Well, the other shoe is dropping for the old Silverleaf Resorts

[DrQ]

Just received this email today:

This week, Holiday Inn Club Vacations Incorporated (HICV) is moving forward with a further effort to downsize the Silverleaf Club network. This involves removing obsolete and under-utilized resorts to ensure the financial stability of the Silverleaf Club.​

​

Project Overview​

​

After extensive review and careful deliberation, we will be holding a vote of owners to terminate the vacation ownership Declarations and the connection to the HICV network for several Silverleaf Club resorts. This decision will allow us to focus resources and investments on the resorts with the strongest demand – ensuring we continue providing the best possible experiences for our owners and guests. The impacted resorts include:​

​

• ‌Apple Mountain (AMR)
• Fox River Resort (FRR)
• Hill Country Resort (HCR)
• Piney Shores (PSR)
• Villages Resort (TVR)
• Timber Creek (TCR)

‌​

The Resort Clubs' Boards of Directors/Governors representing these properties are supportive of these actions.​

​

‌If you own a vacation interest at one of these resorts, you will receive a separate communication outlining the steps to reassign your ownership, ensuring you can continue enjoying your benefits with minimal disruption.​

https://www.holidayinnclub.com/silverleaf-project?utm_medium=email&utm_source=awareness&utm_campaign=EML_CLB_O_INFO_OWN_TR_INFO_AP_MULTI_MockingjayAllOwners_041425

It looks as if IHG does not want to be in the business of providing vacation villas outside of large urban areas in lieu of destination resorts.

 

[rapmarks]

This brought back memories
Went to the Brandon location with the expectation that golf was free because a certain tug member had boasted of it many times on tug
First, it wasn’t free, back in 2002 it was $25 each
Second. My husband was getting hernia surgery when we returned home. So I carried everything to the fifth floor only to find the unit not cleaned. Went back to registration. Fell for that a second time , this top floor unit was not cleaned either. This time left our things up there only to be assigned a different building
When we finally got a cleaned unit, had to remove opened groceries from Previous user
I remember called front desk and saying where is the bathroom. Tub/shower was right next to bed. In fact husband used it as nightstand , sink in room and little separated area for commode.
Next time we went to Branson, we chose a different resort, closer to town, with a washer and dryer and full bathroom and a different golf course

 

[DrQ]

Tub/shower was right next to bed

This sounds like one of the original 4 unit "cabin" designs. The bathroom and bedroom were a single room with no privacy. They later erected a divider wall to wall off the toilet/sink area.

Some of the later lodge units had the jacuzzi tubs in the bedroom ala Leisure Suit Larry. A real class operation.

 

[gravityrules]

It looks as if IHG does not want to be in the business of providing vacation villas outside of large urban areas in lieu of destination resorts.


Isn't HICV a separate entity from IHG, just licensing the Holiday Inn name?

There won't be much left of the old Siverleaf network, right? That's a significant collapse in the 10 years under HICV. At this point what is the Silverleaf story?

 

[DrQ]

The big question is this:

We have 200K points with the HICV Trust when we did the conversion to points. We have another 165K points with our HCR which has a much cost per MF point.

I'm half tempted to tell them to shove it and let the deed evaporate, but if I can transfer to Holiday Hills for no cost and get the equivalent points, I might say WTH. My youngest DD is now interested in using the Timeshare and wants to inherit it. I'm trying to get her more involved in the planning and reservation process to see if she REALLY wants it and understands the costs.

 

[DrQ]

Isn't HICV a separate entity from IHG, just licensing the Holiday Inn name?

IHG is the parent, I suspect the there are IHG officers on HICV Board of Directors (BoD) so they are separate but joined.

Historically, Orange Lake, was started by the guy that built Holiday Inn, so they are kind of related.

