The baffling structure of a timeshare resort
POSTED: 11/6/11 2:05 PMSt. Maarten – The structure of the companies that run the former Pelican Resort Club (now the Simpson Bay Resort and Marina) is baffling to most outsiders. In 1996, the first operator of the timeshare resort went bankrupt. The timeshare owners established Pelican Resort Club, the Owner Company and Pelican Resort Club, the Management Company.
The board of both companies consisted of the Tenants Association Pelican Resorts Club and Royal Resorts. UP-parliamentarian Jules James was general manager of the management company.
The owner company controlled the real estate, while the management company operated the resort. But the real operator that dealt with the resort’s management was Royal Resorts, a company that charged the tenants association for its services.
Royal Resorts is established in Belize. R. Sutton is its director; he is also the chairman of the tenants association. R.A. Corso is the Chief Executive Officer of Royal Resorts.
In 2000 the owner company and the management company developed Pelican Marina Residences – an extension of the original resort. Quantum Investment Trust Ltd, established in Belize, financed the project. Sutton is the principal of this company.
When the owner company was no longer able to service its debt to QIT, the Pelican Resort real estate was auctioned in December of last year. QIT became the new owner at a price that was equal to the outstanding debt.
After the auction three companies were established: Simpson Bay Resort Holding Company, the Simpson Bay Resort Management Company and the Simpson Bay Resort Owner Company. The Simpson Bay Company Ltd., established in Belize, is the only shareholder of the holding company. Jules James and Royal Resorts are the statutory directors of the three newly established companies.
Comments (1)
The frustration in dealing with the occupancy adjustment for the my lost week last year is beyond description. I made my reservations last summer/early fall. there seems to be no record of any such arrangements and since the deadline has come and gone, there is nothing I can do. No recourse.
No one is taking ownership of this problem. I”m not the only one I hear. But there was never any correspondence either by email or letter. How convenient of the new owners to say they have no record of the reservations they made so they don’t have to deal with any of these screw ups.