Since the last article on the Tauro Beach Project, the high tides that were expected did not cause any problems for the residents. This is probably due to the building of sandbag defences and the fact the weather has been very calm. But it is getting to the time of year when storms out at sea begin to become commonplace, it is these storms that will be the real test for the local community and any defences put into place.
Inside Timeshare has been looking around the internet at the story of this project, it has been reported widely for some time in the English language by Gran Canaria info. Another local paper in English The Canary News have also followed the story over the past year or so. Not to forget all the Spanish newspapers who have brought much information into the public arena.
For those who are interested we have provided some links into this story, mainly from Gran Canaria Info. There is also a link to a video made by Anfi, this includes an interview with the Anfi Ambassador David Silva.
David is a famous son of the area, hailing from nearby Arguineguin and has become a world renowned football star. His support for his local community is exemplary, having made significant investments in the area which has benefited his local community. In the video he states that he believes the project to be a worthy one, with benefits for the area in tourism and the subsequent jobs this will bring.
Although, we do have to agree with him in this respect, the problem is not with the idea, but how it has been implemented, this is not his fault, all he wants is the best for his local community. For this he gets our total respect. The apparent lack of environmental research into the impact of changing the beach from a rock and pebble beach to one of sand, is at its heart. The current investigations into the licences and permissions granted, all being conducted by the Guardia Civil, raises other disturbing questions. This is a problem of big business and politics overriding what is right. (see previous articles)
This is a story which is going to run for some time, not just because of the investigations, but for the local community when the winter storms do start out at sea.
If you have any questions about any company you are not sure about, contact Inside Timeshare and we will find the answers for you. Inside Timeshare is here to give you the news on what is going on in the world of timeshare, keeping you informed and where to look for yourself.
One of the main complaints we hear about at Inside Timeshare and on various forums, is the lack of availability that floating weeks and points members encounter. So why is this?
Originally, timeshare was sold on a fixed week basis, with the owner being given a week number and apartment. This entitled the owner to return to their resort the same week each year and use the same apartment. It was this method of use which attracted many people to buy, it guaranteed the standard of accommodation and the holiday. For many this system was great, they returned the same time each year, getting to know other owners. For many who had young children this was an added bonus, they got to know other kids and over the years some very good friendships developed.
Over the years and speaking to these owners, they even arranged holidays at other resorts as a group. Using the RCI or Interval International exchange system, they would bank their weeks and book at other locations. They became in effect an extended family.
When the floating weeks and points systems were introduced, they were marketed as being more flexible. At first this was the case, although many remained as fixed week owners. The points system does not actually entitle you to anything other than right to use, you are no longer an owner at a resort but a member of the club which sells the points.
For example, Sunterra took over the management of a small resort in Mallorca called Cala de Mar. It is not a large resort, around 45 apartments, it had a large membership of fixed week owners who returned year after year. They got to know the staff and the staff remembered them when they returned. Sunterra tried to convert these owners into points members, but most resisted. For them, they purchased at this resort for one simple reason, they loved the size and friendliness of the place. They actually felt that they owned something.
After Sunterra collapsed andDiamond took over, the resort was ditched. It was taken over by the ONA Group, many of the old fixed week owners are still there and return year after year.
Another aspect to the complaints of availability is the rental weeks that are also on offer. These are available over the internet through booking companies such as booking.com, tripadvisor, medresorts,net, Trivagoand many more. Resorts also have their own websites and offer rentals, many for considerably less than the maintenance fees that members are charged, some even advertising 25 to 60% discounts.
These resorts are also booking out to the major tour operators such as TUI and Thomas Cook, again many at less than maintenance charges. Why is this happening?
Remember that most resorts are not owned by the companies that manage them, they own your membership of points, they collect your maintenance fees but you are their members not the resorts. They may only have so much inventory at this or that resort, the resorts themselves only get a fraction of the maintenance fees. In order to keep the resort afloat, they rent out the inventory not being used by the points club. So when you the points member tries to book, there is no availability at the resort, hence the booking window in many cases is a minimum of 12 months in advance. Anything after that, you may just be lucky. It is also the case that the points club has more members than it has inventory, so you can see where the the problems is, more people than accommodation available.
So why are you the member paying thousands for a membership which guarantees you nothing, costs you the earth every year in management fees, then you are unable to get rid of it. Locked into a contract which is no good to you?
Only you can answer this question.
Yes, these resorts are of a high standard, but would you not be better booking as a non member, paying for your holiday without the ever increasing maintenance. Then as we have seen recently at Garden Lago, the management company who you own the points with, sells their interest and you end up losing any of the member benefits when returning to the resort on the exchange system.
