FOR: TRENDWEST RESORTS, INC.
APPROVED BY: Tim O'Neil, Chief Financial Officer (425) 498-2561
CONTACT: Morgan-Walke Associates, Inc.
(Investor Relations) Jennifer Winter, John Swenson (415) 296-7383
(Media Relations) Catherine Farmer, Aeron Noe (415) 296-7383
(Wire Services) Eric Gonzales (212) 850-5600
FOR IMMEDIATE RELEASE
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TRENDWEST RESORTS ANNOUNCES AGREEMENT TO ACQUIRE
MOUNTAINSTAR RESORT FROM JELD-WEN
REDMOND, Wash. - June 12, 2000 - Trendwest Resorts, Inc. (Nasdaq: TWRI) today
announced that it has signed a definitive agreement with its majority
shareholder JELD-WEN to acquire the JELD-WEN property located in Upper Kittitas
County in Washington State. Part of the property being acquired by Trendwest is
the 6,200 acre site for the proposed MountainStar Resort.
The MountainStar Resort will become Washington State's premier destination
resort, located on the eastern slopes of the Cascade Mountains less than two
hours from the Seattle Metropolitan area. Trendwest will also be acquiring
JELD-WEN land designated as an urban growth area for the City of Cle Elum,
Washington. The acquisition will finalize later this month.
"Trendwest has been managing the planning and permitting of the JELD-WEN
property for the past three and one-half years," observed Mike Moyer, senior
vice president of Trendwest. "This acquisition now puts us in the position of
being owner of these properties with full and permanent responsibility for the
completion of the development."
MountainStar will be the largest resort for the Company to date, and the largest
of its kind in the Pacific Northwest, one of Trendwest's major markets. The
conceptual master plan for the property includes two 18-hole golf courses, hotel
and conference facilities, a spa and fitness center, vacation homes and
condominiums. In addition the property will give vacationers the opportunity to
enjoy numerous outdoor activities including horseback riding, hiking, tennis and
cross-country skiing. Owners and occupants will enjoy four distinct seasons and
the natural beauty of the terrain. Subject to permitting and environmental
requirements, the MountainStar groundbreaking is scheduled for later this
summer, starting a long-term development plan.
"This was a very attractive investment for Trendwest," said Bill Peare,
Trendwest CEO. "There is no other property available of this size which is as
suitable for the planned uses and as accessible to the metropolitan area of
Seattle/Tacoma."
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Trendwest Resorts, Inc., is a leader in the timeshare industry. Through its
exclusive relationship with WorldMark, The Club, Trendwest Resorts provides a
flexible vacation ownership system, based upon use of vacation credits. Over
92,000 Worldmark owners apply these credits to use of 1,722 condominium units at
32 locations in the continental Western United States, Hawaii, British Columbia,
Mexico and Fiji.
* * *
This press release contains forward-looking statements, which are not historical
facts and pertain to our future operating results. These forward-looking
statements are within the meaning of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are inherently subject to
significant business, economic and competitive uncertainties and contingencies,
many of which are beyond our control. In addition, these forward-looking
statements are subject to assumptions with respect to future business strategies
and decisions that are subject to change. Actual results may differ materially
from the results discussed in these forward-looking statements due to, among
other things, changes in the development plan for the property, failure to
receive necessary permits, changes in economic conditions affecting the resort
industry, or unforeseen difficulties or delays in the development of the
project.
For more information visit Trendwest at www.trendwestresorts.com, Worldmark at
www.worldmarktheclub.com and MountainStar at www.mountainstarresort.com.
