LAS VEGAS, NV— Mego Financial Corp. here has reportedly signed a letter of intent to acquire Raintree Resorts International, a North American developer, marketer, and operator of luxury vacation-ownership resorts in the U.S., Canada and Mexico. The transaction— subject to completion of an inspection period, signing of a definitive purchase and sale agreement, and ultimate approval by both parties— is expected to be completed by May 31. In line with terms of the proposed deal, Raintree would become a wholly owned subsidiary of Mego, retaining its headquarters in Houston. Additionally, Douglas Bech would continue to serve as Raintree’s CEO. At presstime, it was reported Raintree’s Vacation Club lists more than 800 units in 12 locations and serves in excess of 35,000 members. It was added that, apart from its vacation-ownership stake, Raintree is also in the process of developing a collection of boutique hotels.
Previous ArticleDiscrimination Settlement’s End May Be Nearer For Adam’s Mark
Next Article Fire Delays Kimpton Hotel Opening In San Francisco