GlobeSt.com UPDATE: Sunterra's $25M Bid Wins Bankrupt Epic Resorts

KING OF PRUSSIA, PA-Locally based Epic Resorts, once forced into bankruptcy by creditors owed more than $300 million, sells to the highest bidder, Las Vegas-based Sunterra Corp., for $25 million in cash. The acquisition, which will be unsealed and confirmed in court on Oct. 7, is expected to close by the end of this month.

Epic encompasses six resort locations: Hilton Head, SC; Daytona Beach, FL; Scottsdale, AZ; Palm Springs, CA; Lake Havasu, AZ, and Las Vegas. The points-based Epic vacation club has approximately 16,000 active members, and there are also approximately 4,500 owners of Epic timeshare weeks at the Hilton Head and Daytona Beach properties.

Sunterra’s acquisition includes management rights to the club and four of the Epic resorts, inventory assigned to the club, development land at the Hilton Head property and unsold inventory at the resorts.