From the Las Vegas Review Journal came this news item: Consolidated Resorts Files for Chapter 7 Bankruptcy. According to the article, “Company spokesman Ken Chupinsky said the bankruptcy filings on Tuesday and Wednesday do not affect the time-share resorts and the time-share associations that run the resorts.” How much assurance is that to the timeshare owners from some 14 resorts owned by Consolidated?
Judging from past timeshare bankruptcy filings, day to day operations are not affected all that much. At issue here is financing the sales the resorts are making to new owners. Finding someone to buy their loans is difficult. Recently a Sheraton resort insider told me that they carry their own notes for 2 years then have no problem selling them.
Maui Banyan Timeshare Resort
So if you own a Consolidated Resort timeshare, stay in touch with your HOA or whatever it may be called to keep up with this event. Consolidated owns Tahiti Village, Tahiti, Club de Soleil, The Sands of Kahana, Kahana Beach Resort, Hono Koa, The Gardens at West Maui, Kahana Villa Resort, Maui Beach Vacation Club, Maui Banyan Vacation Club, Kona Islander, Kauai Sands Hotel, Pineapple Hill, and Villas at Regal Palms.
For more timeshare information, news, and reviews check out www.timesharelink.com.
Probably means that the expansion of Tahiti Village in Las Vegas will be delayed indefinitely.
KXNT published a small note saying all sales and marketing offices closed. A former employee said 1200 were laid off overall.
If they closed all sales and marketing offices, then it sounds like the only way for a buyer to buy the once popular Consolidated Resort timeshare weeks is on the resale market. Any interested buyers should check with a Timeshare-Resale-Broker to see what is available at this time. Some sellers might want to just sell due to the situation even though this will not affect the use of their timeshare. I think they will sell and a management company will come in and maintain the ongoing daily activities at the resorts. I wonder who it will be: Wyndham, Hilton, Bluegreen or maybe even Marriott, although I don’t think Marriott has any plans to expand but you never know. Who do you think might take advantage of the maybe “fire” sale? Is anybody going to take over because of the economic times? I think somebody will come in, but who?
Who want to bet these resorts will be acquired by Diamond Resorts International? Or should one assume Diamond is unable to expand again so soon and some timeshare vacation club splits them up.
I just hope it won’t affect usage. Just bought in April/09 at T.V. Nice place, too bad
the expansion may not take place now. Sure have a lot of empty land around there to sell
off now if they don’t, or can’t develop it as planned.
dont this make them in breach of contract? If so do we sue for our money back