ILX bankruptcy

[eal Senior Member Find all posts View Profile Close eal]

Hi Mark,
Over yonder is a post reporting that II has cancelled exchanges into Rancho Manana because ILX Premierer Vacation Club has gone bankrupt.

I have an exchange with SFX into Los Abrigados coming up in a couple of weeks, for a donor at a charity auction. Has anything happened with the ILX resorts and weeks that SFX is involved with?

I would hate to have my generous donor not be able to go there...

[Mark @SFX Industry Representative Find all posts View Profile Close Mark @SFX]

Hi Mark,
Over yonder is a post reporting that II has cancelled exchanges into Rancho Manana because ILX Premierer Vacation Club has gone bankrupt.

I have an exchange with SFX into Los Abrigados coming up in a couple of weeks, for a donor at a charity auction. Has anything happened with the ILX resorts and weeks that SFX is involved with?

I would hate to have my generous donor not be able to go there...

Eal - thank you for your post. We haven't been advised by the resort of any interruptions. However, we will contact them tomorrow and follow up with a definitive answer for you.

Thanks,

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

From TUG BBS

Please allow us to correct a misunderstanding and incorrect information disseminated by Steve in his posting of August 27, 2008 at 12:05 AM. Premiere Vacation Club is not in bankruptcy. The developer of the resort, Rancho Manana Ventures, filed bankruptcy on August 13, 2008 owing substantial amounts to the Rancho Manana homeowners association. The developer is not affiliated with Premiere Vacation Club or with ILX Resorts in any way. Premiere Vacation Club is current in, and has in fact prepaid its obligations to the Rancho Manana homeowners association.

However, without the substantial funds the developer owes the HOA, the resort will be unable to remain operational. The HOA and the developer advised Premiere Vacation Club and ILX Resorts on August 20 that it could not guarantee that the resort would remain open beyond August 24, 2008. ILX immediately advised Interval International of the situation and Interval elected to notify and relocate its in-bound exchange guests. Premiere Vacation Club also began relocating its owners with near term reservations at Rancho Manana to other locations.

We are certainly disappointed that the developer has failed to meet its obligations to the homeowners association. While the resort does remain open as of today (with a significantly pared down staff), there is no assurance that it will continue to do so, or that the service level and guest experience would be appropriate.

We look forward to the restoration of full operation upon resolution of the developer’s financial issues.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

This quote is from the TUG BBS

Please allow us to correct a misunderstanding and incorrect information disseminated by Steve in his posting of August 27, 2008 at 12:05 AM. Premiere Vacation Club is not in bankruptcy. The developer of the resort, Rancho Manana Ventures, filed bankruptcy on August 13, 2008 owing substantial amounts to the Rancho Manana homeowners association. The developer is not affiliated with Premiere Vacation Club or with ILX Resorts in any way. Premiere Vacation Club is current in, and has in fact prepaid its obligations to the Rancho Manana homeowners association.

However, without the substantial funds the developer owes the HOA, the resort will be unable to remain operational. The HOA and the developer advised Premiere Vacation Club and ILX Resorts on August 20 that it could not guarantee that the resort would remain open beyond August 24, 2008. ILX immediately advised Interval International of the situation and Interval elected to notify and relocate its in-bound exchange guests. Premiere Vacation Club also began relocating its owners with near term reservations at Rancho Manana to other locations.

We are certainly disappointed that the developer has failed to meet its obligations to the homeowners association. While the resort does remain open as of today (with a significantly pared down staff), there is no assurance that it will continue to do so, or that the service level and guest experience would be appropriate.

We look forward to the restoration of full operation upon resolution of the developer’s financial issues.

No ILX bankruptcy

Problem with Rancho Manana resort only.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

From the TUG BBS

No ILX banhruptcy

Problem is with the resort : Rancho Manana

Please allow us to correct a misunderstanding and incorrect information disseminated by Steve in his posting of August 27, 2008 at 12:05 AM. Premiere Vacation Club is not in bankruptcy. The developer of the resort, Rancho Manana Ventures, filed bankruptcy on August 13, 2008 owing substantial amounts to the Rancho Manana homeowners association. The developer is not affiliated with Premiere Vacation Club or with ILX Resorts in any way. Premiere Vacation Club is current in, and has in fact prepaid its obligations to the Rancho Manana homeowners association.

However, without the substantial funds the developer owes the HOA, the resort will be unable to remain operational. The HOA and the developer advised Premiere Vacation Club and ILX Resorts on August 20 that it could not guarantee that the resort would remain open beyond August 24, 2008. ILX immediately advised Interval International of the situation and Interval elected to notify and relocate its in-bound exchange guests. Premiere Vacation Club also began relocating its owners with near term reservations at Rancho Manana to other locations.

We are certainly disappointed that the developer has failed to meet its obligations to the homeowners association. While the resort does remain open as of today (with a significantly pared down staff), there is no assurance that it will continue to do so, or that the service level and guest experience would be appropriate.

We look forward to the restoration of full operation upon resolution of the developer’s financial issues.

[Mark @SFX Industry Representative Find all posts View Profile Close Mark @SFX]

From the TUG BBS

No ILX banhruptcy

Problem is with the resort : Rancho Manana

Bill - thank you for the posting.

Regards,

[eal Senior Member Find all posts View Profile Close eal]

Thanks everyone!