{"id":1060,"date":"2010-03-25T18:47:00","date_gmt":"2010-03-25T18:47:00","guid":{"rendered":"http:\/\/blog-1199783855.us-west-2.elb.amazonaws.com\/blog\/2010\/03\/25\/westgate-unloads-350m-in-assets-to-fund-timeshare-division\/"},"modified":"2010-03-25T18:47:00","modified_gmt":"2010-03-25T18:47:00","slug":"westgate-unloads-350m-in-assets-to-fund","status":"publish","type":"post","link":"https:\/\/blog-origin.redweek.com\/blog\/2010\/03\/25\/westgate-unloads-350m-in-assets-to-fund\/","title":{"rendered":"Westgate Unloads $350M in Assets to fund Timeshare Division"},"content":{"rendered":"<p><a href=\"http:\/\/1.bp.blogspot.com\/_x3vsn1UV8eo\/S6u0oth90LI\/AAAAAAAAAnI\/BN1Uz2mmbRw\/s1600\/westgate+resorts.JPG\"><img decoding=\"async\" style=\"float:right;margin:0 0 10px 10px;cursor:pointer;cursor:hand;width: 247px;height: 62px\" src=\"\/content\/uploads\/2010\/03\/westgateresorts.jpg?d463aaea232cc7f9ccf837a619b3dfde\" border=\"0\" \/><\/a>The timeshare division of Westgate Resorts is the focus right now for David Siegel, president and chief executive officer of <a href=\"http:\/\/www.redweek.com\/timeshare-companies\/westgate-resorts#intro\">Westgate Resorts<\/a>. Siegel is working towards unloading $350 million worth of real-estate and noncore assets to raise money for their timeshare division. A total of 60 assets are up for sale including hotels, airplanes, mobile homes and thousands of acres of undeveloped land in Central Florida.<\/p>\n<p>The challenging economy has affected Westgate Resorts, like many other time-share developers. They have been struggling financially since the market first started to take a turn in 2008. To stay afloat, the company has cut more than one-third of its staff and now liquidating non time-share assets is the next step.<\/p>\n<p>&#8220;We&#8217;re selling our non-time-share assets to raise cash for our <a href=\"http:\/\/www.redweek.com\/timeshare-rentals\">time-share<\/a> operations,&#8221; Siegel was quoted as saying. <\/p>\n<p>Carlton Advisory Services is handing the sale. Those interested can view the portfolio at CarltonExchange.com. &#8220;We definitely have a lot of interest,&#8221; said Scott Stay, an asset manager for Carlton. &#8220;These are selling closer to distressed pricing, but they&#8217;re not distressed assets.&#8221; All reasonable bids will be considered.<\/p>\n","protected":false},"excerpt":{"rendered":"The timeshare division of Westgate Resorts is the focus right now for David Siegel, president and chief executive officer of Westgate Resorts. Siegel is working towards unloading $350 million worth of real-estate and noncore assets to raise money for their timeshare division. A total of 60 assets are up for sale including hotels, airplanes, mobile&#8230;","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"yst_prominent_words":[],"class_list":["post-1060","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/posts\/1060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/comments?post=1060"}],"version-history":[{"count":0,"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/posts\/1060\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/media?parent=1060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/categories?post=1060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/tags?post=1060"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/blog-origin.redweek.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=1060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}