July 12, 1999 15:16
Sunterra Corporation Announces New Property
Management Contract
ORLANDO, Fla., July 12 /PRNewswire/ -- Sunterra Corporation (NYSE: OWN)
announced today that its Marc Resorts subsidiary has entered into an exclusive
management agreement with The Island Colony Partnership to serve as property
manager and marketing agent for the Island Colony Hotel, a 720-unit property
located along the tranquil Ala Wai Canal, near the center of Waikiki, Oahu, Hawaii.
Beginning January 2000, Marc Resorts will manage units at the property
succeeding the current property manager (Aston Hotels & Resorts) for a 10-year
contract term.
The Island Colony Hotel is located steps away from the center of Waikiki's
world-renowned shopping, entertainment and dining experiences, as well as world
famous Waikiki beach. The property offers all of the amenities that make it a
popular destination of leisure travelers around the world, including a pool, spa,
sauna, restaurant and activities center.
"We are pleased to continue the growth of our Marc Resorts subsidiary and the
expansion of our property management and rental business. We are excited about
the growing opportunities we have in this segment. Our continued focus on
increasing the scope of our property management and rental business also
simultaneously adds incremental value to our core vacation ownership sales
business," stated L. Steven Miller, president and chief executive officer of Sunterra
Corporation.
Michael V. Paulin, president of Marc Resorts and senior vice president of Sunterra
Corporation, commented, "This contract represents a strong endorsement of
Sunterra's ability to effectively and profitably manage vacation ownership and other
resorts and hotels as well as signifying Marc's increasing prominence in the resort
management industry."
Sunterra Corporation is the largest international owner and manager of vacation
ownership resorts, with 89 resort locations around the world and more than 250,000
owner families. Through its Marc Hotels & Resorts subsidiary, Sunterra also
manages 21 resorts in Hawaii. The Company's operations consist of (i) marketing
and selling vacation interests, (ii) developing, acquiring and operating vacation
ownership resorts, (iii) financing customers' purchases and (iv) providing resort
rental, management and maintenance services.
This release contains forward-looking statements, which include Sunterra's future
prospects and other forecasts and statements of expectations. Actual results
might differ materially from those expressed in any forward looking statements
made by Sunterra due to, among other things, factors related to the timing and
terms of future mortgages receivable financings and sales and those factors
identified in Sunterra's filings with the Securities and Exchange Commission,
including those set forth in Parts 1 and 2 of Sunterra's Annual Report on Form 10-K
for the year ended December 31, 1998, and current reports of Form 8-K.
SOURCE Sunterra Corporation
/CONTACT: L. Steven Miller, President and CEO, 407-532-1000,
or Robert Weiner, Director of Investor Relations, 407-532-1000, both of
Sunterra Corporation, or Gayle MacIntyre of Bates Travel and Tourism,
404-237-8618, for Sunterra Corporation/
(OWN) |
