This is not the outcome I was hoping for. I am not interested in taking over a failed timeshare resort. So instead of paying a cancelation fee to Northwynd we can pay it over to a yet to be organized owners association.
I would tend to agree with you. But I also see some of the advantage that DarkLord is suggesting.
I am at Sunchaser right now and from what I can remember from past years, things seem to be working as normal. Riversidea 400 and 800 are under construction so that may account for slightly lower than normal occupancy.
I still have trouble believing that each unit needs in excess of $200K of repairs. But I suspect when 400 and 800 are done, they will look like new units.
I can't help but thinking that Sunchaser has played their hand all wrong in this instance. They could have shown people a couple of renovated/updated units and said "hey, we can give you this for all of the remaining units but it will cost $4000 per owner". Plan the spending over the next 4 or 5 years and then let the chips fall where they may. Give people 6 months to make a decision and make it clear what their options are.
But it appears from the comments made about cross-examination, that what Northwynd really wants is their cake and eat it too. Get the cash from current owners and then flip the units to condos.
Personally, I still think that no one is so stupid as to do the things that Northwynd has done (though desperation can make people do very stupid things) and so I am still thinking that we still don't know what their motivation is. Though I still don't believe that it includes running a timeshare for the long term.
Examples that I have seen of poor decisions likely based on a lack of cash-flow:
the loungers at the Hillside pool are really cheap. You can see that there are old models that probably are several hundred dollars and they are fewer in number but they work. Or you can see a Canadian tire special that has a small 1" knob that holds the lounger at the desired position. I saw at least 6 of these loungers today that were broken (of the 10 I looked at). My guess is that these loungers won't last a month in the application they are being used and so will require replacement throughout the year.
Surprise, surprise, surprise One of the hot tubs at the Riverside pool is not working. We have been here eight times during our time share and not once have all of the hot tubs been working.
Smart business decisions:
Pool towels are now placed in the unit. Which means that the user takes the towel to the pool and returns it to the unit. The user now is responsible for drying and laundering the towel during the week. It is is likely that this has greatly reduced their laundry usage.
I have some more time here this week and so I may report again but from what I see, Fairmont is still a viable place that people want to go to. though there is almost no one on the golf course. I do believe that Northwynd has created some serious animosity among many owners. I seriously doubt that anyone is going to give them the benefit of the doubt.
