Business
JZZ Technologies, Inc. Acquires Portfolio Partners, Inc., and its Subsidiary, Travel Zen Inc.'s Entire Premium Resort Vacation Rental Portfolio
JZZ Technologies, Inc. Acquires Portfolio Partners, Inc., and its Subsidiary, Travel Zen Inc.'s Entire Premium Resort Vacation Rental Portfolio.
About this update from Ideal Group Of Companies Inc.
[{"type":"text","content":"Anderson, South Carolina--(Newsfile Corp. - November 16, 2023) - JZZ Technologies, Inc.'s (OTC Pink: JZZI) (\"JZZ\" or the \"Company\") has acquired Portfolio Partners, Inc. (\"Portfolio Partners), a Florida Corporation and its wholly owned subsidiary, Travel Zen, Inc. (\"Travel Zen\"). In a transaction that will provide for JZZ to operate and manage the assets of Travel Zen, JZZ has acquired 100% of the outstanding shares and assets of Portfolio Partners, Inc., including Travel Zen, Inc.Travel Zen has emerged as a significant player in the vacation rental space. The company owns over 60 deeded vacation rental timeshare weeks, including spring break weeks in some of the most sought-after resorts in the Vail Valley in Colorado. Most of these units are located in Avon, Colorado, providing easy access to the desirable Beaver Creek and Vail ski resorts. Participating resorts include the Sheraton Mountain Vista, Falcon Point Resort, and the Sheraton Lakeside Terrace.Travel Zen is profitable through the sale of weeks. Each timeshare week is fully acquired and carries no debt, with recurring revenue from each unit in the form of rental income. This produces an extremely high profit margin, ranging from 50% for wholesale to 100% on retail bookings.Portfolio Partners CEO David Weintraub says, \"Joining with JZZ Technologies is a well-timed opportunity for Portfolio Partners. Our shareholders have provided a clear endorsement of this path that allows for rapid growth and immediate access to capital markets as part of a public company. We are excited to be part of JZZ and its vision for a significant role across the vacation real estate market. Fractional ownership is a welcome part of the puzzle.\"Weintraub is the former CEO of Swifty Car Wash, which he successfully took public and then returned to private holding. In over 30 years of investment banking experience, David Weintraub has personally raised hundreds of millions of dollars in capital for public companies. Robert Egeland, who heads up the Company's new Real Estate Development division, states, \"The start of COVID created a super surge in the popularity of fractional timeshares and makes the market timing in this space optimal for the future growth of Travel Zen as part of JZZ.The average timeshare in 2022 was valued at between $27- $30 thousand by the ARDA (American Resort Deve...