EX-5.1 6 a2228242zex-5_1.htm EX-5.1

Exhibit 5.1

 

 

515 East Las Olas Boulevard, Suite 1200 | Fort Lauderdale, FL 33301 | T 954.525.1000 | F 954.463.2030

Holland & Knight LLP | www.hklaw.com

 

May 5, 2016

 

Interval Acquisition Corp.

and the Guarantors listed on Schedule I hereto

6262 Sunset Drive

Miami, Florida 33143

 

Re:                             Exchange by Interval Acquisition Corp. of 5.625% Senior Secured Notes due 2023

 

Ladies and Gentlemen:

 

We have acted as counsel to Interval Acquisition Corp., a Delaware corporation (the “Company”), the guarantors listed on Schedule I hereto organized under the laws of the States of California, Delaware, Florida, North Carolina, Texas and Utah (the “Non-Hawaii Guarantors”) and the guarantors listed on Schedule I hereto organized under the laws of the State of Hawaii (the “Hawaii Guarantors,” and together with the Non-Hawaii Guarantors, the “Guarantors”), in connection with the Registration Statement on Form S-4 (the “Registration Statement”), filed by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to the issuance by the Company of up to $350,000,000 aggregate principal amount of 5.625% Senior Secured Notes due 2023 (the “Registered Notes”). The Registered Notes are being issued pursuant to an indenture dated as of April 10, 2015 (the “Indenture”), by and among the Company, the Guarantors, and HSBC Bank USA, National Association as trustee (the “Trustee”). The Registered Notes will be offered by the Company in exchange for a like aggregate principal amount of its outstanding 5.625% Senior Secured Notes due 2023 (the “Exchange”). The Registered Notes are to be unconditionally guaranteed on a senior secured basis by each of the Guarantors pursuant to guarantees contained in the Indenture (the “Guarantees”).

 

We have examined instruments, documents and records which we deemed relevant and necessary for the basis of our opinions hereinafter expressed. In such examination, we have assumed (a) the authenticity of original documents and the genuineness of all signatures, (b) the conformity to the originals of all documents submitted to us as copies, (c) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed and that there has been no undisclosed waiver of any right, remedy or provision contained in any such documents, and (d) that each transaction complies with all tests of good faith, fairness and conscionability required by law.

 

Anchorage | Atlanta | Austin | Boston | Chicago | Dallas | Denver | Fort Lauderdale | Houston | Jacksonville | Lakeland
Los Angeles | Miami | New York | Northern Virginia | Orlando | Portland | San Francisco | Stamford | Tallahassee | Tampa
Washington, D.C. | West Palm Beach

 



 

We have also assumed (i) the valid existence and good standing of the Trustee, (ii) that the Trustee has the requisite corporate power and authority to enter into and perform its obligations under the Indenture and that the Indenture is the valid and legally binding obligation of the Trustee, and (iii) the due authorization, execution and delivery by the Trustee of the Indenture.

 

Based on such examination and subject to the foregoing exceptions, qualifications, and limitations, we are of the opinion that:

 

1. When the Registered Notes have been duly completed, executed, authenticated and delivered in accordance with the Indenture upon the Exchange, the Registered Notes will be legal, valid and binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the limitations of bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference or other laws or judicial decisions affecting the enforcement of creditors’ rights generally and general principles of equity.

 

2. The execution, delivery and performance by each Guarantor of its Guarantee of the Registered Notes have been duly authorized by all necessary corporate, limited liability company, or partnership action, as applicable, on the part of such Guarantor.

 

3. The Guarantees of each of the Guarantors, when duly and validly executed and delivered by or on behalf of the Guarantors in accordance with the terms of the Indenture and as contemplated by the Registration Statement, and duly authenticated by the Trustee, will constitute the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms, subject to the limitations of bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference or other laws or judicial decisions affecting the enforcement of creditors’ rights generally and general principles of equity.

 

The opinion expressed in paragraph 2 above as it relates to the Hawaii Guarantors is based upon, and we rely herein upon, the opinion of Hawaii counsel attached hereto as Schedule II (the “Hawaii Counsel Opinion”).  Further, the opinion expressed in paragraph 2 above as it relates to the Hawaii Guarantors is subject to the qualifications, assumptions and limitations set forth in the Hawaii Counsel Opinion.

 

The opinions expressed above (except as set forth in paragraph 2 as to the Hawaii Guarantors) are limited to the laws of the State of New York. Therefore, we express no opinion concerning matters governed by the laws of any other jurisdiction.

