Altitude International Secures World-Class Property for Global Headquarters in Port St. Lucie
Port St. Lucie - Monday September 12, 2022: Altitude International Holdings has announced a newly formed wholly owned subsidiary, Altitude Hospitality which is taking over the 216-acre Port St. Lucie property formerly known as Club Med Sandpiper Bay.
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.
Altitude Academies, a wholly owned subsidiary of Altitude International Holdings, has been operating at the Property for nearly 13 years, which, until a recent rebranding, has been known as "Club Med Academies."
"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."
Altitude International and Altitude Hospitality secured a $15 million term loan from Feenix Venture Partners. Proceeds from the loan were used to fund certain obligations under the Lease Agreement with STORE and for general working capital.
As previously reported by WQCS news, Altitude International entered into a purchase and sale agreement effective April 25 and assigned to Altitude Hospitality its rights under the agreement. Altitude Hospitality then designated STORE Capital Acquisitions, a Delaware limited liability company, as the grantee under the deed from Sandpiper through which the title to the Property was conveyed to STORE. Concurrently, 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.
"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.
About Altitude International Holdings, Inc.
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, visit www.altdintl.com.