Cerberus Capital Management has acquired Pennsylvania-based Bushkill Group, a vacation property ownership company from Resorts Group Inc. The transaction includes Bushkill’s Pocono Mountains resort location. No financial terms were disclosed. As part of the deal, Rick Budd, senior operating executive at Cerberus Operations and Advisory Company LLC, has been appointed president and CEO of Bushkill.
NEW YORK, May 19, 2017 /PRNewswire/ — Cerberus Capital Management, L.P. (“Cerberus”) today announced that an affiliate of the firm has acquired Bushkill Group (“Bushkill”), a vacation property ownership company located in Pennsylvania from Resorts Group, Inc. The transaction includes Bushkill’s popular Pocono Mountains resort location, The Villas at Tree Tops & Fairway. Terms of the transaction were not disclosed.
Bushkill, which serves a membership base of thousands of families in the Mid-Atlantic region, includes year-round timeshare ownership resorts conveniently located in the Poconos. As part of the transaction, Rick Budd, Senior Operating Executive, Cerberus Operations and Advisory Company LLC, has become President and CEO of Bushkill.
“Cerberus is excited about working with Bushkill to continue to deliver great, family-friendly experiences across its well-known resort portfolio, while investing to grow the existing site with the goal of adding additional locations,” said Mr. Budd. “This transaction aligns with Cerberus’s real estate strategy, finding undervalued assets with tremendous upside potential. Beyond that, Bushkill, and, in particular, The Villas at Tree Tops & Fairway property, is well known for having exemplary staff with whom we will work to continue to provide diverse, year-round amenities and services to member families and guests.”
“We have been fortunate to own and operate Bushkill for the past 11 years and are pleased to be turning this great company over to Cerberus, a firm with a proven track record of success,” said Andy Worthington, former President and CEO of Bushkill. “Our property, employees, customer base, and proximity to the New York and Philadelphia markets made Bushkill an attractive opportunity for the Cerberus team who will be investing in its infrastructure and future expansion.”
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $30 billion under management invested in three complementary strategies: global credit opportunities (which includes non-performing loans, corporate credit & distressed debt, mortgage securities & assets, and direct lending); private equity; and real estate. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
About Bushkill Group
Bushkill Group owns and operates The Villas at Tree Tops and Fairway, one of the leading single site timeshare resort properties in the Mid-Atlantic region. The 400-acre, four season property located in the Pocono Mountains of Pennsylvania is bordered by the Delaware Water Gap National Recreation Area and includes 650 timeshare units ranging from one to four bedrooms and almost 20,000 member families. It is known for its diverse year-round amenities and family-friendly atmosphere.