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 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 and its wholly owned subsidiaries, including the sports academies, Rush Soccer, Altitude International, 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.
For additional information related to foregoing transactions please see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 8, 2022.
Altitude International Holdings, Inc. (OTC: ALTD) (“Altitude”) is a multi-discipline holding company which blends income streams from performance-based education, sports, arts, science, and technology. Altitude’s multi-discipline approach consists of wholly owned stand-alone academies, wellness centers, and manufacturing/assembly facilities. These operations represent best-in-class high-performance methodology/protocols for training, education, and therapy environments; hypoxic training chambers, air-to-water machines, sports training and educational institutions, and wellness initiatives. For more information, please visit www.altdintl.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, extensive renovations as it relates to the Property, our comprehensive real estate development strategy, legal events or outcomes, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.
Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.
Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.
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SOURCE Altitude International Holdings, Inc