THE BIG ISLAND, HAWAII-Fairfield Resorts, the locally based timeshare developer that boasts it is the world’s largest vacation ownership company with 450,000 owners, has just grown larger.

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 says it plans a $3 million renovation ($40,000 per unit) of its newly acquired assets to be completed by spring 2003.

Orlando area brokers familiar with the national timeshare market tell 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.

Fairfield is a subsidiary of New York-based Cendant Corp.

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