THE COVE AT YARMOUTH
Cape Cod, Massachusetts
In 1989, the developer of this beautiful 229-unit resort was forced by his creditors to financially reorganize. Vacation Resorts International (VRI) was hired as the managing agent for the Resort with the concurrence of the Association, the developer and the bankruptcy Trustee.
VRI immediately made available all of the VRI Ownership Enhancement Programs to the Association. It also installed VRI's System 9900 Management Information Systems, a proprietary computer software system specifically developed for timeshare application. The result of installing System 9900 and providing access to VRI's Central Reservation system and programs has created an average gross rental revenue that now exceeds $1.5 million per year -- a tenfold increase. This rental income has provided financial stability while helping with the marketability of the approximately 3,600 dedicated, unsold intervals at the Resort.
Today, the Cove at Yarmouth is sold out 100%, and renovated with reserves fully funded.VRI successfully met the challenge at The Cove at Yarmouth and, in the process, preserved its professional relationship with competing entities; further underscoring VRI's ability to find global compromises and solutions that meet the needs of potential adversaries.