10/06/14 12:25 PM
Re: Caravanserai now Alegria

I don't have an axe to grind in this issue and to no one in particular, I did want to make a couple of comments. First, I know absolutely nothing about standard timeshare agreements, but I would expect there to be a "successors and assigns" provision in the contract. If so, then Alegria would be bound by that provision to honor the pre-existing agreements. If not, then all bets are off.
Second, I believe it was Sharon who stated that Alegria way overpaid for the property. Given all the entanglements surrounding the operation of the resort and its continued sustainability, I would agree...UNLESS Alegria in its due diligence determined that their was no enforceable survivorship of rights and/or entered into some sort of "understanding" with the government.
Third, had Scotiabank failed to find a buyer, as badly and unprofitably as the resort had been operated by Kildare, it was destined to eventually fail altogether and be shut down permanently to the detriment of all parties involved. So the real question becomes whether or not the island is better served having a new owner to possibly realize the propert's potential, or have a white elephant to sit and decay.
Personally, with an investment of $14 million, I hope Alegria succeeds (even though I hate the name) and becomes one of the gems of the island, attracting old and new visitors alike. To the t/s "owners", I think you each individually have to decide at what point do you stop throwing good money after bad. There have always been to be more red flags with this property than a Soviet parade, so when do you just admit it was a bad investment and finally walk away?
I await your slings and arrows.

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