Sueno del Mar

[peterbj7]

According to an article in the San Pedro Sun (which you can read at http://ambergrisdaily.com/ambergris-caye-stories/sueno-del-mar-closes-timeshares-act-put-to-the-test/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+AmbergrisDaily+%28Ambergris+Daily%29) the position up there is quite dire, and an important principle is at stake.  That is whether the legislation passed to protect time share owners actually has any teeth.  The receiver in this case is of the opinion that it doesn't have any force, at least in the context of Sueno.

If BCB continues and permanently deprives "owners" there of what they thought was their property and rights, the message to potential investors in Belize could be "stay away".  Bear in mind that BCB or its sister bank the Belize Bank (both Ashcroft businesses) also has Banyan Bay in receivership, and suggestions have been made that investors there may equally lose everything.

Do people agree that this is a very serious development, with potential long term effects on Belize?

[deadserious]

This is very disconcerting indeed.  It sounds like the owners have some recourse however.  A legal opinion by the bank doesn't make it law nor mean that they will win in court.

Regardless, timeshares themselves have always been a risky investment, in any country.  The US just recently had a major timeshare company go into bankruptcy. I don't know what happened to the owners in that case, but I'm sure they were in a similar situation.

I'm guessing that one outcome of this would be to drive people more toward condo and land ownership.

[ernieB]

Or........ drive them elsewhere, more to come.

[caribbeantravel4]

Sad situation.  Even if the owners were given access to their timeshare/fractional units, who owns the electrical distribution system (who pays BEL), the water and sewage plant, etc.  If the management company maintained ownership of these vital services and now the receiver has possession, it would not be a very pleasant place to visit.  The economic slump has certainly impacted all travel related enterprises but seems the ire of the owners would be more properly directed at the Colorado developers.  I am sure there is more to come.

On another note, I see Sapphire Beach is installing their over-sized prefab hot tubs (swimming pools)  Wonder if they will ever open?