LAS VEGAS, NV— Sunterra Corp. is reportedly the successful bidder for the assets of Epic Resorts, winning out with an all-cash bid of $25 million. Subject to final confirmation by the U.S. Bankruptcy Court for the District of Delaware, the transaction is expected to close by the end of this month. The Epic Vacation Club, a points-based vacation club with approximately 16,000 active members, features six different resort locations, with properties in: Hilton Head, SC; Daytona Beach, FL; Scottsdale as well as Lake Havasu, AZ; Palm Springs, CA; and here in Las Vegas. There are also approximately 4,500 owners of Epic timeshare weeks at the Hilton Head and Daytona Beach resorts. Epic’s assets include management rights to the Epic Vacation Club and four of the resorts, as well as inventory assigned to Epic Vacation Club, development land at the Hilton Head location, and unsold inventory at the resorts. A hearing to confirm the sale is scheduled to take place in the aforementioned bankruptcy court on Oct. 7, and Sunterra expects to reveal further details of this transaction and its plans for integrating this acquisition into its business following that hearing.
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