Goofyhobbie
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In October, 2008 Towers on The Grove, a 20 story high-rise complex was opened. The 232 condominiums were initially marketed by the owner, Towers on the Grove, LLC, as a “home away from home” with 500 feet of oceanfront coastline in North Myrtle Beach, SC as its primary selling point. But, according to news reports by the first quarter of 2010 only 45 of the 232 Units had been sold. The asking prices were reported to have been in the range of $150,000 to $670,000. But only 45 units were initially sold.
In March, 2010 it was reported that Wyndham Worldwide, through its member company Wyndham Vacation Ownership, had entered into an agreement with Towers on the Grove, LLC to be the exclusive sales and marketing agent for 137 of the remaining units on behalf of Towers on the Grove, LLC. Those 137 units according to a Wyndham news release will be sold as “…deeded vacation ownership interests at the property.” Translation: The resort has been re-flagged and is now known as Wyndham Vacation Resorts Towers on the Grove at North Myrtle Beach and UDI “points” are the product.
Towers on the Grove, LLC will fund all consumer loan originations that occur in conjunction with the initial 137 Units marketed by Wyndham’s sales force. Meanwhile, Wyndham Vacation Ownership will market vacant units as rentals while they endeavor to sell timeshare interests in most of them on behalf of Towers on the Grove, LLC.
It was a shear stroke of genius, in my humble opinion, because Wyndham Vacation Ownership increased its timeshare inventory at Myrtle Beach without having to invest heavily in construction. The agreement, according to news reports allows Wyndham Vacation Ownership to purchase 50 of the condominiums in phases over the next three years which Wyndham Vacation Ownership will market for itself.
Sales have been on-going this spring and units have been available for rent through RCI’s Extra Vacations and through Club Wyndham Travel as well as other outlets. Wyndham has also been accepting reservations from Wyndham point owners.
In March, 2010 it was reported that Wyndham Worldwide, through its member company Wyndham Vacation Ownership, had entered into an agreement with Towers on the Grove, LLC to be the exclusive sales and marketing agent for 137 of the remaining units on behalf of Towers on the Grove, LLC. Those 137 units according to a Wyndham news release will be sold as “…deeded vacation ownership interests at the property.” Translation: The resort has been re-flagged and is now known as Wyndham Vacation Resorts Towers on the Grove at North Myrtle Beach and UDI “points” are the product.
Towers on the Grove, LLC will fund all consumer loan originations that occur in conjunction with the initial 137 Units marketed by Wyndham’s sales force. Meanwhile, Wyndham Vacation Ownership will market vacant units as rentals while they endeavor to sell timeshare interests in most of them on behalf of Towers on the Grove, LLC.
It was a shear stroke of genius, in my humble opinion, because Wyndham Vacation Ownership increased its timeshare inventory at Myrtle Beach without having to invest heavily in construction. The agreement, according to news reports allows Wyndham Vacation Ownership to purchase 50 of the condominiums in phases over the next three years which Wyndham Vacation Ownership will market for itself.
Sales have been on-going this spring and units have been available for rent through RCI’s Extra Vacations and through Club Wyndham Travel as well as other outlets. Wyndham has also been accepting reservations from Wyndham point owners.
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