Archive for the 'Timeshare Resort Hardships' Category

WESTGATE HAS MORE LAYOFFS !!

Thursday, January 22nd, 2009


Orlando Timeshare Company Has More Layoffs

Friday, January 16, 2009
ORLANDO, Fla. — One of America’s largest time-share companies has eliminated another 1,000 jobs during the past month.

Orlando-based Westgate Resorts once employed about 11,000 people. President David Siegel said it was down to about 7,000. The cuts were nationwide and some jobs were eliminated through attrition.

The company was facing a financing squeeze because of the nation’s severe economic downturn. Siegel said the cuts would affect all areas of business, from administration to marketing, sales and construction.

He said Westgate will be able to do business without access to the still-frozen credit markets by funding the operation with their own money.

Copyright 2009 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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New York Times – TIME-SHARE RESORT INDUSTRY EXPERIENCING GROWTH PAINS

Friday, January 16th, 2009


TIME-SHARE RESORT INDUSTRY EXPERIENCING GROWTH PAINS

Published: September 27, 1981

Time-sharing, the new rage in vacation real estate, has attracted thousands of satisfied customers across the country. But left strand ed on the beaches and slopes are some unhappy buyers, who in the worst cases, lost all their money.

Some 300,000 families, mostly middle and upper income people, have bought time-shares since the concept of purchasing rights to a hotel or apartment unit at a resort for a specific week or two each year was introduced in this country in the late 1960’s. After a slow start, the industry began to expand dramatically in the mid-1970’s.

In the last six years, the number of time-share resorts in the United States has grown from 45 to about 550, according to Carl Burlingame, author of a magazine on time-shares and a book on the subject.

Industry surveys show a high satisfaction rate among time-share owners – 82 percent. A major attraction is the inflation protection that comes from locking in a portion of the family’s vacation costs for the next 20, 30, 40 or more years.

Moreover, as the industry has grown in size and sophistication, it has attracted major institutional lenders as well as first-class developers.

The industry’s success, however, has not been accomplished without charges of fraud and deception. The most well-known incident in the industry involved the old Stanley Hotel in Estes Park, Colo., where 2,100 people bought time-shares before the developers went bankrupt in 1979. At an average price of $5,000, the purchasers were buying rights to new, luxurious condominium units around the old hotel. The units were never built. however. A court appointed trustee has tried to find another developer to take over the project.

In July, New York Attorney General Robert Abrams sought to bar sales in New York of time-shares from Tree Tops, Inc. in the Pocono Mountains of Pennsylvania because of the company’s failure to register in New York. As part of the consent judgment in the case, about 550 New Yorkers who bought time-shares at Tree Tops will have the opportunity to get their money back. Units at the resort sold at prices ranging from $3,500 to more than $8,200.

Harry F. Lee, Tree Tops’ Pennsylvania attorney, said the company plans to properly register in New York. He said Tree Tops had written to Mr. Abrams’s office asking about requirements in New York, but never received an answer.

After consulting with New York lawyers, Tree Tops took the position that it was not selling real estate, but pre-paid vacations and it need not register in New York. Like some other time-shares, Tree Tops owners do not take title to a deed.

Mr. Lee said Tree Tops decided against time-consuming litigation and chose instead to agree to stop sales to New Yorkers and offer refunds.

Earlier this year Mr. Abrams’s office got the court to bar the sale of time-shares on the cruise ship ”Romance.” The attorney general contended that Little Cruise Ship Ltd., based in San Diego, and the company’s agent, Carlino & Phillips Advertising Inc, of Plainview, N.Y., misled buyers about the size and capabilities of the ship and failed to register properly.

Robert S. Robbin, assistant attorney general in charge of the Bureau of Real Estate Finance, said that complaints about time-shares are growing, reflecting in part the recent change in law allowing time-share sales in New York.

”The sales procedures are aggressive and that’s going to generate complaints,” he said. Time-sharing is ”still in the early stages and we’re trying to avoid problems by stopping problem practices early.”

Last month, a Federal judge in South Carolina sentenced John G. Mitchell, a Nashville lawyer, and Harry Morgan, a Tennessee businessman, to 15 years in prison for their roles in a time-share scheme. The men are appealing their convictions on conspiracy and mail fraud charges stemming from the sale of time-shares for a resort in Myrtle Beach that was never built.

John Clifford Ryan, an assistant U.S. Attorney in South Carolina, said investigators found about 127 people who had purchased timeshares in the promised project, which was called Resort Club Vacation Inc. Units sold for about $4,600.

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Wyndham Plans for Lay Offs – Changes happening in the Timeshare Industry

Thursday, January 15th, 2009

Monday, December 22, 2008

Wyndham Timeshare Will Lay Off 75 Percent of Reno, NV Staff

Author: Jason Tremblay

Wyndham Worldwide says they will lay off 75 percent of their employees at their Reno, Nevada locations, accounting for approximately 75 of 100 positions. The majority of the reductions will be among their timeshare sales and timeshare marketing team.

Wyndham spokesperson Lisa Burby, told Reno News 4 that the layoffs were part of the company’s organization changes, as Wyndham seeks ways to “re-invent the way they do business by taking a pro-active approach to ensure long-term stability.”

Wyndham timeshare owns WorldMark the Club, which operates six timeshare resorts in the state of Nevada, one in Reno, and two in Lake Tahoe.

Nationwide, Wyndham timeshare is reportedly laying off approximately 4000 workers during the upcoming weeks. In reporting this, The Timeshare Authority is adding more bad news to a growing list of recent timeshare blog posts about cutbacks in the timeshare development and timeshare sales industry.

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