Las Vegas Timeshare

René Cardinal has officially been announced as the new President of the timeshare group, Club Intrawest Resort Club Group, a division of Intrawest ULC.

As a part of Club Intrawest for more than ten years, Cardinal serves as a Director of the Canadian Resort Development Association (CRDA) and a trustee for ARDA, the American Resort Development Association, where he sits on the Finance Committee.

Prior to assuming the responsibilities of President of Club Intrawest, Cardinal was the Executive Vice President and Chief Financial Officer for Intrawest Resort Club Group, a position he will continue to hold.

Intrawest CEO, Bill Jensen says Intrawest is particularly excited about “the opportunities that we anticipate will come available over the next year. Given the new playing field in the vacation ownership market, our confidence in Club Intrawest’s solid track record of excellence makes us very optimistic about what lies ahead. René’s long term history with Club Intrawest and our organization’s strong team of seasoned professionals will enable us to create, direct and manage new growth as the Club expands its horizons.”

More on Club Intrawest Timeshare and Vacation Club

Club Intrawest is a private vacation club with destinations that include Canada timeshare, California timeshare, and Mexico timeshare, as well as access through Hilton Grand Vacations to Florida timeshare, Hawaii timeshare, and Las Vegas timeshare. Since opening its first timeshare resort in 1994, the company has grown to include eight resorts in Canada, with its Whistler ski destinations being many of the signature properties that come to mind when people think of Intrawest timeshare.

Club Intrawest is exclusively managed by Intrawest Resort Club Group. Intrawest ULC is controlled by funds managed by Fortress Investment Group LLC.

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

When Forbes Magazine published its most recent list of America’s top tourist attractions, we couldn’t help but notice that there are great opportunities in timeshare resorts at or near all of these destinations. That means if you own timeshare in these popular areas, you also have a natural market for timeshare rental should there be times you can’t use your timeshare yourself or don’t choose to use it as timeshare exchange.

Here’s a look at only a very few of your timeshare resort options for these favorite tourist destinations:

#3. National Mall and Memorial Parks, Washington, D.C., with 25 million visitors

• Wyndham Old Town (Alexandria, Virginia)
• Wyndham Resorts National Harbor (Ft. Washington, Maryland)

#2. Las Vegas Strip, Las Vegas, Nevada, with 29.1 million visitors

• Las Vegas Timeshare Resales and Las Vegas Timeshare Rentals
• Hilton Grand Vacations Club On The Las Vegas Strip Timeshare
• Marriott’s Grand Chateau Timeshare

#1. Times Square, New York, N.Y. with 37.6 million visitors

• New York City Timeshare Resales and New York City Timeshare Rentals
• Manhattan Club Timeshare
• Hilton Club New York

People are often surprised to learn that timeshares are not just limited to the beach and ski resorts. There are locations available to enjoy urban timeshare worldwide, offering you the convenience and savings that go with owning timeshare.

PH Towers Westgate opened this past December and currently says only about 20 percent of its timeshare units have sold. But the rest of this Las Vegas timeshare’s units are not sitting empty; they are being used as hotel inventory by Planet Hollywood resort (which is owned by Harrah’s Entertainment Inc).

The 52-story, 1200-room Las Vegas timeshare is described by Westgate timeshare as both the world’s largest timeshare building (all units contained within a single structure) and the only timeshare in the world that is fully integrated with a casino.

The timeshare’s builder, Tutor-Saliba Corporation, has filed a foreclosure lawsuit in Nevada’s Clark County District Court against Westgate Planet Hollywood Las Vegas LLC. Tutor-Saliba alleges that Westgate owes the company $19.3 million based on the terms of the 2007 Las Vegas timeshare construction contract. According to the Las Vegas Sun, Westgate Resorts timeshare plans to fight the lawsuit against their newest Las Vegas timeshare property and says that liens filed against the resort by Tutor-Saliba and liens filed by subcontractors cover duplicate issues.

Westgate Timeshare Tells Its Side of the Story

Mark Waltrip, chief operating officer of Westgate Resorts, was quoted as saying, “We have exhausted every effort to work cooperatively with Tutor-Saliba to resolve these issues. We have previously provided Tutor-Saliba a well-documented position that has been independently verified by a third-party construction management firm and proves that not only are these claims totally without merit, but in fact Tutor-Saliba owes Westgate in excess of $18 million. In addition, Tutor-Saliba signed an agreement subordinating its claim to the lenders on this project and therefore has no right to pursue this course of action. We not only intend to vigorously defend these claims brought by Tutor-Saliba, but also seek recovery of millions of dollars in claims due to Westgate, including overcharges, credits due for unperformed work, liquidated damages for untimely performance and failure to comply with the plans and specifications of the project.”

So Westgate timeshare and the construction company for this Las Vegas timeshare agree that somebody owes somebody between 18 and 19.3 million dollars. One thing is certain, until this is resolved, only the attorneys involved benefit by the situation.