My Resort is Closing Down

[suzanne]

Suzanne, did you ever receive the documents for transferring back your timeshare? I am in the process
of trying to turn my unit back and have not yet received anything.

I have not received the documents as of today. They said it would take 2 to 3 weeks to receive them via email. I will post as soon as I get them.

Suzanne

 

[tonyg]

It doesn't look like there is anything to lose by not transferring the weeks back.

 

[K. Lower]

I too am trying to return my timeshare back to the Plaza Resort Club. I sent e-mail to the Board.
Maybe I should call instead? Suzanne, please keep us posted on the documents you are supposed
to receive.

 

[suzanne]

Still nothing from The Plaza. I will give them one more week and call them back. I want it resolved before the first of January if possible. I will keep this thread updated as things happen.

Suzanne

 

[suzanne]

I received letter from Plaza today. To return my weeks I have to pay Oct. Quarterly main fees that I was previously told I didn't need to pay plus a fee of $350.00 for document prep. They will send me docs to sign once they receive these fees. They said the board emplemented these policies at board meeting on Dec 4, 2016. This is where things stand for me now. I don't know at this point what I will do. Pay over $1100. To get rid of weeks or keep them and pay the Oct. Maint fees to keep acct up todate.
Suzanne

 

[pedro47]

To the OP, what is the latest information on the resort?

 

[suzanne]

To the OP, what is the latest information on the resort?

Please see my post from yesterday, on the letter I just received regarding cost to give weeks back.

Suzanne

 

[cerralee]

One of my resorts, the Waves in Ocean City Maryland is in the process of dissolving. At this point, ALL of the owners who did not turn their deeds back in and were current in their maintenance fees have gotten two of the three distribution checks that we were due after the association sold the units at auction. All owners were first given the option to turn their units back in to the association for free. For those that held out, the proceeds are being divided among the owners. So glad I didn't panic and turn my deed back in. There was a lot of paperwork involved but it was worth it. It took several years to get all the paperwork and holdout owners on board.

 

[K. Lower]

I received letter from Plaza today. To return my weeks I have to pay Oct. Quarterly main fees that I was previously told I didn't need to pay plus a fee of $350.00 for document prep. They will send me docs to sign once they receive these fees. They said the board emplemented these policies at board meeting on Dec 4, 2016. This is where things stand for me now. I don't know at this point what I will do. Pay over $1100. To get rid of weeks or keep them and pay the Oct. Maint fees to keep acct up todate.
Suzanne

I also received an email that for $350 I can deed my week back to the Plaza. I have decided to do that because of hardship and the annual maintenance fee is more than a hotel stay for a week somewhere else in Reno. I've found it's hard to sell a timeshare so will take this opportunity to let it go.

 

[suzanne]

I have reached the decision to pay the fees to get out of the Plaza. I don't see things getting any better even with a new management company.

Suzanne

 

[suzanne]

Update on resort give back. I received email link yesterday from The Plaza, the weeks are no longer in my name according to the Washoe County recorders office.

Suzanne

 

[preinero]

Hi Everyone. I'm trying to follow the thread. I am researching this for my parents who are aging and are not up to speed on what is happening. We received the letter explaining that the timeshare is closing and the offers to purchase another club membership or give back the "space" if you will and pay a fee. Well, yesterday they received a Notice of Default and Election to Sell their share for maintenance dues. So I'm confused. Is The Plaza still in business or are they shutting down?? I haven't received anything stating they are continuing to exist under new management. The more I think about it, the more I feel they should just let it go and move on. Any ideas? recommendations? or suggestions? would be most helpful

 

[suzanne]

The Plaza is remaining open under new management. The offer to take the weeks back was accepted in my case as a "hardship" case due to my husband's death in Nov. 2015. I'm not quite sure why they stated that, as they offered to take the weeks back when they were going to close and I accepted the offer. When I received the notice that they were going to remain open, I called and asked that they honor the offer to take the weeks back and was told that they would. The cost to me was $350.00 per week owned. (I owned 2 weeks). I don't know about the Notice of Default as my Maintenance Fees were never delinquent and the weeks were paid for in full. I have returned both weeks, see my previous post. In December I sent the necessary funds and the notarized documents they had sent me. I received confirmation last week that the weeks were transferred out of my name and into the Plaza Resorts name by the Washoe County Recorders office. I would suggest you call the resort and discuss the issue with them as everyone's situation is different.

