Remembering Edwin H. McMullen Sr.

Vacation timeshare pioneer Edwin H. McMullen Sr., who played a significant role in bringing hospitality brands into the industry, passed away April 10 at his home in Sarasota, FL.  He was 83 years old. Today’s extensive Marriott and Hilton vacation-ownership companies trace their history back to his significant involvement. Timesharing was in its infancy in […]

Examine your resort’s business fundamentals

By R. Scott MacGregor The COVID-19 story may be just beginning to unfold, but now is the time for resort boards to take a sober and critical look at their business fundamentals and determine what options are in the best interest of the majority of owners whom they represent. Timeshare resorts depend on maintenance-fee income […]

Lack of clarity plagues PPP application process

(April 8, 2020) Problems with the application process for PPP (Paycheck Protection Program) loans to small and medium-sized businesses are prompting the Federal Reserve and the Treasury Department to create a new application mechanism.  Details are expected later this week, reports Today in Payments The initial arrangement, with participating lenders taking applications for loans […]

Apply through your lender for PPP loan

(April 6, 2020) If your resort or other vacation-industry business needs a Paycheck Protection Program (PPP) loan, contact your lender first. The U.S. Small Business Administration is the source of PPP funds, but lenders are administering the program.  At present, most participating lenders are taking applications only from their current customers. Your lender will provide […]

Keeping and paying your staff

We reported on March 30th that under the CARES Act, resorts with fewer than 500 employees are eligible for a Small Business Administration (SBA) guaranteed loan. Repayment will be forgiven to the extent that the loan proceeds are used for payroll (wages, salaries, healthcare costs, retirement costs, taxes, and related costs), commissions, interest on mortgage […]

SBA starts taking PPP loan applications

(April 3, 2020) The U.S. Small Business Administration has begun accepting applications for Paycheck Protection Program loans. This is the program that we first described on March 30th. Under the CARES Act, resorts and other businesses with fewer than 500 employees are eligible for a Small Business Administration (SBA) guaranteed loan. Repayment will be forgiven […]

Florida grants timeshare boards broad emergency powers

The Florida Department of Business and Professional Regulation has responded to Florida’s COVID-19 State of Emergency by suspending certain conditions of the emergency powers of Common Interest Realty Associations, including timeshare resorts organized as condominiums or cooperatives. Under DBPR Emergency Order 2020-04, issued March 27, 2020, a timeshare resort’s board of directors may act to […]

Working with RCI affiliated resorts during the global coronavirus crisis

RCI is helping resort managers sort out changing mandates and priorities The different communications issued by many governmental authorities over the last several weeks regarding mandatory shutdowns, quarantines, and stay-at-home orders have raised questions about how vacation ownership resorts should proceed with their in-house guests. Many cities, counties, states, and territories have their own way […]

Adjustments and opportunities

By Paula DiPaola, president, Magic Tree Resort Magic Tree Resort is in Kissimmee, FL, near Walt Disney World. The news that Disney was closing due to the COVID-19 virus was one of the biggest shocks!  March traditionally is the busiest month of our entire year. We now have 10 rooms occupied out of 92.  The […]

Resorts can borrow under CARES ACT

By W. John Funk, Gallagher, Callahan & Gartrell, P.C., Concord, NH The newly-enacted federal law called the CARES Act provides the following borrowing opportunity for most legacy resorts: Resorts that have fewer than 500 employees are eligible for a Small Business Administration (SBA) guaranteed loan under the Act (“covered loan”). The period covered by the loan is […]