LAS VEGAS--(BUSINESS WIRE)--The ASNY Corporation (“ASNY”) and the Whitehall Street Real Estate Funds (“Whitehall”), affiliated with the Goldman Sachs Group Inc. ("Goldman Sachs"), today announced that Whitehall’s most recent fund, Whitehall Street Global Real Estate Limited Partnership 2007, has made a substantial investment in the vacation ownership resort business of ASNY. Terms for the transaction were not disclosed. The new venture will be called ASNY Holdings, LLC. Arthur Spector, founder and chairman of ASNY, will be the managing partner of the new joint venture and a substantial holder of the new company. ASNY will maintain its principal offices in Las Vegas and the entire management team will remain in place.
Arthur Spector, Chief Executive Officer of ASNY, remarked: “We expect that there will be no change in daily operations of the company and for the communities in which we do business. This is an absolute win-win transaction for all involved. We are pleased to welcome Whitehall as a partner and look forward to strong growth in our business.” Mr. Spector continued: “This investment creates new opportunities for my team and for our over 2,500 employees.”
Stuart Rothenberg, a Managing Director of Goldman Sachs and head of its real estate principal investing area, commented: “We are delighted to make this investment with what we believe is the preeminent management team in the vacation ownership market. Mr. Spector, along with his team, have built a very successful business. We expect to combine this platform with our extensive resources in Whitehall to continue to grow this business into what we believe will be a world leader in the vacation ownership industry.”
The Whitehall Street Real Estate Funds are a series of real estate investment funds sponsored and managed by The Goldman Sachs Group Inc. and its affiliates. They are Goldman Sachs' primary real estate investment funds. Goldman Sachs manages Whitehall and is also Whitehall’s largest investor.
Certain assets of ASNY and the non-timeshare assets owned by Mr. Spector were not included in the new venture. Founded in 1982, Consolidated Resorts, Inc. is today a leading privately held vacation ownership resort developer with resorts in Maui, Las Vegas, Orlando and projects in development in Palm Springs and Kauai. ASNY Corporation and its principal operating subsidiary, Consolidated Resorts, Inc. are based in Las Vegas, Nevada. Further information about ASNY/CRI can be found at www.consolidatedresorts.com