 

We undertake no obligation to advise the addressees (or any other third party) of changes in law or fact that occur after the date hereof, even though the change may affect the legal analysis, a legal conclusion or an informational confirmation in the opinion.

 

We hereby consent to the filing of this opinion letter as an exhibit to the above-referenced Registration Statement and the use of our name wherever it appears in the Registration Statement, the prospectus and in any amendment or supplement thereto. In giving such consent, we do not thereby admit that we are included within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission issued thereunder.

 

 

Very truly yours,

 

 

 

 

 

/s/ HOLLAND & KNIGHT LLP

 

HOLLAND & KNIGHT LLP

 

2



 

SCHEDULE I

 

Exact Name of Registrant
as Specified in its Charter

 

Jurisdiction of
Incorporation or
Organization

 

 

 

AQUA-ASTON HOLDINGS, INC.

 

Delaware

AQUA HOSPITALITY LLC

 

Delaware

AQUA HOTELS AND RESORTS, INC.

 

Delaware

CDP GP, INC.

 

Delaware

CERROMAR DEVELOPMENT PARTNERS GP, INC.

 

Delaware

GRAND ASPEN HOLDINGS, LLC

 

Delaware

GRAND ASPEN LODGING, LLC

 

Delaware

HT-HIGHLANDS, INC.

 

Delaware

HTS-BC, L.L.C.

 

Delaware

HTS-BEACH HOUSE, INC.

 

Delaware

HTS-BEACH HOUSE PARTNER, L.L.C.

 

Delaware

HTS-COCONUT POINT, INC.

 

Delaware

HTS-GROUND LAKE TAHOE, INC.

 

Delaware

HTS-KEY WEST, INC.

 

Delaware

HTS-KW, INC.

 

Delaware

HTS-LAKE TAHOE, INC.

 

Delaware

HTS-LOAN SERVICING, INC.

 

Delaware

HTS-MAIN STREET STATION, INC.

 

Delaware

HTS-MAUI, L.L.C.

 

Delaware

HTS-SAN ANTONIO, L.L.C.

 

Delaware

HTS-SEDONA, INC.

 

Delaware

HTS-SUNSET HARBOR PARTNER, L.L.C.

 

Delaware

HTS-WINDWARD POINTE PARTNER, L.L.C.

 

Delaware

HV GLOBAL GROUP, INC.

 

Delaware

HV GLOBAL MANAGEMENT CORPORATION

 

Delaware

HV GLOBAL MARKETING CORPORATION

 

Florida

HVO Key West Holdings, LLC

 

Florida

INTERVAL HOLDINGS, INC.

 

Delaware

INTERVAL INTERNATIONAL, INC.

 

Florida

INTERVAL RESORT & FINANCIAL SERVICES, INC.

 

Florida

OWNERS’ RESORTS AND EXCHANGE, INC.

 

Utah

S.O.I. ACQUISITION CORP.

 

Florida

VACATION OWNERSHIP LENDING GP, INC.

 

Delaware

VACATION RESORTS INTERNATIONAL

 

California

VOL GP, INC.

 

Delaware

WINDWARD POINTE II, L.L.C.

 

Delaware

WORLDWIDE VACATION & TRAVEL, INC.

 

Florida

IIC HOLDINGS, INCORPORATED

 

Delaware

ILG INTERNATIONAL HOLDINGS, INC.

 

Florida

INTERVAL SOFTWARE SERVICES, LLC

 

Florida

MANAGEMENT ACQUISITION HOLDINGS, LLC

 

Delaware

RESORT SALES SERVICES, INC.

 

Delaware

ILG MANAGEMENT, LLC

 

Florida

AQUA HOTELS & RESORTS, LLC

 

Hawaii

DIAMOND HEAD MANAGEMENT, LLC

 

Hawaii

HOTEL MANAGEMENT SERVICES LLC

 

Hawaii

KAI MANAGEMENT SERVICES LLC

 

Hawaii

AQUA HOTELS AND RESORTS OPERATOR LLC

 

Delaware

AQUA LUANA OPERATOR LLC

 

Hawaii

AQUA-ASTON HOSPITALITY, LLC

 

Hawaii

ASTON HOTELS & RESORTS FLORIDA, LLC

 

Florida

MAUI CONDO AND HOME, LLC

 

Hawaii

RQI HOLDINGS, LLC

 

Hawaii

BEACH HOUSE DEVELOPMENT PARTNERSHIP

 

Florida

CDP INVESTORS L.P.

