Posted at 12:00 p.m., Friday, June 4, 2004
Time-share deal worth $94M
Advertiser Staff
The minority owner of the Embassy Vacation Resort Ka'anapali time-share has agreed to purchase the interest it didn’t already own in the Maui property in a deal valued at about $94 million.Las Vegas-based Sunterra Corp. said it will buy the 72 percent interest in the 413-unit time-share from an affiliate of Goldman Sachs. The transaction is expected to be completed later this month or early July.
Sunterra, which owns or operates about 12 time-share or vacation rental properties in Hawai'i, said the Ka'anapali time-share is one of its best-performing investments.
