Resort planned for Colorado River

Thursday, May 27, 1999 | 11:10 a.m.

Biltmore said it has received a $36 million funding commitment from Raffa Mortgage and Financial Corp. to build the Biltmore Vacation Village.

The resort's timeshare units will be two-bedroom, two-bath, 1,500 square-foot suites. Amenities will include views of casino row in Laughlin, swimming pools, restaurants, a nightclub, a fitness center and a spa.

Use of the spa, fitness club and nightclub will be offered to the public on a separate membership basis.

Sales for the resort will begin in October, and are expected to total $175 million. Construction is slated to begin in July.

The resort will be affiliated with Resort Condominiums International, a timeshare exchange company. Biltmore Vacation Village will offer fee simple interest in its units to the public for use on a weekly or daily basis, or through exchange with RCI for the use of other vacation resorts throughout the world.

Biltmore has three subsidiaries: Sage Design Builders Inc., Dynamic Design Architecture Inc. and Nevada Realty and Management Inc. Biltmore and its subsidiaries design, build, finance and operate timeshares, hotels, offices and houses.