Another Timeshare Resort Crashes

Another Timeshare Resort Crashes

It was confirmed that on the 6th June 2019 another Spanish timeshare resort Club Paradiso/Paramount has closed its doors. The company that manages the resort is Excel Hotels & Resorts and their website is no longer available, phones jump to voicemail with only security remaining on site. Various sources are stating that their timeshare owners cannot use their weeks. We have also been informed that members are being moved to other Silverpoint resorts but they would have to pay for the transfer as Excel is not honoring any payments made.

For owners of this resort, alarm bells start to ring about their initial investment. No one really knows at this point what is going to happen however, it has been reported that Silverpoint and Excel are currently in the middle of a dispute.

For all members of this resort, it is likely that they will no longer be able to use Club Paradiso/Paramount and if they wanted to make a claim against the resort and finance company (if applicable) the advice would be that this is a clear breach of contract.

Other resorts are facing liquidity problems and more insolvencies are expected.

It’s unbelievable that is silent in respect of this closure.

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