* Over the past year, we have offered several different buyer incentives for the Villas at Reunion Square in an effort to protect property values, close out the project, and continue with my original vision. We have had some success with these incentives, but, due to the downturn in the real estate market, some prices have fallen even below the incentives that we have offered.
* It is for these reasons that we've made the decision to lower the purchase price on a number of developer-owned units at the Villas. We hope that by offering these units, and the amenities and Ginn One Club membership that will accompany them, at prices more in line with the current market, we will be able to stay the course and complete the vision for Reunion.
I am one of Reunion Resorts biggest supporters and believe things will eventually turn around, and issues like below should be addressed and not just blame the bad market and sales that were canceled. On July 1st it was reported that Ginn Clubs & Resorts missed principal and interest payments yesterday on its first- and second-lien debt, sources said. Interest payments are subject to a three-day grace period, but there's no grace on the principal, sources noted. Lenders have agreed to forebear from exercising remedies for 30 days, but haven't waived the default. Ginn's loans are in the Standard & Poor's/LSTA Index. As part of the forbearance agreement, Lubert-Adler is kicking in $5 million of equity that will be used for operations, according to market sources. It will not be used to make payments on the Credit Suisse-led loans. The company has already been in active talks with lenders regarding a restructuring of the company's $675 million credit facility. Those negotiations are ongoing, sources added. Ginn's first-lien debt is quoted at 45/50 this morning, with the second-lien at 10/20, sources said. There was a small trade in the first-lien last week near 50 and the paper has been quoted at 47.5/52.5 since then. The second-lien loan was not active, quoted at 17.5/22.5 last week, down from 35/45 in early June. The loans back the development of five communities by the Celebration, Fla.-based company. The properties are Tesoro, a mature community in Port St Lucie, Fla.; Quail West, a mature community in Naples, Fla.; Hammock Beach River Club in Palm Coast, Fla.; and the Laurelmor and Grand Bahamas projects, both of which include golf courses and single-family and condominium homes.
Than President Robert Gidel released this statement: Today, Standard & Poor's will release a statement that indicates two Ginn affiliated companies, Ginn-LA CS Borrower, LLC and Ginn-LA Conduit Lender, Inc. did not make a principal and interest payment on a non-recourse $675 million credit facility led by Credit Suisse. It will also state that we have reached a 30-day forbearance agreement and are actively negotiating with our lenders. There are four communities involved in this credit facility:
* Ginn-LA St. Lucie, Ltd., LLLP, which owns Tesoro * Ginn-LA Quail West, Ltd., LLLP, which owns Quail West * Ginn-LA Laurel Creek, Ltd., LLLP, which owns Laurelmor * Ginn-LA West End Limited, which owns Ginn sur Mer
Due to the ongoing slowdown in the residential real estate market, it became clear that it would not be possible to meet the home site sales objectives necessary to make payments due under the credit facility. We have been discussing these issues with the lenders for the purpose of seeking ways to restructure the terms of the credit facility. Today's announcement of the forbearance provides an environment for both us as borrowers and the lenders to continue to work toward a restructuring of the credit facility, which we believe will occur in the next 30 days and will permit each of the communities to be completed as planned. Even though sales throughout our industry have been lagging, nearly all development work has been completed at Tesoro and Quail West. While there is work left to do at Laurelmor, we have commenced work on much of the infrastructure, including the paving of miles of roadway and substantially completing the delivery of water and electric to the home sites. Ginn-LA West End Limited previously set up accounts which contain the funds necessary to complete the infrastructure and the initial 18-hole golf course at Ginn sur Mer. These funds are not subject to the credit facility and are unaffected by the current situation, which means there will be no disruption to the continued development of the Ginn sur Mer project or the operations and development of Old Bahama Bay. The properties that are owned by Ginn-LA OBB, including the resort core of the Ginn sur Mer project, are not subject to this or any other credit facility. The Credit Suisse-led credit facility only affects these four communities. All of our other communities, including Reunion Resort & Club, Hammock Beach, the Conservatory, Bella Collina, Old Bahama Bay, Tesoro Preserve and Cobblestone Park, are separately funded and will maintain operations in accordance with business demands. This situation has no impact on our ongoing business operations throughout the company. In fact, we are creating new initiatives to create better experiences for our Members as we speak. We recently announced the formation of the Ginn One Club, which will provide reciprocity to our Members at select Clubs and Resorts throughout our portfolio. In addition, we are finalizing plans to complete amenities at our Clubs and Resorts including an expansion of the water park at Reunion Resort & Club which will feature a Members-only area, expanding our pool and food and beverage venues at the South Tower Plaza at Hammock Beach, completing the lobby area and tennis pro shop at Yacht Harbor Village, completing the Social and Equestrian center at Bella Collina and finishing the Clubhouse at Cobblestone Park, among other projects.
