Arthur Spector Companies Complete Acquisition of Timeshare Assets
09 Sep, 2010, 08:00 ET
LAS VEGAS, Sept. 9 /PRNewswire/ -- On Aug. 31, 2010, The Arthur Spector Companies, headquartered in Las Vegas, completed the acquisition of all of the remaining timeshare inventory and operating assets comprising the Tahiti Village, Tahiti and Club de Soleil vacation ownership resorts in Las Vegas and other resorts in Hawaii.
The Arthur Spector Companies were the successful bidder in U.S. bankruptcy court Judge Linda Riegle's courtroom on July 20, 2010. William A. Leonard, Jr. was the trustee.
In 2007, a Whitehall Fund, sponsored by Goldman Sachs, made a substantial investment by acquiring a 75 percent majority interest in the Consolidated Resorts group of companies. The Spector family retained a 25 percent interest in the Consolidated Resorts group of companies. Consolidated Resorts discontinued its operations in June 2009 due to the devastating effects of the credit crisis and the slumping economy, and filed for bankruptcy in July 2009 when its major lenders discontinued funding. Whitehall has since terminated its interest in the Consolidated Resorts group of companies.
The closing of the sale from the bankruptcy estate is the first in a series of planned transactions that will result in the Spector family investing more than $30 million back into the local Las Vegas economy.
"We are pleased to bring this business back under the control of our local family that has succeeded in the timeshare business for over thirty years," stated Arthur Spector. "We are especially thankful that we were able to assist the trustee to protect the interests of over 100,000 timeshare owners in these difficult times. All of the timeshare resorts have remained fully operational, the owners have had uninterrupted use of their vacation plans and continue to choose Las Vegas and Hawaii as their vacation destinations. We look forward to rebuilding this vital sector of the Las Vegas economy."
About The Arthur Spector Companies
The Arthur Spector Companies have been leading timeshare resort developers in Las Vegas, Hawaii and Florida for more than 30 years. Arthur Spector is a trustee member of the American Resort Development Association and is regularly invited to speak on its industry leadership panels. The Arthur Spector Companies are affiliated with Interval International, a prominent timeshare exchange company, and are frequent contributors to industry leadership conferences.
SOURCE The Arthur Spector Companies
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