Diamond Resorts completed its $700 million
acquisition of the Sunterra Corp., paying $16 million per share for
Sunterra's outstanding common stock. Diamond said that it intends
to take the company private.
Diamond Resorts
specializes in developing, marketing and managing
vacation-ownership properties; the firm plans to retain Sunterra's
staff and its headquarters in Las Vegas.
Diamond's
portfolio of vacation-ownership properties includes the Jockey Club
and the Carriage House, both in Las Vegas. Sunterra, meanwhile, has
more than 100 vacation ownership or timeshare properties in the
U.S., Canada, the Caribbean and Europe.
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