 

Delaware

CERROMAR DEVELOPMENT PARTNERS, L.P., S.E.

 

Delaware

HTS-SAN ANTONIO, L.P.

 

Delaware

HTS-SAN ANTONIO, INC.

 

Delaware

HTS-WILD OAK RANCH BEVERAGE, LLC

 

Texas

MERIDIAN FINANCIAL SERVICES, INC.

 

North Carolina

TRADING PLACES INTERNATIONAL, LLC

 

California

KEY WESTER LIMITED

 

Florida

MERAGON FINANCIAL SERVICES, INC.

 

North Carolina

PARADISE VACATION ADVENTURES, LLC

 

Hawaii

REP HOLDINGS, LTD.

 

Hawaii

RESORT MANAGEMENT FINANCE SERVICES, INC.

 

Florida

SUNSET HARBOR DEVELOPMENT PARTNERSHIP

 

Florida

VACATION OWNERSHIP LENDING L.P.

 

Delaware

VOL INVESTORS, L.P.

 

Delaware

 

3


 

SCHEDULE II

 

GOODSILL ANDERSON QUINN & STIFEL

 

DAVID J. REBER

 

DALE E. ZANE

 

WALTER K. CORONEL

 

COUNSEL:

A LIMITED LIABILITY LAW PARTNERSHIP LLP

 

THOMAS W. WILLIAMS, JR.

 

LINDALEE K. FARM

 

MARISSA L. L. OWENS

 

JACQUELINE L.S. EARLE

 

 

LANI L. EWART

 

JUDY YURIKO LEE

 

DAVID J. HOFTIEZER

 

ROBERT J. HACKMAN

FIRST HAWAIIAN CENTER, SUITE 1600 · 999 BISHOP STREET

 

RANDALL K. STEVERSON

 

LENNES N. OMURO

 

SCOTT K.D. SHISHIDO

 

TERESA A. O’CONNELL

HONOLULU, HAWAII 96813

 

LISA WOODS MUNGER

 

PETER Y. KIKUTA

 

TRAVIS M. AGUSTIN

 

ELIZABETH H. LEE

 

 

PETER T. KASHIWA

 

THOMAS BENEDICT

 

SHIMPEI OKI

 

 

MAIL ADDRESS: P.O. BOX 3196

 

RUSSELL S. KATO

 

EDMUND K. SAFFERY

 

JORDAN M. ODO

 

OF COUNSEL:

HONOLULU, HAWAII 96801

 

VINCENT A. PIEKARSKI

 

LISA A. BAIL

 

JAMES E. ABRAHAM

 

MARTIN ANDERSON

 

 

MICHAEL J. O’MALLEY

 

CAROLYN K. WONG

 

ALANA PEACOTT-RICARDOS

 

CONRAD M. WEISER

TELEPHONE (808) 547-5600 · FAX (808) 547-5880

 

GAIL Y. COSGROVE

 

REGAN M. IWAO

 

JENNIFER M. YAMANUHA

 

RONALD H. W. LUM

info@goodsill.com · www.goodsill.com

 

LEIGHTON J.H.S. YUEN

 

DAWN T. SUGIHARA

 

LISA Y. TELLIO

 

 

 

 

CORLIS J. CHANG

 

ANNE T. HORIUCHI

 

LYNDA L. ARAKAWA

 

MARSHALL M. GOODSILL

 

 

BARBARA A. PETRUS

 

ROSEMARIE S. J. SAM

 

CHRISTINE A. TERADA

 

(1916-2004)

 

 

PATRICIA M. NAPIER

 

JOHNATHAN C. BOLTON

 

JENNIFER F. CHIN

 

WILLIAM F. QUINN

 

 

MIKI OKUMURA

 

RANDALL C. WHATTOFF

 

LAUREN K. CHUN

 

(1919-2006)

 

 

AUDREY E. J. NG

 

BRETT R. TOBIN

 

ANDREW K. RECKTENWALD

 

RICHARD E. STIFEL

 

 

ALAN S. FUJIMOTO

 

CLAIRE E. GOLDBERG

 

EWAN C. RAYNER

 

(1920-1993)

 

 

RAYMOND K. OKADA

 

H. GREGORY NASKY

 

KELLY K. SUZUKA

 

JOHN R. LACY

 

 

GAIL O. AYABE

 

 

 

 

 

(1942-2014)

 

