Wyndham is closing a handful of legacy resorts - dedicated chart/tracker located in the first post for this unfolding set of events

[HitchHiker71]

I cant really speak for @e.bram but Newport RI would seem to be a choice location with over twenty million people living within easy driving distance. But maybe it is one of these highly seasonal locations, which has earlier been raised as a problem among many of the locations being closed. I think @paxsarah makes that point in the previous post, that it is highly sought after in summer months but easy to get off season.

It’s not like Wyndham is abandoning Newport, there are still the same four resorts - the two that are being exited are in Jamestown not Newport.


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[schreff]

But from what we have learned so far, the East Coast resorts that are closing had low demand. So if we assume that at least half of the effected owners take the deal, it should not add significantly to demand at the remaining resorts.

Until we know exactly how much supply and demand is lost we can't assume anything except for the known fact that there will be less supply.

 

[schreff]

It’s not like Wyndham is abandoning Newport, there are still the same four resorts - the two that are being exited are in Jamestown not Newport.


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We love RI and now that Newport is one of the closest resort areas to our home, I am wondering how many units will be lost with these closures? Do you have or can you find out how many units are involved in the closures? Thank you.

 

[Bradley2013]

With Wyndham closing Fairfield Glades and Pagosa Springs and not being able to use those points will the maintenance fees stop also 12/31/2025? How will we know what we will get paid for our points? Do we have to wait until the property sells?

 

[rpennisi]

With Wyndham closing Fairfield Glades and Pagosa Springs and not being able to use those points will the maintenance fees stop also 12/31/2025? How will we know what we will get paid for our points? Do we have to wait until the property sells?

Most think you will get a choice of either taking CWA points (and a continuing of TSing with Wyndham), or proceeds from a sale (and be out of TSing with Wyndham)...and MFs stop until resolution of the HOA actions....(hope I got that right).

 

[chapjim]

Most think you will get a choice of either taking CWA points (and a continence of TSing with Wyndham), or proceeds from a sale (and be out of TSing with Wyndham)...and MFs stop until resolution of the HOA actions....(hope I got that right).

continence = the ability to control movements of the bowels and bladder

 

[cobalts]

I just called the Property Management at Bentley Brook.

I too missed the zoom meeting although I did submit the proxy.

The amendment passed overwhelmingly. Next meeting is a couple of weeks Tentatively Oct 30. A real estate and legal representative(s) will go over the next steps and it will include a zoom meeting as well. A package similar to the one received will be sent. The resort is closing December 31 and all have been notified of their termination. These people have the roughest part to play here. They are still working and looking for other jobs. Please be kind to them they don't deserve what is happening. They are not to blame. A skeleton crew will remain after December 31 to keep the resort up until a buyer is identified. There is no information about a buyer or rumors or anything like that at this time. Although it might make sense that an real estate appraisal was carried out by Wyndham to facilitate their decision. The third step will be determination of residual values for owners and until then expenses will be taken out of reserves. There will be no fees after December for owners.

Hope this helps

Thank you for the information.

 

[e.bram]

What happens to someone who recently bought a prime week for lots of money?
Do they have a claim against anybody or have to swallow the loss?

 

[HitchHiker71]

We love RI and now that Newport is one of the closest resort areas to our home, I am wondering how many units will be lost with these closures? Do you have or can you find out how many units are involved in the closures? Thank you.

However many units are at the two Jamestown resorts. If you really want to know you can simply contact those two resorts and ask the resort managers for the number of units at their resort. We aren’t tracking this level of detail at this time. I can attempt to gather this information at my next bi-weekly meeting with Wyndham on 10/23, but I’m not sure they will have this detailed data readily available.


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[e.bram]

In those resorts staying open in Newport, how many are with deeded ownerships?

 

[HitchHiker71]

What happens to someone who recently bought a prime week for lots of money?
Do they have a claim against anybody or have to swallow the loss?

Wyndham doesn’t sell weeks based timeshare ownerships and they haven’t done so for quite some time now (probably over ten years at least - probably longer), they sell points based UDI ownerships or trust based ownerships like
CWA. The only way people can purchase legacy weeks based ownerships is via resale, and these ownerships typically sell for little to nothing on the resale markets especially when compared to the original developer prices.


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[Rolltydr]

What happens to someone who recently bought a prime week for lots of money?
Do they have a claim against anybody or have to swallow the loss?

Deleted. Answered in above post.

 

[e.bram]

Wyndham doesn’t sell weeks based timeshare ownerships and they haven’t done so for quite some time now (probably over ten years at least - probably longer), they sell points based UDI ownerships or trust based ownerships like
CWA. The only way people can purchase legacy weeks based ownerships is via resale, and these ownerships typically sell for little to nothing on the resale markets especially when compared to the original developer prices.


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Units are on sale resale and for quite a bit of money for a prime deeded unit!

 

[HitchHiker71]

Units are on sale resale and for quite a bit of money for a prime deeded unit!

Given resale contracts take upwards of six months to transfer, and a minimum of 90 days at best if all of the stars align, anyone who has recently purchased a legacy week via a third party that is still in flight, Wyndham will likely decline the transfer, however the deed may have already been recorded into the purchasers name. So it’s unclear what may transpire in these cases.

That said, this has been hashed out previously on this same thread - please search this thread for prior posts on this same topic - let’s not start yet another litany of posts on a previously debated topic.


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[afk324]

I cant really speak for @e.bram but Newport RI would seem to be a choice location with over twenty million people living within easy driving distance. But maybe it is one of these highly seasonal locations, which has earlier been raised as a problem among many of the locations being closed. I think @paxsarah makes that point in the previous post, that it is highly sought after in summer months but easy to get off season.