 

[wmgjr]

Just received this email today:

This week, Holiday Inn Club Vacations Incorporated (HICV) is moving forward with a further effort to downsize the Silverleaf Club network. This involves removing obsolete and under-utilized resorts to ensure the financial stability of the Silverleaf Club.​

​

Project Overview​

​

After extensive review and careful deliberation, we will be holding a vote of owners to terminate the vacation ownership Declarations and the connection to the HICV network for several Silverleaf Club resorts. This decision will allow us to focus resources and investments on the resorts with the strongest demand – ensuring we continue providing the best possible experiences for our owners and guests. The impacted resorts include:​

​

• ‌Apple Mountain (AMR)
• Fox River Resort (FRR)
• Hill Country Resort (HCR)
• Piney Shores (PSR)
• Villages Resort (TVR)
• Timber Creek (TCR)

‌​

The Resort Clubs' Boards of Directors/Governors representing these properties are supportive of these actions.​

​

‌If you own a vacation interest at one of these resorts, you will receive a separate communication outlining the steps to reassign your ownership, ensuring you can continue enjoying your benefits with minimal disruption.​

https://www.holidayinnclub.com/silverleaf-project?utm_medium=email&utm_source=awareness&utm_campaign=EML_CLB_O_INFO_OWN_TR_INFO_AP_MULTI_MockingjayAllOwners_041425

It looks as if IHG does not want to be in the business of providing vacation villas outside of large urban areas in lieu of destination resorts.

Im disappointed to hear Fox River is on the chopping block (since theres not alot of TS near Chicago) but it was in pretty bad shape when we stayed at the end of 2023.
Havent gotten a chance to stay at Timber Creek but its been on my list for awhile.
Better visit soon.

 

[gravityrules]

Assuming the termination is approved, who would be potential buyers of these resorts? Would they likely be turned into whole ownership condos?

 

[DrQ]

Assuming the termination is approved, who would be potential buyers of these resorts?

IDK Google maps does not show any new development at the ole' Ozark Mountain Resort site.

 

[sdhakala7]

Sorry, I posted a separate thread because I did not see this. This is a waste and a sign of the gross mismanagement of the legacy Silverleaf resorts by HICV. HICV's points trusts and sales practices make buying points largely a waste. Closing down so many of the resorts that legacy Silverleaf owners own at and use dramatically reduces the value of the resorts. I could see downsizing Hill Country but the location and place, if properly maintained, was such that it was a great resort we used frequently. While they will transfer deeded weeks and points, the maintenance fees are reaching the point that, with exchange and points fees and such, you are often better of just renting units of equivalent value and using this as an excuse to walk away.

We owned at Ozark Mountain and had transferred our deed of Hill Country. The Ozark Mountain owners got hit with extra catch-up maintenance fees and then a slight refund on the sale, so they lost money all around if they did not transfer their deeds. Also, when we signed the transfer papers they misplaced them until we called a few times and then they found our signed versions. It took six months for them to process the transfer. We did not lose the points but it was frustrating.

 

[sdhakala7]

Assuming the termination is approved, who would be potential buyers of these resorts? Would they likely be turned into whole ownership condos?

No. They are more likely to be converted to a resort, retirement/senior living, or small apartments and studios depending on the location and condition. The older cabin style units and older buildings are more likely to be razed for new development with minimal gain from sale. Ozark Mountain owners actually had to pay some catch-up maintenance fees and then received relatively little in credits or offsets from the sale (indicating that the buyer intended to raze the many of the units and redevelop). I never trusted HICV accounting or fair allocations to unit owners in these processes.
Ozark Mountain had condos down closer to the shore already. Probably only the Presidential units could be retrofitted but the older single story cabin units (that were in groups attached together) were build in the 1980s and ere likely to be abandoned and razed or rented out temporarily for cheap given that many are on steep hills. A developer would probably create new units with levels and have to do a lot of landscaping work to build multistory units worth owning and develop the beach front more properly.

 

[DrQ]

I could see downsizing Hill Country but the location and place, if properly maintained, was such that it was a great resort we used frequently.

