With the opening of these developments, we will have more than doubled the size of our operating resort portfolio in about three years. With the cash we recently received from the sale of two resorts to the joint venture with CNL and our strong operating cash flow, we are well-positioned to stay on track to begin at least two new projects a year, as well as selectively add condominiums and/or additional rooms and expanded facilities at existing resorts.
-John Emery
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