The Resorts Companies, Inc. Acquires Keyholder Vacations

Final Stage of Acquisition Comes Five Years After Initial Investment, Strengthens The Resorts Companies’ Leadership in Timeshare and Travel Services with Expanded Vacation Options for Owners

CHARLOTTESVILLE, Va. – (December 17, 2025) – The Resorts Companies, Inc., the largest independent timeshare company in the Mid-Atlantic and a leader in four-season resort experiences for more than 40 years, today announced the acquisition of Keyholder Vacations which operates in Orlando, Florida and Indianapolis, Indiana. The Resorts Companies owns and operates Massanutten Resort in Rockingham County, Va. and Wilderness Presidential Resort in Spotsylvania County, Va., two destinations known for year-round adventure and family-friendly amenities. Keyholder Vacations is a travel services company offering a suite of brands and serving as the premier secondary market provider of Disney Vacation Club™ membership resales, financing and rental services for the owner community.

This strategic acquisition marks a significant milestone for The Resorts Companies and reflects its long-term vision to innovate, grow, and create remarkable experiences that last a lifetime for owners and guests. The Resorts Companies has maintained a substantial investment stake in Keyholder Vacations since 2020, with members of its leadership team playing active board roles. The Resorts Companies will now assume the role of parent company while Keyholder Vacations continues to operate under its tenured leadership team.

“Since our initial investment in 2020, we’ve seen firsthand how Keyholder Vacations elevates what it means to serve owners,” said Steve Krohn, president and chief operating officer of The Resorts Companies. “Bringing our companies fully together is about more than adding destinations or services – it’s about shaping the future of vacation ownership. By combining Keyholder Vacations’ expertise in the Disney Vacation Club™ ecosystem with our portfolio of four-season resorts, we’re creating a broader, more flexible world of travel for families who want memorable adventures year after year. Together, we will unlock new ways for owners to experience the places they love, discover new favorites, and build remarkable experiences that truly last a lifetime.”

The Resorts Companies is known for its year-round mountain and vacation destinations that offer a wide range of experiences, including a large ski and winter sports program, mountain biking trails, and access to national parks. Massanutten Resort features an acclaimed WaterPark, two 18-hole golf courses, hiking trails, and family attractions, while Wilderness Presidential Resort provides lakeside cabins, camping, and outdoor recreation just south of Washington DC for families and groups. Together, these offerings create compelling new opportunities for Keyholder clients, who have long expressed interest in ski vacations, mountain adventures, and outdoor experiences that complement their existing vacation habits.

Keyholder Vacations brings deep expertise, operational scale, and a proven track record to the relationship. As a premier family of travel service brands, Keyholder provides best-in-class offerings across the full vacation lifecycle – from Disney Vacation Club™ rentals and resales to nationwide travel planning, park ticketing, financing, and title services. Serving hundreds of thousands of families each year, Keyholder Vacations is built on delivering exceptional, memorable vacation experiences with integrity, care, and confidence. These combined strengths will unlock new benefits for Massanutten Resort owners, offering enhanced flexibility, expanded travel services, and more ways to enjoy their vacations for years to come.

“Our guests are at the heart of everything we do,” said Nick Cotton, chief executive officer and founding partner of Keyholder Vacations. “Under the incredible leadership of our teams and the vision we’ve set forth this year, we have made tremendous progress in revolutionizing the vacation experience. Joining The Resorts Companies allows us to continue that innovation without changing the core of who we are. Our guests will see the same teams, same service, and same care – now with even more opportunities ahead.”

Both The Resorts Companies and Keyholder Vacations share a strong focus on hospitality and long-term relationships, having built a close working partnership over the past five years. This cultural alignment will enable the organization to further elevate the owner experience, offering convenient access to highly desirable destinations and providing next-level, concierge-style service. The acquisition strengthens The Resorts Companies’ ability to evolve with the timeshare industry and introduce new, more flexible ways to experience vacation ownership, while staying firmly grounded in its mission of creating remarkable experiences designed to be remembered.

The Resorts Companies was assisted by Houlihan Lokey as its financial advisor and Foley & Lardner LLP as its legal counsel. The company extends its sincere thanks to key staff of both firms for their expertise, partnership, and support in bringing this transaction to a successful close.

About The Resorts Companies

The Resorts Companies, Inc. is a 100% employee-owned (ESOP) hospitality, timeshare, and real estate company and a recognized leader in the vacation ownership and travel industry. Founded in 1981, the company owns and operates Massanutten Resort and Wilderness Presidential Resort in Virginia, serving nearly 100,000 owner families and more than 1 million visitors each year through best-in-class, four-season vacation experiences.

Built on a culture of service, innovation, and continuous reinvestment, The Resorts Companies delivers standout ski operations alongside nationally recognized waterpark, golf, adventure, lodging, and wellness experiences—continually evolving to exceed owner and guest expectations. Through its BluestonePeak community, the company is also extending the resort experience into long-term residential and mixed-use living for active 55+ residents. Supported by more than 2,000 team members, The Resorts Companies is committed to delivering exceptional experiences with care today while thoughtfully shaping the destinations of tomorrow.

About Keyholder Vacations

Keyholder Vacations is a premier family of travel service brands, offering end-to-end vacation solutions including Disney Vacation Club rentals and resales, nationwide travel planning, theme park ticketing, financing, and title services. As the #1 DVC resale company and #1 DVC rental company in the world, and home to a Platinum Earmarked Disney travel agency, Keyholder Vacations serves hundreds of thousands of families each year. The company also includes Unlocked Magic, a rising leader in discounted Disney and Universal ticket sales, and the innovative Keyholder Vacations Club a first-of-its-kind loyalty program uniting all brands under one powerful guest experience.