Sunterra Subsidiary Buys 48-Unit Paris Hotel

ORLANDO-Grand Vacation Co., the European subsidiary of Orlando-based Sunterra Corp., has purchased the 48-unit Royal Regency Hotel in the classy Vincennes residential district of Paris for an estimated $5 million or about $100,000 per room.

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.