Do You Own Timeshare at Royal Oasis in the Bahamas?
Tuesday, November 6, 2007
Continuing from yesterday’s Timeshare Owners Blog about the situation at Royal Oasis timeshare resort, today’s blog looks at things from the perspective of timeshare owners.
Until yesterday’s post, the last blog I wrote about circumstances at this Caribbean timeshare resort was March 7, 2007. At that time, I was quoting the Freeport News as saying that Bahamian Prime Minister Perry Christie and former Tourism Minister Obie Wilchcombe were both hinting at a pending purchase of the resort. So here it is, eight months later, but finally, that sale may be about to happen.
Since the timeshare resort’s closing during the 2004 hurricane season, rumors of the sale of Royal Oasis have taken on the credibility of the boy who cried wolf. However last April, Harcourt Developments, a Dublin, Ireland based property development, management and investment company, surfaced as the front-runner in the rumor mill. But it appears that this time the news is solid, and Harcourt Developments is ready to finalize the deal to purchase the Royal Oasis resort. According to an article that appeared in Dublin’s Sunday Business Post Online, the $40 million deal is nearly completed.
Harcourt has gone so far as to notify people who own Royal Oasis timeshare, telling them that their contracts will be honored. The Nassau Guardian says, “All 3,000 timeshare owners at the Royal Oasis resort appear to have won the war they’ve waged for the last three years.”
The article went on to say it is unclear whether “the government or Lehman Brothers has offered to help cover the cost of restoring timeshare owners to the position they held before 2004.” Obie Wilchcombe, according to the Nassau Guardian, “suggested that a struggling Freeport could ill afford not to satisfy those investors, given the potential for them to mount a negative campaign against a newly renovated Royal Oasis as planned by Harcourt.”
Lehman Brothers’ role in the Royal Oasis debacle is that they stepped in to control the property when former owner Driftwood, failed to meet their mortgage obligations.
Royal Oasis Timeshare Owners, Let Us Hear From You
If you own timeshare at this resort, and have received a letter from Harcourt Developments, the Timeshare Owners Blog would love to hear from you. You can leave a comment on this post, letting us know what’s happening or post comments on our Timeshare Owners Forum. We’d really like to get our news on this subject from the people with the clearest perspective—the timeshare owners at Royal Oasis!