Time-share operator moving headquarters to Vegas

Monday, March 11, 2002 | 11:04 a.m.

Time-share operator Sunterra Corp. is moving its corporate headquarters and many of its 160 employees from Orlando, Fla., to Las Vegas to reduce overhead as part of a restructuring plan to emerge from two-year old Chapter 11 bankruptcy proceedings.

Sunterra said the move relates to the significant business it conducts in Las Vegas, home to the company's 125-employee financial services center, which handles mortgages and billing. Sunterra has no time-share properties in Las Vegas but owns or manages 75 properties in California, Arizona, New Mexico, Virginia, Orlando, Hawaii the Caribbean and Europe.

Under a reorganization plan filed in January, the company said it would divide operations into two divisions -- Sunterra USA based in Las Vegas and Sunterra Europe headquartered in Lancaster, England. The company's corporate management team is expected to relocate to Las Vegas before the end of the year.

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