US timeshare developer Great Vacations Resorts is currently wrapping up its financial analysis of the St. George's Club and is primed to close the deal within a month.

"We are reviewing the club's operation going forward to see how we can control costs,'' Great Vacations negotiator Bert Blicher said. "We want to make sure problems that occurred in the past don't happen in the future. We feel we will be able to make it much more efficient.'' The St. George's Club development ran into trouble this year when President Alistair Woolf attempted to raise additional money from timeshare owners to cover operational deficits.

The operations side of the timeshare is projected to lose over $820,000 this year, with accumulated deficits since 1991 adding up to a projected $2.9 million. The membership complained to Government which sent in auditors to assess the timeshare's operations. Mr. Woolf, who is a principal owner of the St. George's Club, also revealed he was in negotiations with Great Vacations to sell the timeshare operation. Last month Government approved the assessments on the timeshare's members based on the report by an appointed inspector. Members are responsible for all expenses of operating and maintaining the club.

Mr. Blicher said Great Vacations Resorts would focus on marketing the St.

George's Club more effectively to bring in more members. More members would help spread the costs of operating the club to more people, thus taking some of the burden off the current timeshare owners.

"There are unsold units that have to get sold,'' he said.

Great Vacations will be able to market the company better due to the size of its presence in the US and its already existing membership base, he said. The company will also allow people to rent timeshare units for short periods instead of requiring them to buy into the resort.

Great Vacations parent RBC International is in charge of development, sales and marketing of 12 timeshare resorts in the US. RBC has 250 employees and 45,000 timeshare owners.