VISTANA

Founded in 1980, the company is a leading developer and operator of timeshare resorts in the United States. The company's principal operations consist of: (i) acquiring, developing and operating vacation ownership resorts; (ii) marketing and selling Vacation Ownership Interests in its resorts, either on an annual or alternate-year basis; and (iii) providing financing for the purchase of Vacation Ownership Interests at its resorts. The Company currently operates three vacation ownersh... ip resorts in Florida with a total of 1,406 units, or 71,706 Vacation Ownership Interests, and is currently constructing a fourth resort at World Golf Village, a destination golf resort and future home of the World Golf Hall of Fame currently under development near St. Augustine, Florida. In addition, the Company has entered into an exclusive joint venture agreement with Promus, a leading hotel company in the United States, for the joint development and operation of vacation ownership resorts in selected North American markets. The Company has also entered into a letter of intent with PGA of America for the development of golf-oriented vacation ownership resorts.More