|Orlando, FL -- April 6, 2000 - Vistana,
Inc., a wholly owned subsidiary of Starwood Hotels & Resorts Worldwide,
Inc. (NYSE: HOT), and Sun International Hotels Limited (NYSE: SIH) have
finalized plans to develop Harborside Resort at Atlantis, a large-scale
luxury vacation ownership resort adjacent to Atlantis, Paradise Island
in the Bahamas. Construction and presales will begin at the
Vistana and Sun International have formed a 50/50 joint venture to design, develop, sell and manage the 198 unit vacation ownership resort which will be located between Nassau’s Harbour and the Atlantis Marina. Initial occupancies are scheduled for early 2001.
The joint venture agreement calls for Sun International to oversee the development and construction phases and manage the hospitality elements of the Harborside Resort at Atlantis. Vistana will manage all timeshare operations including sales and marketing, portfolio management, and administrative services.
“Harborside Resort at Atlantis will create a vacation ownership experience unmatched in the Bahamas and the Caribbean. Our guests and owners will experience a world class resort with first-class amenities in a spectacular setting. The villas will overlook Atlantis’ deep water marina which is capable of handling yachts up to 220 feet and our owners and guests will have unrestricted access to the numerous Atlantis amenities, including the elaborate waterscape, beach, pool complexes,” said Raymond L. “Rip” Gellein, Jr., chairman and co-chief executive officer of Vistana, Inc.
The recently completed $650 million expansion of Atlantis, Paradise Island is in keeping with Sun International’s reputation for creating not just a resort, but an entire vacation destination. The new Royal Towers contains 1,202 guest accommodations set in two majestic towers. It is the centerpiece of the mega-resort which now offers more than 2,300 guest accommodations, a casino spanning a seven-acre lagoon, 38 restaurants and lounges, and the world’s largest marine habitat, second only to mother nature. Atlantis also offers 11 million gallons of water activities and attractions including water slides and rides, swimming pools, waterfalls, fountains, snorkeling and swimming lagoons, plus one of the world’s most beautiful beaches.
“A luxury vacation ownership resort is an important element of the overall experience at Atlantis and we are proud to have Vistana as our partner in this venture. The vacation ownership villas will complement the existing theme of Atlantis, Paradise Island. The vacation ownership villas will give our guests the opportunity to come back to Atlantis year-after-year and enjoy a true ownership experience,” said Sol Kerzner, chairman, Sun International.
Resort at Atlantis will consist principally of two-bedroom lock-off style
units providing maximum flexibility of usage. Plans are underway
to include the resort in a network of other Starwood vacation ownership
resorts. This would afford owners at the resort greater flexibility
in the usage of their vacation ownership.
Sun International Hotels Limited is an international resort and gaming company which develops and manages premier resort and casino properties and currently operates resort hotels and casinos in Atlantic City, The Bahamas, the Indian Ocean and Middle East.
Headquartered in Orlando, Florida, Vistana, Inc. operates 10 vacation ownership resorts, four in Florida, two in Colorado, one in South Carolina, one in the U.S. Virgin Islands and two in Arizona. Resorts under construction include the PGA Vacation Resort in Port St. Lucie and Vistana Vacation Villages in Orlando. In October 1999, Vistana, Inc. was acquired by Starwood Hotels & Resorts Worldwide, Inc. Through its subsidiaries, Starwood owns, manages and franchises over 700 hotels and resorts in 80 countries with more than 223,000 rooms and 120,000 employees at its owned and managed properties.
|Also See:||Lyndon Stromberg's Spectacular New 140' Sculpture Sits Atop Atlantis Hotel and Resort / Jan 1999|
|Starwood Targeting Excess Land at Owned Resorts for Interval Ownership / Plans to Merge with Vistana / July 1999|