Friday, June 26, 2009

Consolidated Resorts Timeshares File Bankruptcy

Consolidated Resorts Inc., which operates 13 timeshare resorts located in Las Vegas, Orlando and Hawaii has filed for chapter 11 bankruptcy this week. The Las Vegas timeshare resorts are: Tahiti, a Polynesian-themed resort and Club de Soleil, a French-Mediterranean-style resort, both which reside on West Tropicana Avenue and Tahiti Village, a brand new five-star resort on Las Vegas Boulevard. The Orlando property is The Villas at Regal Palms, located in Davenport just outside Orlando. The Hawaii locations are: The Sands of Kahana Vacation Club, Kanaha Beach Resort, Kanaha Villa Resort and Hono Koa in Lahaina; The Gardens at West Maui in Kapalua; The Maui Beach Vacation Club and Maui Banyan Vacation Club in Kihei; The Kona Islander Inn in Kailua-Kona; and the Imperial Hawaii Vacation Club in Honolulu.

The timeshare company has stopped all sales and marketing efforts and closed their sales offices, as of Tuesday, blaming tight credit and financial challenges in this recession. Information booths placed in shopping malls to sell timeshare units for all their properties will no longer be in use.

“As a result of the dramatic changes in the economy and the shrinking timeshare lending environment, Consolidated Resorts Inc will file for bankruptcy protection,” said Ken Chupinsky, the company’s spokesman. “The scarcity of lenders in the timeshare industry has made it impossible to continue the company.”

Timeshare owners should not be alarmed as the company says it will continue to operate their resorts as they undergo restructuring. Those who want to rest assured that their timeshare week and expected amenities are unaffected should contact the resort directly.

3 comments:

  1. Has there been any indication of a buyer for the Tahiti Village project? I heard that ASNY Corp. did not file bankruptcy. Do you know if that is true?

    ReplyDelete
  2. I have heard that they did not file bankruptcy.

    ReplyDelete
  3. thanks for sharing this information. its a very nice post and keep it always...
    resorts in jim corbett park

    ReplyDelete