Try searching the internet for the resorts by name which are in the RCI & II catalogue, you will be amazed at what is available. You will also be surprised at the cost, yes at certain times of year the prices may be high, but is this not also the case when using the high street travel agent? One thing to remember, even if the price for a week is more than your maintenance fees, the person booking as a non member has not paid around £10,000 for membership. I leave you to decide what is better value.
It must also be mentioned, this is the reason the Spanish Supreme Court has ruled that floating weeks and points have been declared illegal.
If you have any questions about this or any other timeshare matter, Inside Timeshare will try to answer. If we do not know, we will find out. Also if you want any information as to how you can get out of your membership, contact Inside Timeshare, there is a solution for you.
This resulted in the dismissal of the head of the Coastal Authority, it appears the investigation which is ongoing may result in more dismissals and may even end in charges being brought. Inside Timeshare has been following the case as more information came to light, on 1 August Ben Magec of Ecologists in Action called for “the immediate shutdown and sealing” of the project, pointing out that it was having a detrimental effect on the nearby Special Area of Conservation.
Then on 5 August, Inside Timeshare published the story about the floods that occurred the day before, posting a video made by one of the local residents. At the time the flooding occurred it was a high tide, this would not have been a problem when the beach was in its original state. The rocks and pebble beach which was much higher than the sand beach, created a natural defence, with the rocks breaking up the waves. Without this natural defence the sea just rolled over the beach, flooding several homes.
August 8th, we published further videos of the flooding and photographs of some of the damage caused to homes of the local residents. The Bomberos (fire brigade) spent considerable time helping to pump out the water from these homes, but damage to many appliances such as fridges and washing machines was considerable. The local population then made denuncias (official complaints) to the Guardia Civil, who are now investigating. One comment from a resident was who was going to pay for the damage, they also felt they were being ignored that they were “desperate, nobody pays attention to us”.
On 9 August it was announced that Canarian Legal Alliance had just won their 18th Supreme Court Victory, this took the rulings by the Supreme Court against Anfi to an incredible 17. In this particular case the court awarded over 45,000€ plus interest and legal fees to the client. Again the court stated that contracts over 50 years, floating weeks and taking deposits within the 14 day cooling off period illegal. So another happy client of Canarian Legal Alliance.
Then on 15 August another win for a client of CLA, this time at the High Court in Las Palmas, Gran Canaria. A staggering 66,907€ plus interest and legal fees were awarded to the client, also their contract was declared null & void. The High Court cited the Supreme Court rulings in making this judgement, showing that the judgements from Madrid are having a profound effect on how the lower courts rule.
The following day we published an article on the argument that is raging between TESS (Timeshare Exits & Support Services) and the Monster Travel Group. It highlighted two articles published on the TESS website on the same day, in this Tess pulled no punches in the accusations laid against Monster Travel. It also made a scathing attack on the sales staff, particularly what TESS called the “Taylor Twins”, again TESS pulled no punches.
Then it was published in the Spanish press that the boss at Anfi (one of the part owners) Santana Cazorla was moving to Morocco for “retirement”. El Diario headlined it as “Santana Cazorla se refugia en Marruecos” or Santana Cazorla takes refuge in Morocco. Inside Timeshare published this story on 17 August, in the article the questions asked are what had prompted this news. One only has to see the problems of Anfi with the court cases being brought by their members, then to cap it all the accusations and investigation into the Tauro Beach Project.
Just to move away from Anfi for once, Diamond Resorts announced that they had sold off their interests at the Garden Lago resort in Mallorca. The ONA Group now run Garden Lago, they also have interests at the Cala de Mar and Cala Pi resorts, also in Mallorca. It also highlighted one member who bought because they loved it there, now Diamond have no interests there, the only way for them to use the points they own is to use them on exchange, or book direct with the resort. With this last option they would have to pay the going rate as their points would not be used.
19 August, CLA announced another victory at the High Court in Las Palmas, the British couple Mr & Mrs Hammond had their contract declared null & void. They were also awarded a full refund including interest and legal fees, it was not stated how much this was.
So in all, August has turned into quite an eventful month, it remains to be seen what September will bring.
If you have any questions relating to any of these articles please contact Inside Timeshare and we will do our best to answer them. It only remains for me to say have a great bank holiday weekend and I hope the weather is just as good for you to get the BBQ´s out.
