[ALL DEBATE CONTENT REMOVED FROM ORIGINAL THREAD PLACED HERE] All debate topics for the ongoing Wyndham resort closure actions...

[Greg G]

So taking a look through the bankruptcy documents for the Wyndham Star Island association, I found what they listed as reasons for the bankruptcy, however no detailed breakdown of the
$6.1 million for repairs, renovations and capital improvements to the Property in 2025, and more than $6.8 million in 2026 that the Reserve Study projects (I'm guessing the
4% and 3% increases through the years are to initially cover this 2025, 2026 improvements plus interest and then normal reserves but not sure)
This detail would be in the Reserve Study which I have yet to obtain.
Also not sure why they are using 332 units instead of 184 (the total number of units in the 4 buildings in the association which is also mentioned earlier) in the calculation shown (makes it even worse).

https://casedocs.omniagentsolutions...6/92f24838-dd9b-4103-9625-943b6fe7b45f_14.pdf (document 14 Notice of Filing)

NOTICE OF FILING
.
.
.
Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 5 of 30
.
.
.
B. The Property.
11. The Star Island Resort is located at One Avenue of the Stars, Kissimmee, Florida
and consists of 17 buildings containing more than 500 units, with resort style amenities including
a pool and tennis courts (the “Resort”). The property governed by the Association is a subpart of
the Resort and consists of 4 buildings within the Resort containing a total of 184 units, including
148 connecting 2-bedroom units, 18 standard 2-bedroom units, and 18 3-bedroom units and their
common areas (collectively, the “Property”).
12. The Property is operated as a timeshare community. All units within the Property
are fully furnished, and each includes a full kitchen.
13. The following photographs depict the current condition of the Property and its
position within the Resort:
.
.
.
Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 12 of 30
.
.

Occupancy Trend and the Reserve Study.
27. The Association faces challenges due to a lower occupancy rate compared to the
local market, with a 2024 occupancy average of 63%, and a 2025 occupancy average through the
end of September of 66.6%.

Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 13 of 30

28. Pursuant to the 2025 reserve study received by the Board (the “Reserve Study”),
(i) the budgeted annual reserve contribution for the 2025 fiscal year is $2,766,788.96 or a total of
$160.26/unit week based on 17,264 unit weeks (332 units x 52 weeks), (ii) the current budgeted
2025 annual reserve funding amount does not adequately fund future projected reserve expenses
as the reserve balance becomes negative in 2033, (iii) to adequately meet future projected reserve
expenditures, it will be necessary to increase the 2025 budgeted funding of $2,766,788.96 by 4%
per year from 2026 to 2033, and by 3% per year from 2034 to 2054. The Reserve Study projects
expenditure of more than $6.1 million for repairs, renovations and capital improvements to the
Property in 2025, and more than $6.8 million in 2026.

 

[Greg G]

So taking a look through the bankruptcy documents for the Wyndham Star Island association, I found what they listed as reasons for the bankruptcy, however no detailed breakdown of the
$6.1 million for repairs, renovations and capital improvements to the Property in 2025, and more than $6.8 million in 2026 that the Reserve Study projects (I'm guessing the
4% and 3% increases through the years are to initially cover this 2025, 2026 improvements plus interest and then normal reserves but not sure)
This detail would be in the Reserve Study which I have yet to obtain.
Also not sure why they are using 332 units instead of 184 (the total number of units in the 4 buildings in the association which is also mentioned earlier) in the calculation shown (makes it even worse).

https://casedocs.omniagentsolutions...6/92f24838-dd9b-4103-9625-943b6fe7b45f_14.pdf (document 14 Notice of Filing)

NOTICE OF FILING
.
.
.
Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 5 of 30
.
.
.
B. The Property.
11. The Star Island Resort is located at One Avenue of the Stars, Kissimmee, Florida
and consists of 17 buildings containing more than 500 units, with resort style amenities including
a pool and tennis courts (the “Resort”). The property governed by the Association is a subpart of
the Resort and consists of 4 buildings within the Resort containing a total of 184 units, including
148 connecting 2-bedroom units, 18 standard 2-bedroom units, and 18 3-bedroom units and their
common areas (collectively, the “Property”).
12. The Property is operated as a timeshare community. All units within the Property
are fully furnished, and each includes a full kitchen.
13. The following photographs depict the current condition of the Property and its
position within the Resort:
.
.
.
Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 12 of 30
.
.

