The financial thunderstorms that began to build in the early 1980's over the entire Savings & Loan industry ultimately flooded a significant portion of the vacation resort industry with monumental financial problems. Financially-strapped developers lost their resort developments to already overextended banks and savings and loan institutions which, in turn, resulted in the wholesale takeover of troubled S&L's by the Resolution Trust Corporation (RTC). The RTC's clarion call for expert assistance from the public resulted in workout "experts" emerging from beneath every rock.
Vacation Resorts International (VRI) was greatly intrigued by this curious process. For over a decade, VRI had been assisting resorts of all sizes and configurations to develop specific business strategies to create active rental programs to help restore depleted treasuries; sell blocks of unsold inventory; improve assessment collection percentages; reduce capital reserve deficiencies; eliminate deferred maintenance; and solidify the value of every member's ownership interest by installing proven management programs and services. For VRI, the expertise requested by the RTC simply reflected what VRI had been doing quietly for well over a decade.
Financially troubled resorts do not experience unique problems. They experience the same problems, only more advanced cases. And whether a "work-out" or not, VRI brings the same level of excitement, enthusiasm and expertise to meet the challenges. Admittedly, the successful resolution of advanced problems requires advanced creativity, and we wish to share with you just a few of the more significant challenges faced by VRI and the methods we utilized to succeed.For specific details of several resorts: