Author: Staff Contributor

Silverleaf timeshare resort in the Wisconsin Dells is making adjustments to their expansion plans.

Silverleaf timeshare in the Wisconsin Dells is expanding in a new direction…literally. After approved plans fell through for Silverleaf timeshare to buy the former Artist’s Glen property as well as another adjacent property, the timeshare resort company then asked the Wisconsin Dells Plan Commission for approval to expand on property already purchased from private individuals.

According to reports in WiscNews.com, attorney Nancy Leary Haggerty of Michael Best & Friedrich, a Milwaukee law firm that represents Silverleaf timeshare, said that Silverleaf timeshare had asked the city to annex several properties and its developer’s agreement was contingent on purchasing those property (properties). Although the option to purchase the originally targeted properties has expired, Haggerty explained, “Silverleaf is still going forward…”

Fewer Timeshare Units in the New Silverleaf Timeshare Plan

Silverleaf timeshare’s new plan will have fewer timeshare units, but the design of the resort will remain the same. Instead of the 616 timeshare units proposed last year, the new Silverleaf timeshare expansion will have 448 timeshare units. The new layout will put parts of the Silverleaf timeshare resort on each side of the highway.

The split plan of the property will create a situation where timeshare owners may need to cross River Road. Safety issues under consideration include building a tunnel or walking bridge for crossing the highway or reducing the speed limit in the area. However, the local police chief points out that with a current speed limit of 25 mph, it is unlikely speeds will be further reduced.

In March, the Wisconsin Dells Plan Commission will meet to consider permits for Silverleaf timeshare resort regarding building heights.

The Disney Vacation Club timeshare addition, known as the Bay Lake Tower timeshare, is on schedule for an August 4, 2009 opening date. Disney is ahead of their original schedule in this timeshare’s construction, and is already accepting bookings by Disney Vacation Club timeshare owners who have purchased timeshare at the new resort.

Beginning later this month, bookings for both the new Bay Lake Tower timeshare and Disney’s new Treehouse Villas timeshare will be open to all members of the Disney Vacation Club, no matter which Disney timeshare they originally purchased.

The Bay Lake Tower timeshare is located next door to the Disney Contemporary Resort. The Treehouse Villas timeshares, also scheduled to open this summer, are being completed on elevated 10-foot aboveground pedestals, and are situated in a heavily wooded area on the river bend at Disney’s Saratoga Springs Resort & Spa.

The Timeshare Authority blog first reported on the new Bay Lake Tower (Disney Vacation Club Timeshare will Include New Bay Lake Tower Resort) and the Disney Treehouse timeshares (Disney Vacation Club Timeshare Expanding with Treehouse Villas) last September.

Other Disney timeshare resorts available as timeshare resales and timeshare rentals include:

• Disney’s Villas at Wilderness Lodge Timeshare Resales
• Disney’s Saratoga Springs Resort & Spa Timeshare Resales
• Disney’s Old Key West Resort Timeshare Resales
• Disney’s BoardWalk Villas Timeshare Resales
• Disney’s Beach Club Villas Timeshare Resales

Development is back on track at the Ritz-Carlton Club and Residences at Kapalua Bay, Hawaii. After lender Lehman Brothers filed bankruptcy, they then withheld some $55 million the project was scheduled to receive in September and October. Thanks to a bridge loan from Maui Land and the timeshare/fractional project’s development partner Marriott International, construction was never interrupted.

While a bridge loan represents extra financing costs in the timeshare/fractional project’s development phase, it also prevents a construction shutdown, which always means extensive costs to remobilize equipment, staff, and crew. Robert Webber, Maui Land president and CEO told the Honolulu Advertiser that there were no construction delays because of the financing problem and that the Ritz Carlton is scheduled to open this summer.

At the time Lehman began to fall short, the new 146-unit Hawaii timeshare resort was 83 percent finished. The Honolulu Advertiser describes the Ritz-Carlton Club and Residences as, “84 traditional fee-simple condos, and 62 units being sold as “fractional ownership” condos – essentially a longer-term version of timeshare, in which each unit is shared by 12 buyers who receive three weeks of annual use.”

New Loan Structure and Timeshare Sales Keeps this Hawaii Timeshare Project Moving Forward

Without the depth of Lehman Brothers, the timeshare/fractional condos needed to restructure their deal, finding alternative money sources. A group of lenders who were already involved in the project, agreed to contribute more money toward the $120 million needed to complete the resort. Now, Lehman is providing $35 million, while Central Pacific Bank; Landesbank Baden-Wurttemberg; Deutsche Hypothekenbank; and Marriott are providing the remaining $85 million.

But here’s the part that may be the most interesting news of all: the amount needed to complete the project was reduced because 10 timeshare units sold last month!

Timeshare sales of new properties are taking place. And they are even occurring in Hawaii timeshares where there travel costs during this recessionary period have reportedly hurt Hawaii tourism. This is just one more sign of the economy and the timeshare industry weathering the storm and perhaps beginning to regain its footing. Presales of timeshare units to offset construction costs and reduce the original debt is one of the things that have made timeshare, fractional and condo hotel projects attractive to developers in the past, making this little bit of news especially meaningful to everyone in the timeshare industry.

Other Ritz-Carlton timeshare and fractional news:

• Ritz Carlton Timeshare Develops in the Bahamas

We are pleased to announce that William E. “Billy” Curran has been appointed to the Board of Directors for Sell My Timeshare NOW.

Billy Curran is the CEO of InnSeason Resorts® of West Yarmouth, Massachusetts and the founder of Curran Management Services. InnSeason Resorts®, is a regional brand of vacation resorts that combines the brand expertise of Curran Management Services and its founder, William E. “Billy” Curran, CEO, and the development and operations expertise of Dennis M. Ducharme, RRP, President.

Sell My Timeshare NOW and a Vision for the Future

As readers of The Timeshare Authority blog know, Sell My Timeshare NOW has exciting growth plans and a vision for the future of timeshare ownership, timeshare sales and rentals, and new opportunities for timeshare companies to better serve their member-owners. Billy Curran observes, “I am pleased to serve on this board because I think that in the long run this company will be instrumental in changing the landscape of the timeshare industry. Timeshare Owners are looking for change and for a secure way of reselling their product.”

This is an interesting time to be in business. But as CNN Money points out, historically, some amazing companies were founded or were in their infancy during a recessionary economy, including IBM, GE, General Motors, Proctor & Gamble, United Technologies Corp, and FedEx. Good company and great inspiration for the future!

Welcome Billy, to the Board of Directors at Sell My Timeshare NOW.