Marshalls Invade Ho...
 

Marshalls Invade Hotel on the Cay - Whats the story?  

 

vicanuck
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September 13, 2012 12:22 pm  

A large contingent of Marshalls was seen heading over to Hotel on the Cay yesterday.

Stories and rumors of the property's massive financial problems abound.

Could this be the end of the road for this STX landmark?

Anyone have an opinion or perspective on this?


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MGW
 MGW
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September 13, 2012 1:49 pm  

Oh God, I hope it doesn't close!
Im not sure, but if i recall correctly the Gov. or Senate ask the public for suggestion as to what to do with this public owned property. I would be happy if the VI goverment would just lease it to a talented chic Hotel developer for a $1.00 a year for 10 yrs...if they agree to transform this hotel island back to the jewel of the Caribbean!!! I think that would bring in more worldly people that SPEND money!


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Linda J
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September 13, 2012 6:34 pm  

I don't think this property is publically owned?


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applepie
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September 13, 2012 7:00 pm  

30 year land lease with the USVI that owns the land. The Condo assoc negotiated the lease after the original owners from RI defaulted on Mortgage . The Assoc has about 20 more years on the existing lease.


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vasecs
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September 13, 2012 7:00 pm  

I believe the units maybe timeshares.......this has been part of the problem in the past with so many owners.


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rotorhead
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September 13, 2012 7:06 pm  

I think the Island is leased from the GVI until 2020.

More info here.
http://www.stengerlaw.com/Documents/Alerts/usavfairwaycapital%20%20(00082850).pdf

Check out the findings at the bottom. FN6.

---------------------------------------------------------------------------
They say there's a heaven for those who will wait
Some say it's better but I say it ain't
I'd rather laugh with the sinners than cry with the saints
the sinners are much more fun...
You know that only the good die young.
BJ


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Bombi
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September 13, 2012 7:07 pm  

Yes the VI government owns Protestant Cay and leases it

The pertinent chronology of the Hotel-on-the-Cay time-share
resort begins in 1964, when Wisconsin developer Oliver Plunkett
Plunkett was the original general partner of TSA,
leased a small island known as Protestant Cay from the Virgin
Islands government, with the intent of developing and marketing a
2900-unit-week time-share resort

http://www.rid.uscourts.gov/menu/judges/opinions/lagueux/05182004_1-00CV0035L_USA_V_FAIRWAY_CAPITAL_CORP_P.pdf

optimist with low expectations on STX


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applepie
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September 13, 2012 7:11 pm  

Timeshare is owned by a Condo assoc and sold off by week. month or years depending on the original documents. The Hotel is a timeshare with multiple owners of each unit. The Harbormaster Restaurant is not part of the Hotel and is leased separately. We Don't even know what the problem is or the US Marshals came to visit.


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Linda J
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September 13, 2012 9:42 pm  

Good to know. Thanks for the information.


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Bombi
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September 13, 2012 10:04 pm  

Coconut telegraph is saying guns or drugs

optimist with low expectations on STX


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MGW
 MGW
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September 14, 2012 12:44 pm  

Thanks Rotorhead and Bombi for enlightening me on the ownership of the island. Question: So what happens to the Condo asso. / timeshares after the lease is up...are the timeshares terminated at that point and are all units returned to the VI Government?

I wonder just how many hotel on St. Croix the VI Government owns in full or part? Does anybody on here know?


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ms411
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September 14, 2012 4:27 pm  

Maybe it was the National Park Rangers? I heard they spotted a rare bird on the Cay.


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applepie
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September 14, 2012 6:50 pm  

MGW,
I'M not a lawyer but I will give it a shot, The Time Share Owners Assoc can relist the property units until the Master Lease Expires. The Association can renegotiate with the VI to extend the lease, enter into a new lease agreement, or buy the property. All Time share new sales and current time share owners are subject to the Master Lease. When the term of the lease ends so does all time share ownership.


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