Sun International Announces Closing of Resorts Sale

Apr 25, 2001, 01:00 ET from Sun International Hotels Limited

    PARADISE ISLAND, The Bahamas, April 25 /PRNewswire/ -- Sun International
 Hotels Limited (NYSE:   SIH) today announced that the sale of the Resorts Casino
 Hotel to an affiliate of Colony Capital LLC has been completed.  At the
 Closing, the Company received approximately $127 million in cash and
 $17.5 million of Subordinated Notes. The Subordinated Notes have a maturity of
 seven years and bear interest at 12.5% per annum.  The interest is payable 50%
 in cash and 50% in additional Subordinated Notes. The $127 million in cash was
 used to permanently reduce debt under the Company's Bank Credit Facility.  As
 part of the purchase agreement, Colony has an option to acquire additional
 real estate adjacent to the Resorts Casino Hotel for $40 million.
     Sun International Hotels Limited is an international resort and gaming
 company incorporated in The Bahamas that develops, operates and manages
 premier resort and casino properties.
     Certain statements and information included in this release constitute
 "forward-looking statements" within the meaning of the Federal Private
 Securities Litigation Reform Act of 1995. Such forward-looking statements
 involve known and unknown risks, uncertainties and other factors which may
 cause the actual results, performance, or achievements of the Company to be
 materially different from any future results, performance, or achievements
 expressed or implied in such forward-looking statements. Additional discussion
 of factors that could cause actual results to differ materially from
 management's projections, forecasts, estimates and expectations is contained
 in the company's SEC filings.
 
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SOURCE Sun International Hotels Limited
    PARADISE ISLAND, The Bahamas, April 25 /PRNewswire/ -- Sun International
 Hotels Limited (NYSE:   SIH) today announced that the sale of the Resorts Casino
 Hotel to an affiliate of Colony Capital LLC has been completed.  At the
 Closing, the Company received approximately $127 million in cash and
 $17.5 million of Subordinated Notes. The Subordinated Notes have a maturity of
 seven years and bear interest at 12.5% per annum.  The interest is payable 50%
 in cash and 50% in additional Subordinated Notes. The $127 million in cash was
 used to permanently reduce debt under the Company's Bank Credit Facility.  As
 part of the purchase agreement, Colony has an option to acquire additional
 real estate adjacent to the Resorts Casino Hotel for $40 million.
     Sun International Hotels Limited is an international resort and gaming
 company incorporated in The Bahamas that develops, operates and manages
 premier resort and casino properties.
     Certain statements and information included in this release constitute
 "forward-looking statements" within the meaning of the Federal Private
 Securities Litigation Reform Act of 1995. Such forward-looking statements
 involve known and unknown risks, uncertainties and other factors which may
 cause the actual results, performance, or achievements of the Company to be
 materially different from any future results, performance, or achievements
 expressed or implied in such forward-looking statements. Additional discussion
 of factors that could cause actual results to differ materially from
 management's projections, forecasts, estimates and expectations is contained
 in the company's SEC filings.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X57444553
 
 SOURCE  Sun International Hotels Limited