Sunterra Corporation (NASDAQ:SNRR) today reported that it had entered into a conditional agreement to sell certain property and assets to Trew Holdings, LLC.
Following its acquisition of the business of Epic Resorts in October 2003 which included these assets, Sunterra has agreed to sell development land and unsold Vacation Interests at the Island Links Resort in Hilton Head, South Carolina to Trew Holdings, LLC. Trew Holdings, LLC will also acquire the right to manage the Island Links Resort.
The resort will continue to be affiliated with Club Sunterra as a component site of Club Sunterra Vacations II, formerly known as the Epic Vacation Club. The agreement is subject to customary closing conditions that Sunterra expects to be fulfilled within the next 60 days.
Nicholas Benson, President and CEO of Sunterra Corporation, commented, "Our acquisition of Epic Resorts added five new destinations to Club Sunterra. It also gave us the opportunity to offer access to all of the Club Sunterra resorts worldwide to the members of the Epic Vacation Club. With this latest transaction we are able to liquidate some development land assets for which we had no immediate plans and apply the proceeds to future developments that will benefit all our Club members. Hilton Head is a popular destination and that is why we will retain the Island Links Resort as an affiliate of Club Sunterra. All of our members -- including those who joined Sunterra as a result of our acquisition of Epic Resorts -- will benefit from this deal."
Sunterra is one of the world's largest vacation ownership companies with over 335,000 owner member families and more than 90 affiliated resort locations throughout the continental United States and Hawaii, Canada, Europe, the Caribbean and Mexico.
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