Sunterra Corp. acquired a $93-million portfolio of more than 11,000 vacation interest receivables from Prudential Securities Credit Corp. LLC for about $44 million in cash

Hotel & Motel Management, May 3, 2004 by Elaine Simon

* Sunterra Corp. acquired a $93-million portfolio of more than 11,000 vacation interest receivables from Prudential Securities Credit Corp. LLC for about $44 million in cash. The portfolio's about 5,800 performing loans carry a weighted-average interest rate of 15.7 percent, have an average seasoning of 39 months and are secured by about 44 million vacation interest points in Club Sunterra Vacations II, formerly Epic Vacation Club. The portfolio also included about 5,300 largely defaulted nonperforming mortgages. The transaction was the second part of Sunterra's acquisition of Epic Resorts.

Compiled by Elaine Simon, esimon@advanstar.com