# Hugo Chavez orders nationalization of Hilton hotel & timeshare



## Carolinian (Oct 14, 2009)

CARACAS (Dow Jones)--Venezuela moved to seize the Hilton resort on the Caribbean island of Margarita, a swanky beach-side hotel which recently housed Libyan leader Moammar Gadhafi and Zimbabwe's Robert Mugabe. 

President Hugo Chavez ordered the nationalization of the resort, which is owned by local firms facing troubles with the government's financial oversight body. The resort, which is managed by Hilton Worldwide, has 280 rooms and 154 time-share suites, according to the presidential decree ordering the takeover.


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## Jimster (Oct 14, 2009)

*seizure*

I'm guessing that TS will now be a very difficult exchange.:hysterical:


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## caribbean (Oct 14, 2009)

*RCI resort # 3545 Hilton Suites Margarita Island seized by government*

News today on RCI resort # 3545 Hilton Suites Margarita Island:

_CARACAS (Dow Jones)--Venezuela moved to seize the Hilton resort on the Caribbean island of Margarita, a swanky beach-side hotel which recently housed Libyan leader Moammar Gadhafi and Zimbabwe's Robert Mugabe. 

President Hugo Chavez ordered the nationalization of the resort, which is owned by local firms facing troubles with the government's financial oversight body. The resort, which is managed by Hilton Worldwide, has 280 rooms and *154 time-share suites*, according to the presidential decree ordering the takeover._


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## ecwinch (Oct 14, 2009)

Jimster said:


> I'm guessing that TS will now be a very difficult exchange.:hysterical:



Just requires a different type of "points".


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## catcher24 (Oct 15, 2009)

Carolinian said:


> CARACAS (Dow Jones)--Venezuela moved to seize the Hilton resort on the Caribbean island of Margarita, a swanky beach-side hotel which recently housed Libyan leader Moammar Gadhafi and Zimbabwe's Robert Mugabe.
> 
> President Hugo Chavez ordered the nationalization of the resort, which is owned by local firms facing troubles with the government's financial oversight body. The resort, which is managed by Hilton Worldwide, has 280 rooms and 154 time-share suites, according to the presidential decree ordering the takeover.



Presents a pretty good argument for not buying a TS in any third world country. As for me, I'll stick to the good ol' USA for purchasing, thank you.


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## caribbean (Oct 15, 2009)

Catcher-

Agreed. I decided a long time ago to stick to ownership of only US or British based resorts as being more stable.


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## ricoba (Oct 16, 2009)

caribbean said:


> Catcher-
> 
> Agreed. I decided a long time ago to stick to ownership of only US or British based resorts as being more stable.



I would add Canadian resorts to that list and probably many Western European resorts.  Just my two centavos worth!


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## chriskre (Oct 16, 2009)

At least the owners don't have to pay their maintenance fees this year and nothing should happen to them.


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## catcher24 (Oct 17, 2009)

ricoba said:


> I would add Canadian resorts to that list and probably many Western European resorts.  Just my two centavos worth!



Agree, although with all that's happening in Europe I would even be a bit concerned about some of those countries. I wouldn't have any problem buying in Great Britain, Australia, New Zealand, Canada or, as stated previously, the US.


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## roadtriper (Oct 18, 2009)

[Edited to delete post that violates the BBS "No Politics" rule. Dave M, BBS Moderator]


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## roadtriper (Oct 18, 2009)

Jimster said:


> I'm guessing that TS will now be a very difficult exchange.:hysterical:[/QUOT
> self deleted


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## Carol C (Feb 6, 2010)

Hey, maybe it will be an improvement to that resort! I recently stayed at the Hilton property on Curacao island, and it is a mess not befitting the Hilton brand name.


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## CalifasGirl (Sep 4, 2011)

The Hilton hotel in Cuba was nationalized, too. It is now el Hotel Habana Libre.

http://en.wikipedia.org/wiki/Hotel_Tryp_Habana_Libre


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