Earthquake on Maui June 28, 2009

The island of Maui had a jolting earthquake Sunday evening…measuring magnitude 3.4 on the Richtor Scale. It occurred 3 miles south-southwest of the summit of the Haleakala Crater. It occurred approximately 2 miles deep, and was felt across all of Maui. We were sitting around watching TV. It sure got me up and off the couch fast it was at 8:39pm. It definitely got my heart racing, and must admit…scared me!

Consolidated Resorts Filing Ch. 11

LAS VEGAS-Consolidated Resorts Inc. confirmed Tuesday that it will file for protection from creditors under Ch. 11 of the US Bankruptcy Code. The locally-based subsidiary of ASNY Corp. operated 14 resorts located in Hawaii, Las Vegas and Orlando, FL. The Vegas resorts include Tahiti, Tahiti Village and Club de Soleil.
Blaming tight credit and the recession, the company says it halted sales and marketing efforts Tuesday, shuttering offices and information booths in all three markets. The company says it will continue to operate its resorts during the restructuring.

“As a result of the dramatic changes in the economy and the shrinking timeshare lending environment, Consolidated Resorts Inc will file for bankruptcy protection,” company spokesman Ken Chupinsky said in a statement. “The scarcity of lenders in the timeshare industry has made it impossible to continue the company.”

Tahiti Village is located on Las Vegas Boulevard at Warm Springs Boulevard. The other two resorts are located on Tropicana Avenue.

In 2007, Goldman Sachs Corp. invested $372 million in ASNY’s timeshare business through Whitehall Street Global Real Estate Limited Partnership 2007. That equity was valued at $0 at the end of 2008, according to published reports.

Whitehall invested $372 million into timeshare company ASNY in June 2007. That equity was valued at $0 at the end of 2008.

Consolidated Resorts is also the defendant in a couple of lawsuits filed in Clark County District Court for not opening marketing booths as promised. Las Vegas Sands Corp. has sued the company for not opening timeshare marketing booths in its new Palazzo resort as agreed and not paying $8.5 million in annual rent. Consolidated alleges the agreement is not enforceable. The case has not yet been resolved.

By Brian K. Miller

Consolidated Resorts to file for bankruptcy

Consolidated Resorts Inc., a timeshare based in Las Vegas, has shut down its sales and marketing operations and is planning to file for bankruptcy.

The company owns several resorts, including Tahiti, Tahiti Village, and Club de Soleil. It made the announcement last Tuesday.

“As a result of the dramatic changes in the economy and the shrinking timeshare lending environment, Consolidated Resorts, Inc. has shut down its sales and marketing operations in Las Vegas, Orlando and Hawaii and will file for bankruptcy protection,” said Ken Chupinsky, a company spokesperson. “The scarcity of lenders in the timeshare industry has made it impossible to continue the company.”

Chupinsky continued, “What doesn’t change for all of the owners that have purchased from us for over 25 years is the continued operation of the 14 resorts. The resorts will continue to operate uninterrupted so owners that have reservations do not need to worry.”

Owners who had questions were referred to Soleil Management.

The officials did not discuss what the shutdown will do to the jobs in the organization.

Secure your families vacation no matter what the economic climate is.

I own a condominium in Lahaina at the Mahana which is a beautiful property and one of the nicer vacation condo rentals in Lahaina. It is in a rental pool with Aston Hotels and Resorts. I would highly recommend looking at the Aston Hotels and Resorts if you are considering purchasing a condo as an investment in Maui and plan on it being a vacation rental for you. Aston definitely knows their business.
The following was included in The May 2009 Condoletter I recently received from Aston:
“While visitor arrivals in April fell only slightly, there was less demand for hotel rooms as more visitors elected to stay at time-share resorts.”
Because timeshare owners own their vacation, they are going to take the vacation they paid for and not lose it! Thus, timeshare occupancy has remained steady especially at resorts like Marriott’s Maui Ocean Club and The Westin Ka anapali Ocean Resort Villas. Both of these very beautiful resorts have great family amenities. The owners at these resorts made their purchase to use it at their home resort and therefore don’t trade their properties.
Timeshares continue to be one of the only bright spots in the real estate and vacation industry.
We have been in the timeshare industry for over 30 years and the timeshare resale industry over 20 years. NOW is a great time to purchase a resale. There are motivated sellers and we are seeing prices lower than ever before. This is a great time to secure your family’s vacation lifestyle no matter what the economic climate is. Timeshare is truly vacation insurance!
And remember, smart people buy timeshares-smarter people buy resales.

Free Concert-Willie K

Willie K will be at The Lahaina Cannery Mall Monday June 19 at 7:00pm. At the Hula Stage right next to Maui Showcase Properties. If you go to the concert stop on in to get the latest hot deals on Timeshare Resales.

