Colebrook Renews $15 Million Line of Credit for Sapphire Resorts
Colebrook Financial Company, a leading lender to the timeshare and travel club industries has renewed a $15 Million hypothecation line of credit for Starpoint Resort Group’s Sapphire Resorts Club timeshare membership product. In addition, Colebrook provided a $1.1 million bridge loan for a building in Branson, MO to be used as a sales center.
Starpoint Resorts which opened its doors in 2000, was one of Colebrook’s first clients, forming a relationship with them in 2003. Starpoint’s parent company (BQ Resorts) is owned by its founder, Mike Muldoon and TZP Group (A NY Based Private Equity Firm with more than 3B in AUM. As one of the largest privately-owned timeshare companies in the country, BQ Resorts fully integrates all services including consumer financing, product, resort management through its management company (GetAways Resorts Management) and sales and marketing. Currently, the Sales and Marketing arm generates more than 10,000 new members a year.
On-site sales are generated primarily at Starpoint’s resorts in Las Vegas and Sedona, with additional sales activity at its off-site sales offices in Orlando and the newly opened Branson location.
Mark Raunikar, Principal at Colebrook, counts Mike Muldoon, Chairman/CEO and Founder of Starpoint, as one of their first clients. Mike was one of a handful of respondents to an introductory mass mailing announcing Colebrook’s entrance into the market and describing its products.
Today, Starpoint’s Sapphire Resorts counts 45,000 members; GetAways Resort Management additionally manages 30 resorts providing vacation services for more than 100,000 members.
“It has been rewarding to see the success Mike has achieved over the last 19 years, building Starpoint from a small marketing and sales company to a highly scaled developer, and maturing GetAways Resorts Management as a national resort management company providing full-service management, sales and rental solutions at its resorts located across the country.” Raunikar said. “We are pleased to expand our relationship with Mike and the Starpoint group of companies by financing the purchase of a sales center in Branson, MO, which will be a new market for its Sapphire Resorts product.”
Colebrook is a pioneer in many forms of financing and began working with club products before most lenders. Few competitors can match their longevity in the industry. They enjoy a reputation for adapting to new situations more quickly than larger institutions.
Muldoon adds that “It’s important to recognize this relationship which has withstood the test of time and we’ve been pleased to grow with them. The partners at Colebrook have a clear understanding of the timeshare space. They are creative and have the ability to move quickly which is important in an industry where timing is everything.”
About Colebrook Financial Company
Colebrook Financial Company, based in Middletown, Connecticut, specializes in providing financing for the timeshare industry and can offer a variety of facilities in amounts ranging from $100,000 to $30 million or more. We have an innovative approach to financing and pride ourselves on rapid turnaround and personal service. Colebrook has no committees, and our most important policy is common sense. You’ll get straight answers, and you can always talk to a principal. For a complete list of product offerings and information on Colebrook and its principals, visit www.colebrookfinancial.com
About Starpoint Resort Group
Starpoint Resort Group, Inc., and its affiliates are the developer and manager of timeshare points-based clubs based in Canada, the Caribbean, and the United States, and provides resort management services to 30 resorts on behalf of their respective HOA’s representing more than 100,000 members around the world. Starpoint’s parent is BQ Resorts, a company owned in partnership with TZP Group LLC, a New York based private equity firm. The executive management team averages more than 30 years of proven performance and experience. Based in Las Vegas, Nevada, the company is active in all facets of the resort development, sales, marketing, resort management, and finance business. The company philosophy is relationship-driven and oriented to foster the development of new opportunities. Starpoint Resort Group is particularly active in the existing resort arena. Its founder and principal, Michael J. Muldoon, has been an industry participant since 1983, an ARDA member since 1994, and is on the Board of directors for ARDA (American Resort Development Association).
