Colebrook Financial Provides $45 million Acquisition Loan Package for Inn Season Resorts
Colebrook Financial, a leading lender to the timeshare and travel club industries, facilitated the acquisition of InnSeason Resorts from founders Billy Curran and Dennis Ducharme to David Pontius, a veteran timeshare executive.
The InnSeason Resorts brand has supported the local New England economy for more than 20 years, playing its part in the billion-dollar tourism industry and will continue to grow under the aegis of David Pontius.
The $45 million transaction is comprised of three facilities; a $10 million term loan used to acquire the company, a $25 million receivables hypothecation loan used to refinance existing receivables debt, and a $10 million receivables hypothecation loan to fund on-going timeshare sales.
Mark Raunikar, Partner at Colebrook Financial stated, “With both of our companies based in New England, we have known Dennis and Billy since the 1990’s when they started working together to develop and sell timeshare on the Cape. Our history with Dave dates to the 1980’s when Bill and I worked for a bank and Dave was the broker on many of our timeshare deals. He is actually largely responsible for my introduction to the timeshare industry! Given these long relationships with Dave, Dennis, and Billy, we are extremely pleased that we were able to structure a financing package, the largest in Colebrook’s 24-year history, to help them achieve their mutual goals.”
Raunikar continued, “We are happy that Dennis and Billy were able to structure a sale that kept the company intact for their employees, and we are very excited to see Dave, who has deep New England roots, lead the next iteration of InnSeason Resorts as he pursues new growth opportunities.”
Dave Pontius shared, “I couldn’t have scripted a better scenario. My long and deep relationships with the founders of InnSeason and our mutual relationship with Colebrook positions the company, its staff members, and customers for a prosperous and most enjoyable future.”
About Colebrook Financial
Colebrook Financial Company, based in Middletown, Connecticut, specializes in providing financing for the timeshare industry, and offers a variety of facilities in amounts ranging from $100,000 to $45 million or more.
David Pontius, a veteran timeshare executive, has experience spanning sales, marketing, product development, finance, resort operations, and customer service. He has held senior leadership positions with Bluegreen Resorts, Wyndham Vacation Ownership, RCI Global Vacation Network, RCI North America, Hilton Grand Vacations, and Vacation Internationale.
