Royal Resorts - Aruban

[Larry]

It's official Royal Resorts has been named interim management company for the Aruban resort which was closed December 09 due to bankruptcy. This is great news as this and a loan to reopen the resort are the first steps to get back the resort for the timeshare owners. Royal Resorts already manages Costa Linda in Aruba and is doing a great job there.

Hopefully if all goes well the Aruban could re-open soon.

[GrayFal]

Thanks Larry for keeping us updated on this situation.

Who appointed Royal Resorts - was it the HOA or the government?

[Larry]

You can read about it at their new website

www.aruban-resort.com

One of the owners John Cole has been working diligently with the curator and government of Aruba to get it re-opened and he recommended Royal Resorts to the courts as interim management company until a special meeting can be held later this month to form a new board as the old board is to be eliminated with the bankruptcy. The courts approved the Royal Resorts. Once the special election is held then the board will select the management company and a contract for 3-4 years.

The latest news is the resort may be open this week. I will keep everyone posted on this site.

[Spence]

Sounds like great news, wasn't this the Aruba resort that TPI was trying to cozy up to? What happened there?

[Larry]

Don't know about TPI but Bluegreen was interested and several companies are considering the purchase of the property as there are many unsold units. Royal Resorts was the recommended company and apparently they provided the best bid on an interim management contract.

There could be a new management company once the special election is completed and a new board is in place, but I think that Royal Resorts is the current front runner.