Suzanne

 

[pedro47]

What is the HOA telling owners in writing and have anyone received last year owners newsletter or any written correspondence ?

 

[suzanne]

What is the HOA telling owners in writing and have anyone received last year owners newsletter or any written correspondence ?

The only thing I ever received in writing from the Plaza was the quarterly news letters. They never mentioned anything about the resort closing and then deciding to remain open under new management. Until I got letter about the closure of the Plaza I had no idea they were in trouble. I did find it interesting that I received an email from RCI that the Plaza was not closing due to finding a new management company before I heard this from the Plaza. Made me wonder who the new company was, as I still have no idea who it is.
Suzanne

 

[ken334]

I was able to return my week back to the new owners of Plaza Resort. The price was $350.00 to cover recording fees and administration expenses. I received a confirmation from management company that the transfer was completed and a link to the Washoe County Recorder where I was able to confirm that the timeshare was transferred to The Plaza Resort.

 

[jthitch]

I was able to return my week back to the new owners of Plaza Resort. The price was $350.00 to cover recording fees and administration expenses. I received a confirmation from management company that the transfer was completed and a link to the Washoe County Recorder where I was able to confirm that the timeshare was transferred to The Plaza Resort.

When I got the letter that they were closing I selected the option to return my week. I heard nothing more until I got the second letter saying never mind. I called the resort several times and got a different story every time. I talked with a Michelle who was involved with the transition. She told me that the option to walk away was still available and that she would email me the paperwork. I got nothing. Then I got the letter saying I had to pay $350 to get out. A second call got Kennedy. She said the board changed their mind and no one could change it. She said she would have Richard Drechsler, the president, call me back. No call. The board of directors have been deceitful and have hidden the situation from the owners. They said it was closing and I made other plans. I was twice told that I could return my week and now they are trying to get me to pay them to take it back. I want nothing to do with this organization and will no longer participate. I have walked away. I will quit claim the title if they like, but I will not allow them to extort $350 from me to get my unit for free.

 

[suzanne]

When I got the letter that they were closing I selected the option to return my week. I heard nothing more until I got the second letter saying never mind. I called the resort several times and got a different story every time. I talked with a Michelle who was involved with the transition. She told me that the option to walk away was still available and that she would email me the paperwork. I got nothing. Then I got the letter saying I had to pay $350 to get out. A second call got Kennedy. She said the board changed their mind and no one could change it. She said she would have Richard Drechsler, the president, call me back. No call. The board of directors have been deceitful and have hidden the situation from the owners. They said it was closing and I made other plans. I was twice told that I could return my week and now they are trying to get me to pay them to take it back. I want nothing to do with this organization and will no longer participate. I have walked away. I will quit claim the title if they like, but I will not allow them to extort $350 from me to get my unit for free.

I agree that the way us owners were treated in this mess really sucked. I did pay the $350.00 per week fee just to get rid of them. Since I owned 2 weeks its cost me $700.00 total to be down with it. I still feel like I was ripped off, but at least I no longer have to deal with them. I still don't know who the new management group is. But word of advice, if you do not pay them to take it back or pay your maintenance fees it will be turned over to a collection agency and hurt your credit. They very adamant about that. Good Luck.

