Press Release: Sunterra Corporation
July 4, 2002
ORLANDO, FL -- Sunterra Corporation yesterday announced that its European subsidiary, Sunterra Europe (Group Holdings)
plc has acquired the timeshare business of CBM Group, a privately held Spanish company. The business comprises
two resorts in the Balearic island of Majorca (Garden Lago and Cala de Mar) and one resort in Gran Canaria (Cala
Blanca), which is one of the Canary Islands. Both destinations are prime European vacation locations.
"This is a great deal for our club members," said Nick Benson, chief executive officer of Sunterra. "Both
Majorca and Gran Canaria are new destinations for our club and we know from our member feedback that they will
be extremely popular. We are taking on an experienced and capable team of staff from the CBM Group and welcome
the expertise they will bring to us." Paula Woodgate, chief executive officer of Sunterra Europe (Group Holdings)
plc commented "We're delighted to have acquired three excellent properties and inherited high quality and
experienced management and sales teams. During the next few years, we will embark upon a significant investment
programme at each of the resorts which will further enhance their quality for the benefit of all our members."
Sunterra Corporation is one of the world's largest vacation ownership companies, with owner families and resorts
in North America, Europe, the Pacific and the Caribbean.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS. Certain statements in this release constitute forward-looking
statements subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include those regarding Sunterra's investment programme at the resorts.
Actual results or developments may differ from those provided for in any of the forward-looking statements
SOURCE: Sunterra Corporation