Trading Places International Instrumental in Unprecedented
Purchase of Lindo Mar Resort in Puerto Vallarta, Mexico
.
August
29, 2006 - Lindo Mar Adventure Club, Ltd. (LMAC) has completed the purchase
of Lindo Mar Resort, located in Puerto Vallarta, Mexico, giving its members
full lifetime ownership of the Club and its underlying property rights.
John Gilbert, President of the Lindo Mar Owners Association Board of Directors,
stated, �Our loyal members, along with Trading Places International�s expert
management and legal professionals from Mexico and the US have helped us
realize our dream. As this is a first in Mexico, it has been a long, hard
journey while breaking new ground. Now our members are owners and
the Club is stronger than ever.�
LMAC, an Oregon not-for-profit corporation, hired Trading Places International,
experienced with the intricacies of resort specifics in Mexico, to revitalize
a severely ailing club. TPI, familiar with new Mexican property ownership
laws, encouraged the Club�s Board of Directors to begin the process of
transferring the title to the members. Negotiations were begun and completed,
papers were signed, and in June 2000, payments began. Five years later,
management and the members of LMAC celebrated the final payment with a
mock �mortgage burning� ceremony at the Club�s owner�s meeting.
Lindo Mar Resort is a beautiful 46-unit property overlooking Conchas
Chinas beach. It was built and began sales in the late 1980�s but, beginning
in the 1990�s suffered a series of problems. Contractors and former
employees sued for back wages and unpaid taxes, and multiple liens were
filed against the Club. The resort was operating at a serious deficit due
to poor management and unfavorable labor union agreements. In 1998 the
Club hired Trading Places International and by 2000, with the aid of tax
experts, Mexican law firms, a loyal membership base, a dedicated Board
of Directors, and the new management company, the fate of the failing Lindo
Mar was reversed.
Lindo Mar�s current financial strength can be attributed in part to
a revolutionary change in the ownership offerings. RJ Jackson, president
of TPI said, �As far as we know, Lindo Mar was the first resort in Mexico
to sell �in-perpetuity� ownership.� The change in Mexican real estate
practices, with the help of the North American Free Trade Agreement (NAFTA),
allowed for new sales and thus created a continuous revenue stream. Previous
memberships with only a few years remaining on their traditional Right-to-Use
period now have renewed value. �On-site sales are brisk, maintenance fee
income is substantial, reserves are strong, and the owners are very, very
happy,� Mr. Jackson added.
Trading Places International is a 33-year veteran of the travel and
vacation ownership industries. It is the only vertically integrated,
independent timeshare company that provides full-service resort management,
exchange and rental services, plus a travel agency. It currently manages
over 45,000 timeshare accounts at more than 30 resort locations in North
and South America.
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