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[2020] Results of Owner’s Vote at Palm Beach Resort & Beach Club

bbakernbay

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There was an Owner’s Vote last month on what to do with the resort at the expiration of the 40 year sunset clause which kicks in in January 2021.

Has anyone heard what the results were?

The Resort Management firm Lemonjuice owns a significant number of weeks.
 

bbakernbay

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Here is one of several articles on Lemonjuice Capital

New Solutions Announced for Older Timeshare Resorts for 2020
Share Article
Alex Krakovsky, CEO, Lemonjuice Capital and Lemonjuice Solutions, offers advice and assistance to help resorts achieve their highest and best use.


Alexander Krakovsky and R. Scott MacGregor, Lemonjuice Capital and Lemonjuice Solutions
Despite a lot of negative news about vacation timeshare ownership in the mainstream media, significant opportunities exist for timeshare owners and their owners’ associations to realize their true value through effective governance and management,
GAITHERSBURG, MD. (PRWEB) JANUARY 08, 2020
Despite a lot of negative news about vacation timeshare ownership in the mainstream media, “significant opportunities exist for timeshare owners and their owners’ associations to realize their true value through effective governance and management,” says Alexander Krakovsky, CEO of Lemonjuice Capital and Lemonjuice Solutions.
Krakovsky, a timeshare-industry outsider and former executive of Contour Global, a publicly traded international power company, bought into the timeshare concept in 2012 as an owner at a resort in Ocean City, MD. After recognizing the importance management plays in running a successful resort, he formed Lemonjuice Capital.
Lemonjuice Capital has focused on repurposing timeshare regimes so they attain their highest and best use, which might entail conversions to wholly-owned condominiums or multi-use properties. He later formed Holiday Property Partners (HPP) to attract investment capital into the industry.
HPP also expanded into providing management services in Florida, North Carolina, South Carolina, and Texas. Recently, Krakovsky announced the acquisition of the resort-management operations of ARC Resorts, LLC, an Orlando-based property-management and development firm.
ARC Resorts’ management business is being integrated with HPP’s operations under the name Lemonjuice Solutions, but ARC Resorts will retain and continue to operate its sales and development operations unconnected to HPP or Lemonjuice. The acquisition has added four management contracts to HPP’s portfolio in Florida.
Going forward, Lemonjuice Capital will continue to manage portfolio and capital investments from its Gaithersburg, MD, office. The Orlando office will coordinate property management and consumer services with field offices in Maryland, North Carolina, and Texas.
Unlock Stakeholder Value
The addition will bolster Lemonjuice Capital’s mission to unlock stakeholder value in properties with complex legal and title issues, including legacy timeshares, condominiums, and tenant-in-common (TIC) investment vehicles.
“The combined team will enhance the firm’s core competency in delivering high-quality property solutions in a sustainable management role,” Krakovsky says, “Although we’re primarily known for our successful workouts of struggling properties, with significant revenues being returned to the rightful property owners, we value long-term relationships with sustainable properties. This investment in people and systems will help to serve them even better.”
Industry veteran Scott MacGregor will lead the Lemonjuice Solutions division. “Alex and his team bring a wealth of experience and fresh ideas to the business,” MacGregor says. “We are completely aligned in our commitment to delivering excellence in management services, real choices, and solutions to our customers.
“The people and communities whom we serve are facing complex and rapidly changing environments. They must make informed decisions to ensure continued enjoyment and sustainability of their properties. They need and deserve resources, ideas, and options, which we are in a unique position to deliver. It’s a real privilege to be a part of this executive management team.”
For more information, call 301-337-2599 or email to info@lemonjuice.biz.
 

theo

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There was an Owner’s Vote last month on what to do with the resort at the expiration of the 40 year sunset clause which kicks in in January 2021.

Has anyone heard what the results were?

The Resort Management firm Lemonjuice owns a significant number of weeks.
Oftentimes, a resort's governing documents identify a specific required majority (percentage) for any such votes. Do you know what (...if anything) the governing documents state in this particular instance? :shrug: Addressing the matter so belatedly, mere months from the arrival of the sunset date would seem to clearly indicate some seriously poor planning / management. How can anyone credibly explain being so suddenly "surprised" by the arrival of a date which was actually pre-identified nearly 40 years ago? :doh:

A more complicated and more uncertain situation exists if / when the governing documents, if badly prepared in the first place, are actually silent on the details of termination and / or associated voting, by failing to have specified either a minimum current owner percentage submitting votes and / or a specific minimum percentage required in support of any particular course of action.

Given the rather strange history of this particular place, as I seem to recall you have previously reported in these forums, I would also be very curious / concerned about who is actually counting the votes --- and with whose monitoring or verification. :ponder:
 
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bbakernbay

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Given the rather strange recent history of this place, as I seem to recall you have previously reported in these forums, I would also be curious / concerned about who is actually doing the vote counting --- and with whose monitoring / verification. :ponder:
[/QUOTE]

This was relating to our other timeshare Lago Vista at Buenaventura Lakes which I also recently posted about.

The Palm Beach Resort and Beach Club appears to be and has been run quite well in my observation as an Owner.

Nevertheless there Is certainly a corporate entity holding a large number of units and is also the management company so the Directors need to be vigilant.

i am still waiting to hear the results of the recent Vote by the owners.
 
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Maple_Leaf

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Nevertheless there Is certainly a corporate entity holding a large number of units and is also the management company so the Directors need to be vigilant.
Isn't this resort managed by Vacation Village's management company?
 

moonstone

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Isn't this resort managed by Vacation Village's management company?
According to my list of VV Resorts they have the Palm Beach Shores Resort & Vacation Villas -if that is the same place.


~Diane
 

bbakernbay

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Palm Beach Shores Resort & Vacation Villas is an entirely different resort than Palm Beach Resort & Beach Club.
 

bbakernbay

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Disposition process is moving forward. I had a phone call today and they are sending out Waivers to each week owner, approximately 1,500 as they will be putting the property up for sale. Apparently there are 2-3 potential offers already submitted so we shall see what transpires and how much each owner will recoup. Has anyone gone through this process in last few years. Lots of Florida timeshares will be sun setting very soon.
 

bbakernbay

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Bankruptcy proceedings have started and a firm Offer of Purchase for the entire complex has been received in amount of $9,975,000 which is definitely great news for the Owners. Ours is a 1 bedroom unit and our share is calculated at 0.59%.

Obviously the legal fees, etc. will be significant but everyone is hoping for a quick decision as there are no outstanding creditors and the timeshare was in good financial shape.

According to the info received the Bankruptcy Petition is a unique way to proceed and may set precedent for other 40 year old sunsetting Florida timeshares where the Owners vote not to continue.

I will post further as more info is forthcoming. I am very surprised as to how quickly this process is proceeding.
 

girlscout103

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Wondering what the advice would be to book or not; a week or two this Dec 2021, or Jan 2022
 

TheTimeTraveler

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Wondering what the advice would be to book or not; a week or two this Dec 2021, or Jan 2022

Don't confuse this with Palm Beach Shores Resort and Vacation Villas as they are still up and operating and located on Palm Beach Shores.

I would be very shocked if you were physically able to book any time at Palm Beach Resort and Beach Club. Try to see if you can, but don't be surprised if it's a no go.



.
 

bbakernbay

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This current hold certainly limits the options for owners wishing to deposit or rent if they don’t wish to use their own units. In addition, it makes it hard to plan ahead for those wishing to use their units.

Hopefully the Directors can offer some alternatives but they are dependent on Bankruptcy process and ultimately a sale of property.
 
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