quick reply
I hadn't heard about this situation -- what caused this resort to run into such trouble?
What happens with current ownerships? Will their be an attempt to sell the underlying real estate, and give the proceeds to the owners?
Judy,
The resort was purchased out of bankruptcy by the timeshare owners and their association(s). They are a great group of owners and very dedicated to their resort. The resort was at one time a very popular down hill ski resort. After the timeshare developer went bankrupt much of the ski equipment (lifts and such) were sold off. The ski runs never reopened. The resort is a center for cross country ski and mountain bikes and there are two very large national events that either begin or terminate at the resort. These being the Birkebeiner and the Fat Tire. I will leave you to figure out which is which event ;-).
It is a large resort with much expense. Much of the facilities and accommodations were neglected by the timeshare developer going into the developers bankruptcy and the timeshare owners after their purchase did all they could to renovate and make the resort relevant in todays travel market. It just wasn't working out for the timeshare owners who needed someone who had the resources to run a large resort and attract a new line of business to keep the rooms and restaurants filled when the major races were not filling the facilities. The resort has been for sale for a long time and the owners continued to really support the resort.
Hopefully this latest purchaser will get their financing and revitalize this great resort. I am sure the timeshare will continue on and nobody will loose their ownership. Again it is a great group of dedicated owners so I am sure they will have a future. It must be a very painful and hard decision to close the doors on the main resort and lay off the staff.
Scott