Palm Beach Timeshare Resort & Beach Club Sells for $9.75 Million
Lemonjuice Capital and Solutions announces the sale of Palm Beach Resort & Beach Club (PBR) timeshare resort in Palm Beach, FL, for $9.75 million. Timeshare owners will receive, on average more than $6,400 per timeshare interest.
The Palm Beach Resort & Beach Club operated as a timeshare resort for the last 40 years. When the Board of Directors retained the Lemonjuice team in 2015, a third of its intervals were not performing. The resort had an operating deficit of $200,000. Lemonjuice Capital and Solutions invested to renovate the property. By 2020, the resort had an operating surplus of $85,000. Reserves grew from zero to $290,000.
In early 2021, the owners voted to end the timeshare plan. The Board of Directors asked Lemonjuice to oversee the unwinding process.
Court order required
The resort’s documents required a court order to sell the whole property. Attorneys initially filed an action with the Florida Circuit Court.
Lemonjuice arranged for attorneys from its past cases to provide additional guidance. Consequent to this additional guidance, the case was moved to U.S. Bankruptcy Court. PBR was financially sound, but Bankruptcy court is more experienced and efficient than most state courts for the unwinding process.
Lemonjuice painstakingly researched 1,508 individual timeshare titles and then secured title insurance for the whole property. Without title insurance, the sale could not take place. Finally, it marketed the resort and obtained the best value possible for the timeshare owners.
Alexander Krakovsky, CEO of Lemonjuice, said, “The sale of the timeshare resort for the benefit of the owners is another example of Lemonjuice delivering the best outcome for the owners and the community. This also verifies the value proposition for the timeshare industry as a whole.”
Related: Lemonjuice Capital and Solutions’ story
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 [email protected].
