Walton Hall UK no longer to be a timeshare resort

Started by , January 26, 2005, 21:04:07

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All members of Walton Hall near Stratford-upon-Avon have been sent a letter by Cheif Executive telling them that a prospective purchaser wants to buy the hall and all the timeshare weeks, both unfilled and owned.

Either a hotel chain wants to take it over, or someone wants to start again as a new timeshare resort???

I wonder what about weeks banked?


Boss Man

Interesting.

Will have to keep an eye on this.

I would imagine that if this deal is true and goes through, that RCI may cancel bankings as they are worthless to them.
It is possible to get your weeks out of the bank anyway- I know, I used to work for RCI

quote:
Originally posted by Alan A

All members of Walton Hall near Stratford-upon-Avon have been sent a letter by Cheif Executive telling them that a prospective purchaser wants to buy the hall and all the timeshare weeks, both unfilled and owned.

Either a hotel chain wants to take it over, or someone wants to start again as a new timeshare resort???

I wonder what about weeks banked?


Walton Hall to be Sold?  Am I the only person to find the offer to buy my weeks at Walton Hall far to low to tempt me?  Basically they have offered the same price as the timeshare resale companies would retail the weeks for plus £500 per unit (which covers the maint.fee we have all just paid). This potential sale would seem to be to the advantage of the management of Walton Hall but in no way a good thing for existing owners !

Anyone with a comment out there to add to this? CAP[|)]

CAP,
The problem might be the amount of members who want out anyway, plus those like the CE who have a large stock will vote for it, plus those who think "well, sell at £3000, and then buy points/another week resale cheaper"

neiltilley

if you've owned and used for 5 years plus then take the money and run. as fiscally speaking you've spent what it would cost to have that type of holiday over the 5 years and someones offering you cashback... I say take the money, most definetly if you've near enough had ''enough'' holidays here. Then buy in somewhere new you want to go to for at least five years..

timeshare i really dont believe holds value or sells like hot cakes. its a certain type of taste for a good holiday format that only a few of us like- its not a mass product, so not easy to sell. so take money move over to ebay or something....

is this a bad opinion?

quote:
Originally posted by neiltilley

if you've owned and used for 5 years plus then take the money and run. as fiscally speaking you've spent what it would cost to have that type of holiday over the 5 years and someones offering you cashback... I say take the money, most definetly if you've near enough had ''enough'' holidays here. Then buy in somewhere new you want to go to for at least five years..

timeshare i really dont believe holds value or sells like hot cakes. its a certain type of taste for a good holiday format that only a few of us like- its not a mass product, so not easy to sell. so take money move over to ebay or something....

is this a bad opinion?


Carolinian

Does British law allow them to do that????  In the US, state laws protect the timeshare owners.  Timeshares in North Carolina, for example are organized under either the Unit Ownership Act or the Condominium Act.  Under the Unit Ownership Act, it requires 100% agreement of all owners to terminate a timeshare scheme, and even if the resort is more than 2/3 destroyed, it still requires a 3/4 vote of owners to wind up rather than rebuild.  I have not looked at the Condominium Act lately on that issue, but my recollection is that it is not much, if any, different.
 

I have only just found my way to this website and sadly I fear I'm about to lose my Timeshare.

I own at Walton Hall - a Red Week with RCI.  

My big grumble with the way the Hall is to be sold is that under our current Constitution, the proceeds of any sale would be divided equally by the number of Weeks owned.  However, the CEO has negotiated a deal whereby the Hall will only be sold if we vote in a change to our Constitution to favour those with the most expensive weeks at the great disadvantage of the ordinary member.  The problem is that this decision is not being left to the members ... the Board have decided that if we don't accept the change to the Constitution this time around they will see that it does get voted through at a later date.

There's to be no negotiation and we're not allowed to know the full details of the offer.  I have asked many times for the figures (or the information to allow me to work out the figures for myself) of what we would get under the current Constitution.  The CEO says members aren't entitled to this information and that anyway this is the only offer:  £500 per week + 5p per RCI point.  The list price for my apartment is £2350.  I would get £500 + £925 = £1425.

Surely £1500 per week + 2p per RCI Point (or whatever is left over) would be a fairer split?  At least Mr CEO let us have a debate about it!

Our maintenance fees are the same whether we own in the summer or the winter - we are all Red weeks and we all bought into the Constitution as part of our Terms and Conditions of purchase.  

The CEO tells me the Constitution is "clearly absurd" - yet he helped to draw it up himself!   I'm not sayint it shouldn't be changed, but sale of the Hall should not be conditional on the change, and the wording of the change ought to be open to debate.  It isn't.

