AmbergrisCaye.com Home Forums The Cayes Ambergris Caye Costa Maya Reef Resort Interval International Five Star

I have been talking to other boarders, and we feel that an important issue is being ignored in this discussion. The question is burning, but nobody dears to post it, so I guess I'll have to be the bad one.

Oldgringo, who claims he did some background search, with Avalon Cancun, on this, claims that the resort is not owned yet.

The owners have assured to Pedro that it is. Actually Jim Leonard, one of them, said the same thing to me.

What we think is strange is that Costa Maya Chris is avoiding this subject, in stead of making a firm statement that would take away all the doubts surrounding this matter.

I do not want to play the devils advocate, but I along with some other boarders have been following this discussion anxiously for the past few days.

Short

Short: Since Cris offered..."Costa Maya Reef Resort has a very unique ownership program that is designed to protect the individual interval owners. We hope that our paperwork canbe referenced as a guideline when it comes to drafting timeshare legislation in Belize (Mr. Mahler of the BTB is working currently working on this).
In regards to how this works in detail and to discuss other issues regarding the resort,
please feel free to call me and allow me to set-up a presentation for you. 226-4700"
Why don't you simply call him and get the whole story rather than speculate on this message board?
Or do you really want the answer?

Thanks for all the great responses.

I never would have imagined a simple posting announcing the arrival of our first guests would generate so many replies.

Creole saying "Bigga circus dun come a town an broke up."

I do understand the concerns involved with ownership. The details of the sale are confidential (yes, to all on this post). But, for all the concerned parties above, the sale was made final; Yucatan Resorts Limited has been transferred to the new owners.

For further details, in regards to the security of investment for interval owners (here or elsewhere), this can be discussed with myself or the CEO and President who is residing on property when not in Calgary.

For those interested in due diligence (timeshare) or just for your researching pleasure:

Hotel & Motel Magazine Online .

Happy Pan American Day to all!

Marty, thanks for the Reef Ransom post.

Chris

Thanks Chris,
That's an answer! This evening I can tell my friends; "I told you so".
Short

just so folks know, its also the same property as Casa Caribe, prior to Avalon

In the U.S.A. it is impossible to sell timeshares without having a minimum 80% equity by the owners/directors/trustees -that means there can only be 20% loans due on the property,and normally that is done on vacant land which has yet to be developed or for bringing the resort up to a five star standard.
With all the timeshare sales that have happened on this island and with the exception of Capt. Morgans all have failed miserably. I think that the questions are fair and valid,and should be answered completely especially if it is going to be sold differently to the U.S.A. where purchasers
are totally protected by state and federal law.
The problems here come down to there being no law and no protection for a client who purchases as they will always be the second lien holder for example if I borrow from one bank on a land/building project no other bank will take a second lein-however if I get a non-banking institution i.e. potential purchaser to lend/give money the same rules do not apply.The secondary creditors will unfortunately be in the mire and up a creek without a paddle if the resort fails and goes into receivership(as many have done but not in the U.S. or the U.K.).
However on the positive side if there is a full disclosure of assets and liabilities of the principles,as there should be as the purchaser is entering a legally binding contract with them and should have all facts and figures to hand-just like buying shares in any company everything must be available for the prospective investor.If this is made public(at least to the potential investors) I believe that Costa Maya/Yucatan Resorts/Avalon/Casa Caribe could well be a very successful resort.

Anybody who wants to check it out for theirself, or wants extremely inexpensive lodging, should check out:

http://cgi6.ebay.com/ws/eBayISAPI.d...de=0&since=-1&sort=3&rows=50

it's for 5 days, and the winning bidders are agreeing to a sales presentation.

Having just read the last post what a fantastic deal50usd or 150 usd for four nights -why buy timeshare -the maintenance has got to be higher than that-without a doubt the best deal on AC

Just checked out the eBay thing, and it struck me that the resort pictures are 4-6 years old, and the interior picture is taken no where near Belize!!

Resort picture1 (small) is probably 4 years old: the old dive shop and the dock with palapa (right margin of the pic) were destroyed during hurricane Keith (October 2000).

Resort picture 2 doesn't even have all the houses built!! That's a looong, long time ago.

The interior picture doesn't look near to what the rooms look like - actually there is only one building (3 rooms) redecorated, but no wooden ceiling, and nowhere near to what this looks like. When you look closer at that picture, you can see (through the windows) a town outside built in a style you don't find anywhere in Belize; my guess is Mexico.

What struck me even more is that when you look at the Cancun offers on the same page, the resort called "Calinda Beach Resort" is actually Avalon! And then I came up with, amongst others, this link: http://www.badbusinessbureau.com/reports/ripoff56487.htm

By the way, the Costa Maya Bicycle Classic was a success! I spent most of the day there, and it was very busy. About 15 Cyclists started and about 9 made it back, I believe nr. 2 won! Talked to Chris, but he was so busy, I couldn't really introduce myself!
Short

Very interesting, Short. If I were in Belize, I would like to go and hear their sales pitch. Anyone out there that has?

PS: Costa Maya, does this Michael Kelly have anything to do with your operation?