Occupancy Trend and the Reserve Study.
27. The Association faces challenges due to a lower occupancy rate compared to the
local market, with a 2024 occupancy average of 63%, and a 2025 occupancy average through the
end of September of 66.6%.

Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 13 of 30

28. Pursuant to the 2025 reserve study received by the Board (the “Reserve Study”),
(i) the budgeted annual reserve contribution for the 2025 fiscal year is $2,766,788.96 or a total of
$160.26/unit week based on 17,264 unit weeks (332 units x 52 weeks), (ii) the current budgeted
2025 annual reserve funding amount does not adequately fund future projected reserve expenses
as the reserve balance becomes negative in 2033, (iii) to adequately meet future projected reserve
expenditures, it will be necessary to increase the 2025 budgeted funding of $2,766,788.96 by 4%
per year from 2026 to 2033, and by 3% per year from 2034 to 2054. The Reserve Study projects
expenditure of more than $6.1 million for repairs, renovations and capital improvements to the
Property in 2025, and more than $6.8 million in 2026.

Ok, appears I found a way to contact the Wyndham Star Island HOA, so I am posing my questions to them on what is the breakdown of that $6.1M and $6.8M Reserve Study projections

Star Island Vacation Ownership Association, Kissimmee, FL | HOA Contact Info| Board Member & Property Manager Contact Info

Star Island Vacation Ownership Association, Kissimmee, FL HOA contact info, homeowners association board members, HOA property manager, HOA fees, estoppel, location.

florida-hoa.com

 

[dioxide45]

Ok, appears I found a way to contact the Wyndham Star Island HOA, so I am posing my questions to them on what is the breakdown of that $6.1M and $6.8M Reserve Study projections

Star Island Vacation Ownership Association, Kissimmee, FL | HOA Contact Info| Board Member & Property Manager Contact Info

Star Island Vacation Ownership Association, Kissimmee, FL HOA contact info, homeowners association board members, HOA property manager, HOA fees, estoppel, location.

florida-hoa.com

The question is, are these assessments be significantly above and beyond regular ongoing refurbishment costs? They are saying to adequately fund reserves, they would have to increase them 3%-4% between now and 2054. That's kinda how things work in the world. That isn't out of line with normal annual increases and inflation.

While they state the $2.7MM is what the budgeted annual contribution for 2025, they don't state what the current reserve balance is and if there would be a shortfall in 2025 and 2026. I would think that is important information for such a filing.

The $160.26/unit week for 2025 seems low by comparison to other timeshare properties in Orlando. Even at those percentage increase, the reserve would only be $408 by 2054. That is less than Marriott collects from us for our Orlando weeks in 2025.

If that's all they have, along with 66% occupancy, those seem like weak reasons to close the resort. Other than the fact that people might not like a specific property, I don't see how occupancy has any impact. As long as owners are still paying the fees, then the property is in good shape.

 

[Greg G]

The question is, are these assessments be significantly above and beyond regular ongoing refurbishment costs? They are saying to adequately fund reserves, they would have to increase them 3%-4% between now and 2054. That's kinda how things work in the world. That isn't out of line with normal annual increases and inflation.

While they state the $2.7MM is what the budgeted annual contribution for 2025, they don't state what the current reserve balance is and if there would be a shortfall in 2025 and 2026. I would think that is important information for such a filing.

The $160.26/unit week for 2025 seems low by comparison to other timeshare properties in Orlando. Even at those percentage increase, the reserve would only be $408 by 2054. That is less than Marriott collects from us for our Orlando weeks in 2025.

If that's all they have, along with 66% occupancy, those seem like weak reasons to close the resort. Other than the fact that people might not like a specific property, I don't see how occupancy has any impact. As long as owners are still paying the fees, then the property is in good shape.

Yes, agree that it amounts to the inflation rate. (Edit to remove " but it's not clear if this was on top of the $6.1 million for repairs, renovations and capital improvements to the Property in 2025, and more than $6.8 million in 2026"). And yes, don't know what reserves they currently have.

Edited: Might be able to get a rough idea of the reserves by the cash they have on hand that is mentioned in the bankruptcy?

