Sunterra purchase by Diamond successful

[timeos2 Senior Member Find all posts View Profile Close timeos2]

April 26, 2007 09:21 AM Eastern Daylight Time
Diamond Resorts Successfully Completes Tender Offer for Sunterra Common Shares

LAS VEGAS--(BUSINESS WIRE)--Diamond Resorts, LLC today announced that its affiliate’s $16.00 per share tender offer for all outstanding shares of Sunterra Corporation (Pink Sheets: SNRR) common stock was successful.

Read it here

[Spence Super Moderator Find all posts View Profile Close Spence]

Important Message from Stephen J. Cloobeck, Chairman and CEO, Sunterra Corporation

April 27, 2007

Dear Club Sunterra Members and Owners,

I am delighted to announce that Diamond Resorts has completed its acquisition of Sunterra. I personally want to take this opportunity to introduce myself and reiterate my commitment to customer service, continually improving your vacation experience, and always exceeding your expectations.

Importantly, existing reservations will not be affected and you will continue to receive the same high level of customer service from the same friendly people you know and trust at our resorts and over the telephone. Your SunOptions, Club Sunterra membership, use rights, payment procedures, and procedures for making future reservations will also remain the same.
You will see some positive changes though. My goal is to enhance all of the benefits you have come to expect as Sunterra Members and Owners. We will be focused on product upgrades, improvements in customer service, and developing new resorts and destinations -- all of which will make your ownership more valuable.

Please let us know if you have any ideas on how we can improve your ownership experience. You can share your ideas by writing to us or by sending us an email at generalinformation2@sunterra.com. We look forward to building a brilliant future in the vacation ownership industry and are pleased that our Club Members and Owners will share in that future.

Warmly,
Stephen J. Cloobeck
Chairman and CEO
Sunterra Corporation

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Heard they were trying to buy out a few days ago.
Spence this might be a good thing as they can turn these properties back to gold again.

[Spence Super Moderator Find all posts View Profile Close Spence]

Heard they were trying to buy out a few days ago.
Spence this might be a good thing as they can turn these properties back to gold again.

BF - you've been out to lunch for a few months and this has been public for quite awhile and discussed here and there. Nobody believes it is good. No one has stepped forward and said anything good about Diamond and Polo Towers management. Cloobeck has illustrious quotes like "There won't be bedspreads, there will be Duvets" and he's gonna build a water park feature at Powhatan. I'd rather have clean blankets and bedspreads and clean indoor and outdoor pools!!! Who the heck do you think is gonna pay for his great changes?? I'm not impressed.

[riverdees05 Platinum Contributor Find all posts View Profile Close riverdees05]

I own two weeks at Lake Tahoe Vacation Resort and am waiting to see what happens. The timesharing world seems to be ever changing. Hoping for the best

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Spence I have seen some of the threads posted here. If I were an owner owning a few weeks. I would be happy to fork over extra MF to make my resort better. If they added a water park then people would want to go even more making your rental more valuable.

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Not a great reputation with owners

Spence I have seen some of the threads posted here. If I were an owner owning a few weeks. I would be happy to fork over extra MF to make my resort better. If they added a water park then people would want to go even more making your rental more valuable.

BF - I don't think anyone is arguing against some extra TLC to the resorts or even some reasonable fee increases if it results in a better resort. The problem seems to be that based on the feedback from current owners at Polo Towers they talk a good game, collect money - sometimes big money - then don't deliver in any type of timely manner or the full extent of the promised work. I'd suspect that the management overhead is large and eats up much of the money based on past experience with that type of management.

I will be interested to see just how they approach the whole thing. It's one thing where they hold the management keys to the kingdom - such as Powatan - and they can just railroad changes or assessments or fee increases through as they have the control. It's different at most Sunterra resorts as they don't hold the management anymore and they can't call the shots. Do they plan to pay for these standardized improvements? It will be interesting as usual I'm sure.

[clipper Junior Member Find all posts View Profile Close clipper]

The timesharing world seems to be ever changing.

DH and I will see the changes from both sides. We own at Polo Towers and also Club Sunterra. I was hoping that Sunterra would get picked up by a bigger timeshare/hotel points system but no such luck. At least the US and Europe resorts did not get separated. We have not received any news about this through Diamond Resorts.

Yes, the timesharing world is ever changing. We got a surprise earlier this year when the property management of our Banff timeshare was taken over by Fairmont Resorts and Hotels. Hoping for the best there too!

Mercedes

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

I'm glad I don't own at Sunterra. In corporate-speak, ''enhanced'' usually translates as ''screwed''. In is the favorite word for airlines to use when they take away some frequent flyer benefits, for example.

April 27, 2007

Dear Club Sunterra Members and Owners,

I am delighted to announce that Diamond Resorts has completed its acquisition of Sunterra. I personally want to take this opportunity to introduce myself and reiterate my commitment to customer service, continually improving your vacation experience, and always exceeding your expectations.

Importantly, existing reservations will not be affected and you will continue to receive the same high level of customer service from the same friendly people you know and trust at our resorts and over the telephone. Your SunOptions, Club Sunterra membership, use rights, payment procedures, and procedures for making future reservations will also remain the same.
You will see some positive changes though. My goal is to enhance all of the benefits you have come to expect as Sunterra Members and Owners. We will be focused on product upgrades, improvements in customer service, and developing new resorts and destinations -- all of which will make your ownership more valuable.

Please let us know if you have any ideas on how we can improve your ownership experience. You can share your ideas by writing to us or by sending us an email at generalinformation2@sunterra.com. We look forward to building a brilliant future in the vacation ownership industry and are pleased that our Club Members and Owners will share in that future.

Warmly,
Stephen J. Cloobeck
Chairman and CEO
Sunterra Corporation