UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 27, 2006
AMERICAN LEISURE HOLDINGS, INC.
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(Exact name of registrant as specified in its charter)
Nevada 333-48312 75-2877111
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2460 Sand Lake Road, Orlando, FL, 32809
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(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code (407) 251-2240
N/A
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(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS.
On July 27, 2006, American Leisure Holdings, Inc. ("we," and "us"), through one
of its wholly owned subsidiary companies, formally notified KeyBank Real Estate
Capital ("KeyBank"), that it elected not to open the $40,000,000 revolving
credit facility for construction of Phase 1 of the Sonesta Resort (defined
below). We, however, through certain subsidiary borrowers have a $14,850,000
land loan in place with KeyBank (the "Land Loan") through Tierra del Sol Resort
(Phase 2), Ltd., which funds were used to repay existing debt in connection with
our planned Sonesta Orlando Resort at Tierra Del Sol, in Orlando Florida (the
"Sonesta Resort"). The Land Loan has a maturity date of June 28, 2007, and
bears interest at the LIBOR plus 3.10% until paid (currently approximately 8.7%
as of July 26, 2006), and is secured by land in the Sonesta Resort. We have
been advanced the entire amount of the Land Loan to date.
We have established a relationship with GMAC Bank, through Millenium Capital
Mortgage, to provide construction financing to the individual purchasers of the
Sonesta Resort town homes, which funding we believe will enable all town homes
at Tierra del Sol to be built through this program as well as all of the
amenities. We are negotiating with several lenders for a construction loan for
the condominiums and anticipate that this loan will be evidenced by a firm
commitment during the month of August 2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN LEISURE HOLDINGS, INC.
By: /s/ Malcolm J. Wright
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Malcolm J. Wright
Chief Executive Officer
Dated: August 1, 2006