Bankrupt / Closed Timeshare resorts

[TUGBrian]

updated

 

[cd5]

These were affiliate and not owned by Wyndham- I would wager with the Shell changes (where Carriage hills was originally affiliated) this was part of the fall out. If I remember correctly the whistler location won’t be far behind.

What Whistler location? Nothing there related to CH and CR.

 

[VacayKat]

What Whistler location? Nothing there related to CH and CR.

Mountainside Lodge
I was mentioning affiliated resorts to Wyndham (through shell originally)

 

[bbakernbay]

Lago Vista Resort at Buenaventura Lakes, 180 Royal Palm Drive, Kissimmee, FL is closed. RCI #3026.

 

[Krteczech]

Towers at Mullet Bay (RTU) at Sint Maarten/ St Martin, SXM, damaged by hurricane Irma and never repaired

 

[dioxide45]

Towers at Mullet Bay (RTU) at Sint Maarten/ St Martin, SXM, damaged by hurricane Irma and never repaired

With a name like that, it was probably stuck in the 80s anyway

 

[JeffC]

Cedar Lodge at Brickyard Mt, Laconia NH. I had an exchange thru DAE for Memorial Day. 2 months before checkin they notified me that it was no longer a TS.

 

[goaliedave]

Carriage Hills, Ontario (Wyndham)
Carriage Ridge, Ontario (Wyndham)

are currently being liquidated by BDO

Yes the resorts were sold to a condo developer for $60 million and he (Sunray Group) is currently selling the units. Timeshare Owners are expecting $1,500 per full week payable around February 2022.

 

[diw4566]

Hi I'm a Grand Regency time share owner since 2011. I was unaware of this issue until I was trying bank with Interval international. Thank Doug for the information but if the owners needs additional information to start investigating our ownership. Check out goggle Missouri case net and case number is 16AF-CC00742

Are you still an owner and getting the ever increasing MF bills/collections?

 

[mrisch]

Rayburn Country went bankrupt a couple years ago. Haven't received a bill or anything else from them in 2 or 3 years.

 

[Tahiya]

Manteo Beach Resort in Kelowna is no longer a timeshare.

 

[zaidsab]

The Lodge at Horseshoe Resort (RCI #0580), the closest timeshare to us, shuttered a few years ago. Carriage Ridge & Hills, a fantastic site at the base of the ski hill, is practically walking distance away (downhill). The maintenance costs skyrocketed, and owners left in droves. Numerous articles regarding the closure and the disgruntled owners were published in our local papers. It was outdated and worn out when we stayed there in 1986 (before even considering moving to the area). I think it was (is) currently being converted to condos.

 

[spthomas]

Well after 38 years it finally happened to us. Los Lagos at Hot Springs Village, Phase 1, has "voted" to terminate the timeshare agreement. Of course the biggest "owner" was Festiva/aka LaTour, who bought it about 12 years ago. So now we wait to see what happens next. I'll be curious because this resort was in two phases, all on the same property. The older units were classic 1980s units, quite large two bedrooms, while phase 2 is all lockouts more like an apartment than Phase 1. So not sure how it all gets divvied up. We got NO notices, nothing, other than a notice to come to the meeting and that it was on the agenda.

 

[TUGBrian]

updated these to main list

 

[topmom101]

I believe the Yachtsman resort in Myrtle Beach is also closing.

 

[theo]

Lahaina Inn (on Estero Blvd in Fort Myers Beach, FL) was completely destroyed by Hurricane Ian on September 28, 2022. Soon thereafter, the astronomical estimated cost to rebuild to current floodplain requirements was determined to be prohibitive and owners overwhelmingly voted to terminate as a timeshare. It's not just "closed" --- it's gone!

That Gulf-front property was promptly sold and Lahaina Inn interval owners have reportedly already received their respective "payouts". That's all I know.

 

[timeshare trader]

Lahaina Inn (on Estero Blvd in Fort Myers Beach, FL) was completely destroyed by Hurricane Ian on September 28, 2022. Soon thereafter, the astronomical estimated cost to rebuild to current floodplain requirements was determined to be prohibitive and owners overwhelmingly voted to terminate as a timeshare. It's not just "closed" --- it's gone!

That Gulf-front property was promptly sold and Lahaina Inn interval owners have reportedly already received their respective "payouts". That's all I know.

The offer has been made of $25,000,000. The buyer has 6 months for due dilligence and an additional 90 day extension should they need it. During this time LaHaina will have to receive back deeds to consolidate the property from 1759 owners to 1. At that point the owners should divide $31,000,000 (purchase price plus insurance proceeds) minus (legal costs, clean up costs etc). The biggest hurdle will be them being able to get all of their owners (or a ridiculous high %) to turn the property over with title insurance. Hopefully they will work with a company that specializes in this.