 

[CO skier]

The ownerships are being deeded TO the "Trust".
View attachment 118838
The deeds are no longer directly owned by WVR. On the deeds, the grantor would be WVR or another entity and the grantee would be CWAVOPT. This is how land trust/REIT work. The trust does only own deeds that are for the benefit of PVTO Owners Association. Meaning it doesn't own a bunch of other deeds that CWA owners can't use.

I also don't see where it is a First American Trust. Looking it up with the Delaware Division of Corporations, it looks to be a trust through CSC DELAWARE TRUST COMPANY.

Show me a deed anywhere deeded from Wyndham Vacation Ownership as grantor and CSR Delaware Trust Company as grantee, and I will concede.

eta: Should be easy, considering all the weeks (deeds) in CWA.

 

[CO skier]

From the FAQs on Omni Agent Solutions' page for Orlando International:

QUOTE
Question: How much money will each Member receive from a sale of the Property and when will the funds be paid?

Answer: The amount and timing of distribution of sale proceeds is undetermined at this time. Before any distribution may occur: (i) the Bankruptcy Court would need to authorize a sale of the entire Property, including the interests owned by the Association itself as well as all Members of theAssociation; (ii) a proposed purchaser would need to be identified by the Board of Directors and the offer submitted to the Bankruptcy Court for approval; (iii) the proposed sale would need to be approved by the Bankruptcy Court; (iv) the sale would need to close; and (v) the Bankruptcy Court would need to approve distribution of sale proceeds (and the proceeds of other assets of the Association, such as any balance of reserve funds). Any distribution to Members may also be subject to payment of the costs of sale, administration of the bankruptcy case, and creditors of the Association. Any distribution to Members may be determined by each Member’s percentage of ownership of the Property and may be adjusted based on any outstanding obligations for maintenance fees or special assessments due to the Association. Please check the website in the future for information about any sale of the Property or distribution of proceeds.
END QUOTE

This answer is probably applicable to every resort undergoing transition.

THAT sounds like a more than 1 year process.

 

[CO skier]

Here’s an excerpt of the CWA trust documents: https://tugbbs.com/forums/threads/w...ing-set-of-events.375888/page-33#post-3187688

CWA trust owns the deeds for the benefit of the PTVO association, which is all CWA owners (of which Wyndham owns less than 20%).

There is a very big difference between a "beneficial trust" ("for the benefit of the PTVO association") and actual ownership. Look it up.

 

[dioxide45]

Show me a deed anywhere deeded from Wyndham Vacation Ownership as grantor and CSR Delaware Trust Company as grantee, and I will concede.

eta: Should be easy, considering all the weeks (deeds) in CWA.

Okay, it is actually a First American as you indicated, but your statement was that the trust didn't own anything and came before I even mentioned CSC. I'm not sure how I got CSC. Perhaps the CWA Trust is also registered in Delaware due to PTVO being a Delaware corporation.

In any case, here is a deed that is conveying ownership of a week at Star Island from WVR to the trust that holds deeds for CWA. The First American land trust holds the deed real estate for CWA and are no longer owned by WVR.

 

[CO skier]

Okay, it is actually a First American as you indicated,

I accept your concession.

 

[chapjim]

THAT sounds like a more than 1 year process.

Yes, it could easily be a year or more for at least some locations. Marketing OIRC hasn't started yet. There is no "stalking horse."

I wonder if that would change the swap/hold decision for some owners.

 

[dioxide45]

I accept your concession.

Where is yours? Your argument was about the ownership not the holder of the trust.

 

[CO skier]

Yes, it could easily be a year or more for at least some locations.

I wonder if that would change the swap/hold decision for some owners.

Why?

1) Praise the Lord, and get out of one's maintenance fee obligations on 1/1/2026, and maybe get a $1,000-ish check sometime in the future.

2) Accept the "CWA points swap" and continue on with Wyndham, including VIP status, if applicable.

How would a 1-year+ timeline change any owner's decision?

 

[Floridaman76]

Wouldn't it be grand if Wyndham Vacations "sold" these properties to "Sports Illustrated Vacations" or "Eddie Bauer Adventures"?

