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Branson: Grand Regency and the Colonnade have shut down

Discussion in 'US - Central States Timesharing' started by dougp26364, Aug 30, 2017.

  1. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    The owner of the management company was arrested 8/25 and both timeshares have been shut down by the bank. Apparently the money from maintenance fees was being siphoned off by this individual and put into his own pocket instead of the resorts. The bank has taken possession of the properties and all but one employee has been let go. Both resorts have been removed from the resort directory with II.
     
  2. Gophesjo

    Gophesjo TUG Review Crew: Veteran TUG Member

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  3. rhonda

    rhonda TUG Review Crew: Veteran TUG Member

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    This will be interesting to watch unfold. I hope there is some glimmer of hope for the owners. Oh, my!
     
  4. ace2000

    ace2000 TUG Member

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    The owners are probably dancing in their living rooms on this news. Neither one of these will be great losses. And who knows, they may open up again under new ownership in the future.
     
  5. Gophesjo

    Gophesjo TUG Review Crew: Veteran TUG Member

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    What is your source on this - I have been looking for news reports online, but cannot find anything?
     
  6. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    We have friends who are/where owners with Grand Regency. They had 2 reservations, one for this week and another for October. They showed up for their ownership week to find Grand Regency was shut down and many of the units in very bad disrepair. They were moved over to the Colonnade and are currently the ONLY guests remaining in the building. They had to stop by the bank for assurances they wouldn't be locked out of their room during the remainder of the week. According to Mike there is only one employee still on premise, no TV or internet service and, while the pool is still open, they don't use it because everyone from the surrounding neighborhood has been taking advantage of the situation and using the pool.

    There is an article at http://midwestblotter.com/news/missouri/suspect-charged/30740872.html about the arrest of Inderjit Grewal, who was the manager of both properties.
     
    Last edited: Aug 30, 2017
  7. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    Most probably are. Our friends are not among that group. They enjoyed the solitude and lack of amenities at Grand Regency, even though it was not one of the fancier resorts.

    Things had become pretty bad for awhile with difficulty making reservations of even getting anyone to answer a phone. Then "new" owners or management took over the property and put on a good show, saying they needed a SA equal to a double MF payment because the previous manager had pocketed all the money. They were happy because the phone was always answered when they called and they had no problems making reservations and getting a confirmation. They were even given an "extra" week if they paid the SA by a certain date.

    I'm guessing either not enough owners paid the MF plus the SA to avoid the bank taking possession of the property or it was just another last ditch scam to steal as much as possible from owners. At any rate, the resorts are no longer in II's inventory, they're no longer accepting reservations on the hotel booking sites and, once our friends leave, my assumption is they'll be shuttered.
     
  8. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    My bet is the bank does what it did with French Quarter Resort when it filed bankruptcy and they sell off the assets. The only difference is there won't likely be any interest in assuming management contracts along with any liens against the properties. My bet is the properties are sold at auction with the proceeds going to debtors. I have my doubts there will be anything left over for the owners but who knows, maybe former owners will get a little something once all the debts are settled. With the previous manager in jail it's possible there could be a judgement against him but, will he have the means to pay or assets that can be sold off to cover any debts and, if there are, will there be enough to trickle down to the owners?

    In terms of Grand Regency it's really a shame. At one time we were owners of that resort and enjoyed it the one time we stayed there. Otherwise we used it as exchange bait and did reasonably well with it. The resort itself appeared to be cursed from the beginning. The original developer went bankrupt after building only two buildings. The manager of the French Quarter took over management of Grand Regency with the idea of continuing it's development once French Quarter had been built out but, he also went bankrupt. At that point Spinnaker Resorts assumed management duties for both French Quarter Resort and Grand Regency but, they had no desire to purchase the management contract for Grand Regency from the bankruptcy proceedings and that contract was bought by the man now in jail. Eventually I look for the two buildings that are there now to be raised. The Colonade could possibly be purchased and turned into a hotel or, more likely, it will also be raised as Branson is pretty well developed when it comes to hotels and timeshares.
     
  9. AwayWeGo

    AwayWeGo TUG Review Crew: Expert TUG Member

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    [triennial - points]
    We enjoyed the Colonnade when we were there for a nice week-long Branson vacation in 2006.

    Sorry it's going under.

    So it goes.

    -- Alan Cole, McLean (Fairfax County), Virginia, USA.​
     
  10. Gophesjo

    Gophesjo TUG Review Crew: Veteran TUG Member

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    Thanks for the details
     
  11. Krazy

    Krazy Guest

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    Absolutely couldn't have happened to a nicer guy. He's been fleecing owners for years, the guy is a perpetual con artist - just look at the trail of litigation and unsettled debts he leaves in his wake. To be honest, any bank or investment group that loaned him a dime did NOT perform their due diligence. He was arrested for contempt of court, it appears, for simply failing to show up for the civil proceedings. He thinks the law of the land applies to everybody.....but him. If anybody has any resources for Taney County mugshots, please let me know, the look on his face for his mugshot must be absolutely priceless.
     
