11-17-2008, 12:21 PM
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Join Date: Jan 2006
Location: Crumbling Capital of the Free World
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Quote:
Originally Posted by Spence
Anyone heard anything about this, all II exchanges to ILX Premiere Vacation Club space canceled?
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Yeah, well, I certainly didn't make it up. I can't remember from last August where the news item originated. Thanks for the info below.
Quote:
Originally Posted by rikkis_playpen
There have been reports for the last few months that an arm of ILX has declared bankruptcy. An Interval International rep did confirm in August that a number of ILX reservations had been canceled by the individual resorts themselves, and Interval had to notify members that were effected by the exchange cancellations. When I called ILX for details, I was promptly placed into the voicemail of the Club CFO and told that any info would have to come directly from her.. After a few tries without a return call- I took the hint!
ILX sells via many different venues, and as numerous corporate entities. So far, only the non-deeded Premiere Vacation Club members have been reported to be effected. If this info is correct- the deeded owners should not be effected directly- but the club owners will be in limbo and any pending club reservations will most likely not be honored by the individual resorts. If you have a sale or rental in place for any ILX property- you will want to ensure you check on the status routinely over the next few months.
The real test will come when the individual resorts try to compensate for the huge loss in income from the defaulting Club memberships and fees.
ILX properties include the following:
Los Abrigados
Bell Rock
The Carriage House
Crags Lodge
Kohl's Ranch
Rancho Manana
Roundhouse Resort
Sea of Cortez Resort
Varsity Clubs of America - South Bend & Tucson
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