Orlando is definitely a sports town, as is Atlantic City

And you can do lots of "adventuring" in Fairfield Bay, Crossville, Lake Lure and Shawnee

 

[dioxide45]

There is a very big difference between a "beneficial trust" ("for the benefit of the PTVO association") and actual ownership. Look it up.

I'm starting to wonder if you even know what your original point was.

Perhaps instead of "Look it up" you should impose your wisdom upon us.

All trusts have a beneficiary. So a Land Trust like ClubWyndham Access Vacation Ownership Plan would also be considered a "beneficial trust" in the same sense that FairShare trust would be. A land trust just happens to be a specialized trust that holds real estate. The ClubWyndham Access Vacation Ownership Plan trust holds deeded real estate conveyed to it from WVR or other entities. WVR is no longer the deeded owner of the timeshare weeks. This is unlike the FairShare trust, which doesn't hold real estate. The real estate associated with FairShare is held by individual owners and even CWA.

 

[carlbarry]

Why?

1) Praise the Lord, and get out of one's maintenance fee obligations on 1/1/2026, and maybe get a $1,000-ish check sometime in the future.

2) Accept the "CWA points swap" and continue on with Wyndham, including VIP status, if applicable.

How would a 1-year+ timeline change any owner's decision?

I've been a lawyer for a long, long time. I don't do bankruptcies anymore, but I'd be extremely shocked if owners received a check for $1,000.
I own at Star Island. Who will pay a load of money to own one building among four others at a small resort? Orlando International is another story--isn't that near Universal? Someone might buy it to tear it down and build something else there.

 

[chapjim]

Why?

1) Praise the Lord, and get out of one's maintenance fee obligations on 1/1/2026, and maybe get a $1,000-ish check sometime in the future.

2) Accept the "CWA points swap" and continue on with Wyndham, including VIP status, if applicable.

How would a 1-year+ timeline change any owner's decision?

How? Because "sometime in the future" might not be what the owner hoped.

 

[Arimaas]

Why?

1) Praise the Lord, and get out of one's maintenance fee obligations on 1/1/2026, and maybe get a $1,000-ish check sometime in the future.

2) Accept the "CWA points swap" and continue on with Wyndham, including VIP status, if applicable.

How would a 1-year+ timeline change any owner's decision?

$1000? Cmon now.

 

[schreff]

So, the process is playing out. The HOA held the vote. It passed. Wyndham shut down reservations. Exactly as it should. This is an orderly process. Making announcements and decisions before votes have been held would be a disorderly process.

I've been reading various sources including TUG about this newest Wyndham fiasco and hate to see the same lies, lunacy and legerdemain that I heard from Fairfield/Wyndham sales throughout the years. First, " The HOA held the vote " statement is a pile of dung because 15 HOAs cannot come up with the same idea and same plan by accident. Wyndham/T&L controls these HOAs period and had a plan to increase their bottom line. Second, Wyndham did shut down reservations along with the HOAs but that's not how it should be. It should be done in more efficient, longer term Wyndham cares way. And yes, that's a joke.

We have been contacted by Wyndham about our Skyline Towers 2 weeks in 2026 being cancelled but are still awaiting a call about our Bentley Brook and Shawnee weeks in 2026. When will this occur? And we have yet to get an offer along with answers to our many questions about the offer. There certainly is no orderly process in existence. And no one can tell me that this combination of Wyndham's great attorneys and real estate top line sales organization wasn't a long term plant to help Wyndham and hurt their legacy owners. This forces many, like us, to make decisions to retain our VIP status that we perhaps are questioning because the resorts we originally bought for good reasons are gone with the Wyndham wind.

 

[Floridaman76]

I've been reading various sources including TUG about this newest Wyndham fiasco and hate to see the same lies, lunacy and legerdemain that I heard from Fairfield/Wyndham sales throughout the years. First, " The HOA held the vote " statement is a pile of dung because 15 HOAs cannot come up with the same idea and same plan by accident. Wyndham/T&L controls these HOAs period and had a plan to increase their bottom line. Second, Wyndham did shut down reservations along with the HOAs but that's not how it should be. It should be done in more efficient, longer term Wyndham cares way. And yes, that's a joke.

