Defunct timeshare resort termination led by Lemonjuice Capital. Proceeds from real estate auction and sale to be distributed to timeshare owners.
Alexander Krakovsky, managing member of Lemonjuice Capital Partners and President of Waves Condominium said, “Badly conceived legacy timeshare resorts often suffer from a death spiral of rising maintenance fees, value destruction and owner abandonment. Owners frequently lose their vacation property investments. Value creation through restructuring, repositioning, and better operation can turn a lemon into a wonderful vacation resort. However, when a property fails to be sustainable, the right option can be a well-managed termination and recovery of the underlying real estate. Terminating an entire timeshare regime while it is still operating is unprecedented in the United States and requires vigilant planning, process management, the right mix of legal support, and backing from owners. Gratitudes goes to our attorneys, property manager, Board and owners for working together to complete this termination.”
About Lemonjuice Capital
Lemonjuice Capital (www.Lemonjuice.biz) invests and takes ownership positions in assets that are impaired by badly structured legal regimes, such as legacy timeshares, and works with boards and other owners in order to reposition and restructure these assets.
About the Auction
A real estate auction is planned for October 14th at Fenwick Inn in Ocean City, MD to sell 17 condo units in the Waves building. It will be conducted by Alex Cooper Auctioneers. http://realestate.alexcooper.com/upcoming/featured/details/2237/Type your paragraph here.