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Foreclosure Filed on Premier Resorts in South Carolina

Premier Resorts Owes $6.75 million, Cancelled as Property Managers at Barefoot Resort


By Andrew Kirk, Park Record, Park City, UtahMcClatchy-Tribune Regional News

September 23, 2009 - A South Carolina bank is foreclosing on Premier Resorts International for a loan in the realm of $7 million.

On Sept. 21, Carolina First Bank filed a Lis Pendens giving notice in Fifteenth Judicial Court in Horry County, South Carolina, of "in part, for the foreclosure on a mortgage, assignments of rents, security agreement and financing statement dated April 14, 2008 given by Defendant Premier Holdings of South Carolina," an entity of Premier Resorts International.

The amount is given as $6,750,000 "in addition to all renewals, replacements, modifications, extensions, advances and costs, which encumbers certain real estate located in Horry County ."

An enforcement of a negative pledge, an agreement between a lender and borrower that the same securities will not be promised to subsequent creditors, was also filed on that same date.

David Love, general manager of Coastal Vacations & Sales, Inc., also confirmed on Thursday that Premier Resorts has been notified that its contract to be property managers of the North Tower has been cancelled. His company will take over as soon as Premier Resorts relinquishes that role, he said. As far as he understands, the company is currently contesting the cancellation. The North Tower is a condominium hotel at Barefoot Resort where Premier Resorts International has developed amenities. Love's company does not do nightly rental management, he said.

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Copyright (c) 2009, Park Record, Park City, Utah

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