The developer has acquired 76 of the 154 oceanfront condominiums at the seven-story Royal Sea Cliff Resort on the Kona coast of the big Island of Hawaii.
Fairfield wouldn't disclose its investment amount in a prepared statement but a spokesperson tells GlobeSt.com the company plans a $30 million renovation or about $40,000 per unit. Occupancy is tentatively scheduled for spring 2003. Per-week nit prices are being worked out.
Orlando area brokers familiar with the national timeshare market tell GlobeSt.com on condition of anonymity Fairfield paid Hawaii-based Outrigger Hotels & Resorts at or near the estimated replacement cost of $15 million or about $200,000 per unit.
Outrigger Enterprises Inc., which has managed the seven-acre Royal Sea Cliff since May, will continue on-site management for Fairfield's assets. The condo community is two miles south of Kailua-Kona and one mile from Fairfield Hawaii at Kona Hawaiian Village Resort acquired by Fairfield in August.
The company is a subsidiary of New York-based Cendant Corp.
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