The Aruban Resort closure.....

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

Anyone who is interested in further information check out the Aruban message board here;

The Aruban :: Index

It appears that the developer has been declared bankrupt and owners are trying to regain control of resort. Developer closed down resort and not government of Aruba and a group of timeshare owners have taken this to court.

Hope they can come to a solution and find new management company but even if this does happen it looks like a long process. They are also trying to set up escrow to hold maintenance fees paid and any future payments to be held for resort??????

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

Court in Aruba declares Aruban resort bankrupt today. Bluegreen may be getting involv

An owners group is trying to get a bridge loan and get Bluegreen involved in helping them re-open resort, Looks like many hurdles to jump before anything positive can happen here. Here is the latest from the Aruban;

"Dear Owners, At 3 P.M. today, the court ruled the entire resort now is in bankruptcy. The funding as promised yesterday never came to be.

Prior, it was only the Sales & Marketing portion. Now it includes the Casino and the Operations or the asset portions as well. The curators have control of the resort except for the association.

The court hearing tomorrow morning, will most likely determine the possibility of the resort to open in the near future. One of the Curators has asked to be allowed to attend the hearing. Of course it is our intent to show that as owners we can make good choices in selecting a temporary management company to properly run the resort.

We expect a meeting will be called by the Minister to attempt to find a solution to allow Aruba Investment Bank to feel comfortable a provide some type of bridge loan to provide funds to open the resort. There is a very good argument that by not opening, will only cause a rapid decline in the equity of the asset.

We will provide the name of Key Management Company with further support offered by Bluegreen. Key Management at a very low cost will handle the marketing and Bluegreen at no charge for up to 6 months at will assist in the operations.

We will attempt to show that we believe after a couple of months, the hotel operation can break at least even and not deplete the funds. We will ask for the sum of $1,000,000.00 secured by the maintenance fees for a period of a year be made available.

Part of the hearing will also provide the escrow account so that funds can be deposited immediately. The court hearing is at 9 A.M. and we have the results shortly after. If all of you owners that have expressed the willingness to pay their fees when secured, will show AIB that we are serious in our intent to get the resort open.

The court will also be asked that the plaintiffs be allowed to convene the general meeting as was required by the previous ruling to dismiss the present Board and elect a new board. that new board would be in charge of the resort. At that point, that Board will have the right to continue with the temporary management companies or appoint a new one.

All of the mailings will be handle by Bluegreen. They have the ability to obtain the up to date mailing lists. All of this will be finalized in the next couple of days and explained more fully then. I will update you as the events occur."


In addition II has de-listed the Aruban until further notice and all deposits from Aruban have been canceled.

[terryVDR Junior Member Find all posts View Profile Close terryVDR]

An owners group is trying to get a bridge loan and get Bluegreen involved in helping them re-open resort, Looks like many hurdles to jump before anything positive can happen here. Here is the latest from the Aruban;

"Dear Owners, At 3 P.M. today, the court ruled the entire resort now is in bankruptcy. The funding as promised yesterday never came to be.

Prior, it was only the Sales & Marketing portion. Now it includes the Casino and the Operations or the asset portions as well. The curators have control of the resort except for the association.

The court hearing tomorrow morning, will most likely determine the possibility of the resort to open in the near future. One of the Curators has asked to be allowed to attend the hearing. Of course it is our intent to show that as owners we can make good choices in selecting a temporary management company to properly run the resort.

We expect a meeting will be called by the Minister to attempt to find a solution to allow Aruba Investment Bank to feel comfortable a provide some type of bridge loan to provide funds to open the resort. There is a very good argument that by not opening, will only cause a rapid decline in the equity of the asset.

We will provide the name of Key Management Company with further support offered by Bluegreen. Key Management at a very low cost will handle the marketing and Bluegreen at no charge for up to 6 months at will assist in the operations.

We will attempt to show that we believe after a couple of months, the hotel operation can break at least even and not deplete the funds. We will ask for the sum of $1,000,000.00 secured by the maintenance fees for a period of a year be made available.

Part of the hearing will also provide the escrow account so that funds can be deposited immediately. The court hearing is at 9 A.M. and we have the results shortly after. If all of you owners that have expressed the willingness to pay their fees when secured, will show AIB that we are serious in our intent to get the resort open.

The court will also be asked that the plaintiffs be allowed to convene the general meeting as was required by the previous ruling to dismiss the present Board and elect a new board. that new board would be in charge of the resort. At that point, that Board will have the right to continue with the temporary management companies or appoint a new one.

All of the mailings will be handle by Bluegreen. They have the ability to obtain the up to date mailing lists. All of this will be finalized in the next couple of days and explained more fully then. I will update you as the events occur."


In addition II has de-listed the Aruban until further notice and all deposits from Aruban have been canceled.

Any idea how to get in touch with the other owners that have the law suit in place? We bought last year and ourr first year was supposed to be this year.
Thanks,
Terry

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

Royal Resorts may me new management company

The Aruban has a long way to go but it looks like they are now trying to get The Royal Resorts help them in opening the resort and become their new management company.

Sounds familiar but that's what happened at Costa Linda who have made tremendous strides since ousting the previous board and naming Royal Resorts as their management company under a new contract after their initial involvement.

There is an extraordinary meeting being called for February 22. It could take several months but let's hope they can re-open this resort. I am in Aruba now and their is much hope that this resort will open again.

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

Aruba court holds in favor of timeshare owners today

I was not very optimistic but the Aruban resort may re-open this month based on today's court ruling. You can read about it here;

The Aruban :: Index

It also looks like Royal Resorts will be the management company of the resort as was previously reported. Like all court decisions there is no guarantee that this is the final word but it certainly appears that the government of Aruba has done everything possible so far to save the resort and the timeshare owners of their property.

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

Aruban resort to re-open next week

It was announced today that the Aruban is scheduled to Re-open February
18th.

[terryVDR Junior Member Find all posts View Profile Close terryVDR]

Aruban resorts - management company?

Do you have any idea who the the management company is - I am assuming that they are already in place? We had week 9 which is the end of February. Luckily we did not book air fare and have since changed our plans and now are cruising out of LA. We could not wait since my husband has that week for vacation and we had already scheduled this time with our son and his girlfriend. I would like to get in touch with management. We purchased every other year so I don't know how this will affect us. Larry, thanks for your input and information!

Terry

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

Royal Resorts is the interim management company and you can get more information here;

The Aruban :: Index

The owners representative in getting the resort back is John Cole and he set up the website above so you can ask all your questions on the Aruban forum.

Good luck and hope all goes well with your resort.

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

Aruban Resort to Re-open this week

Power and water has been restored and main pool is fixed and ready for use. 60 employees are scheduled to start tomorrow and Royal Resorts hopes to open February 26th. Loan for operating expenses secured!!!

Let's hope for all owners that this resort actually opens as expected. Government of Aruba and a couple of owners were persistent in making this happen and should be commended.