Newmar owners @ Monaco Resorts

[soricobob]

Any of you at a Monaco Resort, or looking to purchase at one, please be advised that change is in the air. All of the resorts owned by Monaco (i.e. Las Vegas, Indio, Michigan, and Naples, FL) are being sold: either back to the owners of the lots or to someone else. Monaco was ordered to do so.

[cb5300]

Who ordered Monaco to do this? I haven't heard of them being under any court supervision or anything.

[soricobob]

I'm not sure, but I was there when one of the resorts called its Board members.

[GaryKD]

This has been "in the works" for a few months. I do not know the details. I do know that some resorts may be purchased by a the current owner's association. Some may be purchased by a few of the owners. If there is another company trying to purchase all the resorts, I have not heard this.

[soricobob]

When I heard this (30 Jan 09), one of the reorts Board members was being asked to personally float a loan for the sake of avoiding any further negotiation. A that time there were a couple of dozen company owned lots for sale, and a like number of privately owned lots or sale. Just yesterday I saw this:

Monaco Coach Enters Into Forbearance Pact
RV Business
Tuesday, February 10, 2009

Monaco Coach Corp. entered into a forbearance agreement Feb. 4 with Bank of America, N.A., and GE Commercial Distribution Finance Corp. regarding “repurchase obligations” with dealers, according to a filing with the Securities and Exchange Commission (SEC).

(edited for copyright requirements)

[Gary RVRoamer]

The Forebearance Agreement has nothing to do with Monaco Resorts. It involves Monaco's obligation to re-purchase RVs that dealers have in their inventory IF the dealer is in default on his floor plan loans.

Monaco's RV resort business is operated by its Signature Resorts subsidiary. I suspect that Monaco Corp. has told Signature to sell off the properties, which would reduce Monaco's debt load and might even generate some cash.

[Jim Stewart]

Assuming that anyone has the capital or desire to spend it in today's economy!

[Jetsmania]

Quote:

All of the resorts owned by Monaco (i.e. Las Vegas, Indio, Michigan, and Naples, FL) are being sold:

Hi! What exactly does Monaco own besides a bunch of unsold lots? Paul

[soricobob]

The "business", which includes all amenities and grounds (e.g. in Las Vegas that would include the Diner (currently empty), the land and everything on it (guard house, pond, clubhouse, pools, golf, roads, walls).

[OC-RV]

We went to the Signature Resort in Naples, FL in late January for their free 3 day introduction and sales presentation. There were about 10 other coaches there for the same offer. They only got their certificate of occupancy for the RV sites in mid January. They have 184 sites ranging from $189,900 to $359,900. The clubhouse shell is completed but the interior is not. The swimming pools and tennis center are not started. The gated entrance ,with a security guard, is in place but the signage is not. When asked if Monaco's problems effect them the salesman replied that Signature Resorts is a separate company. Not a good situation

[Jons]

How does the Signature Resort compare to Pelican Lakes or River Bend. I know they are still working on the pool and club house, but other than that. ? Jon

[Jetsmania]

Quote:

How does the Signature Resort compare to Pelican Lakes or River Bend.

Hi! To stay for a few days? Why not. To purchase, not even close in comparision to Pelican or River Bend. Paul

[RUFINIT]

We own a couple of lots at Signature Resorts Motorcoach Country Club in Indio, CA.

In our park and in Vegas, Monaco (their Sig. subsidiary) owns a few lots (18 in ours) and the sales/rental building. They also have the right to sell and rent the lots for a commission and a rental fee. This is lucrative and our board is interested in buying that from Monaco. HOwever they want to sell the lots and the sales office/business as a package. We are looking for a group of investors to buy the remaining 18 lots and then the HOA purchase the building. We don't need to buy the business, because we can sell and rent lots without their business plan or people.

Their Florida and Michican resort has not sold any lots so far (I am told) so they own everything. When a majority of the lots are sold they usually turn over the common areas to the owners. They keep the sales and rental business for income.

[RedneckExpress]

Maybe we can get these things turned into some KOAs....