Nicholas, this is not new to us, but I took it from a trade publication.
resortvalueline.net
>>WestAmerica and Sun Development Sign Agreement February 5, 1999 Sun Development Co. N.V., which owns and operates four timeshare resorts in Aruba, announced Wednesday that it will purchase a fifty percent (50%) interest in WestAmerica Land Co., a subsidiary company of WestAmerica Corp., for $6,000,000.
Sun Development, an Aruba corporation, opened its doors in 1973 as the first timeshare resort developer in Aruba, and one of the few in the world at that time. Sun Development has been in business for the past 26 years in the development, marketing, selling and management of vacation resorts, including timeshare resorts, hotels, master planned mixed-use projects and other leisure industry related projects and facilities. Sun has a customer base in excess of 25,000 people who have purchased vacation ownership from the company.
WestAmerica received approval in June 1998 for a new master planned destination timeshare resort located on 465 acres near Walt Disney World in Orlando, Fla. The resort will have 750 residential units along with an array of features and amenities -- including a championship golf course and spa. The first phase will consist of 155 units (7,905 timeshare weeks) and will be built on 35 acres.
WestAmerica's timeshare resort will include single-family homes and villas, some featuring 3 bedrooms, 3 baths, with heated pools and spas -- the first project of its kind developed by a public company.
Said Daniel M. Boyar, chairman and CEO of WestAmerica : "With Sun Development as our new strategic partner, we gain the experience of a company with 26 years and an award winning track record in the timeshare industry, who now seeks to expand its operations on a global basis. Orlando, Florida, the strongest timeshare market in the world, is the obvious choice for Sun's expansion plans in the United States.''
Sun Development has developed, owned and manages four timeshare resorts in Aruba,receiving international acclaim as Gold Crown resort affiliates with Resort Condominiums International (RCI). In addition, Sun has also developed Tierra del Sol, a 560 acre master
planned golf community which features a Robert Trent Jones, Jr. designed 18-hole championship golf course operated by the Hyatt Hotel affiliate, Golf Hyatt, and has developed Sun Plaza, a four story shopping mall and office complex.
Boyar added: "Sun Development is currently raising $55 million in a new stock offering. They have committed to invest $6 million from the first $18 million they receive from the proceeds of the stock offering, which is anticipated to close during the next 90 days.'' Source: Sun Development Co./WestAmerica Corp. Top | Current News |