  12. DKBA

    DKBA Guest

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    I am not surprised by all of this. I am concerned as to what is in store for the owners. Will the bank come hunting us down for money? I saw both resorts filed for bankruptcy over the summer. Cases were dismissed shortly after. Why? I never received notification about the bankruptcy.
     
  13. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    I doubt anything will come of this for the timeshare owners as all they really own is the right to use time at the resorts and none of the real assets. So there's no real liability to the "owners" of timeshare weeks as I understand it. Timeshare owners will, of course, lose their ownership and rights to use their weeks. This is what happened to building 7 owners at French Quarter Resort in Branson when that resort filed for liquidation bankruptcy and that particular building had a large lien against it.

    If the property is sold and if there are any funds remaining after all debts are settled, then owners might get a little money back, but I wouldn't hold my breath. Timeshare owners are likely the last in line as far as seeing any money from the sale of these properties.

    One othe possibility would be another timeshare management company taking over the management of either one or both properties. This is partially what happened when the management of French Quarter Resort and Grand Regency Resort when they filed bankruptcy several years ago. Spinnaker Resorts managed both during the bankruptcy proceedings but only purchased the management contract for French Quarter. Grand Regency's contract was purchased by the company managing the Colonnade. After the bankruptcy both resorts continued and only the owners with deeded contracts in French Quarters building 7 where affected (they lost their deeded weeks). Spinnaker did offer the building 7 owners a "discount" if they wanted to buy another week at one of their resorts.
     
  14. Katee in Arizona

    Katee in Arizona Guest

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    I have owned a week in the Colonnade for quite a few year back when the Wintermutes owned it. The fall of 2016 the Colonnade wanted extra money to fix up the place as they stated and they would give us a extra week. In January 2017 after I paid my maintenance fee, I proceeded to deposit my week with RCI. RCI told me that they would not let the Colonnade in because of all the complaints that the owners/people that were staying there. I then called the Colonnade and asked if I could book 2 week in September of 2017 so I wouldn't lose all the money I spent. When we got there, OMG, I thought it was a ghost town. Three people working there, Donna, Rob and the cleaning lady. We where put in a room. The first night we got back around 10:30 and where locked out of our room. Rob, the front desk guy said that the battery packs on the doors were wore out. They let us in that night after we waited 2 hours and somebody came. We got locked out the second night as well. Had to wait until someone showed up. We proceeded to get a different mattress, couch, dishes, etc. the rooms were a mess. Our toaster caught on fire!! We were told that the Colonnade was in foreclosure and the bank was taking over. We stayed for a week and 1/2 and left. Yesterday in the mail I got a bill for our maintenance fee for 2018 from Missouri Association Management, LLC. The courts appointed MAM,LLC as Receiver on 12/14/2016. We as owner have never once ever got notified of anything going on. Now they wanted more money (Greenlake Real Estate Fund LLC) is the one suing, so they are probably the ones the lent the scum bag the money. We were promised a nice place to stay when we bought our timeshare, availability and trading power. Right now there is none of that and yes I have a warranty deed to the place. Inderfit Grewal owned, The Colonnade, Grand Regency Resorts, Music City Center, Thousand Hills. What a crook this guy is and everyone kept giving him loans. If anyone out there is reading this, what do I do? Keep paying my maintenance fees? Are they going to ask for more money for repairs? Could I just deed it to the Bank? If anyone has any suggestions, I sure would like to hear them.
     
  15. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    I’m not sure where it would get me but I personally wouldn’t be paying any MF’s. I’d like to think a case could be made for fraud and breach of contract since they haven’t provided the promised accommodations. For my own piece of mind I might see’ out the professional opinion of a real estate lawyer.
     
  16. Katee in Arizona

    Katee in Arizona Guest

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    Thanks, I will probably seek a Missouri attorney and see what can be done.
     
  17. silentg

    silentg TUG Review Crew: Expert TUG Member

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    We had a timeshare in Vermont that went thru at Least 5 management companies. Was closed down when the owners ran off in the middle of the night. We were in the middle of vacation and at one point we were the only people there. No staff, nada....long story, I’ve told before.
    We had a RTU and sent back paperwork, said thank you and goodbye.
    The resort did get new owners and is still operating today. But we moved on, we stuck thru the changes, but left when our time was over. Sorry about your Branson timeshares, hopefully someone will take over and re open.
    Silentg
     
    Panina likes this.
  18. George56

    George56 Guest

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    We just received the same type of letter as Katee along with a bill for maintenance fees. We also had no idea the resort was in bankruptcy. We have owned there since 2005 but only used it to exchange with II. If the resort is shut down, I don't think I want to pay these maintenance fees.
     
