Along with the economic downturn, the real-estate industry also slumped. But amidst this, one of today’s timeshare mogul attempts to sell $350 million worth of real-estate and noncore assets, including thousands of acres of undeveloped land in Central Florida. Such move is in support to raise cash for Westgates timeshare operation despite the many owners today who want to get out of their timeshares and the plummet of timeshare sales.
The said tycoon is none other than David Siegel, the president and chief executive officer of Westgate Resorts which recently listed a portfolio of properties with Carlton Advisory Services Inc., an international real-estate investment-banking firm. There is a total of 60 assets which are up for sale, from hotels to mobile homes to airplanes.
According to Siegel, they’re selling their non-timeshare assets to raise cash for their timeshare operations and they’re selling anything that they don’t currently need for their timeshare business. The real estate which listed for sale includes a dude ranch and the once-famous Grenelefe Resort located both in Polk County. Also, a land that already has government approvals for timeshare construction was listed.
Today, it takes more effort and strategy from timeshare operators to regain the profitability of their timeshare business as there are still many owners who are trying to get rid of their timeshares along with the low sales. Some of the owners even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. In the case of Westgate, they made an all out support for their timeshare operations by selling their real-estate assets.