DALLAS, June 22, 2000 (PRIMEZONE) -- Silverleaf Resorts, Inc.(NYSE:SVR) today announced that in response to stronger than-expected demand for units, it has accelerated construction at the Seaside Resort in Galveston, TX. Sales at the property began in January, and the resort officially opened in April.
"Silverleaf's highly-anticipated resort in Galveston is more than living up to our expectations and is an immediate sales success," said Sharon Brayfield, President. "The demand for our units at Seaside demonstrates once again that the Silverleaf model works. With expansion plans underway both in Galveston and at our Holiday Hills resort in Branson, Missouri, we are strongly positioned for continued growth in both these popular vacation destinations."
When completed, Silverleaf Seaside will have grown from the current 24 suites to a $40-million resort with approximately 282 suites that feature two bedrooms, two full baths, a full kitchen, living area and balcony or patio. The resort is being developed with a club amenity package that includes pools, tennis courts, a 26,000-square-foot miniature golf course, sand volleyball, children's playground and beach club. The resort will be gated with 24-hour security.
Based in Dallas, Texas, Silverleaf Resorts, Inc. currently owns and/or operates 22 resorts in various stages of development. Silverleaf resorts offer a wide array of country club-like amenities, such as golf, swimming, horseback riding, boating, and many organized activities for children and adults. Silverleaf has a managed ownership base of over 110,000. Further information on the Company may be found on its website, www.silverleafresorts.com.
This release contains certain forward-looking statements which involve risks and uncertainties and actual results maydiffer materially from those anticipated. The Company is subject to specific risks associated with the timeshare industry, the regulatory environment, and various economic factors. Additionally, anticipated results are dependentupon the Company's ability to identify and acquire or develop other operations under terms which are beneficial to the Company nd its shareholders. Other risk factors are more fully discussed under "Cautionary Statements" in the Company's SEC reports, including the Company's 1999 annual report on Form 10K (pages 29 through 35).