Canada's first JW Marriott in trouble...it was a condo-hotel

Looks like Canada's first JW Marriott is in trouble with cost overruns on the condo-hotel known as Red Leaves Muskoka, about a 2 hr drive north of Toronto into a very well-to-do cottage area:

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http://www.bracebridgeexaminer.com/article/136848

"
Red Leaves hotel in receivership
May 27, 2009 - by Karen Longwell
Cost overruns for the multimillion-dollar Minett development Red Leaves have forced a portion of the lakeside resort into receivership, this newspaper has learned.
On May 22, The Rosseau Resort Developments Inc., the owner of The Rosseau, a JW Marriott Resort & Spa in Minett, entered into a court-ordered receivership.
The Ontario Superior Court of Justice appointed Alvarez & Marsal, an independent global professional services firm, as trustee under the Construction Lien Act (Ontario) as well as interim receiver under the Bankruptcy and Insolvency Act, confirmed Richard Morawetz, a managing director with Alvarez & Marsal Canada ULC.
The court proceedings relate only to The Rosseau Resort Developments Inc. and do not involve any of the other Red Leaves properties including The Rock golf course, Wallace Marine and Clevelands House, said Morawetz." For more see the url above...

Stand by for all the posts taunting PerryM.

Surprisingly, Perry convinced me not to buy into the condo-hotel as he felt their projected occupancy rate estimates were way too high which would cause a shortfall in expected revenue from ownership. Perry has been interested in condo-hotels for some time and I think he invested in them - so I considered his opinion valuable - and it obviously saved me a lot of money in this case.

Brian

Brian,

I was not discount Perry's viewpoint or advice. On WorldMark alone, I learned a lot from Perry.

I was just commenting that most threads on hotel-condo or destination clubs tend to draw posts that taunt his previously stated viewpoints. The Eagle Crest WM thread is one recent example.

I was just trying to head them off at the pass.

Thanks