Transfer Smart News: Mayor Stresses No-Sell-Out Clause on Aspen Club Approval

There may still be issues with regards to establishing a timeshare these days like the acceptance of the community where it will be located and the possibility that an owner will get out of the timeshare contract later. But despite these, a number of timeshare companies are eager to launch their names on other areas like the Aspen Club and Spa’s proposal to build 20 timeshare condos on Ute Avenue. The said proposal was strongly opposed by the community in the area but its fate appears to hinge on a condition of approval proposed by Mayor Mick Ireland that would bar the current owners from selling out until the project is completed.

According to Ireland, he made the proposal at Wednesday’s meeting as a way to ensure that the promises made by the applicant Michael Fox, who is the managing partner of Aspen Club and Spa, LLC and the club’s day-to-day general manager, will be kept.

Meanwhile, Fox is promising to reinvest at least $5 million in the health club, ensure local residents remain in the majority on club membership rolls and hold traffic down to current levels when the timeshare lodge is operating. On the other hand, Ireland was unconcerned about issues related to the proposed expansion’s 95,000 square foot size and said that the no-sell-out-until-built provision would be a deal breaker for him if it is not agreed to.

The number of owners who are getting rid of their timeshares is one of the big challenges usually encountered by the timeshare companies especially for the last two years during the economic meltdown. However, for some operators such as the Aspen Club, the acceptance of the community where it proposed its timeshare project is more important at this time and recently, the fate of the approval of such proposal lies on the condition imposed by Mayor Ireland where it would bar the current owners from selling out until the project is completed.

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