Diamond did not own the resort, they were purely the management company charged with operating it. This is the same for all the resorts that come under the Diamond Brand. Many of the original owners at Garden Lago purchased fixed weeks, then were converted to the points system under Sunterra and then Diamond. Under this system they are members of Diamond Resorts International and have no rights at Garden Lago.
So what does this mean for members?
While Diamond ran the resort, members had the right to use with full member benefits that Diamond offered. Now the only way to stay at this resort as a Diamond points member is to use the exchange programme, either through Interval International or RCI. Unfortunately this will not include the full Diamond member benefits.
For one family this has come as a rather big blow, their story was posted on Tripadvisor just recently. They state that they had been on holiday in Mallorca and attended a presentation at Garden Lago, and liked what they saw, they then purchased the Discover Diamond Package.
After visiting the resort on several occasions, they decided to purchase the full Diamond Points system, as they told the sales staff, it was on the basis that they only wanted to use Garden lago. They were not interested in other resorts that Diamond had to offer, Mallorca held some special holiday memories for them, and as stated before they loved the resort itself.
Now that Diamond no longer has a presence on Mallorca and especially at Garden Lago, they believe that their contract with Diamond has been altered significantly. Unfortunately, this is the problem with the points system, members do not have any rights at the resort in which they made the purchase. So, the only way their points membership will get them the full benefits, is to use another resort managed by Diamond.
This is one example of why the Spanish Supreme Court declared the points system illegal, the other is that it is subject to availability, your holiday at a particular resort is not guaranteed.
For this family it will also now incur considerable expense, when it was managed by Diamond they would use the Diamond booking system. Now they will need to pay Interval International or RCI membership, including the exchange fees.
As reported elsewhere, Diamond have had a fall in their net income of around 28%, normally Diamond are buyers, it may be this fall that has prompted the sale. Could this be just the first, are there more planned? Are Diamond offloading some of their European Collection and is it linked with the acquisition by Apollo?
These questions may not be answered yet, but time will tell. As the news comes in Inside Timeshare will bring it to you.
If you have any questions about this or any timeshare matter, contact Inside Timeshare for free and impartial advice.
Cazorla himself puts it down to starting a new phase in his life with new business projects, but within the business world it is seen very differently. Some of the explanations are somewhat different, it is widely believed it is down to the endless succession of problems he is facing, not only within his company but also it seems his private life.
It is known that he has had many conflicts with his brother Manuel, and various lawsuits have taken place. One is still in process, this involves a corruption scandal known as the Gondola case, it has been ongoing for around ten years at the court of San Bartolomé de Tirajana. This case has been in the hands of around a dozen judges and several prosecutors.
His involvement with Bjorn Lyng began during the development of Anfi Tauro, Cazorla purchased 50% of the Anfi company as Lyng needed investment for his Project of Anfi Tauro. This has presented many disputes between the partners over the years, the most notable was the lawsuit brought by the Lyngs over the misappropriation of funds. The Lyngs instigated criminal proceedings at The Court of Instruction No 3 of San Bartelomé de Tirajana, after it was discovered that around 9 million euros had been diverted to the Cazorla company Hermanos Cazorla, it was said that these funds were used to pay private debts. This money had to be replaced to avoid criminal proceedings so is basically on hold.
It has also been suggested that Cazorla is selling off his 50% share of Anfi, it is rumoured that Alfredo Morales may be the buyer, this has been sparked off by the relationship between him and the Director General of the Anfi GroupJosé Luis Trujillo. Morales is also a shareholder of Binter Canarias, the Canarian Airline. This will no doubt please the Lyng family to be rid of Cazorla, after all on many occasions they have tried to oust him from the board, which he controls (see link Battle of Partners).
It is the projects at Anfi Tauro and now the Tauro Beach project that has been the cause of many of his headaches. The first notable scandal was the Salmon case, this involved the then head of the Canarian Government José Manuel Soria and involved his trip with Bjorn Lyng, flying by private jet to Austria for a concert and then on to Norway for salmon fishing. Hence the name of the case. Then staying as a guest at Anfi del Mar also courted controversy. At the time the Anfi Tauro Project was about to undergo considerable streamlining, permissions would not be granted unless this happened. Just after this trip and holiday at Anfi the project was given the go ahead by the government in its entirety, with no streamlining. A reporter then made a denuncia against Soria for corruption, the judge in the case due to certain senior Anfi management testimonies found no case to answer. Again this caused major uproar in the press and in local communities.
