ALTD - Huge News, Quiet Period Over 95M Deal, 2 NYSE Companies and Now Wyndham in the Mix
PORT ST. LUCIE, Fla. , Sept. 8, 2022 /PRNewswire/ -- Altitude International Holdings, Inc.(ALTD) ("Altitude" or the "Company'), a diversified, vertically integrated holding company focused on performance-based businesses, today announced its newly formed wholly owned subsidiary, Altitude Hospitality, LLC ("Altitude Hospitality") closed several transactions related to its lease of the 216-acre Port St. Lucie, Florida property formerly operated under the name "Club Med Sandpiper Bay" from Sandpiper Resort Properties, Inc. and Holiday Village of Sandpiper, Inc. ("Property").
As previously disclosed the Company entered into that certain Purchase and Sale Agreement effective as of April 25, 2022 (the "Property PSA"), as amended, for the purchase by the Company of the Property. Pursuant to the terms of the Property PSA the Company was allowed to assign is rights under the Property PSA. Specifically, on September 2, 2022, the Company assigned to Altitude Hospitality its rights under the Property PSA and Altitude Hospitality agreed to designate STORE Capital Acquisitions, LLC, a Delaware limited liability company ("STORE") as the grantee under the deed from Sandpiper in a Purchase and Sale Agreement (the "STORE PSA") between Altitude Hospitality and STORE through which the title to the Property was conveyed to STORE through the Property PSA in a simultaneous closing. Concurrently with the sale of, Altitude Hospitality entered into a Lease Agreement with STORE for Altitude Hospitality's lease and use of the Property through September 30, 2042, with five-year extension options through 2062.
In connection with the foregoing, the Company and Altitude Hospitality secured a $15.0 million term loan from Feenix Venture Partners, LLC, a private credit lender that has previously financed the Company. Proceeds from the loan were used to fund certain obligations under the Lease Agreement with STORE and for general working capital. Altitude Academies, a wholly owned subsidiary of the Company, has been operating at the Property for nearly 13 years, which, until a recent rebranding, has been known as "Club Med Academies." The resort will operate under its new name, "Sandpiper Bay Resort, a Trademark Collection® By Wyndham." The Property will serve as the global headquarters for Altitude International Holdings(ALTD) and its wholly owned subsidiaries, including the sports academies, Rush Soccer, Altitude International(ALTD), the resort operations and the Company's other operations.
"Our new headquarters will bring together our businesses at one incredible property, creating a best-in-class global destination for our training, education, and newly acquired active family resort businesses," said Gregory Breunich, Chief Executive officer of Altitude. "We believe this strategic addition to our businesses is instrumental to our future. The ramp-up for an extensive renovation is underway with expected completion over the next two years to the 200 acres of property that features a 335-room waterfront hotel, an on-site golf course and driving range, tennis and pickleball courts, volleyball courts, soccer fields, a marina, and all the amenities of a full-service resort. The resort will remain open throughout the renovation process."
"Our long-term vision is to be globally recognized as a world-class hub for both hospitality, sports and education opportunities by incorporating and fully integrating the resort operation, our existing sports academy and a comprehensive real estate development strategy. We believe that the repositioning of the Property will allow the resort to maintain its worldwide destination status and enable the continued growth of our sports academy, which ultimately, will provide a positive economic impact to the local community and bring long-term value to our shareholders," concluded Breunich.