Disney, Marriott, Hyatt, Starwood and Hilton dominate Timeshare industry

Timeshares may offer good value if you choose one in an area you expect to visit frequently.
Virtually all investments look bad these days, but some pretty big names want you to reconsider one of the most maligned of all: the timeshare.
High pressure tactics and deceptive costs have given timeshares a mixed reputation.
But companies including Disney, Marriott, Hyatt, Starwood and Hilton dominate the industry, offering new perks and better value. “Timeshares are a great alternative to purchasing a vacation home since you are not responsible for the cost of maintenance,” insisted Jim Lewis, president of Disney Vacation Club.
Selling real estate in timeshares can be a profitable way for developers to sell real estate, especially condos in hot vacation spots or hotel rooms at resorts. In such a deal, several people buy one property ans share it.
Prices range from $8,000 for a small place in Florida to more than $30,000 for vacation rights at a top resort with golf courses and other amenities.
Timeshare offers, even within the same area, can vary greatly. The buy in price may be low, but some places have high annual dues.
One drawback to timeshares is that the participant does not earn any equity in the vacation property. Whey the membership period is over; the package has no value to the former member. Also, resale values are almost always lower than the original price. Timeshares are now more closely regulated by state consumer officials and sellers usually know they have to work hard to overcome the old reputation. Introducing a Free Small Business network for New York where you meet other professionals, get qualified leads, earn money and more. Get started Now! Dr. Tina Discepola, a physician from White Plains in Westchester, said she and her family signed up for a Disney timeshare in 2000. “While we were on our first family Disney World vacation in Orlando, we had an experience that was beyond anything we ever expected, :she said. “We met with a representative from Disney Vacation Club, listened to their sales pitch, and signed up that day. “Timeshares there start at about $18,000, plus a sliding monthly fee based on the number of points racked up for using the place. One important benefit, Discepola said, is that her family can stay at several Disney owned resorts.” There is a tremendous flexibility in terms of when and where members can travel.” She said.
This article was written for the Daily News By Jason R. Rich

Advantage Vacation Office located in The Lahaina Cannery Mall, Maui

If you are on Maui and would like information on Timeshare Resales stop by our office located at The Lahaina Cannery Mall in Lahaina Maui. The Cannery Mall is located next to Safeway. There are a number of shops there and a food court. Also there are free Hula shows. The talent is local and very good. Stop by The Cannery and get a bit to eat enjoy a free hula show and talk to Syed Sarmad about what is available in the Timeshare Resale market here on Maui or other islands. Syed has over 30 years in the industry and has a wealth of knowledge to share with you. No high pressure sales.

http:www.advantagevacation.com
http:www.hoteltimeshares.com
800-775-4493

Maui Film Festival June 17-21, 2009

The Maui Film Festival takes place at the Wailea Resort and at the state-of-the-art Maui & Arts &Cultural Center in Kahului. A signature feature of the festival is its under-the stars Celestial Cinema, an open air, Dolby Digital equipped outdoor theater, with a 50-foot wide screen located at the Wailea Gold & Emerald Golf Course. This is an experience not to be missed! We have gone several times.

In addition to the Celestial Cinema, The Maui Film Festival offers four other distinct venues for attendees to enjoy. Additional outdoor venues are the Oceanside SunDance Theatre on Wailea Beach, below the Four Seasons Resort and The Maui SkyDone on the rooftop of the Wailea Beach Marriott Resort & Spa. Indoor screenings take place at The Castle Theater and the McCoy Theater at the Maui Arts & Cultural Center (MACC) in Kahului.  Maui Activities and EventsNow in its 9th year, the Maui Film Festival will carry on its tradition of presenting great film and great film artists, events, panels and more on one of the world’s most beautiful islands.The Celestial Cinema. Always Hawaii’s Best Entertainment Value! Kids 12 & under FREE on Opening & Closing Nights!
www.MauiFilmFestival.com

Kapalua Wine and Food Festival : Carnival 28th Annual

On June 11, 2009, the longest-running and most prestigious festival of its kind in Hawaii, celebrates 28 years of fine food and wine with a four-day culinary extravaganza.
Inspired by innovation, excellence and intimacy, the 28th annual Kapalua Wine and Food Festival explores some of the most exciting trends in the gastronomic world.
Festival Host, Master Sommelier Fred Dame brings together world-renown winemakers, top Master Sommeliers, celebrating chefs and industry insiders for a long-weekend of daily culinary exhibitions, interactive wine tastings and evening gala events. The Grand Tasting, Kapalua Seafood Festival, In the Kitchen and Fred Dame’s Rare Wines Dinner are but a few of the highlights of this trendsetting event.
Schedule of Events

Thursday, June 11, 2009 Welcome Reception
This invitation-only affair includes Master Sommeliers, winemakers, celebrity chefs, media, sponsors and 4-day pass holders for an intimate kick off to the 2009 Kapalua Wine and Food Festival.

Read more

ARDA runs contest for Timeshare Owner

Win $1000.00 by entering your vacation photo, story, or short video (up to 3 min.) depicting a special timeshare vacation memory and you could win a $1000.00 American Express gift card. Now who couldn’t use that! Your entry should represent a special timeshare vacation memory that had a meaningful effect on your family, your health, or your overall enjoyment of life. To submit your entry go to VacationBetter.org. Contest runs May 15, 2009 unitl Aug. 31, 2009.
Even with the travel industry being hit during these challenging economic times vacation ownership properties are experiencing more than 80 percent occupancy rates as of March 31, 2009. Another reason to own your vacation (timeshare) rather than rent your vacation!
VacationBetter.org will award 3 first place winners, one of photography, one for their written story, and one for video. In each of those categories, there will also be a second place winner, who will receive a $250.00 American Express gift card.

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