Consolidated Resorts
Consolidated Resorts moves forward after bankruptcy
The big Consolidated Resorts Inc. timeshare bankruptcy case is winding down in Las Vegas, with businessman Arthur Spector purchasing some of his company's resort assets out of bankruptcy for $13.851 million.
The Arthur Spector Companies announced today that on Aug. 31 it completed the acquisition of all of the remaining timeshare inventory and operating assets of the Tahiti Village, Tahiti and Club de Soleil vacation ownership resorts in Las Vegas and other resorts in Hawaii.
"The closing of the sale from the bankruptcy estate is the first in a series of planned transactions that will result in the Spector family investing more than $30 million back into the local Las Vegas economy,'' the company said in a statement today.
"We are pleased to bring this business back under the control of our local family that has succeeded in the timeshare business for over 30 years," Spector said in the statement. "We are especially thankful that we were able to assist the trustee to protect the interests of over 100,000 timeshare owners in these difficult times. All of the timeshare resorts have remained fully operational, the owners have had uninterrupted use of their vacation plans and continue to choose Las Vegas and Hawaii as their vacation destinations. We look forward to rebuilding this vital sector of the Las Vegas economy."
Arthur Spector Companies Complete Acquisition of Timeshare Assets
On Aug. 31, 2010, The Arthur Spector Companies, headquartered in Las Vegas, completed the acquisition of all of the remaining timeshare inventory and operating assets comprising the Tahiti Village, Tahiti and Club de Soleil vacation ownership resorts in Las Vegas and other resorts in Hawaii.
The Arthur Spector Companies were the successful bidder in U.S. bankruptcy court Judge Linda Riegle's courtroom on July 20, 2010. William A. Leonard, Jr. was the trustee.
In 2007, a Whitehall Fund, sponsored by Goldman Sachs, made a substantial investment by acquiring a 75 percent majority interest in the Consolidated Resorts group of companies. The Spector family retained a 25 percent interest in the Consolidated Resorts group of companies. Consolidated Resorts discontinued its operations in June 2009 due to the devastating effects of the credit crisis and the slumping economy, and filed for bankruptcy in July 2009 when its major lenders discontinued funding. Whitehall has since terminated its interest in the Consolidated Resorts group of companies.
The closing of the sale from the bankruptcy estate is the first in a series of planned transactions that will result in the Spector family investing more than $30 million back into the local Las Vegas economy.
Tahiti Village, Tahiti Timeshare, and Club de Soleil Las Vegas Timeshare Acquired by The Arthur Spector Companies
The Tahiti Village, Tahiti timeshare, and Club de Soleil timeshares were acquired on August 31, by The Arthur Spector Companies. The acquisition includes all of the unsold timeshare units and intervals (inventory) and the operating assets of the three Las Vegas timeshare resorts: Tahiti Village Resort timeshare; Tahiti Resort timeshare; and Club de Soleil timeshare.
In 2007, a Goldman Sachs sponsored fund invested in Consolidated Resorts, acquiring 75 percent interest in these three Las Vegas timeshares, while the Spector family retained 25 percent interest in the properties. In 2009, Consolidated Resorts filed for bankruptcy because the credit crisis had virtually cut off the resort ownership’s resources for growth funding. Since that time, the former Goldman Sachs fund has terminated its interest in the timeshare group and the assets again became available for acquisition.
The Arthur Spector Companies and the Spector family are no newcomers to timeshare. Spector companies have been a leading timeshare developer in Las Vegas timeshare, Orlando timeshare and Hawaii timeshare for more than 30 years. The Spector family expects to invest over $30 MM in the Las Vegas economy through timeshare development and timeshare expansion.
Arthur Spector Companies Acquired Former Consolidated Resorts Group
Tahiti Village, Tahiti and Club de Soleil resorts were part of the Consolidated Resorts group of properties acquired. The Las Vegas headquartered company completed the acquisition of all of its timeshare inventory and operating assets of Consolidated Resorts, which had filed for bankruptcy in June 2009 when its major lenders had discontinued funding due to the effects of the credit crisis and the slumping economy. The closing of the sale from the bankruptcy estate is the first in a series of planned transactions that will result in the Spector family investing more than $30 million back into the local Las Vegas economy. The Arthur Spector Companies has been a leading timeshare resort developer in Las Vegas, Hawaii and Florida for more than 30 years.