Company to Oversee Growth of All Subsidiary Operations from Strategically Located Sandpiper Bay Resort
PORT ST. LUCIE, Fla., Sept. 8, 2022 /PRNewswire/ — Altitude International Holdings, Inc. (OTC: 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 beforehand disclosed the Company entered into that sure Purchase and Sale Agreement efficient as of April 25, 2022 (the “Property PSA”), as amended, for the acquisition by the Company of the Property. Pursuant to the phrases of the Property PSA the Company was allowed to assign is rights underneath the Property PSA. Specifically, on September 2, 2022, the Company assigned to Altitude Hospitality its rights underneath the Property PSA and Altitude Hospitality agreed to designate STORE Capital Acquisitions, LLC, a Delaware restricted legal responsibility firm (“STORE”) because the grantee underneath the deed from Sandpiper in a Purchase and Sale Agreement (the “STORE PSA”) between Altitude Hospitality and STORE by means of which the title to the Property was conveyed to STORE by means of the Property PSA in a simultaneous closing. Concurrently with the sale of, Altitude Hospitality entered right into a Lease Agreement with STORE for Altitude Hospitality’s lease and use of the Property by means of September 30, 2042, with five-year extension choices by means of 2062.
In reference to the foregoing, the Company and Altitude Hospitality secured a $15.0 million time period mortgage from Feenix Venture Partners, LLC, a personal credit score lender that has beforehand financed the Company. Proceeds from the mortgage had been used to fund sure obligations underneath the Lease Agreement with STORE and for basic working capital. Altitude Academies, a completely owned subsidiary of the Company, has been working on the Property for practically 13 years, which, till a current rebranding, has been often known as “Club Med Academies.” The resort will function underneath its new identify, “Sandpiper Bay Resort, a Trademark Collection® By Wyndham.” The Property will function the worldwide headquarters for Altitude International Holdings and its wholly owned subsidiaries, together with the sports activities academies, Rush Soccer, Altitude International, the resort operations and the Company’s different 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,” mentioned 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.
For extra info associated to foregoing transactions please see the Company’s Current Report on Form 8-Ok filed with the Securities and Exchange Commission on September 8, 2022.
About Altitude International Holdings, Inc.
Altitude International Holdings, Inc. (OTC: ALTD) (“Altitude”) is a multi-discipline holding firm which blends earnings streams from performance-based schooling, sports activities, arts, science, and expertise. Altitude’s multi-discipline strategy consists of wholly owned stand-alone academies, wellness facilities, and manufacturing/meeting amenities. These operations signify best-in-class high-performance methodology/protocols for coaching, schooling, and remedy environments; hypoxic coaching chambers, air-to-water machines, sports activities coaching and academic establishments, and wellness initiatives. For extra info, please go to www.altdintl.com.
Forward-Looking Statement
This information launch contains forward-looking statements inside the which means of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the protected harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained on this information launch could also be recognized by means of phrases akin to: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,” “proceed,” and “potential,” or, in every case, their unfavourable or different variations or comparable terminology referencing future durations. Examples of forward-looking statements embrace, however will not be restricted to, statements relating to our monetary outlook and steerage, quick and long-term business efficiency and operations, future revenues and earnings, in depth renovations because it pertains to the Property, our complete actual property improvement technique, authorized occasions or outcomes, market circumstances and tendencies, new or expanded merchandise and choices, development methods, underlying assumptions, and the consequences of any of the foregoing on our future outcomes of operations or monetary situation.
Forward-looking statements will not be historic details and will not be assurances of future efficiency. Rather, these statements are primarily based on our present expectations, beliefs, and assumptions relating to future plans and techniques, projections, anticipated and unanticipated occasions and tendencies, the economy, and different future circumstances, together with the affect of any of the aforementioned on our future business. As forward-looking statements relate to the long run, they’re topic to inherent danger, uncertainties, and modifications in circumstances and assumptions which are troublesome to foretell, together with a few of that are out of our management. Consequently, our precise outcomes, efficiency, and monetary situation could differ materially from these indicated within the forward-looking statements. These dangers and uncertainties embrace, however will not be restricted to, “Risk Factors” recognized in our filings with the Securities and Exchange Commission, together with, however not restricted to, our most just lately filed Annual Report on Form 10-Ok, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our precise outcomes, efficiency, or monetary situation are in line with forward-looking statements contained in such filings, they is probably not indicative of our precise outcomes, efficiency, or monetary situation in subsequent durations.
Any forward-looking assertion made within the information launch is predicated on info at the moment obtainable to us as of the date on which this launch is made. We undertake no obligation to replace or revise any forward-looking assertion, whether or not because of new info, future occasions, or in any other case, besides as could also be required underneath relevant legislation or regulation.
Media Contact:
Adrienne Mazzone
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Investor Relations:
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SOURCE Altitude International Holdings, Inc