The CEO is also allowing Debtors to vote and since they've lost interest in the Hall they are bound to opt to sell (they are specifically barred from doing so both by our Constitution and by Custom and Practice) AND all postal votes are to be sent to him ... and he has already declared which way he wants the vote to go.

Oh yes - and he's made a less than veiled threat that if the sale doesn't go through our maintenance fees could rise to £1000!

AND - as the CEO says the Hall has "never been marketed" there's only one offer on the table.  We may get a better offer, but we'll never know because he won't try!

Could someone please give a report about this resort. Should Timex be deleting it from our system?

Thanks

www.Timex.to


Why aren't you owners of weeks at Walton Hall talking to a solicitor? If you have a legal agreement with them, drawn up by them and signed by both parties, this is an enforceable contract.
Secondly, you should be investigating the party who has made the offer to buy, to ensure that this is not a ruse for the present owners to rescind your rights and buy back the Hall for some other purpose at a ridiculous price.
Thirdly, what does your Constitution say about winding up and/or selling the property (not your Timeshare week)? It would seem almost a statutory obligation to put the property on the open market with a bona fide agent and accept the best offer.
This whole thing smells fishy to me!

From Companies House website:
Company Type: PRI/LTD BY GUAR/NSC (Private, limited by guarantee, no share capital)
Nature of Business (SIC(92)):5510 - Hotels and Motels with (or without) restaurant
Accounting Reference Date: 31/12
Last Accounts Made Up To: 31/12/2003  (MEDIUM)
Next Accounts Due: 31/10/2005
Last Return Made Up To: 14/06/2004
Next Return Due: 12/07/2005

From Waltonhouse.co.uk:
"Walton Hall is a limited company, totally owned and managed by it's members. Owners at Walton Hall are genuine property owners they own a share in Walton Hall Members LTD which corresponds to their week of timeshare ownership. (The new Spanish Legislation expressly forbids the use of the word ownership in relation to conventional timeshare).
All the money paid to buy shares in Walton Hall stays in the club there are no developers costs, management company costs, or marketing company costs. As a shareholder in Walton Hall members Ltd you will own a share in our 1600 timeshare weeks, worth £6 million, as well as a share in our thriving leisure businesses. Prices are extraordinarily low for a resort of this quality. For many of our weeks, the corresponding asset value is worth more than the cost"

A few things strike me here.
1 the Companies House entry indicates that WHML is a company limited by guarantee, (i.e. not by shares). So why do they claim in their marketing material that timeshare owners have bought 'a share'? If WHML has made a profit, have you as supposed 'shareholders' received any dividend? Do they send you copies of the Annual Report and Accounts?
1a 'genuine poperty owners'- whose name appears on the deeds? Have you consulted the (now accessible to the public for a small fee) Land Registry to see what that says about WH's ownership?
2 Since WHML is a UK limited company and the property is in the UK, why the reference to 'Spanish Timeshare legislation" (which doesn't apply in England and Wales)?
2a "there are no management company costs"?
3 Finally they claim that 'asset value is more than the cost'. Doesn't seem to be what they're offering you!

I ralise I'm not an owner at WH (but I am, elsewhere) but I am also a company director and the more I look at this the less good it smells. However- I called up posing as someone intrested in buying a timeshare week and they did tell me that WH 'may be sold soon' so they are not selling any more ts units.

Go on, guys, start challengng them!

Boss Man

The news continues ....

Owners at Walton Hall, a country club-style timeshare resort in central England, have voted overwhelmingly to sell the property to a London-based company whose main activities are property investment and financial services.

Dawnay, Day Group - with combined assets exceeding £1.5billion - has a portfolio that includes some 500 properties in more than 60 towns and cities across the UK. The sale is subject to terms and conditions by the purchaser and a favourable vote from members at a Special General Meeting (SGM) held earlier this month. At press time, it was expected the SGM would endorse the sale as auditors began counting ballot papers including proxy and postal votes.

Current estimates value Walton Hall assets at around £16 million. The directors of Walton Hall Members Ltd. recommended members to accept the offer. According to documents sent to members, the purchaser plans to buy-out existing timeshare owners and invest a considerable sum in the amenities, furnishings and decoration of Walton Hall. The emphasis of the business will move towards hotel and leisure activities, expanding the current conference and wedding services.

There are also plans to develop a new system of timeshare based on financial guarantees instead of ownership through a trustee. Since the majority of the high cost maintenance would be borne by the hotel operations, any new timeshare would be "at a much lower cost".

http://www.dawnayday.com/

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