Westgate properties to be auctioned
June 7, 2010
Mindy Honey Society Editor | April 17, 2010
(Branson Tri-Lakes News) Four Branson properties owned by Westgate will be auctioned off this spring.
According to officials with Carlton Exchange, Westgate will sell 60 total assets that include Westgate Branson Lakes Emerald Pointe, Branson Woods, Branson Creek Golf Community and an office building in downtown Branson.
“They are just reducing overhead,” said Scott Stay, senior vice president of Carlton Group.
In all, the Westgate company assets are valued at $350 million.
All of the assets are being offered on a competitive sealed-bid basis in a two-step bidding process with indicative bids due April 30 and final bids by May 14. Bidders will have up to three days before April 30 to submit their bidder qualification forms with indicative bids. The top three bids for each asset will be passed through to the final bidding stage. Those bidders will be notified and given two weeks to finalize their do diligence. Final bids are due by May 14 at which time signed purchase and sales agreements will be due.
“This process is good for the seller because it insures that prices are where they should be and for the buyers who are getting a good opportunity to acquire cash flowing multi-family, hospitality, office and retail assets at close to distressed prices,” said Howard Michaels, chairman of Carlton.
The Emerald Pointe property consists of two acres and includes two condominium pads within the Westgate Branson Lakes at Emerald Pointe Development. A total of 144 timeshares, condos or hotels units can be built in two 72 unit buildings. The prior listing price was $3.333 million.
The Branson Creek Golf Community property is a mixed-use development and includes approximately 32 acres. The development is proposed to encompass 320 timeshare, short-term rental or condo units. The prior listing price was $6.667 million.
The Branson Woods property is a 32-acre planned development portion of a larger master plan. The subject development consists of five parcels, which allows for 144 units of timeshares, apartments, condos or multi-family units. The property is located at 2201 Roark Valley Road in Branson and is listed at $1.338 million.
The Branson Main Street office building includes a 3,935-square-foot office building with two units. Its prior listing price was $1 million.
For more information visit www.carltonexchange.com
