Sunterra Corporation Affiliates Second Cape Cod Location
LAS VEGAS, NV -- (MARKET WIRE) -- 03/30/2005 -- Sunterra Corporation (NASDAQ: SNRR) announced today that it has affiliated another vacation ownership resort in Cape Cod to the Club Sunterra portfolio of vacation ownership resorts.
The Edgewater Beach Resort, located in Dennisport, offers six acres of beautifully landscaped oceanfront property on Nantucket Sound. Within a short drive, guests will find golf, tennis, sailing and deep sea fishing, as well as whale watching and shopping at the numerous boutiques and antique shops scattered throughout the Cape.
The resort currently features 10 two-bedroom suites, 39 one-bedroom, and 14 studio units. An additional 13 units are under construction and scheduled for completion in the summer of 2005. Club Sunterra members will begin booking into the resort in early 2006.
Andrew Gennuso, President of Sunterra's U.S. marketing arm, said, "We are delighted to offer our members yet another vacation destination. We believe that this association will enhance the value of Club Sunterra to our current owner families and bring new owners to Sunterra as well."
Monomy Associates L.L.C., the developer and sales agent of the Edgewater Beach Resort, has also entered into an agreement to market Club Sunterra membership to the owner base of the resort.
Sunterra is one of the world's largest vacation ownership companies with more than 300,000 owner member families and 94 affiliated resort locations throughout the continental United States and Hawaii, Canada, Europe, the Caribbean and Mexico. Sunterra news releases, as well as additional news and information on the Company, can be found at http://www.sunterra.com.
Statements about future results made in this release, including the projections regarding the availability of units at The Edgewater Beach Resort constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Sunterra's Form 10-K for the period ended September 30, 2004.
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