company also owns and operates a hotel near the Winter Park recreational area in Colorado.
Change in Company Type
Previously a public company, in 2011 SL Resort Holdings, an affiliate of
Cerberus Capital Management
, purchased Silverleaf for $94 million.
Silverleaf owns and operates time-share resorts with a wide array of country club-like amenities, such as golf, clubhouses, an indoor water park, swimming, tennis, boating, and organized activities for children. Nearly all of Silverleaf's revenues come from Vacation Interval sales, interest income, and management fees.
Silverleaf's "getaway resorts" are located near major cities such as Chicago, Dallas, and St. Louis, and are designed to attract short-stay vacationers -- a vacation trend that Silverleaf believes is growing in popularity.
Sales and Marketing
Sales to existing customers accounts for about 60% of total Vacation Interval sales. The company focuses on these customers because they require lower related sales and marketing costs compared to new customer sales.
The company is focusing on long term expansion goals of developing new resorts. It has purchased some 15 acres of undeveloped land in Grand County, Colorado with plans to develop about 130 Vacation Interval units on the property. The company also has a tract of land in the Berkshire Mountains of Western Massachusetts that it plans to develop, as well as about 60 acres to develop in Wisconsin.
Silverleaf is in the middle of construction of an indoor water park at its Fox River Resort in Sheridan, Illinois, which primarily serves the Chicago market. The construction is scheduled for completion in the summer of 2014. The $10 million 19,000 square foot indoor water park will include a lazy river and numerous other water rides.