 

May 5, 2016

 

Interval Acquisition Corp.

and the Hawaii Guarantors listed on Schedule I hereto

6262 Sunset Drive

Miami, FL  33143

 

Re:                             Exchange by Interval Acquisition Corp. of 5.625% Senior Secured Notes Due 2023

 

Ladies and Gentlemen:

 

We have acted as counsel to both Interval Acquisition Corp., a Delaware corporation (“IAC”), which is a wholly-owned subsidiary of Interval Leisure Group, Inc., a Delaware corporation (“ILG” and together with IAC the “Company”), and the Guarantors listed on Schedule 1 hereto organized under the laws of the State of Hawaii (individually, a “Hawaii Guarantor,” and collectively, the “Hawaii Guarantors”) in furtherance of a Purchase Agreement dated April 10, 2015 and a Registration Rights Agreement dated April 10, 2015 and in connection with the Registration Statement on Form S-4 (the “Registration Statement”), filed by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), to register the issuance by IAC of up to $350,000,000 aggregate principal amount of 5.625% Senior Secured Notes due 2023 (the “Registered Notes”).  Capitalized terms used herein and not otherwise defined herein are used as defined in the Registration Statement or the Officers’ Certificate (hereinafter defined).

 

The Registered Notes are being issued pursuant to the Purchase Agreement, the Registration Rights Agreement and the Indenture dated as of April 10, 2015, as supplemented November 10, 2015 (as supplemented, the “Indenture”), by and among the IAC, the Hawaii Guarantors, additional Guarantors organized under the laws of the States of California, Delaware, Florida, North Carolina, Texas and Utah (the “Non-Hawaii Guarantors” and together with the ILG and the Hawaii Guarantors, the “Guarantors”), and HSBC Bank USA, National Association, as Trustee (the “Trustee”).  The Registered Notes will be offered by

 



 

IAC in exchange for original, unregistered, outstanding 5.625% Senior Secured Notes due 2023  with a like aggregate principal amount (the “Exchange”).

 

The form and terms of the Registered Notes will be identical in all material respects to the form and terms of the original notes being exchanged, except that the Registered Notes:  will have been registered under the Securities Act; will not bear restrictive legends; will not entitle holders to the registration rights that apply to the original notes; and will not contain provisions relating to additional interest in connection with the original notes under circumstances related to the timing of the Exchange.  The Exchange also will not be extended to holders of original notes in any jurisdiction where the Exchange would not comply with the securities or blue sky laws of that jurisdiction. The Registered Notes are to be unconditionally guaranteed on a senior secured basis by each of the Guarantors pursuant to guarantees described in the Indenture (individually, a “Guarantee”, and collectively, the “Guarantees”).

 

In rendering the opinion set forth below, we have relied on the foregoing description of the Exchange and the definitions of capitalized terms, as well as on originals or copies of the following documents as attached to the Officers’ Certificate dated concurrently herewith (“Officers’ Certificate”) or as attached as an Exhibit to the Registration Statement or incorporated therein by reference to Edgarized prior filings:

 

(1)                                       An omnibus Officers’ Certificate of factual material by ILG senior officers pro se and on behalf of IAC and each of the Guarantors, including the Hawaii Guarantors, which confirms the accuracy and completeness of the following:

 

(a)  The organizational documents, each as amended through the date hereof, of each of the Hawaii Guarantors;

 

(b)  Bylaws, operating agreement or limited liability agreement, each as amended or otherwise updated through the date hereof and as applicable, of each Hawaii Guarantor;

 

(c)  Certificates of Good Standing for each Hawaii Guarantor;

 

(d)  Written consents and minutes of all meetings of the Boards of Directors, Members or Managers of each Hawaii Guarantor, as applicable, relating to the Exchange, the Registered Notes, the Hawaii Guarantors, the Registration Statement or the Indenture.

 

2



 

(2)                                       The Registration Statement, including Exhibits pertinent to any Hawaii Guarantor, as executed by each Hawaii Guarantor; and

 

(3)                                       The Indenture, the Registration Rights Agreement and the Purchase Agreement, including provisions for the Guarantees and for the replacement of the original notes with the Exchange Notes, as executed, approved or otherwise adopted by each Hawaii Guarantor.

