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 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.
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