Westgate Resorts Completes $145,000,000 Securitization of Timeshare Loans

Jun 05, 2023

ORLANDO, FL: May 31, 2023/PRNewswire – Westgate Resorts announced today that it has completed a securitization through Westgate Resorts 2023-1 LLC (the "Issuer") for the issuance of $145,000,000 of timeshare collateralized notes to 15 different investors. The notes were offered in a private placement within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act 1933, as amended.

The securitization was rated by DBRS Morningstar, and four classes of Notes were issued for $45,250,000 of AAA rated Class A Notes, $44,000,000 of A rated Class B Notes, $39,750,000 of BBB rated Class C Notes, and $16,000,000 of BB rated Class D Notes. The Class A Notes have a coupon rate of 5.84 percent, the Class B Notes have a coupon rate of 6.44 percent, the Class C Notes have a coupon rate of 7.49 percent, and the Class D Notes have a coupon rate of 10.14 percent for an overall weighted average coupon rate of 6.95. The advance rate on the transaction was 86.82 percent.

Westgate Resorts Completes $145,000,000 Securitization of Timeshare Loans

“We are very pleased with the results of this securitization and the enthusiasm of the investor community, especially given the banking issues, the very volatile bond and stock market conditions and the current geopolitical situation. The strong interest from the investment community demonstrates faith in Westgate's business model, its servicing platform, the performance of prior structured transactions and our experienced management team," said Tom Dugan, Chief Financial Officer of Westgate Resorts. The bonds were sold through Santander US Capital Markets LLC as Lead Manager and Capital One Securities as Co-Manager.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Notes have not been registered under the Securities Act 1993, as amended, or any state securities law. Unless so registered, the Notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.


Westgate Resorts is the largest privately held timeshare company in the world and one of the largest resort developers in the United States. Founded in 1982 by David Siegel, the company is headquartered in Orlando with seven Orlando hotel resorts and 22 themed destination resorts nationwide, featuring more than 14,000 luxury villas and hotel rooms in popular vacation destinations throughout the United States such as Orlando, and Cocoa Beach, Florida; New York City, New York; Park City, Utah; Las Vegas, Nevada; Gatlinburg and Pigeon Forge, Tennessee; Myrtle Beach, South Carolina; Williamsburg, Virginia; Branson, Missouri; and Mesa, Arizona. In 2022, the company launched the cutting-edge World of Westgate (WOW) Loyalty Program, an exclusive program that rewards Westgate Owners and Hotel Guests with prestigious perks and privileges at no added cost.

The company has garnered many distinct accolades, including the 2022 ACE Project of Excellence Award from the American Resort Development Association (ARDA) for Westgate River Ranch Resort & Rodeo, recognition from Forbes Travel Advisor ranking Westgate Park City Resort & Spa as a recommended resort in its 2022 Star Awards and 73 Best of State Awards for Westgate Park City Resort & Spa after winning ten years in a row. Westgate Resorts locations are known to feature a variety of unique restaurant, retail, and spa concepts, including Los Amigos Mexican Grill & Tequila Bar, Villa Italiano Chophouse, Drafts Burger Bar, Edge Steakhouse, Westgate Marketplace & Deli and Serenity Spa by Westgate. For more information about Westgate Resorts, visit WestgateResorts.com. Find Westgate Resorts on LinkedIn, Instagram and Facebook.


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