Timeshare Association offers help to Caravanserai victims

POSTED: 01/5/15 2:38 PM

St. Maarten – “It isn’t a perfect solution, but a number of St. Maarten timeshare properties are stepping forward to offer timeshare condo accommodations to beleaguered Caravanserai timeshare owners,” Jeff Berger reports in his St. Maarten Weekly News electronic newsletter.

The Caravanserai timeshare owners saw their investments in timeshares vanish when the new owners of the resort rather cavalierly emailed some of them to tell them their contracts were “null and void.” New owner Ray Sidhom says he will be converting the property into a high-end hotel with no timesharing. He did offer owners the ability to stay in their units if they paid the new resort owners the 2015 maintenance fee (even if it was already paid to the prior resort owner, Manek). But timeshare “ownership” allowing sale, rental, or banking was history. That has changed somewhat now,” Berger writes.

He quotes from a statement issued by the St. Maarten Timeshare Association (SMTA) that
is comprised of almost all of the St. Maarten timeshare developers. “As an association of timeshare developers, we are familiar with the protections afforded timeshare owners under St. Maarten law. These legal protections may or may not apply to the Caravanserai situation. However, as an association we want to assure consumers that protections have been built into the law for the vast majority of timeshare developments. While legal avenues may be available to timeshare owners of Caravanserai, legal proceedings are expensive and unpredictable.

To offer Caravanserai timeshare owners an alternative to litigation, we have come together to offer valuable vacation rights at other resorts, on St. Maarten, to Caravanserai owners so that they can continue to enjoy the vacations that they purchased as well as maintain their exchange value. This group of developers is offering options that include a considerable exchange of value where a Caravanserai owner will receive valuable usage at another St. Maarten resort for their Caravanserai interest, as well as an option that allows a full credit for the market value of their week toward the purchase of a new interest in a higher rated resort. The value of your timeshare interest at Caravanserai will be given maximum market value, even though the current developer has declared it annulled.”

More information is available at http://www.timesharestmaarten.com/caravanserai-help

 

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Comments (1)

 

  1. My husband and I too are victims of Caravanserai. We just found out about this tonight. I’m just devastated.We look forword to our vacation on St. Martin every year and have for twenty years now. The only reason we bought out of the U.S. was because we were told if for any reason the company went belly up, the St.Martin government would make sure we were covered.What recourse do we have? Micki Harris