TS Today - Creating a Vision for the Future of Vacation Ownership Issue #142, Jul/Aug 2015 | Page 9

TimeSharing Today

Page 9

Jul/Aug, 2015

Lucayan Unit Consolidation Wins ARDY
By Francis Korwek
The Lucayan Timeshare in Ocean
City, MD, has won a 2015 ARDY award
from the American Resort Development
Association in the Business Administration
Manager/Team category.
The award recognizes the Lucayan
Timeshare’s success in convincing the
owners of deeded timeshares to trade their
intervals for others in another unit, creating
an empty unit that the timeshare association
could sell as a whole-ownership apartment
to raise cash for building renovations.
This involved an exercise equivalent to
“cat herding”—asking some 300 timeshare
owners to trade, deed back, or sell their intervals to reduce the number of timeshares
from 28 units to 21.
TimeSharing Today published an article on this project (Issue 136 Jul/Aug 2014,
pp 32-34), and it was presented at three
Timeshare Board Members Association
conferences, in 2012, 2013, and 2014.

TBMA Members Helped
$IWHUWKH¿UVWSUHVHQWDWLRQWKHGLVFXVsion period demonstrated the collaborative
nature of TBMA as attorneys, board members, and managers of other timeshare resorts from all over the country made suggestions, raised questions to be addressed,
and offered themselves as uncompensated
consultants to call and discuss issues during
implementation of the project.
By May of 2014, all 52 intervals in
the target units were acquired, the timeshare regime was extinguished in those
units, and they were sold for a total of
more than $1 million. The sales covered
all expenses of the effort, including over
$100,000 to foreclose intervals to clear all
delinquencies (not just those needed for
the unit consolidation), and $155,000 to
rebuild the elevator.
The timeshare association wound up
with about $750,000 net cash and mortgage
receivables, which was placed in the capital
replacement reserve fund.

teacher, made almost 1,000 phone calls
to owners of the target units. Also singled
out for special recognition is Nicole Weisner from Goodmanagement, the property’s
management company.
The award is dedicated to Cele DiCiacomo, the association president during that
time, who succumbed after a long battle
with cancer two months before the last interval was sold.
The Lucayan Timeshare project and
the recognition it received demonstrate the
extreme importance of TBMA as a resource
for timeshare board members.
This project was scoffed at by professionals in the local Ocean City market, and
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presented at the annual ARDA Conference in March 2012, but after its TBMA
presentation, many board members and
professionals from across the country embraced, fostered, and supported it.
As TBMA President Shep Altshuler is
fond of saying: “No resort should operate in
a vacuum. TBMA leads the way in education, networking, solutions, and resources.”

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Photo Credit: Nicole Weisner, Good0DQDJHPHQW
Francis Korwek is a central MaryODQG &HUWL¿HG 3XEOLF $FFRXQWDQW ZKR
owns several timeshares and is a member
of the boards of directors of several ownercontrolled timeshare associations.

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Recognition and Dedication
The ARDY award recognizes the
entire Lucayan Timeshare board, and in
particular two directors. I served as “quarterback” to organize and oversee the entire
effort. Jackie Stillman, a retired school-

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