Consolidated Resorts Timeshare says Bankruptcy Will Not Affect Timeshare Owners
Friday, July 10, 2009
Consolidated Resorts Inc., a Las Vegas based timeshare company along with its affiliated companies, has commenced the process of filing for Chapter 7 protection this week in Nevada bankruptcy court. A Chapter 7 liquidation filing means that trustees will sell the timeshare company’s assets and then apply the proceeds to repay debtors.
Last month Consolidated Resorts Timeshare Company announced it was closing its sales and marketing offices but that the resorts would remain open for timeshare owners. Consolidated spokesman Ken Chupinsky told The Las Vegas Sun, “…timeshare interval owners will continue to have full use and enjoyment of the resorts.”
According to officials at Consolidated Timeshare Resorts, a management company that has not filed for bankruptcy protection will run the condominium associations that are responsible for each resort, adding that resorts are owned by the timeshare owners. Ken Chupinsky was quoted in The Las Vegas Sun as saying, “This has nothing to do with the timeshare owners. The timeshare owners are in fine shape.”
The timeshare company pointed to lack of financing available to timeshare owners to purchase new timeshares and a dwindling inventory as contributing to the problem. Consolidated Timeshare Resorts includes 14 timeshare properties; 3 that are Las Vegas timeshare resorts, 1 Orlando timeshare resort and 9 Hawaii timeshares.
It is hard to predict what the immediate or long-term responses will be by timeshare buyers and sellers.
Here are links to timeshare resales at Consolidated Resort’s 9 Hawaii timeshare properties:
- Sands of Kahana Vacation Club
- Kahana Beach Resort
- Hono Koa
- The Gardens at West Maui
- Kahana Villa Resort
- Maui Beach Vacation Club
- Maui Banyan Vacation Club
- Kona Islander
- Imperial Hawaii