June 2011

Gallery for this Event Click Here

On June 15, Colebrook held its third annual Timeshare Lender Education Seminar at the Crowne Plaza in Cromwell, CT. Approximately 50 attendees heard presentations from industry leaders on the state of the timeshare industry, the role of leading hospitality companies, receivable performance trends and property management. The session was concluded with a panel of development executives that fielded questions from the audience and moderator Bill Ryczek of Colebrook.

Howard Nusbaum, CEO of the American Resort Development Association (ARDA), opened the seminar for the third consecutive year by providing an overview of the most recent developments in the industry, providing numerous statistics on sales, occupancy and other relevant trends. He noted the resilience of the timeshare industry, the high level of consumer satisfaction, and discussed the challenge of dealing with older resorts and owners.

Don Harrill, CEO of Holiday Inn Club Vacations, spoke of the role of major hospitality companies in the timeshare industry and the benefits that accrue to the Holiday Inn organization from its timeshare presence. Michael Hug, CFO of Wyndham Vacation Ownership, presented a myriad of statistics on receivable portfolio performance and the recent history of timeshare securitizations. Statistics clearly indicate that, contrary to pre-recession prognostication, timeshare receivables have performed better than many other asset classes, and immeasurably better than home equity loans.

Rich Muller, SVP of Vacation Resorts International, which manages 150 timeshare resorts (about 10% of total U.S. projects) spoke of the critical aspects of property management as they relate specifically to the timeshare industry. The session ended with a panel featuring Mike Muldoon, CEO of Starpoint Resort Group and Messrs. Harrill and Hug.

Each attendee was provided a handout that included each speaker’s presentation, a guide to timeshare receivable lending produced by ARDA, biographies of each speaker and a profile of their company. If you would like a copy of the handout, please contact us and we will be happy to send you one.

Photos from the 2010 and 2011 seminars can be found in the Gallery.

April 2011

Bill Ryczek served as a member of an educational panel at the annual convention of the American Resort Development Association at the Marriott World Center in Orlando. Along with Jeff Galle of Capital Source, David Brede of Liberty Bank and moderator Shaun Brydge of Wellington Financial, Bill spoke about the state of the timeshare finance industry and the availability, terms and cost of different loan types. A copy of the handout distributed at the session can be found under the Publications tab.

June 2010

On June 16, Colebrook hosted the second annual Timeshare Lender Education Seminar at the Marriott in Rocky Hill, Connecticut.  There were approximately 45 attendees, predominately bankers, plus a few attorneys and accountants.  During the half-day session, four speakers brought the audience up to date on trends and developments in the timeshare industry during the past year.

Howard Nusbaum, CEO of the American Resort Development Association, spoke of the successes, challenges, resilience, and future potential of the industry.  Howard’s straightforward, lively and humorous speaking style once again resonated with the audience.  He reported on the performance of timeshare receivable portfolios, which have performed better than portfolios associated with a number of other asset classes.

Howard was followed by David Gilbert, Executive Vice President of Interval International, who spoke of the role of exchange organizations and provided a substantial amount of demographic information on timeshare owners, who are on average more affluent and educated than the average American consumer.    

Attorney Jeffrey Stern, a partner at Holland and Knight of Washington, D.C. explained the structure of points-based timeshare clubs and the requirements for lending against the security of club receivables.  Since Jeff has documented the formation of many of the top timeshare clubs throughout the United States, he was able to draw from a great deal of personal experience. 

Bill Ryczek of Colebrook, the final speaker, spoke of developments in the lending industry over the past 18 months and the tremendous opportunity presented by the exit of the two major timeshare lenders.  He presented statistics on the strong performance of Colebrook’s portfolio, and discussed some loan problems in the industry and how lenders can protect themselves against risk.

Each attendee received a handout with each presenter’s Powerpoint presentation and three compilations of demographic information provided by Interval International.  If you would like a copy of the handouts, please call us.

March 2010

At the annual ARDA Conference at The Venetian in Las Vegas, Bill Ryczek moderated a panel discussion titled "Fill the Gap—New Sources of Financing for Developers." The panel, which included Henry Cairo, President of Resort Capital Advisors, Inc., Todd Fasanella, CEO of Vacation Ownership Funding Company and Kathryn Plouff of Plouff Consulting, gave attendees advice on finding financing in a very tight marketplace. Some new and alternative financing sources were discussed and Mr. Cairo provided practical and realistic advice to developers facing potentially adversarial lending situations.

November 2009

In early November, Bill Ryczek participated in a panel discussion at the American Resort Development Association’s Fall Conference in Washington, D.C. In addition to Bill, the panelists were Jon Fredricks, CEO of the Welk Resort Group, Rip Gellein, Chairman Emeritus of Starwood Vacation Ownership, Don Harrill, CEO of Holiday Inn Club Vacations and Bruce Thompson, CEO of Gold Key Resorts.

