Beware - Consolidated Resorts Filed Bk [MERGED]

[lv_maui]

I have had several confirmations that Consolidated Resorts filed for BK today. Not sure what Chapter. That includes Lahaina Ticket company. Anyone associated with them should beware about tickets, etc.

 

[LisaH]

OMG! I'M an owner at Sands of Kahana. Wonder what this BK would mean to our resort...

 

[dougp26364]

Is this the same company that developed and manages Clud Del Soliel, Tahiti and Tahiti Village in Las Vegas? If so I'm a little surprised as word was they were moving a ton of inventory at high prices with Tahiti Village in Vegas. I actually like the idea of Tahiti Village since it have a very nice resort concept with good room layouts but I absolutely hated the location, which was in the flight path for depating planes at MacCarren airport.

 

[LisaH]

All the resorts you mentioned are managed by Consolidated Resorts Management in LV. Called CRM and was told the resort management part of the business will not be affected, whatever that means...

 

[sailingman22]

I checked the Hawaii newspapers and googled Consolidated Resorts with no hits other than they purchased Kauai Sands property and are scheduled to spend around $25 million making the units into 1bd ts for $25,000 each. This was an older post that Colsolidated Resorts would not verify when I was purchasing a ts at Kahana Beach. Please post a link to a news story about CR bk. Thanks.

 

[UWSurfer]

http://www.lvrj.com/news/breaking_news/48947756.html

http://timesharescamsupdate.blogspot.com/2009/06/consolidated-resorts-to-close-sales.html

http://www.city-data.com/forum/las-vegas/678842-scary-unemployment-11-2-a-5.html

 

[lv_maui]

Please post a link to a news story about CR bk. Thanks.

I heard about it from friends on the streets of Maui, and then confirmed it with my timeshare sources in Vegas. The lack of receivable financing due to the credit markets coupled with the new owners (Goldman Sachs/Apollo) refusing to invest any more capital into the business created the problem. To me, this is not surprising and wonder how many others are having issues.

Timeshare sales is extremely depending upon the hypotheciation of its receivables for cashflow. The recent credit markets have caused this to be scarce. I do not know anything about their profit and loss statement but obviously, they are low on cash.

The question is whether the company is going to re-organize and emerge from BK or are they liquidating and selling off the assets. The press releases really do not say anything about it.

 

[mshatty]

No bankruptcy filing

I did a search on the PACER US Party Index for all bankruptcy courts in the US. There is no bankruptcy filing for Consolidated Resorts.

It has participated in some bankruptcy cases as a creditor.

 

[dougp26364]

I did a search on the PACER US Party Index for all bankruptcy courts in the US. There is no bankruptcy filing for Consolidated Resorts.

It has participated in some bankruptcy cases as a creditor.

This seems pretty straight forward to me.

Consolidated Resorts, owners of the time share Tahiti Village Resort on Las Vegas Boulevard South, is filing for bankruptcy protection.

Company officials confirmed late Tuesday that they had shut down sales and marketing offices in Las Vegas, Orlando, Fla., and Hawaii.

Tahiti Village Resort shut down information booths Tuesday around town, including those in Strip resorts and along Las Vegas Boulevard.


Perhaps the paperwork hasn't hit the courts yet and all CSR has done is to announce it will be filing bankruptcy.

I have to admit I'm not going to miss all the TV street vendors interupting us as we walk down the street, into a casino or shop in a mall. While most TS street people are bad, I found them to be some of the worst out of the lot of them. For whatever reason they always seemed to zero in on me. I suppose Westgate is now primed to take they positions and will become as obnoxious as CSR had been in the past. Of course, if DRI has fired up sales again in Las Vegas, they could easily compete with the Westgate weasels for top billing as annoying street vendors in Vegas.

 

[lv_maui]

Preparing to file

I think you all are all right that they are preparing to file. It is very strang in this circumstance to have the employees be told that they were filing. Usually, they tell them the day of although it is not a secret.

In my case, I know a creditor of them of daily activities. By hearing this, Consolidated's credit account was suspended. Not a big deal!

But my sources do say that they are def going to file, I bet then today or this week. Why else close EVERYTHING down in Sales.

Owners be concerned but not worried. You usually are protected if you have a deed to your week.

 

[sailingman22]

Any thoughts about how their filing bankruptcy will effect ongoing management of their various resorts in Hawaii? I called Consolidated Resorts Customer Service line and left a voicemail message of the recorder but could not connect with a rep.