I don't think that is the corporate game plan. What I'm seeing now in the marketing are "VIP Experiences" on top of the stay. They want to get a second bite of the timeshare rube. While Hill Country is a true gem, there are no attractions nearby that would equate to this marketing view.

Silverleaf was built on a close place to vacation with the family a couple hours drive from home. Orange Lake was built on build next to attractions (Disney World, Seashore, Las Vegas ...) so the corporate views have always been vastly different. Silverleaf overextended themselves and got caught in a capital crunch, then the bottom feeders (Cerberus Capital) came in and made a real hash of it. It's better than most, at least it wasn't bought by Westgate.

 

[lundberry]

I am really disappointed that they are closing down these. My family just was at hill country and absolutely loved the resort. It is one that we would have returned to more than once if given the opportunity we are going down to timber creek in May and Fox River in June. I assume the boards are stacked enough that it is a foregone conclusion that these are going to be voted to be shut down. It does bum me out though that these are being shut down. I like the kinds of places you can just go an relax with family. Fox River is relatively close to us and one that my wife and I had just been discussing likely being on our last go to this place regularly list because it is far enough from home to get away but close enough to reasonably drive and still be able to go do some big city fun in Chicago.

My question is why can't they spin the resorts off on their own? If they resorts are severely underwater financially I get that it might be hard to do so but if that is the case isn't HICV saddled with the debt anyways? This just seems like it is going to remove a lot of inventory from availability.

 

[Larry M]

Tub/shower was right next to bed. In fact husband used it as nightstand , sink in room and little separated area for commode.
Next time we went to Branson, we chose a different resort, closer to town, with a washer and dryer and full bathroom and a different golf course

Modeled after the New York City "efficiency apartment."

 

[Larry M]

Assuming the termination is approved, who would be potential buyers of these resorts? Would they likely be turned into whole ownership condos?

From a similar experience, the currently-paid members would be polled as to whether they would rather get condos or sell the entire property and cash out. In my situation, the organization was in deep debt due to not pursuing delinquent owners and two hurricanes on successive years. The members voted overwhelmingly to move up the Sunset date six years. They sold the entire property. I received $5500 for a timeshare I had paid $1500 for. The delinquent owners got nada.

 

[W0lfvaca2023]

Just received this email today:

This week, Holiday Inn Club Vacations Incorporated (HICV) is moving forward with a further effort to downsize the Silverleaf Club network. This involves removing obsolete and under-utilized resorts to ensure the financial stability of the Silverleaf Club.​

​

Project Overview​

​

After extensive review and careful deliberation, we will be holding a vote of owners to terminate the vacation ownership Declarations and the connection to the HICV network for several Silverleaf Club resorts. This decision will allow us to focus resources and investments on the resorts with the strongest demand – ensuring we continue providing the best possible experiences for our owners and guests. The impacted resorts include:​

​

• ‌Apple Mountain (AMR)
• Fox River Resort (FRR)
• Hill Country Resort (HCR)
• Piney Shores (PSR)
• Villages Resort (TVR)
• Timber Creek (TCR)

‌​

The Resort Clubs' Boards of Directors/Governors representing these properties are supportive of these actions.​

​

‌If you own a vacation interest at one of these resorts, you will receive a separate communication outlining the steps to reassign your ownership, ensuring you can continue enjoying your benefits with minimal disruption.​

https://www.holidayinnclub.com/silverleaf-project?utm_medium=email&utm_source=awareness&utm_campaign=EML_CLB_O_INFO_OWN_TR_INFO_AP_MULTI_MockingjayAllOwners_041425

It looks as if IHG does not want to be in the business of providing vacation villas outside of large urban areas in lieu of destination resorts.

As a HICV owner, this is unfortunate. It is already difficult to find availability if points owned are 150,000 - 299,000. Those who own large point inventory book up the best resorts at most desirable times so they can rent them out. Those looking to simply enjoy a vacation ratger than run a business are left with crumbs. We will now have less inventory/resorts available.