 

[dioxide45]

The offer has been made of $25,000,000. The buyer has 6 months for due dilligence and an additional 90 day extension should they need it. During this time LaHaina will have to receive back deeds to consolidate the property from 1759 owners to 1. At that point the owners should divide $31,000,000 (purchase price plus insurance proceeds) minus (legal costs, clean up costs etc). The biggest hurdle will be them being able to get all of their owners (or a ridiculous high %) to turn the property over with title insurance. Hopefully they will work with a company that specializes in this.

As you indicate, it isn't as simple as turning over a property. There are thousands of deeds and the entire timeshare plan that has to be "torn down". Legal fees will eat into the proceeds quite significantly. If even one owner is fails to sign over their deed, then they have to take additional action to force the owner to sign or have a legal judgement and have a judge sign it over. I suspect it will take years to get everything completed.

 

[theo]

The offer has been made of $25,000,000. The buyer has 6 months for due dilligence and an additional 90 day extension should they need it. During this time LaHaina will have to receive back deeds to consolidate the property from 1759 owners to 1. At that point the owners should divide $31,000,000 (purchase price plus insurance proceeds) minus (legal costs, clean up costs etc). The biggest hurdle will be them being able to get all of their owners (or a ridiculous high %) to turn the property over with title insurance. Hopefully they will work with a company that specializes in this.

Interesting. I guess the claim I read of a payout having already been completed (specifically referencing a figure of $15k per week) was incorrect and premature.
That said, with virtually nothing remaining standing there, why would any owner fail or decline to sign over their deed? It's now nothing but debris-infused sand.

 

[dioxide45]

Interesting. I guess the claim I read of a payout having already been completed (specifically referencing a figure of $15k per week) was both incorrect and quite premature.
That said, with virtually nothing even remaining standing there, why would any owner fail or decline to sign over their deed? It's now nothing but debris-infused sand.

You never know with some people. It would be interesting to know if any owners voted not to terminate as a timeshare.

 

[dioxide45]

Another issue is that some owners will pass away between now and the time they get around to doing everything. Probate may need to be involved, they may have some delinquent deeds that need to be foreclosed. These things are always messy.

 

[aandmrun]

Well, good luck to everyone involved. With that many owners it will take many years to complete the transactions. We owned at a very small timeshare complex that was within an established community (a mixture of timeshares and permanent owners). There are only 6 units involved and 78 total owners when it was decided to disband the timeshare ownership. The process was started in April, 2020 and the final sales of the property will be within the next few months. So it has been going on for 3 years with a very professional organization that was hired for the purpose of disbanding the timeshare portion. Owners have all turned in their deeds and signed off on the tax forms. I believe there were some units that also involved foreclosures. We are not in a rush and will just wait until we see how much we end up getting. Some owners opted out of the whole procedure and were paid a small amount. I believe it was only about $2000. The rest of us will wait for the units to sell and the money to be split up.

 

[Roger830]

The Wellington Resort - Newport, RI will covert from a 51 suite timeshare to a 152 room hotel.

The timeshare model has 'died.' What that means for a Newport waterfront resort.

According to the termination agreement, the timeshare association had several reasons for abandoning the timeshare business.

www.newportri.com

"The Wellington Hotel Owners’ Association signed an agreement to terminate the property’s Timeshare Declaration, the contract which establishes the property as a timeshare, on April 29, 2021.

According to the termination agreement, the timeshare association had several reasons for abandoning the timeshare business, including the impact COVID-19 had on the travel and timeshare industries, the inability to sell timeshare interests for above a nominal liquidation value, and the fact that over 30% of the property’s timeshare owners defaulted on their maintenance fee payments. The latter issue left the company “without the financial resources necessary to properly maintain the Time Share Project,” and lacking willing owners to fund a full maintenance update to the property."

 

[CKMason]

Another one to add to the list: Stonegate Mansion in Great Barrington MA. It is still listed in RCI 1266, but is in the process of being foreclosed by the city:
https://www.berkshireeagle.com/news...cle_56156dd2-3864-11ed-a153-7b36c34ad337.html
October 1, 2022: The whole mess explained.

 

[Powell01]

A timeshare at Florida's Neptune Hollywood Beach Club was bought directly from the owners. Owners of the Hollywood Sands claimed receiving $6,500 each week as their pay. I was told by a source—not an owner—that they received $5,000–$6,000. Maybe a studio received $5,000.