Tahiti Village, Tahiti Timeshare, and Club de Soleil Las Vegas Timeshare Acquired by The Arthur Spector Companies
Saturday, September 11, 2010
The Tahiti Village, Tahiti timeshare, and Club de Soleil timeshares were acquired on August 31, by The Arthur Spector Companies. The acquisition includes all of the unsold timeshare units and intervals (inventory) and the operating assets of the three Las Vegas timeshare resorts: Tahiti Village Resort timeshare; Tahiti Resort timeshare; and Club de Soleil timeshare.
In 2007, a Goldman Sachs sponsored fund invested in Consolidated Resorts, acquiring 75 percent interest in these three Las Vegas timeshares, while the Spector family retained 25 percent interest in the properties. In 2009, Consolidated Resorts filed for bankruptcy because the credit crisis had virtually cut off the resort ownership’s resources for growth funding. Since that time, the former Goldman Sachs fund has terminated its interest in the timeshare group and the assets again became available for acquisition.
The Arthur Spector Companies and the Spector family are no newcomers to timeshare. Spector companies have been a leading timeshare developer in Las Vegas timeshare, Orlando timeshare and Hawaii timeshare for more than 30 years. The Spector family expects to invest over $30 MM in the Las Vegas economy through timeshare development and timeshare expansion.
Arthur Spector explains, “We are especially thankful that we were able to assist the trustee to protect the interests of over 100,000 timeshare owners in these difficult times. All of the timeshare resorts have remained fully operational, the owners have had uninterrupted use of their vacation plans and continue to choose Las Vegas and Hawaii as their vacation destinations. We look forward to rebuilding this vital sector of the Las Vegas economy.”
Arthur Spector is a trustee member of the American Resort Development Association (ARDA).
Past The Timeshare Authority Blog posts on these Las Vegas timeshares:
Timeshare Owners Should not be Impacted by Bankruptcy Filing at Consolidated Resorts
Consolidated Resorts Timeshare says Bankruptcy Will Not Affect Timeshare Owners