 

We have examined instruments, documents and records that we deemed relevant and necessary for the basis of our opinion hereinafter expressed.  In such examination, we have assumed:  (a) the authenticity of original documents and the genuineness of all signatures; (b) the conformity to the originals of all documents submitted to us as copies; (c) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed and that there has been no undisclosed modifications of any provisions of any documents reviewed by us in connection with our rendering of these opinions and no undisclosed prior waiver of any right, remedy or provision contained in any such documents; and (d) that each transaction document complies with all tests of good faith, fairness and conscionability required by law.

 

We have also assumed:  (i) the valid existence and good standing of the Company and the Trustee; (ii) that the Company and the Trustee have the requisite limited liability company or corporate power and authority to enter into and perform their obligations under the Indenture and that the Indenture is the valid and legally binding obligation of the Company and the Trustee; and (iii) the due authorization, execution and delivery by the Trustee of the Indenture.  In addition, we have assumed that the Registered Notes coupled with a Guarantee, as applicable, by a Hawaii Guarantor, will be executed and delivered by an authorized officer of IAC for exchange in full compliance with each document governing the Exchange to include the Hawaii Guarantees.

 

Based on such examination and subject to the foregoing exceptions, qualifications and limitations, we are of the opinion that:

 

1.                                      Each of the Hawaii Guarantors is either duly incorporated or duly formed, as applicable, and in good standing under the laws of the State of Hawaii.

 

2.                                      Each of the Hawaii Guarantors has corporate or limited liability power and authority, as applicable, to enter into and perform its obligations as a Hawaii Guarantor under the Indenture,

 

3



 

3.                                      The execution, delivery and performance by each Hawaii Guarantor of its respective Guarantee has been duly authorized by each such Hawaii Guarantor by all necessary limited liability company or corporate action, on the part of each such Hawaii Guarantor.

 

4.                                      The respective Guarantee of each Hawaii Guarantor, when duly and validly executed and delivered by or on behalf of each such Hawaii Guarantor in accordance with the terms of the Indenture and as contemplated by the Registration Statement, and duly authenticated by the Trustee, will constitute the legal, valid and binding obligations of each such Hawaii Guarantor, enforceable against each such Hawaii Guarantor in accordance with its terms, subject to the limitations of bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference, or other laws or judicial decisions affecting the enforcement of creditors’ rights generally and the effect of general principles of equity or at law (including the possible unavailability of specific performance or injunctive relief), and of the discretion of a court or other authority or body to invalidate or decline to enforce any right, remedy or provisions of such document if any thereof are determined by such court or other authority or body to be violative of public policy or a penalty.

 

The opinion expressed herein is limited to the laws of the State of Hawaii (but not including any statutes, ordinances, administrative decisions, rules or regulation of any political subdivision of the State of Hawaii).  Therefore, we express no opinion concerning matters governed by the laws of any other jurisdiction or of the effects of the laws of any other jurisdiction.

 

We undertake no obligation to advise the addressees (or any other third party) of changes in law or fact that occur after the date hereof, even though the change may affect the legal analysis, a legal conclusion or an informational confirmation in the opinion.

 

We hereby consent to the filing of this opinion as an exhibit to the above-referenced Registration Statement and the use of  our name wherever it appears in the Registration Statement, the prospectus and in any amendment or supplement thereto. In giving such consent, we do not thereby admit that we are included within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission issued thereunder.

 

4



 

We further consent to reliance on this opinion by Holland & Knight LLP in issuing its opinion concurrently with this Opinion, stating, in pertinent part, that execution, delivery and performance by the Hawaii Guarantors of the Registered Notes has been duly authorized by all necessary limited liability company or corporate action on the part of each Hawaii Guarantor.

 

 

Very truly yours,

 

 

 

GOODSILL ANDERSON QUINN & STIFEL,

 

A Limited Liability Law Partnership LLP

 

 

 

 

 

/s/ Goodsill, Anderson, Quinn & Stifel,

 

A Limited Liability Law Partnership LLP

 

5



 

SCHEDULE I

 

GUARANTOR

 

JURISDICTION OF FORMATION

 

 

 

Aqua-Aston Hospitality, LLC

 

Hawaii

Aqua Hotels & Resorts, LLC

 

Hawaii

Aqua Luana Operator LLC

 

Hawaii

Diamond Head Management LLC

 

Hawaii

Hotel Management Services LLC

 

Hawaii

Kai Management Services LLC

 

Hawaii

Maui Condo and Home, LLC

 

Hawaii

Paradise Vacation Adventures, LLC

 

Hawaii

REP Holdings, Ltd.

 

Hawaii

RQI Holdings, LLC

 

Hawaii