TAHOE SEASONS RESORT
South Lake Tahoe, California
VRI was initially retained to manage the Tahoe Seasons Resort by Broadview Savings & Loan, a Cleveland, Ohio lender that accepted a deed-in-lieu of foreclosure on the Resort from a financially troubled developer. In addition to providing total hotel, timeshare, food and beverage and commercial management services, VRI also provided loan servicing for the timeshare portfolio. Broadview subsequently collapsed, and control of the development passed to the Resolution Trust Corporation. VRI continued as managing agent for the timeshare Association, while concurrently working closely on the workout with a series of RTC representatives.
With much assistance from VRI and on-site management staff, the RTC successfully organized the assets and sold them at public auction. The Glen Ivy Company, Corona, California was the successful bidder. Notwithstanding an agreement by VRI to assign the VRI management contract to Glen Ivy, within six months after Glen Ivy's arrival at the Resort, legal actions by the Riverside District Attorney against Glen Ivy ensured the dismantling of the Glen Ivy organization. The Board of Directors of the Association subsequently restored VRI to full management of the Resort.
Even with the unfortunate publicity generated by the Glen Ivy debacle, the Association is now financially stable, a resort wide refurbishment program has been completed, and the assessment delinquency percentages have come down. VRI's highly successful rental program has resulted in occupancy percentages and average daily rates that surpass regional norms.