At Sunterra's Sedona resort, work will begin on a new development phase. Upon completion, it will comprise 64 two-bedroom condominium units. A new maintenance/housekeeping facility will also be built, as well as a swimming pool, spa, children's play areas and play pool. Company officials say the first 16 units of the project, to be built on an 11-acre site, will completed before year's end.

Also slated for completion by the end of '03 is the Plantation at Fall Creek addition, which will include 16 new two-bedroom units.

"This development work is driven by our desire to provide our members with high quality vacation experiences at two of our most popular resorts," says Sunterra president and CEO Nick Benson. "As Sunterra continues to expand we will be reviewing the opportunities to carry out similar projects at our other resorts as well as new developments and acquisitions where these fit into our plans for expanding and enhancing our resort portfolio worldwide."