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Friday, March 19, 2010

Transfer Smart News: Westgate to Sell Development Rights for its Timeshare-Hotel Project

The economic meltdown may not be over yet and in timeshare industry, low sales and many owners trying to get out of their timeshares are still observable. With many of these challenges today, timeshare operators may come up with drastic decisions. One of these recent case is the Florida-based timeshare developer which is seeking a buyer for its 400-unit timeshare-hotel project planned for construction atop the Anaheim GardenWalk parking garage.

The Westgate Resorts of Orlando originally had hoped to sell the development rights for $37 million, but now it will settle for whatever it can get in an online auction-type sale, according to company Chief Operating Officer Mark Waltrip.
Westgate has already architectural drawings, utilities and parking, as well as the air rights to build above the parking garage at the mall, located on Katella Avenue just east of the Disney resort. The developer also had planned to begin construction by last year, but was delayed due to the sour economy and a lack of financing.

Now, along with more than 70 other properties across the country, Westgate is selling the development rights off. As Waltrip added, they’re just selling off non-core assets that don’t pertain to their timeshare business. As such, they’re not in the business of holding real estate.

Although the economy is already showing a slow recovery, the challenges are not yet over for the timeshare operators. They still suffer from low and the many owners who want to get rid of their timeshares. Some of these owners even hire a timeshare transfer company such as the Transfer Smart. As for Westgate, their decision to sell developments rights of the said property might be the best to do in this crisis-stricken economy.

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