Now we have a possible corruption scandal about to erupt over the Tauro Beach Project, which Inside Timeshare has been highlighting over the past few weeks (search Tauro Beach). The project involves the creation of a man made beach, boardwalk, shopping center and marina at the Barranco de Tauro, this is being constructed by the Cazorla Construction Company on behalf of the Anfi Group. It involves the importation of 70,000 tonnes of sand from the Sahara, it has also caused many problems for the local residents. It was only at the beginning of August the high tides began overflowing the beach and flooding local homes, had there been a storm at sea coupled with the high tide the situation would have been worse.
So the question has to be asked, is this “retirement” or is he fleeing in order to escape the consequences of his actions? After all he is no stranger to scandal, accusations of corruption and lawsuits. The Anfi empire is certainly in disarray, with the scandal erupting over Tauro Beach, then there is the matter of all the court cases for mis-selling and illegal contracts. They have already lost millions of euros in the past year alone, also having 17 Supreme Court judgements against them, with hundreds more in the pipeline.
Could it be you the members of Anfi who may just be more victims in all this, what happens if these scandals become full blown court cases? Will you be lumbered with special levies to cover lost money or will you just lose your membership? Only time will tell.
If you have any questions or comments about this or any timeshare matter, contact Inside Timeshare and we will try to answer them for you.
Again this is following on from the rulings laid down by the Supreme Court, that contracts over 50 years (perpetuity) are illegal. The court also affirmed that the selling of floating weeks in accordance with Supreme Court rulings was also illegal. In accordance with 18 rulings from this court the contract has been declared null & void.
This goes to show all the lower courts are now accepting the rulings as a matter of course, although the companies involved do have a right of appeal, this is very unlikely to succeed. Obviously this also will have the effect of speeding up the process and we will probably see cases entering the system at a faster rate.
Tauro Beach about 1 year ago.
On the point of the Tauro Beach Project, the Mayor of Mogan Onalia Bueno has also stated she is against any more man made beaches in the Mogan area. She has also criticised plans to give private companies 50 year concessions for the exploitation of the coastline in the areas of Medio Almud and Los Frailes. Unfortunately the Mayor has no authority in this matter, it comes under the Coastal Authority and the Ministry of the Environment, so will we see a mobilisation of local people to fight and demonstrate against any new proposals and plans?
As for the beach at Tauro, many of the local people have been busy with wheelbarrows and sacks, creating sandbags to build a small buttress to protect themselves from the next high tides. These bags are also ready to be placed in front of the entrances to the homes to try and prevent the flooding and damage they suffered at the beginning of August, the next high tide is 20 August. September will also see very high tides, these are known as the Mar del Pino, if these tides also coincide with any adverse weather out in the Atlantic, the flooding and damage could be worse.
It would seem that very little is being done for the people of this community, the head of the Coastal Authority Rafael Lopez Orive held a meeting with the heads of Anfi, the only thing reported was he is going to Measure the Beach! In other words checking the beach conforms to the measurements authorised by the regeneration project.
Regarding the reports filed with the Guardia Civil, the residents have been informed that proceedings have been openned. One resident who has been there for over 14 years, has said that they know the tides will be high and the flooding will not stop. It was also reported that the people do not want to move, it is their home and community.
For those of you who are members and owners of Anfi, how do you feel that local people are being disregarded in this way. Anfi have shown in the past they have a total disrespect for the law, this is proven by the court cases against them. We know also that all is not well between the two partners, the Lyng family and the Santana Cazorla Group, there have been rumblings between them for years. (see link Battle of the Partners).
Through social media Inside Timeshare is in contact with several of the residents, who kindly keep us informed of developments as they happen. It is only because of this media that the community can get their story out into the open. (Follow the links below).
Following on from the previous articles about Anfi, it seems the controversy just keeps coming, Inside Timeshare has just been sent another facebook link to a video about Tauro Beach. Again it has been posted by one of the locals, showing the devastation the people who live there have had to put up with since the project began.
In the sound track you can clearly hear the machinery at work as the person taking the video walks along the perimeter fence. It then shows how the sea is flooding the area, the sea itself is not what could be called rough, in fact it looks a normal day, but as can clearly be seen there are no defences. Just meters away are the homes of the local people, with the sea constantly running along the beach flooding the area.
It does beg the question how did this project ever get approval and why is it continuing?
Are the local people and their problems just being ignored in the interest of business?
The Master Plan!
Is the project trying to clear the area of local people to make way for the proposed development of a shopping centre and other tourist facilities? It would not be the first time business has ridden roughshod over locals, it has happened elsewhere, the Westgate project in Orange County USA has courted similar controversy over treatment of local people.
