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International: August 11, 2012


The folks at the Residence Club at Tucker’s Point are offering an incentive to get new fractional buyers to sign on the dotted line, namely the waiving of their maintenance fees and dues for the first year. To provide urgency, the offer expires Sept. 15, 2012.

Fractions start at US$199,500 for five-weeks of deeded ownership in 2-, 3- or 4-bedroom villas in Harbour Court, on the water’s edge of Castle Harbour, and the Golf Villas, which provide views of the golf course.

The resort, which includes a hotel, golf club and residential community, covers 200 acres of Bermuda’s waterfront. The private Tucker’s Point Club includes a championship golf course and clubhouse, lighted Har-Tru clay tennis courts, and a spectacular beach club with Bermuda’s largest private, pink-sand beach.

Tom Sleeter has been director of sales and marketing for Tucker’s Point since 2007. Before that he served six years as Director, Environmental Protection at Ministry of Environment, Bermuda and he has a Masters and a Ph.D. in Environmental Engineering from Harvard.

That’s an interesting resume for someone in the shared ownership industry, don’t you think?

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As if the folks who brought Aviawest Resorts into being hadn’t had enough problems already, the executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that Aviawest and its directors distributed securities illegally with the assistance of another B.C. company that primarily sells life insurance products.

The notice alleges that from December 2006 to June 2011, Aviawest Resorts Inc. distributed securities to 214 investors without having filed a prospectus, raising approximately $12.7 million. In doing so, the company and its directors, Rob DiCastri, Andrew Pearson, James Pearson, Lawrence Pearson, and Susan Pearson contravened securities laws. Aviawest has an office in Nanaimo, B.C., and all Aviawest directors are B.C. residents.

The company claimed that 173 of the investors (collectively representing about $9.2 million) purchased the securities under the “Family, Friends and Business Associates” exemption, but the exemption was not applicable. For 18 investors who collectively invested $1.2 million, Aviawest did not claim exemptions from securities laws.

The notice also alleges that between February 2010 and April 2011, Zulak Financial Group Ltd, a B.C. company with an office in Nanaimo, and company directors Karla Ann Davis and Melvin Zulak, marketed Aviawest securities to 21 of their life insurance clients who invested approximately $1.8 million. Both Davis and Zulak are B.C. residents.

BCSC staff maintain that the directors of Aviawest and Zulak Financial authorized, permitted, or acquiesced in Aviawest’s and Zulak Financial’s contraventions of securities laws.

Note that these allegations have not been proven. Counsel for the executive director will apply for final orders against the parties. The first hearing into the allegations before a panel of commissioners is set for Tuesday, September 18, 2012 at 9:00am.

Stay tuned.

Oh, and just in case you’ve forgotten, the bankrupt Aviawest Resort Club merged with Vacation Internationale in May 2012, which was probably a very good thing…

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Morritt’s Resort seems to be moving right along with the construction of its new Londoner building at Morritt’s Grand Tortuga, which broke ground on April 4, 2012. Actual excavation of the site got under way on July 16 and they have construction photos on the Morritt’s website.

At buildout it will comprise 5 stories offering 20 deluxe rooms, six of which will be two-bedroom townhouses, ten will be luxury two-bedroom apartments, and four super deluxe three-
bedroom penthouses. David Morritt says the new building “will be so stunning it will blow your mind!”

And of course he is already encouraging guests to talk to the resort’s sales team about those glorious 3-bedroom suites. Presale prices?

For those of you who’ve been around in Mexico and the Caribbean for a number of years, you might like to know that the indomitable Peter Bacon is currently entertaining Morritt’s guests every Friday & Saturday night with his musical stylings. By gosh, he’s done all right for himself!

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Finland’s Holiday Club Oy has completed a total refurbishment of its Holiday Club Puerto Calma resort, located in Puerto Rico on the sunny south coast of Gran Canaria. All 109 apartments were re-designed in order to be both aesthetically pleasing as well as functional. They are fitted and furnished to the highest standards, including fully equipped kitchens, air-conditioning and exterior chill-out area. Additionally, all common areas were completely renovated.

Initially the works were to be executed over two years: Phase 1 from May to October 2012 and Phase 2 from May to October 2013. But Holiday Club decided to carry on simultaneously with both phases, which included the upgrading of the common areas. The pool area is completely new and equipped with a spa-area including a variety of special water jets. The gardens and pool-bar were also upgraded and there is a new large solarium somewhat separated from the pool where guests can relax in peace and quiet while enjoying the sun and sea views.

On the 21st of April 2012 works commenced and on the 7th of July 2012 the new Holiday Club Puerto Calma welcomed its first guests.

That was some seriously fast work!

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1 comment

  1. canuck

    It will be interesting to find out if the insurance sales company advocated that their clients use RRSP money for this investment. It would not be the first resort offering using aggressive structures to “free up” RRSP money for Canadians.



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