We just purchased a ts at the Kahana Beach Resort and have reservations for late Nov. I hope that they either reorganize under bankruptcy or find another management company soon.

 

[UWSurfer]

We just purchased a ts at the Kahana Beach Resort and have reservations for late Nov. I hope that they either reorganize under bankruptcy or find another management company soon.

One of the links I posted last night had the following: "Owners with questions were referred to Soleil Management, which can be reached at 1-800-775-8463"

From the website(s) it appears that Soleil Management and CRM are either the same company or are setup in such a way that Soleil may take over. I have a reservation at Gardens at West Maui in February. I'm going to let the dust settle for a week or so and then check in with Soleil and make sure they have the confirmation in whatever system they are working from.

 

[UWSurfer]

I just saw this note from the discussion section of the Las Vegas Sun on this story: http://www.lasvegassun.com/news/2009/jun/23/vegas-timeshare-company-close-sales-operations/

"I worked for Consolidated and lost my job yesterday because of "The scarcity of lenders in the timeshare industry has made it impossible to continue the company." If we can't sell, we can't stay in business! I worked on commission with a monthly bonus on sales, and yes sales have gone down dramatically! It is sad that so many of us are now without a job. When we got the news and were sent home yesterday, I thought that none of us would be paid for last week ... until I got a call last night telling me to come in and pick up my final paycheck. I have a lot of respect for the company, they could have screwed us, but they didn't."

 

[iluv2write]

Consolidated Resorts Bankruptcy HELP!

Today, we got the official news that Consolidated Resorts has filed for bankruptcy. I found a website pertaining to it that I linked but it doesn't provide me enough information as to what I should do next. That's the most I could find so far but I'm guessing that some of you might have experienced similar situations with other resorts from the past.

I have held a Tahiti Village timeshare for quite a while now and I did enjoy it. Now I am having deep concerns of the value and how my annual fee and contingency will change due to this. The resort hasn't contacted us yet and the guest services haven't got the slightest idea and they kept transferring me back and forth when I brought up the word "bankruptcy".

Any advice?

 

[post-it]

Today, we got the official news that Consolidated Resorts has filed for bankruptcy. I found a website pertaining to it that I linked but it doesn't provide me enough information as to what I should do next. That's the most I could find so far but I'm guessing that some of you might have experienced similar situations with other resorts from the past.

I have held a Tahiti Village timeshare for quite a while now and I did enjoy it. Now I am having deep concerns of the value and how my annual fee and contingency will change due to this. The resort hasn't contacted us yet and the guest services haven't got the slightest idea and they kept transferring me back and forth when I brought up the word "bankruptcy".

Any advice?

I saw another posting regarding this bankruptcy:
Beware - Consolidated Resorts Filed Bk

 

[UWSurfer]

Look at the thread already going on here on Tug...there's an 800 # with Soleil management. My plan is to wait a week and let the dust settle a bit before calling. Consolidated Resort Management operates our Maui T/S.

http://www.tugbbs.com/forums/showthread.php?t=100489&highlight=consolidated+resorts

 

[iluv2write]

Hey guys, I started a thread not knowing that this one existed because I own Tahiti Village. I am pretty sure that if they go under, all our timeshares will go under with it. As of now, I just want to get out of it before things go really bad. Any suggestions?

 

[UWSurfer]

It's a little too soon to say what will happen as the economic forces are down across the board, but another timeshare I now own, Summer Bay Desert Club went bankrupt years ago and another company came along and took over the property.

I wasn't around for all the "fun" and many others on Tug here were who can chime in on all the headaches and bumps they experienced. It's interesting to note that Ceasars/Harrah's wanted the Summer Bay property and ended up exchanging it for a newer complex across the street from the old property and kicked in mulit-millions to update and upgrade the complex SB moved to, resulting in a much better property for existing owners, with more inventory for the present operator of SB to sell.

It will be interesting to see what happens next, but I wouldn't panic just yet.

 

[Twinkstarr]

It's a little too soon to say what will happen as the economic forces are down across the board, but another timeshare I now own, Summer Bay Desert Club went bankrupt years ago and another company came along and took over the property.

