Le Lézard
Classified in: Tourism and vacations, Business

Tennessee timeshare resort announces sale for $5.6 million

Lemonjuice Capital and Solutions announced that the Pinecrest Townhomes timeshare owners will receive an average of $2,800 per timeshare interest

ORLANDO, Fla., Aug. 19, 2022 /PRNewswire-PRWeb/ -- Lemonjuice Capital and Solutions announced that the Pinecrest Townhomes timeshare owners will receive an average of $2,800 per timeshare interest

Lemonjuice Capital and Solutions announces the sale of the Pinecrest Townhome timeshare resort located in Pigeon Forge, TN for $5.6 million. The buyer is an effective owner that focuses on vacation rentals for Veterans and their families.

Achieving positive results for owners

Bill Duncan, the manager since the mid-1990s, recommended Lemonjuice to the Board of Directors. The Board voted to engage Lemonjuice Solutions to assure the financial stability of the resort and to help the remaining owners. Bill said, "Through Lemonjuice, Pinecrest Townhomes was able to keep its doors open and operating. They steadied the resort by seeing it through a restructure through its Resorts Reimaginedtm program.

Our former owners received money for their timeshares and were ecstatic to do so. I've heard from numerous former owners about how happy and surprised they were with their distribution and their share of the sale. These owners didn't believe they would receive any money and were beyond pleased when they began receiving checks." He continued, "Further, Lemonjuice helped keep Pinecrest from being boarded up and brought a great outcome to the owners, the staff, and our community. It's been a win all around."

Pinecrest Townhomes were originally developed in 1982 as a timeshare resort which included 25 condominiums adjacent to the Dollywood theme park. It faced severe financial challenges due to a waning owner base and aging buildings. The base of dues-paying owners declined significantly over the past 15 years forcing the resort to raise maintenance fees to cover budget shortfalls. These increases, borne by the remaining owners, caused more owners to stop paying, which added to an already eroding owner base and increased budget deficit. Owners exiting their timeshares because of unaffordable maintenance fees is a common dilemma in aging timeshare resorts.

Lemonjuice invested needed capital and resources

Eventually, the increased budgeted deficit led to acute operational shortfalls and deferred maintenance, which in turn put the building at risk of structural failure. When Lemonjuice arrived, the company brought investment capital to sustain operations and make the necessary repairs, ensuring the safety of team members and guests.

Lemonjuice's investment helped to avoid any more increases to maintenance fees or special assessments. Pinecrest Townhomes timeshare program had subsequently been dissolved and the property transitioned to a whole ownership property. The new owner is a company, which focuses on vacation rentals serving the US Veteran community and their families.

Alexander Krakovsky, CEO of Lemonjuice, said, "We were happy that we could create value for all stakeholders of Pinecrest. Repurposing any timeshare resort requires considerable understanding of many nuances related to real estate title practices and title insurance in each jurisdiction. Intricate review of the governing documents, history, owner preferences, and real estate market are critical to securing title insurance and maximum value for owners. Without title insurance, the property will not sell at its highest possible value." Krakovsky continues, "We appreciate Bill Duncan and the Pinecrest Board for the diligent work over the years to keep Pinecrest a great vacation destination delivering many happy memories for owners and guests alike."

Since the beginning of the year of 2022, Lemonjuice has completed the reimagination and sale of four former timeshare properties bring in more than $40 million for distribution to timeshare owners, providing good outcomes for all stakeholders.

About Lemonjuice:

Lemonjuice Capital and Solutions provides strategic planning and execution, investment capital and professional management to timeshare and mixed-use properties.

Lemonjuice is a solutions-driven company, not just a fee-for-services manager. It aligns its interests with all stakeholders by investing its own capital and resources. The company's Resorts Reimaginedtm program deploys extensive expertise and capital to revitalize legacy timeshare resorts and create value for their owners.

To learn about Resorts Reimaginedtm and all Lemonjuice Solutions services, contact Jan Barrow at 863-602-8804 or via email [email protected].

Media Contact

Jan Barrow, Lemonjuice Capital and Solutions, 863-602-8804, [email protected]


SOURCE Lemonjuice Capital and Solutions

These press releases may also interest you

at 18:09
Boston Pizza Royalties Income Fund (the "Fund") announced today a cash distribution to unitholders of $0.100 per unit for September 2022. The distribution will be paid on October 31, 2022 to unitholders of record at the close of business on October...

at 18:05
XORTX Therapeutics Inc. ("XORTX" or the "Company") , a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, announces the closing of an underwritten public offering of: (i)...

at 18:00
Goat Industries Ltd. (the "Company" or "GOAT") , advises that its board of directors has approved the settlement of $34,150 in debt (the "Debt Settlement") through the issuance of 683,000 common shares ("Shares") of the Company to one creditor for...

at 18:00
The fall season has arrived in Florida bringing less humidity and slightly cooler evenings. This pristine weather creates a wonderful opportunity to explore fall festivals with your family and friends. Fall festivals are events that feature a common...

at 17:57
Located in Eagle Rock, just off the Highway 134 and Figueroa interchange, Velvet Cannabis quietly opened its doors in late April as the company's first cannabis dispensary in Los Angeles. Founded by Matt Morea and Farid Harrison, Velvet brings a...

at 17:35
Sensient Technologies Corporation will hold its conference call to discuss 2022 third quarter results at 8:30 a.m. CDT on Friday, October 21, 2022. To participate in the conference call, contact Chorus Call Inc. at (844) 492-3726 or (412) 317-1078,...

News published on 19 august 2022 at 00:00 and distributed by: