Celebrity Resorts Post-Bankruptcy – A New Legacy

Celebrity Resorts LLC made headlines in March of last year when it filed for Chapter 11 bankruptcy protection, but according to an Orlando Sentinel article financial problems may have started as early as 2008. While these types of bankruptcy filings rarely affect individual ownerships, they certainly undermine consumer confidence in a specific resort or developer, bringing down resale values. For owners of Celebrity Resorts timeshares, the company’s recent reorganization is welcome news: The new company is called Legacy Vacation Club.

Will the new name mean a new legacy for Celebrity Resorts and its owners? Quite possibly. The family-owned company has been selling timeshares for over 30 years, making it one of the most experienced resort developers in America. According to company lawyers, Celebrity Resorts exited bankruptcy intact, and with no job losses. In addition, Legacy Vacation Club has announced plans to implement its own internal “points” program, that will offer owners more flexibility. What may ultimately mean success for Celebrity Resorts, however, will be whether it can adapt its sales strategy to the tastes of a new generation of buyers. There are only so many upgrades that can be sold to aging timeshare owners; lasting success for any timeshare developer hinges on bringing new and younger buyers into the fold.

Just as generational differences have proven difficult for the timeshare industry, it’s generational differences within the Meyers family that have been blamed for the bankruptcy and subsequent reorganization of Celebrity Resorts. Brothers Neil and Hillel Meyers were the original developers of Resort World, predecessor to Celebrity Resorts, and remain legendary figures in Orlando’s insular timeshare community. Reportedly, disputes between Hillel Meyers and Neil Meyers’ son Jared led to partitioning the company in 2003. During last year’s bankruptcy proceedings, control of the company was hotly disputed between various family members, but the company’s reorganization plan approved this January leaves 34 year-old Jared Meyers in control as President and CEO. With a gen-xer at the helm, perhaps Legacy Vacation Club will succeed where Celebrity Resorts failed; retooling the timeshare sales process for internet-savvy younger buyers.

For now, all former Celebrity Resorts properties have been renamed to reflect the Legacy Vacation Club brand, and all resorts are now listed with both RCI and Interval International. Existing owners that want to sell their Celebrity timeshares will, no doubt, benefit from the re-branding; gradually escaping the stigma of bankruptcy. And while there are parts of the timeshare community that might still be skeptical of the new entity, I’m excited to see what the future holds. Best of luck to Jared Meyers and Legacy Vacation Club!

Popular Legacy Vacation Club Timeshares Include:
Legacy Vacation Club Orlando – Oaks
Legacy Vacation Club Orlando – Spas
Legacy Vacation Club Steamboat Springs – Hilltop

1 comment June 21st, 2011

David Walley's Resort Timeshare Owners Score a Victory, Defeat Assessment!

Over the last few months, owners and management at the popular David Walley’s Resort in Genoa, Nevada have been at odds over a special assessment to the levied on current owners. A few of our clients who own there, have kept up informed as events unfolded. Initially, owners were asked to pay an additional $950 fee to cover budget shortfalls allegedly caused by owners in arrears on maintenance fees. Naturally, many of the David Walley’s Resort timeshare owners objected to the special assessment, and attended a meeting with resort management to discuss the matter.

According to an insider who attended the first of two meetings between David Walley’s POA (Property Owner’s Association) and resort management, owners demanded an accounting of the delinquencies, and pressed for alternates to the assessment. Resort management, consisting partially of the original developer Quintus Resorts, and partially of the latest owner Celebrity Resorts, was unable or unwilling to provide requested information. Following the meeting, an article in The Record-Courier, citing sources in the resort’s management, suggested that David Walley’s might actually close unless the owners gave in to the assessment. (Now that’s playing hard ball.) Frustrated owners decided to organize, and take action. The POA filed suit to have Quintus appointed as their “Receiver” in order to protect their assets while the financial situation with Celebrity was investigated. Complicating matters further, Celebrity Resorts filed for bankruptcy protection on March 5, 2010.

This is the point at which many timeshare owners, and sometimes their respective HOA’s and POA’s, typically make the mistake of bashing their resort, and its management, on forums and chat rooms, where their vitriolic diatribes remain in perpetuity, forever damaging resale values along with the reputation of their resort. Fortunately, cooler heads prevail at David Walley’s Resort. It is, after all, a beautiful property, located in the coveted Lake Tahoe area, and boasting a historic Hot Springs on site. (See previous post for resort info.)

The timeshare owners at David Walley’s Resort, along with their hard-working POA, were able to keep the property open and solvent. Informative websites were created, or updated, reassuring both owners and potential timeshare resale buyers that the beloved resort was now in good hands. Two Board Members were removed and replaced. And that $950 assessment? It’s now just $20-$40, based on the type of ownership!

To be sure, David Walley’s POA will face other battles with management, but it’s safe to say they ‘won the war.’ I would be remiss if I didn’t point out that POA/HOA Board Members are typically just owners volunteering their time, with little recognition… So Help Timeshare tips its hat to the POA Board Members on a job well done!

Search David Walley’s Resort timeshares for sale and rent.

Visit the new POA website.

1 comment April 8th, 2010

Who is David Walley? Discovering David Walley's Resort, a Timeshare in historic Genoa, NV

Timeshare ownership and American history meet at a unique resort in Carson Valley, Nevada: David Walley’s Resort!

Considered by many historians to be the first settlement in Nevada, Genoa was established in 1851 by a group of Mormon pioneers. The small corner of the lush Carson Valley eventually became a prominent stop on the emigrant trail to California. David Walley was one such New Yorker who ventured west seeking his fortune.

In 1860, David Walley found a natural hot spring near where he’d been working on a tunnel project. He and a partner purchased the spring, and began charging $.50 for a bath in its therapeutic waters. By the 1900′s, Walley’s vision of a luxurious spa and hotel at the site was realized, and his resort was billed as the “leading spa of the pacific.” Famous visitors to Walley’s have included Mark Twain, Gen. Ulysses S. Grant, Clark Gable, and Ida Lupino.

Today David Walley’s Resort, formerly known as Celebrity Resorts Carson Valley, is a luxurious timeshare development, offering its owners and guests a unique vacationing experience. The hot mineral springs are located on-site, along with a full service health spa, and restaurant.

Units at David Walley’s are 2-Bedroom/2-Bath lock-outs that sleep either 6 or 8 people, and feature luxurious furnishings, a fireplace, full kitchen, and a whirlpool tub in master bath. Amenities are of such quality, Interval International has awarded the resort its Premier rating for superior timeshare properties!

Want to find out more about David Walley’s? A limited number of timeshare resales and rentals are available now at low for-sale-by-owner prices.

1 comment November 27th, 2009