Florida passes new law on timeshare foreclosures. The governor of Florida recently signed into law a measure that gives much needed relief to timeshare owners associations and developers from the lengthy judicial processes for timeshare interest foreclosures. The “Trustee Foreclosure” bill promises to help reduce the time and cost involved in reclaiming timeshare interests from owners who are delinquent in paying their maintenance fees, assist timeshare developers in recovering inventory from owners who are unable to make their mortgage payments, and prevent thousands of timeshare foreclosure cases from being filed with the Florida courts already overwhelmed by residential foreclosure cases. The trustee foreclosure will shorten the time to complete a foreclosure action from as long as 18 months to as little as 90 days.
Archive for October, 2010
Bluegreen Resorts has been named a finalist in 2010 American Business Awards. Bluegreen Corporation has been selected as the first finalist in multiple categories for the 2010 American Business Awards (also referred to as the Stevie Awards). This annual competition recognizes the achievements and contributions of organizations and businesses, ranging in size from up to 100 employees to more than 2,500 employees. Bluegreen was selected as the finalist in three different categories, including the Most Innovative Company of the Year, Corporate Social Responsibility Program of the Year, and Corporate Environmental Responsibility Program of the Year. Premier Bluegreen resorts include the Fountains in Orlando, the Big Cedar Wilderness Club in Branson, and more than 50 property locations in some of the top vacation destinations.
The Registry Collection Program has added new properties. The Registry Collection program, the world’s largest luxury exchange program and one of the Wyndham Worldwide family of brands recently announced it has added 12 new resorts to its global vacation exchange network this year. The latest additions include The Innsbruck Resort in Aspen, Grand Velas All Suites & Spa Riviera Maya in Mexico, Six Senses Hideaway Ninh Van Bay in Vietnam, The Village at Machrihanish Dunes in Scotland, DelMango Villa Estate Seminyak Gardens in Indonesia, The Sanctuary at Hampton Lake in South Carolina, Quintas Private Residences in Brazil, Tradewinds Cruise Clubs in Guadeloupe and St. Martin, Arcos Gardens Golf & Country Estate in Spain, Martinhal in Portugal and La Reunión Golf Resort & Residences in Guatemala.
Tahiti Village, Tahiti and Club de Soleil resorts were part of the Consolidated Resorts group of properties acquired. The Las Vegas headquartered company completed the acquisition of all of its timeshare inventory and operating assets of Consolidated Resorts, which had filed for bankruptcy in June 2009 when its major lenders had discontinued funding due to the effects of the credit crisis and the slumping economy. The closing of the sale from the bankruptcy estate is the first in a series of planned transactions that will result in the Spector family investing more than $30 million back into the local Las Vegas economy. The Arthur Spector Companies has been a leading timeshare resort developer in Las Vegas, Hawaii and Florida for more than 30 years.
Hawaii continues to see tremendous growth in the timeshare industry despite the economy. In 2010, there are currently 4,881 new Hawaii timeshare units either under construction or approved for development. In 2009, despite the economy, Hawaii saw $400 million in timeshare sales growth, increasing the Hawaii timeshare inventory to 8,601 timeshare units spread over nearly 90 timeshare resorts. Not only is there growth in timeshare development, Hawaii timeshares have an occupancy rate of almost 91 percent. According to Howard Nusbaum, ARDA president and CEO, the timeshare industry remitted $67.2 million in tax revenues to the state of Hawaii for 2009.
RCI has welcomed Branson’s Nantucket Resort to its global network of resorts. As part of the affiliation, Nantucket Resort plans to offer its owners RCI points platinum membership with free unit upgrades and cash-back rewards for certain transactions. Branson’s Nantucket Resort is a lakefront property that offers views of Table Rock Lake. All homes are Nantucket themed with two, three and five-bedroom options that sleep up to 14 people. Each home has a fireplace, are individually furnished with a fully equipped kitchen, dining room and livingroom, in unit washer/dryer, and more.
The Island One Resorts Management Corporation has recently filed for voluntary Chapter 11 reorganization in US Bankruptcy Court in Orlando, Florida. Island One Resorts is a 25-year-old, Orlando based timeshare developer that currently owns and operates eight Florida timeshare resorts and one Caribbean timeshare. In the Orlando area, Island One resorts include Barefoot’n the Keys, Bryan’s Spanish Cove, Liki Tiki Village, Orbit One Vacation Villas, and Parkway International Resort. Other timeshare properties include the Charter Club Resort in Naples, the Cove on Ormond Beach, The Crescent Resort in Miami, and Chenay Bay Resort in the US Virgin Islands. Through Club Navigo, a points-based vacation club, Island One also offers its member-owners access to numerous US timeshare resorts, Mexico timeshare, and Caribbean timeshare. According to the Orlando Business Journal, court documents state, “The company attributed the Chapter 11 filing to the downturn in the economy in 2008 and the fact that unit sales and resort revenues were reduced as consumers generally took steps to limit spending on vacations.”
The timeshare industry has contributed $69 billion of economic output in the US economy. A recently released economic impact study of the timeshare industry highlights the key economic and fiscal impacts on the U.S. economy in 2009, according to the American Resort Development Association (ARDA). Developed in conjunction with Ernst & Young, the report shows that the U.S. timeshare industry generated an estimated $69 billion of economic output with 465,800 full and part-time jobs, more than $22 billion in income and nearly $8.4 billion in total taxes. “The contribution of the timeshare industry on local economies goes beyond the resort footprint,” said Howard Nusbaum, ARDA president and CEO. “In addition to sales and corporate operations, development of new resorts and renovation projects, it also includes the impact of expenditures from vacationers during timeshare stays.”
The first St. Regis Resort in China will debut in Tibet in November 2010. The St. Regis Lhasa Resort when opened will be the first St. Regis resort in China. Located about 12,000 feet in elevation, the resort will offer an unrivaled dimension of luxury, service and refined elegance at one of the most mystical and exotic addresses in the world. Located on Jiangsu Road and situated in the famous ancient Barkhor area, The resort will be just minutes away from the holy Potala Palace and will feature 150 beautifully adorned oversized rooms and villas and 12 suites including the Presidential Suite, as well as world-class restaurants, bars, an exclusive Iridium Spa, ballroom and state-of-the-art meeting space. The St. Regis Lhasa Resort will also be the first international luxury hotel in Tibet.