DIAMOND RESORTS
| FLAMINGO BEACH & ROYAL PALM RESORT |
| ROYAL PALM RESORT |
| FLAMINGO BEACH |
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RESALES AND RENTALS BY OWNER
Every suite is beach front at Royal Palm Beach Club.
Resting on the beautiful Simpson Bay, your vacation
here is promised to be a tropical delight. Picturesque
views and powder white sand and a resort complete
with poolside bistros, steel bands and glorious
equipped Royal Palm Beach Club promises fun filled
days and a variety of water sports, tennis, golf and all
the night life you will ever need.
Resting on the beautiful Simpson Bay, your vacation
here is promised to be a tropical delight. Picturesque
views and powder white sand and a resort complete
with poolside bistros, steel bands and glorious
equipped Royal Palm Beach Club promises fun filled
days and a variety of water sports, tennis, golf and all
the night life you will ever need.
Located off Pelican Key and minutes away from
Philipsburg, Flamingo Beach Resort, is mostly an
ownership condominium complex, however rooms
are rented and all are beach front. All units feature
air conditioning with ceiling fans, TV, telephone, full
kitchens with microwaves and safe deposit boxes.
There is 24 hour security. Laundry room on site and
water sports nearby.
Philipsburg, Flamingo Beach Resort, is mostly an
ownership condominium complex, however rooms
are rented and all are beach front. All units feature
air conditioning with ceiling fans, TV, telephone, full
kitchens with microwaves and safe deposit boxes.
There is 24 hour security. Laundry room on site and
water sports nearby.
$50 timeshare tax in addition to rental prices
March 12, 2007
DIAMOND RESORTS TO ACQUIRE SUNTERRA FOR $16.00 PER SHARE IN CASH CREATING LEADING VACATION OWNERSHIP CO.
LAS VEGAS, March 12, 2007 - Sunterra Corp (Pink Sheets: SNRR) today announced it has entered into a definitive agreement with an
affiliate of privately held Diamond Resorts, LLC, based in Las Vegas. Under the terms of the agreement, Diamond Resorts' affiliate will
commence a tender offer within the next five business days for all of Sunterra's issued and outstanding common stock at a price of
$16.00 per share in cash (the "Offer"), a 35% premium over the March 8th closing price of Sunterra's common stock, the day before
rumours of the acquisition entered the marketplace. The total value of the transaction is approximately $700 million, including $375
million of existing Sunterra debt.
The offer will be open for forty calender days following commencement of The Offer. The debt financing supporting the Offer will be
financed by a bank group led by Credit Suisse, which has provided a definitive financing commitment to Diamond Resorts.
John D. Ziegelman, Chairman of Sunterra, said, "Both our management team and our Board of Directors believe that, following a
detailed review of strategic alternatives, The Diamond Resort's Offer is the best approach to maximize shareholder value and is in the
smooth transition."
The Sunterra Board of Directors has unanimously approved the acquisition. Consummation of The Offer is subject to customary
conditions and is not subject to financing. The Parties expect Diamond Resort's acquisition of Sunterra to be completed during the
second calender quarter of 2007. Following the Diamond Resort's affiliate acquisition of at least 90% of Sunterra's outstanding
shares, the Diamond Resort's affiliate will merge with and into Sunterra, with any shares not tendered in the tender offer being
converted into the right to receive $16.00 per share in cash. Sunterra will remain headquartered in Las Vegas.
The Sunterra Board of Directors have received opinions from its financial advisors, Merrill, Lynch, Pierce, Fenner and Smith, Inc. and
Duff & Phelps, LLC, that the consideration to be paid to Sunterra stockholders in the transaction is fair from a financial point of view.
Weil Gotshal and Manges LLP and Neuberger, Quinn, Gielen, Ruben and Gibber, P.A are acting as legal council to Sunterra.
FOR RENT
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ROYAL PALM 3 BEDROOM
