TS Today - Creating a Vision for the Future of Vacation Ownership Issue #159 May/Jun 2018 | Page 19

TimeSharing Today
Page 19
May/Jun, 2018
“We’d like to get the meetings done
before the deadlines,” DiPaola says.
“We’re starting June 1, 2018, which
gives us three years to collect proxies.
At check-in, with voting materials, any
time we communicate with owners, a
proxy will be attached.”
The resort’s governing documents
now require the owners’ approval to
continue the timeshare regime, but the
board wants to change the documents
to renew automatically unless the own-
ers vote for termination. “We have two
lawyers working on this,” DiPaola says.
New management
Within the past year, the board vot-
ed to change management companies,
formed a committee to write a request for
proposals, and sent it to 10 companies.
The previous management com-
pany, located three time zones away,
lacked a continuing presence in Florida.
“If we had a computer problem, they
couldn’t address it until noon our time,”
DiPaola complains.
Ultimately the board selected
American Resort Collection (ARC),
Shuffl eboard court.
which has other Florida resort clients
and an offi ce in Sarasota. At this writ-
ing, ARC and the board were preparing
to choose a new resort manager.
Rentals and sales
Even Magic Tree has not been im-
mune to the industry-wide increase
in non-performing inventory. Fifteen
years ago, Magic Tree’s delinquency
rate was just fi ve percent; now it’s 18
percent (844 unit-weeks).
In addition, the resort owns about
200 unit-weeks acquired through an exit
program for owners who want to relin-
quish their timeshares.
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