The closures at Newport are 2 sites out of the city. These 2 are the sites with low usage. All 4 sites in Newport are usually full late spring to mid September.

 

[comicbookman]

What happens to someone who recently bought a prime week for lots of money?
Do they have a claim against anybody or have to swallow the loss?

I would think a claim, but I doubt that has occurred.

 

[GT1]

With Wyndham closing Fairfield Glades and Pagosa Springs and not being able to use those points will the maintenance fees stop also 12/31/2025? How will we know what we will get paid for our points? Do we have to wait until the property sells?

The question of "what actually happens next" is on many minds,. If OIRC was the first one to hold meetings, etc., using the bankruptcy model, would it be safe to say they should be the first to know? With a thread this large, I'm not too keen on re-reading just to track and be certain of the order in which the HOA/owner meetings were held ... but it would be interesting to know

 

[Rolltydr]

The question of "what actually happens next" is on many minds,. If OIRC was the first one to hold meetings, etc., using the bankruptcy model, would it be safe to say they should be the first to know? With a thread this large, I'm not too keen on re-reading just to track and be certain of the order in which the HOA/owner meetings were held ... but it would be interesting to know

The original post contains a spreadsheet with that info.

 

[shawnee83]

The original post contains a spreadsheet with that info.

I have bookmarked the very first post in this thread. It is occasionally updated and worth checking back from time to time. Probably easier to just go back to page 1 as the bookmark mechanism is a little kludgey

 

[bizaro86]

Units are on sale resale and for quite a bit of money for a prime deeded unit!

I think anyone who paid for a premium week at one of these resorts after the announcement was made probably has a claim against the seller if this wasn't disclosed (it's clealy material information, imo). However, that would only be people who purchased very, very recently. If someone bought before this was announced I don't think they'd have any claim.

 

[Rolltydr]

I think anyone who paid for a premium week at one of these resorts after the announcement was made probably has a claim against the seller if this wasn't disclosed (it's clealy material information, imo). However, that would only be people who purchased very, very recently. If someone bought before this was announced I don't think they'd have any claim.

And that claim would only be against the seller, which would not have been Wyndham, as HitchHiker71 explained in post #3511 above.

 

[GT1]

The original post contains a spreadsheet with that info.

Ah, yes! I knew the info per resort was in the table but didn't focus on the updates with specific dates. Thanks @HitchHiker71 for the fabulously informative table

 

[nibble4bits]

Update for Shawnee River Village.

Source: https://www.facebook.com/share/p/19rPK6AiSd/

NOTE - the text below is not my post, I am copying the text in case the post on Facebook is deleted or removed in the future. There are presentation screenshots supplementing her text on the FB post.

==
My husband and I attended a meeting today for our HOA (River Village, overlooking the golf course)
There were speakers from K&L Gates (the law firm representing the associations) and Hilco Real Estate, and a representative of Club Wyndham. The meeting was about 2 hours, and followed a same or similar meeting before it - as we waited to enter, and the other owners came out, they were all shaking their heads, and some saying "Wyndham screwed us!" So we didn't have high hopes going in, unfortunately.
There was a lot of information. Here is my takeaway....
Apparently this all came about (or was announced) in July, and our HOA representative was blindsided by the whole thing, as we all have been. Bottom line is, Wyndham controls 61% and as of the end of December, they are out and the resort will be closed. Without a managing corporation to run it, we are at a loss, and as of now there is no one coming forward to take over. They are siting the need for renovations and ADA compliance that will cost millions for the entirety of the property (approx $3 million for River Village alone)
In the last couple of years, occupancy is way down (32%) with 2/3 of units vacant. An increase in maintenance fees would only bring more delinquency and continue to bring us down.
Declaring bankruptcy would be the most efficient way to go forward with sale - the funds that the association has in reserve (for river village that is approximately 2 million right now) would be used for upkeep of the property during the period of time it takes to sell, and anything leftover would go back to owners.
Anyone who still has weeks between now and the end of December can use them. If you have prepaid your maintenance fee for 2026 (without banking your week) you can get that refunded. If you have banked the 2026 week, you still have the option of using it elsewhere, so no refund.
Hilco Real estate estimates the value of the entire property at about 13 to 14 million. It could be sold in entirety, or in lots, we don't know what will happen.
They mentioned an email being sent out soon with more information and a phone number to call...
Wyndham is offering a "swap" deal - you can opt for a share of the eventual sale, OR "Club Wyndham Access" - a 1 for 1 swap of your current points, or if you have a fixed week (no points) they will calculate points value based on your week and size of unit.
So, the place is closing and being sold, no matter what. The meeting and "voting" was informational but does not change the outcome.
We (my family) do plan to take whatever payout there will be (have no use for Wyndham after all this) and will continue to visit the area and patronize all the local spots we've come to enjoy - and hope that they all stay in business after this devastating loss.
Very curious to see how it all pans out - I would hope for another "hospitality" group taking over so that we can still have the opportunity to visit and enjoy our beloved Shawnee Village.
I am attaching pictures of slides that were shown during the meeting. I have said all I can remember, in the way that I processed the information given. If anyone else attended this, or another HOA meeting and has more information, or can clarify or correct if I got anything wrong, please share. I'm sure many will still have questions, and I don't know if I will have answers, sorry , I did the best I could

 

[bizaro86]

And that claim would only be against the seller, which would not have been Wyndham, as HitchHiker71 explained in post #3511 above.

Certainly, I never said the seller was Wyndham and did not mean to imply that.

If Wyndham thought they could sell timeshare interests in these resorts successfully they would do that instead of shutting them down.

 

[dioxide45]

Was Wyndham even trying to sell deeded weeks at any of these resorts? Certainly, we know they were sitting on a bunch of inventory--did they have sales centers at these properties selling anything? If so, what were they selling? CWA?