Colebrook Financial Company of Middletown, Connecticut, announced that it has provided acquisition financing to BQ Resorts for the assets purchase of Highlands Resorts, which included the management contracts and appurtenant real estate, and sales, marketing, and resort operations in Sedona, Arizona. Almost 300 employees of Highlands Resorts were fully transitioned to BQ Resorts and its affiliates. Highlands Resorts was the premier timeshare developer/operator in the Sedona community for almost 20 years and became the anchor for the timeshare industry in Sedona. Starpoint and Colebrook have had a lending relationship since 2003 and Highlands and Colebrook have had a relationship since 2009.
“Since we knew both companies so well, it was much easier for us to underwrite the acquisition loan than it would have been for a company that wasn’t familiar with the situation,” said Colebrook’s Bill Ryczek. “We’re happy for both of our customers. Todd was a pleasure to work with and it’s exciting to see his great legacy in Sedona moving onward to greater heights while allowing him to more fully focus on his other business interests and activities here and abroad.”
Related: Pioneer Bill Ryczek, RRP Founder Colebrook Financial Company
“This transaction stages the great work and legacy matured by Todd Herrick [developer and owner of Highlands Resorts] and the Highlands team over the last twenty years,” said BQ CEO Mike Muldoon, “to be carried on and more fully developed for the benefit of the local community and the resorts’ members by BQ Resorts. Both resorts, Sedona Pines Resort and Verde Ridge Resort will be added to the Sapphire Resorts Club and managed by GetAways Resorts Management, which will deliver exciting new opportunities, benefits, and services to the resorts and their members.”
BQ Resorts is owned by its founder, Mike Muldoon, and TZP Group, a New York-based private equity firm with decades of experience in the timeshare industry and hospitality sector. Sapphire Resorts is a points-based timeshare club that entitles owners to usage at any resort within the club’s 37 resorts. GetAways Resorts Management and its affiliates manage 32 resorts throughout the US, Canada, the Caribbean, and Central America, representing the interests of more than 100,000 timeshare members around the world.
“It was a pleasure working though the transaction process with Todd, who has become a trusted friend,” said Muldoon.
“It was a great 20-year run,” Herrick said of his time in Sedona. “Colebrook was there for me when I needed them the most—after the crash of 2008.”
Colebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico and the Caribbean. Colebrook is large enough to provide financing in the $20-30 million range but small enough to deliver a unique brand of personal service. For further information call Bill Ryczek at 860-344-9396 or visit ColebrookFinancial.com.
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