Friday, July 13, 2012
Yesterday, The Timeshare Authority shared with you the news that the Festiva Hospitality Group has acquired the former Celebration World Resort. (See: Festiva Hospitality Expands its Florida Timeshare Properties.) The acquisition of the resort by Festiva timeshare was facilitated with the involvement of the Florida Department of Business and Professional Regulation.
Tobias A. Weas, Esq., RRP, vice president of government relations and general counsel of Festiva, explains, “The acquisition and plans for improvements were made during a time of communication with the state of Florida, as Festiva executives worked closely with The Florida Department of Business and Professional Regulation (DBPR) near the beginning of the acquisition process.
“Early on we recognized that the many issues the resort owners had been and would continue to deal with would cause ongoing operational, legal and managerial challenges. Therefore, Festiva decided to reach out to the DBPR to inform them of these many challenges and to work with them to ensure the best possible long-term outcome for the resort’s owner.”
Festiva Timeshare Became Involved through CapitalSource Finance
Festiva timeshare became involved in the efforts to save the struggling Florida timeshare because of the company’s past positive interactions with CapitalSource Finance, LLC. Capital Source, a real estate and mortgage lending company specializing in commercial real estate, credits Festiva timeshare with saving the Kissimmee timeshare resort property from bankruptcy.
CapitalSource, which has worked with Festiva in the past, contacted the Ashville, North Carolina-based timeshare developer, seeking their involvement. As Brian Petronis, vice president of portfolio management for CapitalSource, says, “CapitalSource reached out to Festiva because of our confidence in Festiva’s ability to deliver on the operational and administrative improvements necessary to turn the resort around.”
Current timeshare owners at the Celebration World Resort are likely feeling more upbeat about their ownership at the declining property now that Festiva timeshare has stepped in, providing its leadership as well as new resort branding and management. Still, some Celebration World Resort owners may have lost interest in the resort, meaning timeshare buyers ready to see the resort’s future and not its past could pick up exceptional deals on Celebration World timeshares resales.