NEW RESORT BRAND CLOSES EARLY ROUND WITH PROMINENT LA-BASED PRIVATE EQUITY INVESTORS
Barry Porter and David Lee Top-Up Financing For Emerging Resort Chain Focused on Fast-Growing Music Festival Crowds
Los Angeles, May 15, 2019- The Experience Resorts company today announced the oversubscription of its second round of capital tied to the launch of its first tropical resort. The series started by prominent investors led by Los Angeles based investors Barry Porter and David Lee. The Experience Resorts specializes in the high-growth affinity-based tourism industry, which, in 2018, numbered 15,000 festival events worldwide, has been testing marketing its business for several years and is now planning a Caribbean launch of its first resort, designed to deliver a new themed event each week.
“Barry’s and David’s involvement with The Experience represents a big vote of confidence in our business model, and we are incredibly excited to have them involved.”, said Jak Severson, CEO of The Experience Resorts. “Barry and David have been involved in leading global businesses for decades and have a great perspective on large global consumer trends that will help shape our growth.”
Mr. Porter had spent more than three decades involved with media and hospitality companies, led the media and gaming divisions of Bear Stearns before he and Dr. Lee were co-founders of international telecommunications company Global Crossing and later launched private equity firm Clarity Partners. Dr. Lee has also been involved with international businesses for decades having served in executive capacities at TRW and Comsat.
“Consumer entertainment is changing shape every day driven by the way we engage our social passions. The hospitality industry has been slow to understand its role in this enormous and evolving space.”, said Porter. “The Experience Resorts has figured out what this consumer wants, shape-by-shape, and is building each week to suit their experiential interests.”
The Experience Resorts plans to launch in the Caribbean and the Asia-Pacific region. Each resort features several entertainment venues, pools, a lazy river and a unique music grotto for late night entertainment.