Tennessee Timeshare Resort Sale for $5.6 Million
Lemonjuice Capital and Solutions announces the sale of the Pinecrest Townhome timeshare resort located in Pigeon Forge, TN for $5.6 million. The buyer is an effective owner that focuses on vacation rentals for Veterans and their families.
Achieving positive results for owners
Bill Duncan, the manager since the mid-1990s, recommended Lemonjuice to the Board of Directors. The Board voted to engage Lemonjuice Solutions to assure the financial stability of the resort and to help the remaining owners. Bill said, “Through Lemonjuice, Pinecrest Townhomes was able to keep its doors open and operating. They steadied the resort by seeing it through a restructure through its Resorts Reimagined™ program.
Our former owners received money for their timeshares and were ecstatic to do so. I’ve heard from numerous former owners about how happy and surprised they were with their distribution and their share of the sale. These owners didn’t believe they would receive any money and were beyond pleased when they began receiving checks.” He continued, “Further, Lemonjuice helped keep Pinecrest from being boarded up and brought a great outcome to the owners, the staff, and our community. It’s been a win all around.”
Pinecrest Townhomes were originally developed in 1982 as a timeshare resort which included 25 condominiums adjacent to the Dollywood theme park. It faced severe financial challenges due to a waning owner base and aging buildings. The base of dues-paying owners declined significantly over the past 15 years forcing the resort to raise maintenance fees to cover budget shortfalls. These increases, borne by the remaining owners, caused more owners to stop paying, which added to an already eroding owner base and increased budget deficit. Owners exiting their timeshares because of unaffordable maintenance fees is a common dilemma in aging timeshare resorts.
Related: Lemonjuice Brings Creative Management to Aging Timeshare Resorts
Lemonjuice invested needed capital and resources
Eventually, the increased budgeted deficit led to acute operational shortfalls and deferred maintenance, which in turn put the building at risk of structural failure. When Lemonjuice arrived, the company brought investment capital to sustain operations and make the necessary repairs, ensuring the safety of team members and guests.
Lemonjuice’s investment helped to avoid any more increases to maintenance fees or special assessments. Pinecrest Townhomes timeshare program had subsequently been dissolved and the property transitioned to a whole ownership property. The new owner is a company, which focuses on vacation rentals serving the US Veteran community and their families.
Alexander Krakovsky, CEO of Lemonjuice, said, “We were happy that we could create value for all stakeholders of Pinecrest. Repurposing any timeshare resort requires considerable understanding of many nuances related to real estate title practices and title insurance in each jurisdiction. Intricate review of the governing documents, history, owner preferences, and real estate market is critical to securing title insurance and maximum value for owners. Without title insurance, the property will not sell at its highest possible value.” Krakovsky continues, “We appreciate Bill Duncan and the Pinecrest Board for the diligent work over the years to keep Pinecrest a great vacation destination delivering many happy memories for owners and guests alike.”
Since the beginning of the year 2022, Lemonjuice has completed the reimagination and sale of four former timeshare properties bring in more than $40 million for distribution to timeshare owners, providing good outcomes for all stakeholders.
About Lemonjuice
Lemonjuice Capital and Solutions (www.LemonjuiceSolutions.com) provides strategic planning and execution, investment capital and professional management to timeshare and mixed-use 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.
