Gurney’s Inn Timeshare Owners Can Turn in Their Shares or Turn in their Shares

Less than two weeks ago we shared with you the news that Gurney’s Inn timeshare, a Long Island resort and timeshare, had been purchased by new investors. (see: New Investor Takes Over Troubled New York Timeshare Resort.) Was it clear to you from our article that the new owners of Gurney’s Inn planned to eliminate entirely  the timeshare ownership component of  the resort? Because it wasn’t clear to us …

Although the timeshare owners were being given the chance to turn over their shares to the new property owners, George Filopoulos of Metrovest Equities and Lloyd Goldman of BLDG Management, the original information seemed to indicate that retaining ownership of your timeshare unit was one of the options. (See Option 3 below)

As we wrote in our previous blog about Gurney’s Inn, the choices the owners were given were to:

  1. Turn in their shares in December in exchange for a 20-percent maintenance reduction for 2012.
  2. Turn over their shares and keep their units until the end of 2017, with no maintenance or assessments during that time.
  3. Keep their units until the end of 2017, and take their chances that the inn will be resold at a profit after that point.

Now, is reporting that the property will, “shed its timeshare model in five years.” This certainly indicates that owners can turn in their shares now or (option 3) turn them in five years from now.

Pat Boffa, is president of Gurney’s Timeshare Owners Inc. ( Boffa explains, “It couldn’t continue as a timeshare forever, we all knew it. At the rate the maintenance was going up and the assessments that were pending, it just didn’t work anymore.”

Hopefully, all of the owners are getting the information they need and clarity on any questions they may have.

Gurney’s Inn has approximately 109 units or suites, with more than 30 of those being timeshare units. The historic resort, Gurney’s was founded in 1926 when Maude Gurney opened a 20-room inn as a summer retreat for New Yorkers. In 1956, the Monte family purchased the property and turned it into a resort.