These important and significant issues effect The Ginn Company and its Name, and I believe we should have been notified before the media notified us. Issues were raised in the last live meeting held by CEO Bobby Ginn at his last live meeting that please tell us the bad news and good if any, and keep the communication lines open so that everyone is on the same page. I think some of the news of missing payments should have been mentioned in today's release.
What do you think?
A little sand, a little surf, and a lot of golf. That's the recipe for the week of April 14-20th 2008 on Hilton Head Island, otherwise known as Verizon Heritage week around these parts. If your are headed this way as a Heritage player or spectator, let it be known that Hilton Head knows what hospitality and a good time is all about - on and off the greens. Check out this guide to the best of Hilton Head Island, and let the good times roll!
The Verizon Heritage Golf Tournament has been played on the famed Harbour Town Golf Links at the Sea Pines Resort in Hilton Head Island, SC every year since 1969. The host course was designed by Pete Dye, with input from Jack Nicklaus. Known to locals as "The Heritage", South Carolina's only PGA TOUR event has been scheduled during the week following the Masters since 1983. This year's Verizon Heritage will be April 14 -20, 2008.
The tournament's Pro-Am is a great way to entertain clients as well as spend time with a PGA professional. The price for the Pro-Am event includes a free round of golf, eight clubhouse badges, weekly parking pass, gift packages, and much more. The Heritage Classic Foundation is the general sponsor of the tournament. The local support of generous sponsors, helpful volunteers, and countless spectators make this a must attend event every year. Since it was founded in 1987 as a not-for-profit organization, the Foundation has helped thousands of people in need throughout the area and state. In 2007, the Heritage Classic Foundation was honored to donate $1.8 million dollars, bringing the total to more than $16.6 million since it was organized. Past winners of the Heritage include Arnold Palmer, Tom Watson, Payne Stewart, Greg Norman, Nick Price, Hale Irwin, Davis Love III, and Jack Nicklaus. A record purse of $5.5 million dollars, with $990,000 going to the winner, makes this year's tournament win more sought after than ever.
If you've never played at Harbourtown, give yourself a treat and come in a few days early or stay a few days after the tournament to get in a round at this much hailed course. Just walking up the green on the 18th will make you feel like tipping your hat to the invisible crowd.
But, contrary to popular belief, man (and woman) cannot live by golf alone. Hilton Head Island has made it pretty easy to enjoy every moment you are here on our little paradise, from relaxing in great accommodations to hopping on a dolphin tour to getting a champion level massage. So during your trip to experience the Heritage, experience some of these offerings also:
Hilton Head Accommodation Options
Hilton Head Island is a highly sought after resort destination, so it goes without saying that there are plenty of great places to stay, but I will say it anyway - there are plenty of great places to stay on Hilton Head Island. Luxury Hotels, golf villas, ocean front homes, whatever your style, it can be found here.
For great ocean front hotel accommodations, there is the Westin Resort and Spa, the Hilton Oceanside Resort and the Marriott Resort and Spa, along with a host of several smaller or less expensive choices for your stay. The Holiday Inn Oceanfront is a nice choice for families, with plenty of white sand beach on which to run and play, while claiming one of the more famous watering holes on the island - namely the Tiki Hut. For a more quiet and yes, romantic respite, the Main Street Inn is quaint, beautifully decorated and brimming with hospitality. Hotel rooms are at a premium during the Heritage, and as expected the prices are higher as well. Don't let that scare you - it's not that much more. Besides, you deserve it.
A vacation rental home or villa in Hilton Head is another great way to go when visiting the island during the Heritage. It affords you some additional privacy, extra space, and amazing luxury, if you choose. If you are all about golf, choose a villa on your course of choice. Go watch the pros, then come back to your villa, unpack the cooler, and head out to apply all you learned to your own game. There are also stunning ocean front homes to consider, especially if you are bringing the gang. Private pools and hot tubs, designer decor, gourmet kitchens plus private chefs and maid service are just some of the amenities awaiting you and your very best friends or favorite family members. The island has numerous rental management companies from which to choose, some of the most reliable being Island Getaway, Resort Rentals of Hilton Head Island, The Vacation Company, ResortQuest, Coastal Home and Villa Rentals and 800BeachMe.
