Westgate Timeshare Lightens the Load, Selling Select Assets
Monday, March 22, 2010
David Siegel, founder of Westgate timeshare, will reportedly attempt to sell some $350 million in assets. On the “for sale” list is the former Grenelefe Resort, near Haines City, Florida, which includes 432 condominium units, two golf courses, a marina, and 277 acres of undeveloped land.
Grenelefe Golf and Tennis Resort was, not so many years ago, as a popular Florida vacation destination. With a 50,000 square foot conference center, Grenelefe was a favorite site for smaller convention and meeting groups, boasted golf courses of such quality that they were frequently early stage qualifying sites for the PGA and Champions Tour events, and offered a tennis venue where Martina Navratilova and Andrea Jaeger both competed.
But time has not been kind to the resort since it was purchased by Westgate Resorts in a 2002 U.S. Bankruptcy Court proceeding from Sports Shinko, a Japanese company, for $12.75 million. During Westgate timeshare resort’ ownership there have been buyers interested in purchasing the property, but none has been able to gain sufficient backing and close the deal. As if to add insult to injury, Grenelefe Resort was hit by tornado-like winds last week, damaging 28 condo units and leaving 5 uninhabitable.
Westgate Resorts to Focus on Timeshare
Among other properties and assets scheduled to be sold by Westgate timeshares are River Ranch, which is a 1,700-acre dude ranch on the Kissimmee River (south of Orlando); real estate in Nevada, Missouri and Tennessee; a 500-room Ramada hotel in Kissimmee, FL; two private aircraft; and the rights to develop lodging on land near the entrance to Disneyland, Anaheim, California.
David Siegel was quoted by the Orlando Sentinel as saying, “We’re selling our non-time-share assets to raise cash for our time-share operations. We’re selling anything that we don’t currently need for our time-share [business].”