Friar Tuck Resort Shutting Down Amidst Bankruptcy
Written by: Traver
Timeshare owners around the country might have heard about Friar Tuck filing for Chapter 11 bankruptcy and continued to follow the story, which recently had a new development when Friar Tuck turned over a portion of its business too Ulster Savings Bank of Kingston. Problems began to surface in the summer of 2009 when Friar Tuck initially filed for bankruptcy protection claiming the economy was a main determinant in their decision and decreasing amount of income. As stated the resort has recently turned over part of the business to there main creditor including the hotel, restaurant and banquet center which has been shut down for the time being with no date given as when and if the operations will open again to the public. The decision to close down operations came about due to the condition of the facilities which are said to be in disrepair, it seems management did not have the money to keep the property up to the standard visitors were used to finding at a resort property. Regular readers of our blog will remember our post entitled “RCI Attempts to Drop Friar Tuck” where we reported about the bankruptcy and condition of the resort leading RCI to consider dropping the resort from their trading pool.
Owners of this resort do have one thing to be optimistic about, for the time being the timeshare portion of this resort is remaining open, however due to the condition of the facility being reported I am not sure how many owners plan to use their time at this property. Everyone around the country and world for that matter has seen an impact due to the economic downturn over the last couple of years, hopefully we will not hear about many other timeshare resorts have to close down or in this case close down a portion of their operations. No one is really sure what will happen to the timeshare portion of this resort, right now owners are in the awkward position, one owners probably never dreamt could happen when they decided to purchase a timeshare, of having to wait and see if some company will buy the resort and repair the facilities back to an acceptable condition. We are not aware of this situation occurring in the past where part of a resort has shut down and the timeshare portion remaining open so it will be interesting to continue monitoring the new developments as they are released. We would love to hear from our readers especially if you are aware of a case similar to this one which happened in the past, which resort was it, what was the final outcome, any suggestions you might have for owners of Friar Tuck?
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