The Atlantic Terrace Condominium recently selected SPM Resorts, a professional timeshare resort management company, to manage their 22-unit resort. The resort was built in 1986 and features 1,500 square foot units equipped with in unit washers/dryers, fully equipped kitchens, and living areas. All units feature an oceanfront or an ocean view balcony, two bedrooms and two bathrooms. The property has a pool and direct beach access. SPM Resorts is a full-service professional timeshare resort management company that manages 34 homeowners associations or resorts serving more than 100,000 timeshare owners. Since 1979, SPM has offered professional management services to timeshare resorts, hotels, restaurants, marinas and other resort properties.
resorts and two credit reporting agencies. The suit filed on behalf of eight timeshare owners against Florida-based Bluegreen Corporation alleges that false and damaging credit information was provided to Experian and Equifax and that the credit reporting agencies refused to correct the inaccurate information. The suit says the plaintiffs purchased timeshare interests from Bluegreen and that they were designated “owner beneficiaries” but they did not possess legal title. The plaintiffs became delinquent on their beneficiary obligation and their accounts were deleted. Bluegreen reported the delinquencies as foreclosures, and according to the suit, Bluegreen, Experian and Equifax were informed on numerous occasions that labeling the deletion of the account as a foreclosure was inaccurate. Experian and Equifax refused to remove the foreclosure on all the plaintiffs’ credit reports. It’s alleged the defendants violated the Fair Credit Reporting Act by willfully and negligently failing to conduct a reasonable investigation and not providing accuracy of information in a credit report. As a result, the plaintiffs suffered a drastic credit score reduction and credit worthiness. The plaintiffs seek actual, statutory and punitive damages, attorney fees and other relief the court deems proper. If the court finds in favor of the plaintiffs, this could have huge repercussions for the industry. If timeshare developers that sell point based programs can no longer report unpaid assessments and dues as a foreclosure on a credit report, it will make it easier for owners to default on their obligations and pave the way for a class action against timeshare developers for thousands of past foreclosures already reported.
Disney’s Polynesian Resort will soon be a timeshare. Disney Vacation Club recently announced that it is building new units at one of Disney World’s oldest hotel properties. The tropically themed hotel is 42 years old and is located right on the Magic Kingdom Monorail line. Construction on the timeshare units has already begun and will be completed sometime in 2015. The Polynesian will become Disney Vacation Club’s 13th property and its ninth resort at Disney World. With timeshares added to the Polynesian, there will be timeshare inventory at all three of the hotels located along Disney World’s monorail with 300 units at Bay Lake Tower at the Contemporary Resort and 150 units at the Grand Floridian.
A 100 foot wide sinkhole developed under one of the residences at Summer Bay Resort near Disney World and it is fortunate that no one was killed or seriously injured, according to a recent article in the Orlando Sentinel. It happened on Sunday, August 11 and destroyed a 24-unit building, along with portions of two other buildings. According to reports, guests had only ten to fifteen minutes to escape collapsing buildings and about three dozen visitors left car keys, medication, and other personal belongings behind. The Summer Bay Resort president said that families staying in buildings 103 and 105 were completely evacuated and only allowed to go back for personal items. Those in building 104, which was completely destroyed, were asked to file claims for any lost property damage. The resort’s economic damages haven’t been calculated, but the resort remains open with only a small percentage of its 900 units damaged. The resort president said that at its peak season, there are about 4,500 guests staying on its 300 acre property.
The Kissimmee based company has added the Tropical Breeze Resort in Panama City Beach, Florida and the Galveston on the Gulf Resort in Galveston, Texas. The two resorts are now known as the Panama City Beach Resort and the Galveston Beach Resort respectively. The Galveston property is located on the barrier island of Galveston on the Gulf of Mexico, and is a 78-unit resort featuring one and two-bedroom luxury villas with lock-off features, all with Gulf of Mexico views from a private balcony or patio. There’s a heated infinity-edge swimming pool, hot tub, kid’s swim area, fitness center and complimentary Wi-Fi Internet service. The Panama City Beach resort has 37-units featuring one and two-bedroom luxury villas, all with gulf views from a private balcony or patio, with an outdoor, heated swimming pool, hot tub, kiddies swim area, fitness center and complimentary Wi-Fi Internet service. There are now eleven Holiday Inn Club Vacation Resorts with properties in Myrtle Beach, Gatlinburg, the Green Mountains of Vermont, Marco Island, Lake Geneva in Wisconsin, two in Panama City Beach, Las Vegas, Galveston, Williamsburg, and its flagship resort, Orange Lake in central Florida.
on Rosemary Beach in the Florida Panhandle. Overlooking the Gulf of Mexico, the resort is a 55-unit resort with almost all rooms featuring a private balcony, in-room spa products, refrigerator stocked with water and juices, and Kuerig Coffee and Tea Brewing system, as well as complimentary valet parking. Amenities also include the Intelity App enabling guests to book dinner reservations, room service or place concierge requests via an I-Pad available in each unit. The resort is also the first in the nation to offer in-room Apple TVs allowing guests to stream wirelessly from the complimentary high-speed wireless internet.
One of Miami Beach’s iconic hotels is poised to make a comeback with new owners. The Blackstone equity group has sold the Miami Beach Resort and Spa for $117 million to the Chetrit group, a top Manhattan real estate investment company Complete renovations for the 1963 hotel are to include 424 guests rooms, public areas and meeting rooms, according to The Miami Herald. Formerly known as the Doral hotel, it is located on the 4800 block of Collins Avenue. It was once a popular location for stars vacationing in Miami and a movie scene location for the 1972 hit film The Heartbreak Kid.
The vacation club has purchased one of seven buildings at the Island Grand Hotel from Tradewinds Island Resorts, the largest resort complex on Florida’s west coast. Tradewinds is using the proceeds to redevelop other portions of the resort. The Bluegreen at Tradewinds is located on the Florida Gulf Coast in St. Pete Beach. With its recent $20 million renovation, the resort has new guest rooms and units, meeting space, lobby, the Grand Palm Colonnade, and 11 onsite restaurants and eateries.
from the state of Florida for violating the state’s deceptive and unfair trade law. The companies listed in the lawsuits are A1 Marketing Unlimited, Access Travel Network, Inc., International Timeshare Exchange Network, and Travel Buy Owner/CFL Ventures. Attorney General, Pam Bondi’s office has received court orders to stop two companies from participating in any further timeshare resale activities and order all four to freeze their assets.
Florida legislators are on the verge of passing legislation that restricts your ability to resell your timeshare. The developers’ lobbyists added an amendment to HB 7025 that will devastate your rights to transfer your timeshare. If the law passes, the only way you will be able to buy a timeshare is from the resort. Many owners are desperate to get rid of their timeshares, yet the resorts do not have a resale program and usually will not take back the timeshare. The law will add the following injustices on the backs of timeshare owners: Make the timeshare reseller liable for up to $10,000 fine if buyer does not pay the maintenance fees: make the timeshare reseller liable for maintenance fees after the closing (in addition to the fine); impose even more fees on timeshare resales (the resorts currently charge a transfer fee and now there will be an “estoppel letter fee”); would not prevent unreasonable delays to the transfer process; impose so many fees, restrictions and litigation risks on title companies that closing costs will skyrocket and no title company will ever want to perform a timeshare transfer unless it is for the resort. Finally, the new legislation, enriches the “big” timeshare developer at the expense of the “little” timeshare reseller.