Lemonjuice Capital and Solutions Announces Marina Bay Timeshare Resort Sale for $11.2 Million
Lemonjuice Capital and Solutions announces the sale of the Marina Bay timeshare resort located in Fort Walton Beach, FL, for $11.2 million. Timeshare owners will receive, on average, $3,100 per timeshare interest.
Why Marina Bay timeshare resort implemented a plan to sell
The resort was originally built in 1962 as a hotel. It was later converted to a timeshare in 1982. Marina Bay faced severe financial challenges due to aging building issues and owner attrition. As is common among older timeshare resorts, the base of dues-paying owners declines, forcing resorts to raise maintenance fees to cover budget shortfalls. These increases, borne by the remaining owners, often lead more owners to stop paying adding to an eroding owner base.
The property eventually lacked the funds to make repairs and operate leaving the Board to explore options to avoid continued budget shortfalls. The Board of Directors retained the Lemonjuice team to assure the financial stability of the resort and to help owners exit with dignity.
Related: How Lemonjuice is Resuscitating Faltering Timeshare Resorts
Lemonjuice invested needed capital and resources
To preserve the financial stability of the resort and avoid imposing the hardship of fee increases and special assessments, Lemonjuice Capital and Solutions invested its funds in the Marina Bay Resort to generate needed rental revenues and operating efficiencies.
In 2021, the owners voted to end the timeshare plan. The Association Board moved forward with Lemonjuice to implement the unwinding of the timeshare and sale of the property on the open market.
Related: Lemonjuice Brings Creative Management to Aging Timeshare Resorts
Lemonjuice provided specialized expertise and technology
Lemonjuice utilized its proprietary technology to efficiently research over 3,700 individual timeshare titles and 73 condominium titles. Lemonjuice also funded, created, and registered a timeshare conversion plan to assure the efficiency and streamlining of the process.
Precise title research and a professional plan were necessary for title insurance to avoid a bankruptcy process and assure the best price from the sale, so owners would get the highest possible payment. Lemonjuice secured title insurance, marketed the resort, and obtained the highest and best value possible for the owners.
Achieving positive results for owners
Alexander Krakovsky, CEO of Lemonjuice, said, “The process of repurposing a timeshare resort requires extensive advance planning. It can take more than 24-months to complete a project. The goal is to sell the property and realize sizeable financial distributions for the owners. Our proven expertise and technology, greatly increase the potential for maximizing owner payments and good outcomes for all stakeholders.”
Krakovsky continues, “The sale of Marina Bay demonstrates a thoughtful and flexible approach that our team of experts undertakes to deliver the best value to owners and the community. We applaud the efforts of Marina Bay Board of Directors who proactively worked for the interests of the Associations and its owners.”
About Lemonjuice
Lemonjuice Capital and Solutions (www.LemonjuiceSolutions.com) provides professional management and investment capital to timeshare vacation-ownership properties.
Lemonjuice is a solutions-driven company, not just a fee-for-services manager. It aligns its interests with all stakeholders by investing its own capital and resources. The company’s Resorts Reimagined™ program deploys extensive expertise and capital to revitalize legacy timeshare resorts and create value for their owners.
To learn about Resorts Reimagined™ and all Lemonjuice Capital and Solutions services, contact Jan Barrow at 863-602-8804 or via email Jan.Barrow@Lemonjuice.biz.