  19. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    FWIW, despite the fact we sold our week a couple of years ago, we got a MF bill as well. I suspect the idiot that was running the resort never actually transferred the deed, only the ownership records on whatever files they had. I sent them a letter stating the deed had been sold, they were paid to transfer the deed, we had not received bebenfit of ownership and we would NOT be paying any past, current or future fees. I asked that they cease and desist any and all collection efforts and I sent the letter certified mail.

    I suspect the new management company will need all owners to bail out so they can obtain clear title to raise the properties or sell off the properties and keep the proceeds not held to pay debts from bankruptcy. I have NO intention of providing the bankruptcy court additional funds to pay debtors and then have them dissolve the LLC, leaving “owners” hanging.

    Why do I think they’ll take the fees, shut down the resorts and run? The friends who took the deed told us what was happening and the condition of the resorts. The “new”management company didn’t increase the fees. Current fees would never be enough to restore the resort to its former condition when Spinnaker managed it after the owner of Fench Quarter Resort filed bankruptcy. Grand Regency apparently needs gutted, new siding and probably a new roof. It sounds as if The Colonnadewillrequire the same. I don’t see how the same MF’s as last year could possibly reopen either of the resorts let alone both.

    In the past we stayed at Grand Regency all of once after we bought it. A nice low frills, low fees resort we then used to exchange into nicer resorts including the Marriott in Branson and The Ridge in Lake Tahoe. We were a little distressed to learn that the last management essentially pocketed owners fees and allowed the resorts to fall into disrepair. We sold our week to friends believing they would use it to exchange much like we had.
     
  20. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    When I look up this Missouri Association Management, LLC, it does not appear they are in any way a timeshare management company. The two associations they manage appear to be homeowners/condominium associations. To me this is a big red flag in that they have no intention to manage these as timeshare properties but have simply been appointed by the court to manage these properties until they can be disposed of in bankruptcy.

    From previous experience with a property in bankruptcy, a timeshare management company was appointed to run the properties. Upon closure of the bankruptcy one property was held by that company and the other went to another timeshare company. It appears to me both of these properties are so undesirable that no timeshare management company could be found to run them as a functioning timeshare developement. IOW, they’re to far gone for a timeshare company to want them.

    With French Quarter Resort in Branson, one building had liens on it as that property was used to secure loans. All owners in that building LOST their deeds in bankruptcy. They were left with nothing. The new owners of that building and land then sold those units as full ownership condos and it’s no longer part of the French Quarter Resort timeshare. I bet that’s what becomes of Grand Regency. It wouldn’t surprise me if The Colonnade is sold out of bankruptcy as a hotel instead of a timeshare or, if it’s sold and bulldozed for something else.

    In my mind just more evidence that paying any additional fees with no written, solid or enforceable guarantee of return is simply throwing good money after bad.
     
    Last edited: Jan 10, 2018
  21. Katee in Arizona

    Katee in Arizona Guest

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    As I stated above, we stayed there in September 2017. There are approximate 1300 owners that have a deed to the Colonnade. The bill they just sent me for the MF was $479.00. There is no way that they would be able to fix up that dump enough with all 1300 owner paying the dues for anyone to stay there let alone deposit with RCI. RCI doesn't want them. You would think that out of 1300 owners that there would be a attorney that could file a class action sue against the Colonnade owner, bank, etc. on behalf of the owners.
     
  22. dougp26364

    dougp26364 TUG Review Crew: Veteran TUG Member

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    My bet is the more the bankruptcy assigned management company can collect, the higher their fees as the management company. I don’t see either of these properties ever opening back up
     
  23. Mtsmith

    Mtsmith Guest

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    Good to know. We received a bill for MF as well, but have no intention of paying anything until we really know what is going on. (May never find out). I’d be fine if they just went through bankruptcy. Good riddance.
     
  24. bogey21

    bogey21 TUG Member

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    I owned a Week at the Colonnade back in the 90s when the Wintermutes owned it. My recollection is that it was being operated as a combination hotel/timeshare. As timeshare Weeks were sold the hotel rooms were then gradually converted into TS Weeks. I remember thinking that this was a pretty savvy way to do it. Although I was happy with my Colonnade Week I ended up trading it for a building lot in Hot Springs Village, AR.

    George
     
  25. Katee in Arizona

    Katee in Arizona Guest

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    George, you are right about what you remember. We traded a lot we had at Fairfield Bay for our week at the Colonnade. I too am not going to pay my MF until I hear further from the Management company or the courts. We were promised that we could trade our week to RCI. They kicked the Colonnade out last year so we couldn't deposit our weeks into the trading pool. We stayed at the Colonnade in September of 2017 what a dump. We were the only 2 people there plus 3 employees. It was really starry!! All cable tv shut off, hardly any dishes or cooking utensils, kept getting locked out of our room. I then complained to the Attorney General and I did hear from them but they didn't do anything.
     

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