Troubled timeshare resort is sold
After years of financial troubles and unhappy customers Horseshoe Valley timeshare resort has finally been sold in a bid to clear debts.
We recently reported the ongoing troubles at Horseshoe Valley, which have been going on for some time now. The resort first hit the headlines after it was discovered customers were locked into extremely lengthy contracts some in perpetuity and hundreds of owners were so unhappy, they had abandoned their timeshares altogether. Despite calls for Wyndham, the previous owners, to update the dilapidating resort, nothing was done, and owners were getting increasingly unhappy with the state of the resort.
Owners who tried to get out of their contracts were told it was impossible unless they sold them on, and some owners became so fed up with their timeshares they simply stopped paying for them. Because of ongoing issues with the resort and financial problems, liquidators were appointed by the courts who set out to get back some of the lost maintenance fee revenue owed by delinquent owners.
The court heard from owners who explained how unhappy they were and that many of which were locked into lifelong timeshare contracts which would be passed down to their children in the event of death. This was a worry for most as they did not want their children and family members to be lumbered with something that they did not want and may not have been able to afford.
The court agreed that the resort should be sold, and liquidators should pursue delinquent owners for the owed fees in exchange for terminating their timeshare contracts. The sale of the resort would go towards any debts owed and the resort was closed until a buyer could be found.
The court who is overseeing the liquidation broadcast the latest proceeding over YouTube, which was watched by more than 900 people in which they agreed a sale of both resorts to a family-owned hotel chain, Sunray Group of Hotels Inc. The chain currently owns 53 hotels across Canada and works with some of the biggest names in the hospitality industry, including Hilton, Best Western and Marriott. Lawyers for the chain also said a plan will be put in place to compensate the thousands of timeshare owners, which will likely be done through the courts in the coming months.
It seems this latest news is welcome and long-suffering owners will finally be free from their unwanted timeshare obligations and may be compensated financially. The once exclusive resort was highly sought after and had a resale value. But when Wyndham took over several years ago, owners complained the exclusivity of the resort was lost and anyone with a membership could visit which brought the value of their timeshares down.
The mis-selling of timeshares is incredibly common, and many people suffer hardship, stress, and financial worry because of it. The good news is that it is not too late to get out of a timeshare agreement and if you believe you have been mis-sold a timeshare and have suffered financially because of it, we may be able to help you. Contact us today for free expert advice and find out if you are legally entitled to compensation and be free from your timeshare burden once and for all. If you believe your timeshare may have been mis-sold to you, get in touch with us today. Our team are enjoying continued success in arguing mis-sold timeshare and holiday products. We will be honest with you, if we do not feel you have a viable claim, we will not take on your case.