About ILX - News Releases
PHOENIX, ARIZONA - December 4, 2006 ILX RESORTS INCORPORATED (AMEX: ILX) a leading developer, operator and marketer of upscale flexible stay vacation ownership resorts in the western United States, announced today the unanimous approval by the City Council of Sedona, Arizona of ILX's requested Community Plan Amendment for The Villages at Legacy Park, a 22-acre parcel of real estate adjacent and proximate to the Company's Los Abrigados Resort & Spa.
The Community Plan Amendment for the Villages at Legacy Park provides for 82 timeshare units (4,264 intervals) in three villages, nine workforce housing units, eight luxury condominium residences, two small retail shops, a public park ("Legacy Park"), a congressional medal of honor memorial, facilities for the Sedona Project, which is a consortium of several significant universities dedicated to innovation in environmental sustainability, hiking trails and more than ten acres of open space.
"We appreciate the overwhelming support articulated by each member of the City Council," said Joe Martori, Chairman and CEO of ILX Resorts. He continued, "We will now commence the entitlement process consistent with the Plan and look forward with enthusiasm to the creation of a truly special place where spectacular natural beauty is preserved and shared, arts and culture are celebrated and history is honored. With respect to our core business, sales of vacation ownership interests, the addition of 82 units in Sedona, the destination of greatest demand by our customers, is truly exciting. The proximity of the Villages at Legacy Park to Los Abrigados will allow us to cross utilize, rather than replicate, the abundant amenities of each property, providing our guests an even richer vacation experience and further differentiating our Premiere Vacation Club product."
ILX Resorts acquires, develops, and operates premier timeshare resorts primarily in the western United States that provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes eight resorts in Arizona, one in Indiana (currently being expanded), one in Colorado, one in San Carlos, Mexico and land in Puerto Peñasco ("Rocky Point"), Mexico and Sedona, Arizona, both of which are in the final planning stages. It also, through Premiere Vacation Club, has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas and in addition has acquired inventory at the Scottsdale Camelback Resort in Scottsdale, Arizona. For more information, visit: www.ilxresorts.com.
For more information, contact Joseph P. Martori, Chairman or Margaret Eardley, Chief Financial Officer, at 602-957-2777.
This news release may include "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a number of factors, including, but not limited to, economic conditions, the Company's need for additional financing, intense competition in various aspects of its business, the risks of growth, its dependence on key personnel, and other risks detailed in ILX's Securities and Exchange Commission reports. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. ILX Resorts Incorporated does not assume any duty to publicly update or revise the material contained herein.