I wasn't around for all the "fun" and many others on Tug here were who can chime in on all the headaches and bumps they experienced. It's interesting to note that Ceasars/Harrah's wanted the Summer Bay property and ended up exchanging it for a newer complex across the street from the old property and kicked in mulit-millions to update and upgrade the complex SB moved to, resulting in a much better property for existing owners, with more inventory for the present operator of SB to sell.

It will be interesting to see what happens next, but I wouldn't panic just yet.

Well I think some are hitting the panic button.

I've just seen 3 deposits into II for 1brs at Sands Of Kahana for July in just 15 minutes.

 

[sailingman22]

Here is an email that I just received from CRMLV concerning the announced shutdown at Consolidated Resorts.

"Thank you for contacting Consolidated Resorts Management. Our sister company Consolidated Resorts, Inc. has shut down its sales and marketing operations in Las Vegas, Orlando and Hawaii and will file for bankruptcy protection. The economy and the lack of financing for the sales and marketing operations and new projects made it impossible to continue the company. However, the bankruptcy of the timeshare company doesn't affect the on-going operations of the management of the resorts. All of the associations' funds are kept in separate accounts for each association. All of the resorts will continue to operate uninterrupted so owners do not need to worry. It is business as usual for Consolidated Resorts Management and Soleil Management"

 

[timeos2]

Usually not so good

Any thoughts about how their filing bankruptcy will effect ongoing management of their various resorts in Hawaii? I called Consolidated Resorts Customer Service line and left a voicemail message of the recorder but could not connect with a rep.

We just purchased a ts at the Kahana Beach Resort and have reservations for late Nov. I hope that they either reorganize under bankruptcy or find another management company soon.

IF I were an owner there i would HOPE the management could be turned over to a professional third party rather then another developer. That is almost always the best situation for owners to be in. What is more likely, unfortunately, is that the carcass will be cherry picked by some other developer who will take over sales AND the management contract (which since it was put in place by Consolidated as the developer most likely does NOT favor the owners). Who knows who that will be - Wastegate anyone? - then the real fun begins as the new group wants things their way.

In any case it isn't a good turn of events unless the management contract gets redone as I said.

 

[Greg]

Consolidated Resorts file chapter 11

How does their filing effect current owners and exchangers? I assume that it will cause concern for the Hawaii owners as well as the Las Vegas owners.

http://www.globest.com/news/1438_1438/lasvegas/179432-1.html

 

[iluv2write]

There's some pretty interesting information regarding this that I found on digg that led to this site: http://consolidatedresortsbankruptcy.com/

it puts me a bit on edge knowing that I may be in this "precarious position" as they mention. yikes

 

[dougp26364]

If I were an owner, I wouldn't be happy but, I wouldn't panic either. This isn't the first timeshare developer to declare bankruptcy and it's not going to be the last. You can look at what happened to the old Debby Reynolds Resort, Epic, Ramada or Sunterra for reference. All went through major changes but, all of the owners kept what they owned. The big difference was a change in who was managing their resorts.

In the next two years I'd anticpate becoming part of another timeshare group or, at the very least, a new management company running the resort. There will likely be a few rough spots but, in a few years it should even out and might actually improve.

To me the big question will be who's might take over? Who has the cash on hand or the ability to finance this purchase? Off the top of my head I'd say the most likely contender is going to be Diamond Resorts. They're headquartered in Vegas. They had been looking at developing a new resort in conjunction with the Hard Rock Hotel expansion and picking up the unsold inventory would give them something to work with in Vegas again. They have strong contacts in Vegas. They're trying to expand and offer new options to DRI's THE Club members. I'm sure they'd also love to pick up the management contracts at all the old Consolidated Resorts which would provid them additional income. The question is, would DRI have the money? They attempted to buy out Bluegreen but came up short in the financing department.

At any rate I wouldn't be hitting the panic button or worrying about the value or you week. Yes it's a rough spot in the road but, in the long run I think things will work themselves out.

 

[dougp26364]

There's some pretty interesting information regarding this that I found on digg that led to this site: http://consolidatedresortsbankruptcy.com/

it puts me a bit on edge knowing that I may be in this "precarious position" as they mention. yikes

It's not an article, it's an advertisement for Timeshare Relief. It's only an alarmist scare job. The only thing Timeshare Relief is going to relieve you of is money from your wallet. They'll want you to give them $3,000 and they'll tell you that they'll dipose of your timeshare for you. What they'll really do is dump it for $1 on E-bay to some unsuspecting buyer.

DON'T FALL FOR THEIR SCARE TACTICS!