Bill discussed the state of the timeshare finance industry and its prospects for the coming months. An article from Resort Trades magazine, which provides a complete report on the session as well as information on other aspects of the conference, is available in the “Articles” section of this site. The article appears through the courtesy of The Resort Trades and Alan N. Schlaifer. Mr. Schlaifer is an attorney based in Washington, D.C. who can be reached by .

June 2009

On June 24, Colebrook hosted the 2009 Timeshare Finance Seminar at the Rocky Hill Marriott.  Approximately fifty bankers (representing fifteen banks) plus a number of private lenders and finance professionals listened to presentations from five timeshare industry experts.

Howard Nusbaum, President and CEO of the American Resort Development Association, the timeshare industry trade association, provided a brief history of the timeshare product and an overview of the current state of the industry.  Robert Bertrand, CEO of Concord Servicing Corporation, the world’s largest third party servicer of timeshare receivables, spoke of opportunities in timeshare lending.  Mr. Bertrand was formerly CEO of Greyhound Finance and Leasing, one of the major timeshare lenders of the 1980s, and has been a leader in the timeshare industry for over 25 years.

Following Mr. Bertrand’s presentation, Shaun O’Neill, Concord’s Director of Operations, described the role of a third party servicer and enumerated the protections for lenders.  He also updated the audience on recent portfolio trends.  Attorney Richard Polivy, who has 30 years of experience documenting timeshare loans, discussed different forms of timeshare ownership and the nuances involved in loan documentation for each.

Bill Ryczek of Colebrook ended the session with a presentation on timeshare lending, including loan underwriting, structure and monitoring.  He shared examples from his thirty years of lending to the industry and spoke of the risks and rewards associated with timeshare loans.  After his presentation, the entire panel fielded questions from the audience.

Based upon the enthusiastic response and strong attendance, it is likely that Colebrook will offer a similar presentation in 2010.  Check our website for information.

May 2009

Colebrook continues to be active in the origination of new loans.  Since January 1, we have consummated five transactions, and have three more in the documentation process.  Despite the tight credit markets, Colebrook has closed four new banking facilities in 2009, in order to finance the increase in business.  Last year was a strong year financially, and the first quarter of 2009 yielded an increase in income over the first quarter of 2008.  Credit losses have been minimal and asset quality remains strong.  We have a substantial backlog of new applications and expect to continue closing loans and purchase facilities throughout the year.

March 2009

At the national ARDA conference in Orlando, Bill Ryczek participated in a panel discussion titled “The New Fundamentals of Finance,” along with Michael Czarkowski, President of Capital Source, Bruce Thompson, CEO of Gold Key Resorts, and Thomas Petrisko, Vice President of Farmington Savings Bank.  With so many dynamic changes in the financial markets, Bill has been asked to appear on a number of panels, and has been interviewed on multiple occasions by Crittenden Real Estate Report.   

December 2008

At the ARDA/New England Conference at the Mohegan Sun Casino in Uncasville, CT, Bill Ryczek spoke to the assembled timeshare professionals on the current state of financing for the industry.  He summarized recent developments in the securitization markets, the availability of loans for new and ongoing projects, and the general state of timeshare lending.  Bill also advised developers of what terms are available and what they must do to obtain financing.

April 2008

At the annual ARDA Conference in Las Vegas, Bill Ryczek was a member of a panel that discussed “Loan Servicing Outside the United States.” Bill gave convention attendees advice on financing receivables from non-U.S. purchasers, and fellow panelists Alex Marxer of ResortCom International, Scott Preston, an attorney with Ballard Spahr, Luis Namnoun of Allegro Vacation Club and Shaun O’Neill of Concord Servicing shared expertise in their respective disciplines.

November 2007

March 2007

Bill Ryczek and Attorney John Funk co-authored an article for the March issue of Developments magazine, the publication of the American Resort Developers Association. The piece was titled “Timeshare Owners Associations: A Guide to Borrowing Money,” and was based upon the presentation delivered at the ARDA/New England conference in December.

December 2006

At the semi-annual meeting of ARDA/New England, held December 5th in Portsmouth, New Hampshire, Bill Ryczek and Attorney John Funk, of Gallagher, Callahan and Gartrell gave a presentation entitled “HOA Financing: Can You Borrow? Should You Borrow?” Bill and John discussed the legal and financial aspects of borrowing to finance renovations or working capital needs, and fielded a number of questions from the audience.

March 2006

At the annual convention of the American Resort Developers Association in Las Vegas, Colebrook’s Bill Ryczek was a member of a panel which discussed the topic “Design Expectations vs. Budget Realities: Can they Align? What if they Don’t?”

Bill, architect Rick Hulbert, construction manager John Stiles and interior designer Pre Etta Lund gave presentations on their areas of expertise, with Bill’s focus principally upon how owners’ associations can obtain financing for improvements.

If you would like a copy of the slides used for the presentation, please call us and we’ll be happy to send one to you.