Suzanne

 

[Emmie]

Hello, I am new to this forum, found it by doing a search on what happened to the Plaza. We purchased our week over 30 years ago and used it almost every year. We had been thinking about giving it back as the dues were getting higher then the cost of a hotel room and we get a lot of offers for free rooms. However we really enjoy there and the friendly employees who always remember us. We had mixed feelings when we got the letter. We were in Reno last SeptembSeptember and had a long talk with Richard Drechsler. He explained all the factors that let up to the problems, most have been mentioned above. There are many problems with selling the building due to some environmental concerns about gasoline storage tanks under the street or building (I don't remember all the details ). We asked about selling the antiques but they are owned by the family of the orginial owner. We didn't want any of the other resorts so we decided to sign our share back. His assistant took us next door to an office where we signed a quit claim deed. We didn't have to pay any fees. A few weeks later we received a letter that they weren't closing after all and again had mixed feelings but in the long are glad to be out of it. There might be expenses later on regarding the gasoline tanks needing to be removed. We will miss staying there but will still go to Reno.

 

[jthitch]

When I got the letter that they were closing I selected the option to return my week. I heard nothing more until I got the second letter saying never mind. I called the resort several times and got a different story every time. I talked with a Michelle who was involved with the transition. She told me that the option to walk away was still available and that she would email me the paperwork. I got nothing. Then I got the letter saying I had to pay $350 to get out. A second call got Kennedy. She said the board changed their mind and no one could change it. She said she would have Richard Drechsler, the president, call me back. No call. The board of directors have been deceitful and have hidden the situation from the owners. They said it was closing and I made other plans. I was twice told that I could return my week and now they are trying to get me to pay them to take it back. I want nothing to do with this organization and will no longer participate. I have walked away. I will quit claim the title if they like, but I will not allow them to extort $350 from me to get my unit for free.

 

[jthitch]

I am out, I got a goodbye email today saying I was no longer a member with a link to the recorded transfer deed. I don't know why they decided to let me leave after saying it would cost $350. Probably they just tired of hearing me complain. It wasn't really the money that bothered me as much as how poorly they treated their members. But I refused to pay anything after what they did to me. The board hid the situation, announced it was closing, cancelled my 2017 reservation, gave me the option to leave, said never mind, said you can still leave under a hardship provision if you pay $350. But it is over now. I will try to never think about them again.

 

[bogey21]

I did pay the $350.00 per week fee just to get rid of them. Since I owned 2 weeks its cost me $700.00 total to be done with it.

You made a good decision. About 3 years ago I paid $1,000 in lieu of a large Special Assessment to Deed Back a Week at a Colorado Resort. I have never regretted it. The end result is that what counts is severing your ownership, not the money. IMO $700 is a small price to pay for peace of mind.

George

 

[momdeb]

I just received our "farewell" letter and a link to the recorded Grant Deed being signed over to the Plaza Resort Club. We have owned since 1986, but we bought it only for trading into RCI. Over the years that has worked pretty well for us, as the Plaza has always been a Gold Crown, so we traded straight across to some very nice larger units around the country. Things changed, though, when RCI was sold to Wyndham and the Plaza was now only worth between 14-18 points. When we got the letter saying they were selling the property, we saw a chance to get out from under it. I delayed doing anything until this January, and was afraid that they would not accept the timeshare back, since they were going to continue to stay open. I emailed a letter stating the different reasons why we could not continue to use the timeshare, and fairly quickly got an email response telling us that they would take it back because it was a financial hardship for us to keep it. All they required was the payment of $350. (I am a Notary Public, so I know that payment is for the title company and is a pretty standard fee in the industry). I sent the check, then waited over 3 months to hear from them, and only did because I emailed them and asked why I had not received anything. They quickly responded, and we had the Grant Deed notarized and returned ASAP.

We have 3 weeks already banked at RCI, and RCI will honor those weeks. As long as we pay for our membership in RCI, we can still take advantage of their Last Call and their Extra Vacations, even though we no longer own a timeshare. Many of those deals are WAY better than using a timeshare week, when you add up the total cost of the maintenance fee and exchange fee ($230.). I am SO relieved to be done with this timeshare!!

 

[TomWK]

Suzanne, have you received any update on the Plaza's status?? Unfortunately, I could not attend the annual meeting in March.