Once the investigation by SEPRONA (Guardia Civil Nature Protection Unit) is completed, we may then have the answers we are looking for. I would not be surprised if we see charges brought against people involved in the licensing of the project, at the very least it would appear to be one of negligence.
On another note, social media such as facebook is a powerful tool in bringing information to others. Again a post from facebook has been sent in about Anfi, this time it is from a disgruntled member. This is the post:
From this we can clearly see these so-called “Holidays of a lifetime” are not that at all. The question is why were they not allowed to use the pool facilities, we have seen this complaint posted on other forums before, also why had they been moved to Tauro when they bought Anfi Del Mar?
Could it be no availability again, due to overselling or just a problem of “Floating Weeks”? This particular client even states for what he is paying in maintenance and the original purchase cost, he could stay in any other 5 star hotel or resort, booking only 2-3 months in advance and not the 12 months that Anfi customer services have told him. I wonder if he would have been allowed to use the pool had he booked elsewhere, somehow I don’t think that would have been an issue.
Again Anfi are in the firing line from their own clients, non existent customer service, not getting what they have paid for, unable to use the facilities and a contract the client feels is worthless. This does not sound like value for money or the “Holidays of a lifetime”, rather more like holidays in nightmare street. How do they get away with charging thousands for membership then treating the members this way, is it a case of so what, we’ve got your money, you’re locked into a contract, just pay your maintenance and shut up!
Inside Timeshare would like to thank all the local people who have shared their images and videos from Tauro, it has helped to highlight your plight to a wider audience.
Remember there is a solution, this has been highlighted in previous articles. If you have had similar experiences to this either with Anfi or any other company and wish to know where you stand, contact Inside Timeshare and we will point you in the right direction.
Nayaskaya Rguez Llavata just posted this link to Canarias7 with more pictures of Tauro.
In this part is an advert posted on facebook about the sale of a one bed apartment for one week at Puerto Anfi. This is up for sale for £1000 ovno, with so far no one taking up the offer, not even Anfi! (I wonder why?) Many of the comments expressed the same theme, what resale market? No one is even buying from new!
Having looked on ebay the number of timeshares for sale is staggering, many being given away, even with the incentive of the transfer fees being paid by the vendor. Yet still no takers. One has to ask why is this the case?
It may have something to do with the industry’s reputation, the fact maintenance fees are continually rising, the inability to get out of the contracts when circumstances change, or even the fact you can book into these timeshare resorts via the internet cheaper than members can.
Many of the resorts also have adverts on their own websites offering rentals to non members for less than most maintenance charges. Is this actually fair on the members, who bought with the promise they were joining an exclusive club, only members would be able to use the resorts.
How many of you bought your timeshare with these two promises: You are buying property it will go up in value, when you no longer need it we will buy it back from you? Have any of these ever materialised? Only you can answer that question.
So what of the resale market, is there one?
Simple answer, NO!
Most owners, who have tried to sell have paid extortionate upfront fees, then never heard from the company again. Others have been lured to meetings with so-called corporate buyers. Then sold a dubious holiday club or some kind of leisure credits, with a huge discount for taking the timeshare off their hands. Unfortunately it is not a discount, the price quoted is basically double, then they take into account the “value” of your timeshare, highly inflated off course, that is your discount!
In many of these cases, a few years down the line they start getting maintenance fee demands from their resorts, the timeshare ownership was never transferred. So not only have they paid for a “club” that doesn’t work or even exist, they are still stuck with a timeshare they don´t want.
Unfortunately there are not many options:
Keep it, and carry on paying maintenance, you may be able to rent it out to friends to cover some of the cost.
Stop paying and walk away, hoping they will not chase you with debt collectors. (Not really an option).
See if your resort will take it back (usually for several years maintenance fee payment if you are lucky).
Using a reputable law firm to relinquish (this is by far the best option as it is done using legislation)
Depending when and where you purchased, you may just be able to claim back the purchase price and have the contract cancelled. This will usually require a reputable law firm, well versed in timeshare legislation, and involves litigation.
In other words your options are limited.
Following are just a few of the comments received:
“1000 euros for a Puerto anfi week and nobody wants to by it , not even Anfi themselves 😢 that shows you how much the resale market is worth ….nothing 😓😢😢😓”
“Tried to sell got conned, wnated to give it back no luck now looking at lawyers”
“For sale over year no offers, believed promises of selling more than paid”
“Just want out cant give away”
“Tried raffle at local pub money goes to charity, no tickets sold”
There were many more, but all were saying the same thing, no one wants them. The last comment I think sums it up perfectly, if you can not even raffle it off for charity, what can you do?
