Vacation Club Product Development
Represented Sky Management, a manager of multiple condominium hotel projects who owns or controls related commercial spaces. Due to the economic downturn and difficulty in obtaining financing, the client is managing partially completed projects with many unsold units. The only current viable exit strategy is timeshare or similar product. Florida law prohibits creation of timeshare in many of the projects without a unanimous vote of all owners and mortgagees. Foley created a vacation club product that will enable the client to sell memberships as an exit strategy, without violating any documentary or legal restrictions. This product is a novel exit strategy that is being combined with a regulated timeshare product.