Probably your best bet would be to go to the most popular web site for vacation rentals which features the top one thousand rental homes and condos on Hilton Head Island, Hilton Head Rentals, and let the experts do the work for you. A stress-free Heritage experience is what you are looking for, right?
After a day in the sun at Harbour Town, a fun night on the island is around every corner (wait, islands don't have corners, do they?) Anyway, the choices for your night time activities is endless on Hilton Head. There are several sports bars to relive the day's tournament activities and have a cold Barley Pop (that's beer for you non-midwesterners) For some sweet sounds, check out the Jazz Corner in the Village at Wexford. My choice for people watching is the upscale Metropolitan, where the Martini is king and golf shirts are not, or the gritty Ryders, where the abundance of leather clothing and vodka shots will make you not mind the really loud music. Shelter Cove has a number of places right on the water that you can walk to. And if you are feeling a little on the wild side, check out the area fondly known as the Barmuda Triangle - just outside the gates of Sea Pines. You can catch a local band or guitar strummin singer almost any night of the week, inside or out.
There are three movie theaters on the island for a more subdued evening out, and feel downright cultured with tickets to a local theatrical production. The South Carolina Repertory Company, Arts Center of Coastal Carolina and Main Street Youth Theater are all here, and at least one of them will have something entertaining for your to view during your Heritage visit.
Plus, there is always just taking a stroll on the beach - it's a lot less crowded than during the day, and the sound of the tides is the perfect lullaby. Just remember napping on the beach is all right - making it your hotel room is not.
Tourist Attractions
Well, let's see... we have a big ocean, and lots of white sand beaches, and dolphins and championship golf courses. Do you need anything else? Here are some options in case you are one of those hard to please sorts.
You really should check out the unofficial symbol of Hilton Head Island, the Harbour Town Lighthouse while you are at the Heritage. It's just down the road, and it doesn't take all that long to climb to the top and check out the amazing view of beach, ocean and greens. Neat little gift shop to wander through at the top as you try to hide while you catch your breath. The Liberty Oak Tree is a fabulous spot for a photo, and during the summer is the place to be with the kids for fun filled concerts. There may well be some entertainment under those century old boughs during the Heritage also - check it out when you get here.
The Coastal Discovery Museum is small, but is a great place for all you out-of-towners to learn about the local flora and fauna, as well as island history. There are signs of the Hilton Head's involvement in the Civil War, and the Gullah influence, in several areas on the island. For a deeper understanding of how it's roots, make sure to take one of the many tours offered. Plus, the Museum's nature tours are not to be missed. Unless you're playing golf, of course. We know your priorities.
Take in the island beauty and see inside many of the "Plantations" (communities ) as you bicycle through the 45 miles of trails that weave in and around the island. Ride though Pines, Palmettos and Spanish Moss draped Live Oaks, as well as gorgeous marshes and lagoons. The terrain is easy on the legs, even little guys with little bikes can handle it. If you are feeling really adventurous, historic Savannah, Georgia is only about an hour's drive (go during the off hours) from the island. A taste of the true south, you can stroll by stunning architecture, moss draped oaks and monuments to the town's history. If you go, make time for a cemetery tour in this very haunted city and take lots of pictures. You never know what you might capture on film...
For an attraction that requires no walking, listening, dancing or learning of any kind, visit the Salty Dog in South Beach Marina. Push yourself and read about Jake, the bravest dog south of the Mason-Dixon line, while you drink some fruity concoction or lick up the drips of your ice cream cone.
For the ultimate in relaxation, do what I said at the beginning and just head to the beach. Chances are, you will have access from your hotel or ocean front home. If you are in a golf villa, head to Coligny Circle or Folly Field Road for the largest parking facilities. Just don't forget your sun screen, your sun glasses or your ability to sit in wonderment and awe at one of nature's finest creations. (That would be the Atlantic Ocean, not the girl 50 feet away in the white bikini.)
ENJOY THE HERITAGE AND MOST OF ALL HILTON HEAD ISLAND!
Both F. Lanni & Rich Neste are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
F. Lanni has sinced written about articles on various topics from Lose Weight, Travel and Leisure and Mortgage. F. Lanni is a Top Producing Realtor in the Million Dollar Club. F. Lanni's top article generates over 90500 views. to your Favourites.
Rich Neste has sinced written about articles on various topics from Vacation Rentals, Travel and Leisure and Health. For more information about Hilton Head Island please visit: |. Rich Neste's top article generates over 1300 views. to your Favourites.