The acquisition follows Grand Vacation's recent hotel property purchases in Majorca and the Canary Isles, international vacation spots. Sunterra's prepared statement didn't disclose the purchase price, buyer's name, age of the property, occupancy or average daily/weekly rates.

The statement from Grand Vacation's CEO, Paula Woodgate, says the property comprises 48 apartments ranging in size from studio to three-bedroom units. Sunterra officials couldn't be reached to learn if the property is actually an apartment building rather than a hotel.

"We are now the only timeshare organization in the world capable of offering its members a genuine Parisian break," Woodgate says in the statement. Royal Regency is not mentioned on any of the leading Paris hotels' lists on the Internet.