# Fairmont files for Chapter 11



## Canuck (Jul 13, 2009)

Just wondering if other Fairmont owners are worried about our home resort?  I think things could get very bad in many ways.  Will our fees go sky high?  Will they fold up and we will lose our timeshare all together?  Will II or RCI give us a low priority in fear of the resort going belly up?  Will the resort cut back on services and then risk losing our gold status with II?   
These are things that are going through my mind.......
Would love to hear from others.  

Thanks!


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## Rancher (Jul 14, 2009)

Where did you hear about this. Is there a link to the article to find out more about this.

Thanks
Denis


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## Bill4728 (Jul 14, 2009)

http://columbiavalleynews.com/news/2009/04/13/fairmont-resort-properties-restructures-debt/

Here is a article from April about Fairmont resorts restructuring their debt


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## two2go (Jul 14, 2009)

*Restructure*

Hi as an owner at Fairmont as well, I was initially concerned. But it is my understanding that the restructure is for the developer not the existing property is  separate from the developer, as outlined below which is a reprint of the article from Columbia Valley News. If you or any one else has additional information about this issue I would like to here it. 

Pat 

Fairmont time share owners are not affected by this plan of arrangement and continue with the rights their acquired at the time of their purchase. The management of the facility, Fairmont Vacation Villas, is operated by Columbia Villa Management and is also not subject to the CCAA order. It operates independently of Fairmont Resort Properties Ltd.


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## Pita (Jul 15, 2009)

*Ernst & Young*

Check out:http://documentcentre.eycan.com/Pages/Main.aspx?SID=107.

Shows the restructuring plan...hope itworks.


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## calgarygary (Jul 15, 2009)

> c) A program that would allow the Applicants to convert from a
> timeshare “week program” affiliation with Interval International (“II”)
> to a points based program (the “Points Program”) provided by Resort
> Condominiums International LLC (“RCI”) (the “Conversion
> Program”).



This may be very bad news as I would expect that it would cost significant dollars to switch to RCI's point based program.


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## spender (Jul 16, 2009)

I have heard, from reading another post, that it will cost Fairmont owners around $3,000 to $5,000 to switch to RCI points.  I think the main concern here is whether Interval will continue to rank the resort as highly as it has for trades and exchanges.


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## Pita (Jul 16, 2009)

I could be wrong, but does that 3-5K include giving the owner lifetime ownership also....righ now the term expires after 40 years from original purchase?

I think you have to be in the legacy program in order to qualify for the rci points program.  The plan also means terminating II so who knows how RCI will rate the complex.


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## LarryEdmonton (Jul 16, 2009)

There is quite a long thread I started on this in the Exchange Forum.

It appears the RCI points in only an option and staying with II remains as before.


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