If you would like further information on what options may be open to you, contact Inside Timeshare. We will try to give you the best advice and information possible, if we do not know the answer we will find it for you.
Over the past week Inside Timeshare has been highlighting the Anfi Group project at Tauro Beach, the fact that an investigation is underway into serious flaws in the licences and permissions granted to Anfi. Also the fact that homes have been subject to flooding because the natural defences of the original beach have been removed, changing the dynamics of the tides and currents, and the question of who is going to pay.
On top of all this, Canarian Legal Alliance has just announced the 18th Supreme Court ruling, this will be the 17th against Anfi. Once again the court has ruled in favour of the client awarding them over 45,000€ plus interest and legal fees.
The court has reiterated their previous ruling that contracts in perpetuity (over 50 years) are illegal, that floating weeks and the taking of deposits also makes the contracts null & void. Yet we still see Anfi claiming their contracts are legal, they can not seem to acknowledge the fact the Supreme Court has ruled, they still believe the court has got it wrong.
Back in March 2016 Anfi issued a statement to their members, also backed up by the RDO, in it they reaffirm their belief the Supreme Court has got it wrong. They also go on to say that when a member takes legal action and wins, they will also have to pay for the holidays they have already taken. (I thought they had already paid with the maintenance fees). (see pdf) Anfi state they will use the Spanish Civil Code in order to enforce payment. (see post http://insidetimeshare.com/rdo-trying-scare-anfi-timeshare-owners/) Again it appears Anfi are trying to scare people from taking legal action, when the clients have the legal right to have their contracts cancelled and be reimbursed for being sold illegally. They have also resorted to emailing clients using out of date accusations from Mindtimeshare. This is obviously an act of desperation, they know they are in trouble not just because of the 17 Supreme Court rulings against them, but also with the recent developments over their Tauro Beach project being investigated.
So far nothing has been heard from Anfi regarding the problems at Tauro Beach, no statements have been seen in the press or anything online. Considering they are the ones building the beach and therefore responsible for these events, not even a whisper or any contact with those affected has been seen or heard. Surely any company would have made some kind of statement, even just to say they would look into it.
For those who still believe that their timeshares are worth something, think again. This was sent to Inside Timeshare and apparently comes from Anfi del Mar Friends, it is an advert for a timeshare up for sale and it reads:
“Hi folks, if anyone out there is interested in buying a week, I have week ** anfi puerto, one bed with saturday changeover in room ***. Would take £1000 ovno. Also on sale in house at Anfi. It’s a cheap buy for anyone interested”
Well apparently over 5200 have seen it and it still hasn´t gone! I wonder why? Could it be the reputation timeshare has or is it just Anfi? Or is it the ongoing costs, after all the maintenance fees are not cheap, and we did notice there was no mention in the add of the cost. This added to the facts published in previous articles regarding the beach and the court rulings does make it look as though the future for Anfi is likely to be rather bleak!
If you have any questions regarding anything in this or any previous article contact Inside Timeshare, we will try to answer them and if we do not know the answer we will find out. If you have anything you would like to share, Inside Timeshare would love to hear from you. Need information on any company you may be thinking of using but don´t know where to look we may be able to help.
Last week on the 2 August 2016, Inside Timeshare published an article on Diamond Resorts postponing the announcement of their 2nd quarter results.
They were finally published yesterday 8 August 2016, it looks like they haven’t done as well as the 2nd quarter of 2015. Irene Parker emailed some of the report as follows:
Total revenue for the second quarter increased $14.2 million, or 6.1%, to $245.7 million.
Net income for the second quarter decreased $10.1 million, or 28.5%, to $25.5 million.
Pre-tax income for the second quarter of 2016 was $43.8 million compared to $62.4 million in the second quarter of 2015 and included non-cash charges of $4.1 million and $4.4 million, respectively, related to stock-based compensation. Excluding these amounts, pre-tax income in the second quarter of 2016 would have been $47.9 million, a decrease of $18.9 million from $66.8 million in second quarter of 2015.
This is despite the number of reported “Tours” increasing by 11,791 in the 3 months to the end of June, with the number of sales transactions also increasing by 7.3%. They also announced that the average transaction price also increased by around 3.1%, yet they reported that there was a lower closing average for these three months.
This is not an area that I am familiar with, so for more detailed information follow the link to the full report at The Street.