Great American Hotels and Resorts purchases Vero Beach, Florida, Days Inn, Super 8 and Poor Man's Castle Restaurant for $4,400,000.ATLANTA--(BUSINESS WIRE)--May 7, 1997--On Thursday, May 1, 1997, Gold Coast Security Trust Properties, a downline subsidiary of Great American Hotels & Resorts (trading as GARRA GARRA Grand American Road Racing Association GARRA Grupo Armado de Repressão a Roubos e Assaltos (Brazil) on Electronic Bulletin Board), purchased 80% of the outstanding shares of JACJON, Inc., the sole owner of the Vero Beach Vero Beach (vēr`o), city (1990 pop. 17,350), seat of Indian River co., E Fla., on Indian River (a lagoon and part of the Intracoastal Waterway); founded c.1888, inc. 1919. Days Inn, Super 8, and Poor Man's Poor man's is a common slang term used to compare one thing with another. It is not necessarily a derogatory term. It is usually used in a sentence as "X is a poor man's Y", with "X" being the person or thing one is referring to, and "Y" being the superior but similar person or Castle Restaurant. The other 20% of the shares of JACJON, Inc. were purchased by a substantial investor who resides in the Atlanta area. The total purchase price was $4,400,000 in cash and debt. In 1996, the three operations reported revenues of $2,800,000 and net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $1,020,000. The company began managing the three operations on January 16, 1997 and in the quarter ending March 31, 1997, experienced a profit of approximately $348,000 from those operations. Based on 1996 results, the acquisitions are expected to quadruple the company's revenues from about $800,000 to approximately $3,600,000 per year. Operating income should also improve dramatically as demonstrated by last quarter's results. The company's assets after the acquisitions stand at approximately $12,000,000. The Days Inn is a 114-room inn which has been a franchise of the Days Inn organization since 1973 and is one of its most successful properties. The Super 8 is a 115-room inn which has reported excellent operating profits since receiving its franchise in 1994. The Poor Man's Castle is a 159 seat restaurant which has been a favorite of the locals and the traveling public for 15 years. The two inns and restaurant are located near the intersection of I-95 and State Route 60 in Vero Beach, Fla. The intersection is one of the fastest growing in Florida with the completion of two major malls, several restaurants and shops in the past 12 months. Substantial further development, including an 18-hole golf course, is planned for the area in the next 12 months. RAMADA ra·ma·da n. Southwestern U.S. 1. a. An open or semienclosed shelter roofed with brush or branches, designed especially to provide shade. b. An open porch or breezeway. 2. LIMITED - UNIVERSAL STUDIOS ORLANDO, FLORIDA The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. Great American Hotels & Resorts has signed a contract to purchase the Ramada Limited - Universal Studios, Orlando, Fla. The hotel was recognized as the finest Ramada Limited in the world when it was named "Ramada Limited of the Year" in 1996. Located only a few hundred yards from Universal Studios, the 56 room hotel was completed in 1994. The hotel reported $800,000 in revenues in 1996 with an impressive $445,000 in net operating income. The company is currently seeking financing to complete the purchasing of the hotel. For information on the company please call (800) 333-3906. CONTACT: Great American Resorts Dr. Ed Dr. Doctor. dr. dram. Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. , 800/333-3906 |
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