The relocation will add to metro Orlando's estimated 586,000 sf of subleased office inventory and is expected to increase the vacancy level to over the current 14% mark, area brokers tell Globe St.com. The company's 160 Orlando employees have been offered jobs in Vegas.
Sunterra voluntarily filed for protection from its creditors under the U.S. Bankruptcy Code in May 2000, listing assets of $1 billion and liabilities of $850 million. Cypress Pointe Resort in Orlando is one of Sunterra's more successful properties.
Sunterra's reorganization plan calls for splitting the company into two divisions. Andy Gennuso will be regional CEO of Sunterra USA in Vegas. Paula Woodgate will have the same title at Sunterra Europe based in Lancaster, England.
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