Owner's Information:

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URGENT MESSAGE: Only transfers of ownership to the Association will be accepted at this time. Third party transfers are suspended. Please notify Management immediately if you have been approached to convey your ownership to a third party. Thank you.

NOTICE

Sadly, Mariner’s Pointe Resort closed its doors May 28th, 2016, after 35-years of wonderful memories for thousands of families.
Known today as Mariner’s Pointe Resort, it was first known in 1965, as ‘Holiday Hills Country Club’. The resort and its many improvements became ‘Boardwalk On The Lake’ in 1981, when the first timeshare deed was sold. The resort was a legacy timeshare resort with fee-simple deeded ownership of fixed-time interval weeks. In 1986, the property became known as ‘Mariner’s Pointe Resort’, as a component of the larger development named ‘Thunder Hollow’. Many more improvements occurred during this time. During the 12-year period from 1981 to 1993, three different developers had believed in the business, its processes, and its opportunity for growth, such that they each provided significant resources to make it successful. However, the last developer abandoned the association in late 1992, and in 1993, the newly elected Board of Directors for Mariner’s Pointe Interval Owners Association, Inc., entered into a management agreement with Universal Services Corporation (USC) to investigate existing account liabilities which threatened the association, and to organize operations for management of its affairs. As a non-profit entity of resort members, the Association became the new developer/owner of Mariner’s Pointe Resort when it purchased the property in 1994 from an IRS Foreclosure sale against the former developer due to non-payment of federal taxes. Discovered in this process were unpaid local city and county property taxes, plus multiple delinquencies in many areas. The association determined to seek protection and oversight during the developer’s accountability litigation period under Reorganization (Chapter 11) in 1994. By 1997, the Reorganization was dismissed and a new building program was engaged in a feasibility study. The membership viewed the proposed plans in 1998. In 1999, just prior to making a financial commitment to a lender, the successor of the former developer began an assault upon the association, without communication, regarding building on our property, and accessing Lake Holiday as an amenity documented in our governing documents. ┬áThe challenge of protecting the rights and ownership value for the non-local membership from for-profit entities with apparent venal leadership became an intensive, non-fantasy, legal game-of-thrones until about 2005. By 2007, a revised second building plan was approached. However, the view of the economic horizon began to dim, so funding of the new building plan was suspended until prospects appeared better. This turned out to be a blessed move.
With the new millennium, the timeshare industry’s product had apparently begun an evolution toward a more modern concept which would provide the flexibility demanded by the more recent generations of leisure travelers. By the mid-2000’s, ‘Points’ had become the new hot interval product and eventually was sold by developers around the world, especially in the destination venues of great demand. The long-term, in-demand interval product of more than two decades was becoming incompatible with the existence of the evolving timeshare model, especially for the smaller and more rural legacy properties which were far from the high-activity venues in demand by the Gen-X buyers and up-coming Millennial travelers.
In 2010, Mariner’s Pointe embraced the 'Points' product in an effort to maintain a sufficient member population. The effort in 2010, by an independent contract marketing and sales company, was only moderately productive, and sales continued to weaken due to the 'shift' in the industry. Additional sources of revenue were attempted for increased sustainability, which provided some assistance for an additional few years of sustained operations. Unfortunately, the middle-aged purchasers of intervals in the ‘80’s had become self-aware they were the advanced-age membership by 2010, and due to both their health and survival economics, their perceived value of ownership along with their priorities had changed dramatically, and attrition began to be more evident.
The effect of annually increasing attrition became devastating. The loss of accounts since the 2015 budget indicated an attrition rate of 43.2% over the past year, which is much greater than the single-digit attrition of prior years since 2010. Since the vast majority of the Association’s members were aging Baby-Boomers, the unusual loss of so many active accounts compared to previous years indicated to the board that rental revenue was insufficient to sustain full-service resort operations without the support of annual maintenance fees. A referendum was determined by the board with the member’s response indicating their overwhelming support of the Board for taking the necessary action to dissolve the Association and liquidate its assets. After 35-years and multiple generations of family memories, the Association members who responded (exceeding 75% of qualified accounts) voted 94.3% in favor of dissolution of the Association and liquidation of its assets.
The processes required to complete the objective will include a title search on about 2,400 deeds, and foreclosure activity on several delinquent accounts. Updates will be posted routinely as activity progresses toward the conclusion of the process.

 

*For login information, please refer to the 2015 - 4th Quarter Newsletter or call the Resort at 1-800-960-6676.