Sunterra Corp., a vacation timeshare company based in Las Vegas that has significant holdings in Hawai‘i and on Kaua‘i, says third quarter North American revenues grew 47 percent and overall profits more than doubled. “Despite severe hurricanes in the United
Sunterra Corp., a vacation timeshare company based in Las Vegas that has significant holdings in Hawai‘i and on Kaua‘i, says third quarter North American revenues grew 47 percent and overall profits more than doubled. “Despite severe hurricanes in the United States and challenging market conditions in Europe, Sunterra more than doubled net income and generated double-digit improvements in revenues,” CEO Nicholas Benson said.
A big part of that was big business in Hawai‘i, where Sunterra has bought the Embassy Vacation Resorts at Ka‘anapali, Maui, and Po‘ipu Pointe, Kaua‘i. Sunterra also has Waikiki holdings in the Royal Kuhio condo high-rise. Its other local holdings are listed as Fairway Villa, Hololani, Kapa‘a Shore on Kaua‘i, Papakea, Pono Kai, Sea Mountain, Sea Village and Valley Isle.
The quarter at a glance: ºRevenue: $23.1 million. Year before: $15.5 million. ºNet income: $12.9 million. Year before: $4.3 million. ºPer share: 50 cents. Year before: 21 cents.
Revenues shown above are EBITDA n earnings before interest, taxes, depreciation and amortization.
North American operations saw sales climb 47 percent on the rollout of a global pointsbased product to 17 sales centers. The North American operations reported net income of $9.3 million compared to a $0.7 million loss a year before, Sunterra said last week.
European operations continued to be profitable, generating $3.6 million of net income compared to $4.9 million a year earlier, but adverse market conditions, including further discounting by package tour operators, continued to depress tour flow at regional sales centers, Sunterra said. Sunterra is one of the world’s largest vacation ownership companies with more than 300,000 owner member families and over 90 affiliated resort locations.
