The Village Resort has a prestigious address being 82 Lake Terrace adjacent to Lake Taupo and fronting Rifle Range Road, Tui Street and Lake Terrace itself.

Brokering agent Gordon McGregor of Resort Brokers New Zealand has advised that settlement will take place late June/early July when the new Certificate of Title is expected to be issued.

"Tenders closed on 29th March and the Timeshare Committee chairman was able to close a deal on the day."

"Resort Brokers has quickly become the experts in selling timeshares with several under our belt over the last few years."

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Gordon McGregor of Resort Brokers New Zealand

Mr McGregor continued to state that, "The historic timeshare model is under considerable pressure in New Zealand as annual maintenance fees have risen considerably and many of the owners have aged to the point where they do not use their timeshare anymore. Mostly their children do not want to take on the future burden."

"The choking point has been that the timeshare owner committees are generally made up of people who love their timeshare and want to keep the scheme running. On the other hand, those that want to sell their timeshares are discovering that there is virtually no market for them and often have to pay money to remove themselves from the annual maintenance fee burden." 

See also: Get to know Gordon McGregor, Director of Resort Brokers New Zealand

"Surveys of owners are typically undertaken to gauge the mood of owners. When it came to the final count, 93% of owners who voted in The Village Resort wished to sell so the process was put in place."

"There are some legal issues to work through as the Unit Title Act requires at least 75% vote and then an application has to be made to the High Court to have the unit plan extinguished. Once this happens a new single title is issued for the entire property."

McGregor concluded that the sale of The Village Resort has been an outstanding success, and Resort Brokers continue to work with other committees to bring other timeshares to the market.

"The most likely alternative use for these properties is the short term accommodation market, a sector which Resort Brokers are very familiar with. The only real difficulty is that they are sold without any historic financial performance but buyers can undertake their own feasibility studies."

See other sold hotels in New Zealand:

Lake Taupo hotel business sold

Comfort Hotel Wellington and Quality Hotel Wellington sold to Singapore-based Naumi Hotels

Novotel New Plymouth Hobson Hotel sold to Ngāmotu Hotels for NZ$23m

See hotels currently for sale in New Zealand:

Northlake Hotel opportunity in Wanaka’s Northlake development – Bruce Whillans

Waterfall Park Hotel – Unique Queenstown Opportunity

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New Zealand Hotel Industry Conference to focus on future growth

Rydges Wellington Airport Hotel opens its doors

Overseas guests boost South Island accommodation