About ILX - News Releases
ILX RESORTS ANNOUNCES FILING FOR SEDONA ENTITLEMENTS
Phoenix, Arizona – June 5, 2006 - ILX Resorts Incorporated (AMEX:ILX) announced today the filing of a Letter of Intent for a Community Plan Amendment with the City of Sedona, Arizona, to obtain entitlements for The Villages at Heritage Park, a 22-acre parcel of real estate, adjacent and proximate to the Company’s Los Abrigados Resort & Spa.
“The Villages at Heritage Park will help celebrate and commemorate a component of the history of Sedona by creating an inviting destination, while blazing a trail for contemporary future generations,” said Joe Martori, Chairman and CEO of ILX Resorts. He continued, “Our plan includes a public park (‘Heritage Park’) adjacent to Los Abrigados; 90 timeshare units (4,680 vacation ownership intervals); a 12 unit boutique hotel; 9 luxury condominium residences; ‘The Sedona Project,’ a consortium of several significant universities that will sponsor innovations in environmental sustainability; collaboration with the Sedona – Oak Creek Unified School District and abundant public space including several acres of natural preserves in an incomparable local setting. All in, we expect this to be the largest project in the Company’s history.”
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, 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 early 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.
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