CHICAGO, Sept. 5, 2007 (PRIME NEWSWIRE) -- KL International, LLC, a closely held international resort and casino development company and the parent company of KL Holding Company, N.V., today announced its senior management team for its recently acquired timeshare resort and casino -- The Aruban Resort & Casino at Eagle Beach.
Gary A. Tadych was named Managing Director for KL International, LLC. Tadych is the President of The TAG Group, Inc., a privately held financial services and management advisory corporation that specializes in the negotiation and placement of asset-backed and conventional financing transactions for the Resort Development Industry.
Tadych has been active in the Resort Development Industry since 1973. He was responsible for negotiating and closing the industry's first AAA/Aaa rated asset- backed security utilizing timesharing receivables as collateral. He also negotiated, structured and placed the industry's first Real Estate Mortgage Investment Conduit (REMIC)-qualified asset-backed offering.
Tadych is a graduate of the University of Wisconsin. He is the author of "Financing the Timeshare," published in the Urban Land Institute's publication of Timesharing II. He is a former member of The Chairman's League of American Resort Development Association (ARDA) and has served on the Vacation Timeshare Council (VTC) finance committee.
Farzin Ferdosi, also named Managing Director for KL International, LLC, has been active and a leader in the Resort Development Industry since 1981 and has been an industry innovator in the sales and marketing field. Most recently, Ferdosi has been involved with various resort, condominium and hotel developments in Hawaii, Mexico and Costa Rica.
Also on the KL International team is Frank Gazzolo, who was named Chief Financial Officer. Gazzolo, a Certified Public Accountant, has significant experience in P&L management, real estate development, financing, and asset and property management.
Most recently Gazzolo was a consultant as a due diligence underwriter to Inland Real Estate Group for three Private Placement REITS, which raised more than $11 billion. Previously, he was Vice President of Finance for Capital First Realty, Inc., a privately held real estate management and development company with a $300 million portfolio. He also was Chief Financial Officer of The Parkshore, a 478-unit luxury condominium conversion in Chicago, and its related construction company. Gazzolo graduated from the University of Illinois and is a member of the American Institute of Certified Public Accountants.
The Aruban is the former La Cabana Villas and Royal Cabana Casino in Aruba. The property includes a 362-room timeshare and resort hotel consisting of two five-story buildings and two four-story buildings, a 48,000 square foot permanent casino, a restaurant (currently operating as a temporary casino) and recreational amenities. The Company recently sold $65 million in senior secured notes to institutional investors and purchased the resort assets for $50.3 million. When completed, the casino will be one of the largest in the Caribbean. In addition, the Company will be selling more than 15,000 timeshare interests in the refurbished hotel.
The Aruban Resort & Casino logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4109
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