We have been contacted by Wyndham about our Skyline Towers 2 weeks in 2026 being cancelled but are still awaiting a call about our Bentley Brook and Shawnee weeks in 2026. When will this occur? And we have yet to get an offer along with answers to our many questions about the offer. There certainly is no orderly process in existence. And no one can tell me that this combination of Wyndham's great attorneys and real estate top line sales organization wasn't a long term plant to help Wyndham and hurt their legacy owners. This forces many, like us, to make decisions to retain our VIP status that we perhaps are questioning because the resorts we originally bought for good reasons are gone with the Wyndham wind.

It's only an orderly process to those who make the choice to defend Wyndham at all cost.

My conspiracy theory hat tells me this is a dry run for getting rid of resorts more people care about when imaginary "costs" creep up on them that they don't want to pay for

 

[HitchHiker71]

It's only an orderly process to those who make the choice to defend Wyndham at all cost.

If Wyndham is following legal advice from their attorneys, in addition to the HOAs doing the same, how is that not an orderly process? We may not agree with that process from our own perspectives, but is anyone really going to sit here and argue that if there are legal processes, bylaws, local and state laws that must be followed, that Wyndham should simply ignore such legal advice? Would any other publicly held company do so? Doesn't ignoring legal advice actually increase the risk of lawsuits? That's the general pattern I've observed in the real world. Make it make sense. In so far as the customer comms, we're all 100% in agreement that this process leaves a lot to be desired, to say the least. No one is arguing otherwise. You seem to want to conflate the legal processes and the comms together to fit your narrative, and then when anyone pushes back, you continue to label people, which you're practically infamous for doing, on an ongoing basis, which is actually a forum rules violation.

My conspiracy theory hat tells me this is a dry run for getting rid of resorts more people care about when imaginary "costs" creep up on them that they don't want to pay for

Anything is possible, and the CEO essentially said as much as Wyndham continues to modernize their resort porfolio (paraphrasing). Again, does anyone really disagree with any real estate company exiting properties where they are left holding the majority of the units in the properties because it is not selling over the past 5-10 years? The HOAs have actually gone on record as stating that, were it not for the developer taking on foreclosures and deedbacks, this all may have actually happened years ago? These are valid points, whether you want to accept them or not. Wyndham is not the only large timeshare developer taking these actions either. HIVC is taking these same actions with the Silverleaf properties, in what many would argue is a much less orderly process with zero offers to keep owners whole in the process. Does that make HIVC worse than Wyndham? Curious.

 

[HitchHiker71]

I've been reading various sources including TUG about this newest Wyndham fiasco and hate to see the same lies, lunacy and legerdemain that I heard from Fairfield/Wyndham sales throughout the years. First, " The HOA held the vote " statement is a pile of dung because 15 HOAs cannot come up with the same idea and same plan by accident. Wyndham/T&L controls these HOAs period and had a plan to increase their bottom line. Second, Wyndham did shut down reservations along with the HOAs but that's not how it should be. It should be done in more efficient, longer term Wyndham cares way. And yes, that's a joke.

It was established long ago in this thread that Wyndham holds a controlling interest on the HOA BODs, and that Wyndham held the majority of the interval inventory at all impacted resorts (AFAIK). I don't think anyone is arguing that this isn't a coordinated effort.

We have been contacted by Wyndham about our Skyline Towers 2 weeks in 2026 being cancelled but are still awaiting a call about our Bentley Brook and Shawnee weeks in 2026. When will this occur? And we have yet to get an offer along with answers to our many questions about the offer. There certainly is no orderly process in existence. And no one can tell me that this combination of Wyndham's great attorneys and real estate top line sales organization wasn't a long term plant to help Wyndham and hurt their legacy owners. This forces many, like us, to make decisions to retain our VIP status that we perhaps are questioning because the resorts we originally bought for good reasons are gone with the Wyndham wind.

The HOA vote at BB didn't occur until 11/19/2025 due to a two week delay due to power loss at the resort. Therefore, until the vote occurred, the contact process for 2026 reservations would not have started. Where do you have reservations at Wyndham Shawnee, i.e. which section and for what dates? I'm only asking because there are still two HOAs that have not yet voted at Shawnee, and therefore if your reservation is in those two sections - which are documented in the 1st post in our tracker - then you won't yet be contacted.

