These six new projects are in addition to Signature's previously announced January 1998 acquisition of the Westin Carambola Beach Resort in St. Croix, U.S. Virgin Islands and February 1998 acquisition of Orlando, Florida based MMG Development Corp.
On December 31, 1997, Signature acquired the 46 unit Coral Reef Resort in Miami, Florida, and during the first quarter of 1998 acquired the 105 unit Homewood Suites, Santa Fe, New Mexico, the 58 unit Club Mougins resort located near Cannes, France and 10 units at the Sunset View resort in Tenerife, Canary Islands in individual transactions with an aggregate purchase price of approximately $25.7 million. Signature will operate the Miami and Santa Fe resorts under its Sunterra Resorts brand, and will include the Cannes and Tenerife resorts in its European Grand Vacation Club. Signature intends to begin vacation ownership sales at each of these newly acquired resorts during the second quarter of 1998.
In addition, in March 1998, Signature received final planning, zoning and development approval for the planned development of the 158 unit Westin Vacation Club in Rancho Mirage, California, the Company's second joint venture with Westin Hotels Resorts. In March 1998, Signature also received final planning, zoning and development approval for the 58 unit Sunterra Harbor Lights Resort in San Diego, California. The Company expects to complete the initial phase of development of each of the Rancho Mirage and San Diego resorts and begin vacation ownership sales at the resorts during 1999.
Signature Resorts, Inc. is the world's largest owner and operator of
vacation ownership resorts. Signature currently has 81 resort locations
in 8 North American and European countries with approximately 200,000 owner
families. Through its Marc Hotels Resorts subsidiary, Signature manages
units at an additional 22 resorts in Hawaii.
|Signature Resorts is the world's largest developer and operator of
resorts. The Company currently has 77 resort locations and an additional 22 properties under management with approximately 200,000 owner families in 8 North American and European countries.
Through its proprietary Sunterra Resorts brand name and its Embassy Vacation Resorts and Westin Vacation Club Resorts, Signature Resorts is the only company of its kind to offer vacation intervals in each of the three principal price segments: value, upscale and luxury.
Signature has become the leading consolidator in the growing and fragmented vacation ownership industry through its strategy of expanding existing resorts, acquiring and developing additional resorts and consolidating other vacation ownership companies. Since its IPO in August 1996, Signature Resorts has expanded from 9 to 77 resort locations and 25,000 to 200,000 owner families.
This release contains forward looking statements, which include Signature's
expansion plans, future prospects and other forecasts and statements of
expectations. Actual results might differ materially from those expressed
in any forward looking statements made by Signature due to, among other
things, factors related to the timing of the developments and the commencement
of sales and those factors identified in Signature's filings with the Securities
and Exchange Commission, including those set forth under the caption "Risk
Factors" in Signature's final prospectuses with respect to the resale of
its common stock and the exchange of its 9 3/4% senior
subordinated notes due 2007.