Tennessee timeshare resort announces sale for $5.6 million

Pinecrest Townhouses, Pigeon Forge, TN

Thanks to Lemonjuice, Pinecrest Townhomes was able to keep its doors open and running. They stabilized the resort by allowing it to restructure through its Resorts Reimagined™ program.

Lemonjuice Capital and Solutions has announced Pinecrest Townhomes timeshare owners will receive an average of $2,800 per timeshare interest

Lemonjuice Capital and Solutions announces the sale of the Pinecrest Townhome timeshare complex located in Pigeon Forge, TN for $5.6 million. The buyer is an efficient owner who focuses on vacation rentals for veterans and their families.

Achieve positive results for owners

Bill Duncan, manager since the mid-1990s, recommended Lemonjuice to the board. The board voted to hire Lemonjuice Solutions to provide financial stability for the resort and help out the remaining owners. Bill said: “Thanks to Lemonjuice, Pinecrest Townhomes have been able to keep their doors open and running. They stabilized the resort by allowing it to restructure through its Resorts Reimagined™ program.

Our previous owners received money for their timeshare and were thrilled to do so. I have heard from many previous owners how happy and surprised they were with their distribution and their share of the sale. These owners didn’t think they would receive any money and were beyond thrilled when they started receiving checks. He continued, “Additionally, Lemonjuice helped prevent Pinecrest from getting boarded up and brought a great result to the owners, staff and our community. It’s a win everywhere.”

Pinecrest Townhomes was originally developed in 1982 as a timeshare resort that included 25 condominiums adjacent to Dollywood Theme Park. He faced serious financial difficulties due to a dwindling owner base and aging buildings. The contributing owner base has shrunk dramatically over the past 15 years, forcing the resort to increase maintenance fees to cover budget shortfalls. These increases, borne by the remaining owners, caused more owners to stop paying, which added to an already eroding owner base and increased the budget deficit. Owners leaving their timeshares due to unaffordable maintenance costs are a common dilemma in aging timeshare resorts.

Lemonjuice has invested the necessary capital and resources

Eventually, the increasing budgeted deficit led to serious operational deficiencies and deferred maintenance, which in turn put the building at risk of structural failure. When Lemonjuice arrived, the company brought in investment capital to support operations and make necessary repairs, keeping team members and guests safe.

Lemonjuice’s investment avoided further increases in maintenance fees or special assessments. The Pinecrest Townhomes timeshare program was later dissolved and the property became wholly owned. The new owner is a company that is focused on vacation rentals serving the American veteran community and their families.

Alexander Krakovsky, CEO of Lemonjuice, said, “We were pleased to be able to create value for all Pinecrest stakeholders. Repurposing a timeshare resort requires considerable understanding of the many nuances associated with the land titles and title insurance practices in each jurisdiction. A thorough review of governing documents, history, homeowner preferences and the real estate market is essential to ensure title assurance and maximum homeowner value. Without title insurance, the property will not sell for its highest possible value. Krakovsky continues, “We appreciate Bill Duncan and the Pinecrest Board of Directors for the hard work over the years to make Pinecrest a great vacation destination with many happy memories for owners and guests alike.”

Year-to-date 2022, Lemonjuice has completed the reimagining and sale of four former timeshare properties bringing in over $40 million to distribute to timeshare owners, delivering good results for all stakeholders.

About lemon juice:

Lemonjuice Capital and Solutions provides strategic planning and execution, investment capital and professional management to timeshare and mixed-use properties.

Lemonjuice is a solutions-oriented company, not just a paid service manager. It aligns its interests with those of all stakeholders by investing its own capital and resources. The company’s Resorts Reimagined™ program deploys extensive expertise and capital to revitalize older timeshare resorts and create value for their owners.

To learn more about Resorts Reimagined™ and all Lemonjuice Solutions services, contact Jan Barrow at 863-602-8804 or email [email protected]

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