 

[Floridaman76]

Anything is possible, and the CEO essentially said as much as Wyndham continues to modernize their resort porfolio (paraphrasing). Again, does anyone really disagree with any real estate company exiting properties where they are left holding the majority of the units in the properties because it is not selling over the past 5-10 years? The HOAs have actually gone on record as stating that, were it not for the developer taking on foreclosures and deedbacks, this all may have actually happened years ago? These are valid points, whether you want to accept them or not. Wyndham is not the only large timeshare developer taking these actions either. HGVC is taking these same actions with the Silverleaf properties, in what many would argue is a much less orderly process with zero offers to keep owners whole in the process. Does that make HGVC worse than Wyndham? Curious.

When the company exists to provide vacation options, and markets itself as a company that provides an eclectic array of vacation options in diverse locations, my answer is absolutely YES, they have an OBLIGATION to not gut the company that tens of thousands of people have bought into.

The company itself is more than solvent. They can't hide behind "losing money" at a few sites as an excuse to dramatically transform the product that it's owners have purchased into. This is a huge case of, they want their cake and eat it too.

The lengths you go to, to defend the moves are absolutely astounding.

The point is, not every location can be, or should be, Bonnet Creek, or Ocean Blvd, or Grand Desert.

And not every location can be profitable all the time. A lot of these high MF and maintenance issues coming due are 100% due to the developer's neglect and "deferred maintenance".

Have some of the locations become not viable? Yes, I think we would admit that. But those locations are in the vast minority. And for all the talk of "low occupancy", speaking for myself, I know when I look for places to stay, some of these locations didn't have availability often.

The numbers if we dig into them HAVE to be skewed by "tues-thurs available, Fri-Mon booked" scenarios where some people just jhave the ability or desire to just do weekend trips.

You can't solve that problem, and it exists everywhere largely. I'm entitled to my opinion, and I think you are being truthful, you will find what i'm suggesting WILL play out. And those of us who spent thousands of dollars for a system that ceases to exist for the needs we purchased it for, have a legitimate gripe...

 

[schreff]

It was established long ago in this thread that Wyndham holds a controlling interest on the HOA BODs, and that Wyndham held the majority of the interval inventory at all impacted resorts (AFAIK). I don't think anyone is arguing that this isn't a coordinated effort.

The HOA vote at BB didn't occur until 11/19/2025 due to a two week delay due to power loss at the resort. Therefore, until the vote occurred, the contact process for 2026 reservations would not have started. Where do you have reservations at Wyndham Shawnee, i.e. which section and for what dates? I'm only asking because there are still two HOAs that have not yet voted at Shawnee, and therefore if your reservation is in those two sections - which are documented in the 1st post in our tracker - then you won't yet be contacted.

Yes, but the first statement of Wyndham having controlling interest on the HOA BODs contradicts the fact that although the vote at BB didn't occur until 11/19/2025 it was a predetermined fact that the vote would pass thus plans should have been made by Wyndham to contact those who had reservations asap not 2 or more weeks later. As of late, we have always stayed in Crestview.

 

[schreff]

So taking a look through the bankruptcy documents for the Wyndham Star Island association, I found what they listed as reasons for the bankruptcy, however no detailed breakdown of the
$6.1 million for repairs, renovations and capital improvements to the Property in 2025, and more than $6.8 million in 2026 that the Reserve Study projects (I'm guessing the
4% and 3% increases through the years are to initially cover this 2025, 2026 improvements plus interest and then normal reserves but not sure)
This detail would be in the Reserve Study which I have yet to obtain.
Also not sure why they are using 332 units instead of 184 (the total number of units in the 4 buildings in the association which is also mentioned earlier) in the calculation shown (makes it even worse).

https://casedocs.omniagentsolutions...6/92f24838-dd9b-4103-9625-943b6fe7b45f_14.pdf (document 14 Notice of Filing)

NOTICE OF FILING
.
.
.
Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 5 of 30
.
.
.
B. The Property.
11. The Star Island Resort is located at One Avenue of the Stars, Kissimmee, Florida
and consists of 17 buildings containing more than 500 units, with resort style amenities including
a pool and tennis courts (the “Resort”). The property governed by the Association is a subpart of
the Resort and consists of 4 buildings within the Resort containing a total of 184 units, including
148 connecting 2-bedroom units, 18 standard 2-bedroom units, and 18 3-bedroom units and their
common areas (collectively, the “Property”).
12. The Property is operated as a timeshare community. All units within the Property
are fully furnished, and each includes a full kitchen.
13. The following photographs depict the current condition of the Property and its
position within the Resort:
.
.
.
Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 12 of 30
.
.

Occupancy Trend and the Reserve Study.
27. The Association faces challenges due to a lower occupancy rate compared to the
local market, with a 2024 occupancy average of 63%, and a 2025 occupancy average through the
end of September of 66.6%.

Exhibit "A"
Case 6:25-bk-07207-GER Doc 14 Filed 11/07/25 Page 13 of 30

28. Pursuant to the 2025 reserve study received by the Board (the “Reserve Study”),
(i) the budgeted annual reserve contribution for the 2025 fiscal year is $2,766,788.96 or a total of
$160.26/unit week based on 17,264 unit weeks (332 units x 52 weeks), (ii) the current budgeted
2025 annual reserve funding amount does not adequately fund future projected reserve expenses
as the reserve balance becomes negative in 2033, (iii) to adequately meet future projected reserve
expenditures, it will be necessary to increase the 2025 budgeted funding of $2,766,788.96 by 4%
per year from 2026 to 2033, and by 3% per year from 2034 to 2054. The Reserve Study projects
expenditure of more than $6.1 million for repairs, renovations and capital improvements to the
Property in 2025, and more than $6.8 million in 2026.

Please correct me if my thinking is wrong. One, the HOA BODs of which Wyndham has the fiduciary responsibility to determines the amounts needed for reserves to keep the resort operating for the long term. Two, the management company, in most cases Wyndham, also has a responsibility to advise the BOD not only on present operating expense needs but also on capital improvements. Three, Wyndham sales also has or should have a moral and/or legal responsibility to disclose the financial condition of a product that it iis trying to sell especially relating to real estate. Four, independent audits should fully disclose that the fair financial condition of the entity thus any indication of financial woes should be reported to the BOD along with the owners.

Then isn't it strange that at least 15 resorts within the Wyndham family have found that they haven't had enough reserves and cash flow to operate in the near future? I believe I read something in a Wyndham communication where Wyndham related this to a cruise ship that was put out of commission because of old age? Well, sorry we don't own a cruise ship we own a piece of real estate which clearly was sold in perpetuity or was it?

 

[Jan M.]

Wyndham is not the only large timeshare developer taking these actions either. HGVC is taking these same actions with the Silverleaf properties, in what many would argue is a much less orderly process with zero offers to keep owners whole in the process. Does that make HGVC worse than Wyndham? Curious.

Not trying to nitpick but I know you strive to be as accurate as possible. It's Holiday Inn Club Vacations (HICV), not Hilton Grand Vacation Club (HGVC) that's dropping some of the Silverleaf properties.

In April we stayed for two weeks at the HICV Apple Mountain Resort in Clarkesville, Georgia and it's one of the resorts being dropped by HICV. We had a credit with RCI from our two weeks that were cancelled because of the hurricane that hit the Bradenton Beach, FL area. There was a deadline to use the exchange fee credits, they wouldn't extend it, and I was under the gun to find something we could use.

On the evening we checked in there was one younger woman working. She asked "What brings you here?" but her tone of voice said "What in the world made you want to stay here for two weeks!" We're not golfers but the resort does have a very good golf course. Much like Fairfield Glade, the resort is in a very rural area. We liked our unit in the Presidential Greens section of the resort and we got to explore the Bavarian themed town of Helen, GA, about 30 minutes away.

HICV and Wyndham aren't the only timeshare groups to drop resorts. I believe HGVC did drop some resorts a couple of years ago. Didn't Bluegreen drop some too? Wyndham has more resorts by far than any of the other timeshare groups. It seems to many owners that the number of resorts being dropped is startling, alarming, etc. However it's not out of line proportionately to the what other timeshare groups have done or are doing too.

To be clear I'm not saying I like what's happening because some of the resorts and sections being dropped are ones we like and stay at. However from a business standpoint I do understand why it's being done. And I agree that there's no benefit to us owners but that Wyndham will definitely be benefiting in several ways. Our timeshares are personal to us but it's all about business for Wyndham. That's just how things work whether we like it or not.