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- Thread starter krafty
- Start date
From what I understand when I was told about it. I said the same thing too. "Timeshare?"
Apparently the property built and operate by the hotel but we bought a suite which is self-contained, microwave, washing m/c, dishwasher etc. Our belongings are kept in a space provided. We have our own carpark (2 lots).
They will manage and maintain the suite, let it out. They get a share of the profits while we pay for the management fees. If we decided to stay, then they will not let it out for that period. We paid for the whole suite and it is our property, like owning an apartment.
Timeshare is different as you buy the time allotted and if you do not want to stay it will be let out and you are paid in return.
don't really have to give too much away and explain tirelessly. some here just want to play punk and overlord over you just to show their supreme knowledge in investments. all others are blurfucks in their esteemed excellence. in real life, they wish they have friends to treat them and can get free fucks. cheap bastards really.
Getting less than 2% per annum in bank deposit is not worth it. I was told SUNTEC gave a return of about 8%.
That's only because they have Madame Ho, the world's most powerful, astute and savvy investment advisor, in their midst.
don't really have to give too much away and explain tirelessly. some here just want to play punk and overlord over you just to show their supreme knowledge in investments. all others are blurfucks in their esteemed excellence. in real life, they wish they have friends to treat them and can get free fucks. cheap bastards really.
I am serious while they are thinking I am pulling their legs. My contacts are available for those who wish to have them. The businesses I am in are not specific but PM me if more more info is required as I cannot spell out everything in great detail. I am exposing myself too much as it is and prefer PMs as this is an open forum.
Apparently they prefer to use the open forum to ask for information.
sarcasm at its best. anybody suggesting the ruling elite has the best investment acumen has got to be smoking weed.
your honesty and sincerity will be rewarded. may have to create a separate thread for serious investment tips, like merl would do. meanwhile this thread is supposed to be all about krafty. no ordinary cab driver. :p
We don't supply oil as our business only cover salvaging, building oil rigs, supply vessels and crew on contract basis, towing etc. We have secured a number of contracts for bulk carriers to Pertamina. Our Indonesian partners operate an LPG terminal in Indonesia and they supply LPG gas locally as well.
Ok Thanks, do you have contact for AU and currencies, if yes i will PM and we can go from there...Thanks.....
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Bro, you are a God send. My family was wrecked when the USSR collapsed in 1990 which paved the way for the US to become to sole superpower in the world. Our family is a proud family, we have always wanted to get back at the US and help Soviet gain its former glory.
I have a radical idea which combines timeshare, landbanking and oil & gas, all of which you are familiar. There are rumour of methane hydrate deposits at Lake Baikal deep in Siberia. If we can get a parcel of land there and develop a timeshare scheme around it, there is a great chance of tremendous mind blowing supernormal 12-standard deviation profit when the Lake is later developed to become a source of methane hydrate extraction.
Our interest in methane is to help Soviet get back on its feet and challenge the evil USA. Whilst doing so, why not get rich in the meantime? What do you think, bro?
Lake Baikal: a very suitable site for landbanking cum timeshare .... with methane hydrate extraction
I will PM you after I discuss your ideas with my contact. If this is serious that is and not another Scroobal kind of interest. How is your link with the Russians? Can you pull it off? I doubt that the people I know have done business in Russia before. which mean they will have to depend heavily on you to smoothen the way. I heard the Russians are pretty corrupted.
Ok Thanks, do you have contact for AU and currencies, if yes i will PM and we can go from there...Thanks.....
Will PM you later.
This is what happened to the Westin in Auckland which was financed by a scheme which sold individual rooms to investors who would then lease them back to the hotel management.
Westin collapse hits Asian investors
By Anne Gibson Anne Gibson Email Anne
4:00 AM Friday Jul 2, 2010
One of the rooms in the Westin Lighter Hotel. Photo / Supplied
Foreign investors are the biggest losers in the collapse of The Westin Auckland Hotel management business.
About 100 Asian buyers poured millions into the ritzy waterfront five-star property where Lighter Quay Hotel Management, the company that leases the rooms from the mainly Asian investors, has fallen into the hands of receivers.
A list of creditors in a now-failed compromise deal to be managed by Melzter Mason Heath revealed the names of the investors who bought suites in the $130 million, 172-room hotel.
Months ago, money stopped flowing to 122 investors, said to be mainly Singaporean. They are claiming $5.9 million.
Nigel McKenna, the hotel's developer and owner, sold many suites in Singapore. British investor, GDF-1 LLP, is one of the largest creditors.
McKenna's Melview Viaduct Harbour (in receivership) is the single biggest creditor, claiming $1.2 million. Most of the creditors are claiming about $40,000 each.
McKenna is the sole director of Lighter Quay Hotel Management, wholly-owned by his Melview Viaduct Harbour which also fell in the receivers' hands. Melview Viaduct Harbour is wholly-owned by McKenna's LQ Trustees.
KordaMentha's Michael Stiassny and Brendon Gibson were appointed receivers of two McKenna companies but who appointed them was undisclosed.
Their entry into the hotel was the result of weeks of failed negotiations between Lighter Quay Hotel Management and its creditors, they said.
Stiassny hoped the Westin would stay open but he can give no cast-iron guarantees.
"Since opening in 2007, The Westin Hotel has remained popular with locals as well as other domestic and international guests. It is fully booked for the Rugby World Cup. We want to reassure investors, the hotel operator, staff, suppliers and guests to the Westin Lighter Quay that it is our intention for the hotel to continue to operate as usual," Stiassny said.
His positive view is the opposite of McKenna's, who told the Herald last month that the place had been running at a loss since it opened three years ago.
"Actual hotel revenue fell well short of the original revenue projections. Since opening in mid-2007 and up until March 31 this year the property achieved an overall cash-negative result before the payment of any returns," McKenna said.
Bruce Whillans, one of New Zealand's top commercial real estate agents, paid tribute to McKenna and his Westin property which he said was an asset to Auckland and its tourism sector.
"The Westin is beautiful and he's left a real legacy to Auckland, like Andrew [Krukziener] with Metropolis. The biggest problem for New Zealand now is a dearth of developers. In Australia, they have many listed businesses like Brookfield Multiplex, Walker Corporation and Mirvac.
"Here, most property development is done by the private sector and I don't know who's going to pick up the ball without these sorts of people. It's a real problem," said Whillans.
HEARTBREAK HOTEL
THE WESTIN, AUCKLAND
* 21 Viaduct Harbour Avenue.
* Developer/owner Nigel McKenna owns 16 suites.
* Smoke-free hotel opened 2007.
* Part of $300m Lighter Quay project.
* Voted as one of world's top 100 hotels.
* Fully booked for Rugby World Cup.
THE CREDITORS
Creditors of lighter quay hotel management (in receivership) include
* Melview Viaduct Harbour (in receivership): owed $1,281,629.94
* GDF-1 LLP, Britain: $194,956.58
* Lighter Quay Residents Society: $188,975.89
* Landplus Holdings: $113,099.32
* Cheah Min Loong and Cheah Soo Ling: $90,818.03
* Phang Tze Vui and Chua Peng Teck: $74,611.02
* Tan Gaik Leong and Ooi Kim Lan: $64,617.51
* Chew Soo Cheng and Chew Wing Hwa: $60,243.70
Source: Part of schedule of 122 creditors, failed creditors' compromise deal managed by Jeff Meltzer & Lloyd Hayward
Thanks for the heads up. Will let the family know about it. Also appreciate you checking my claim that it is not a timeshare after all. Hate those who tries to debunk others without verifying.
It doesn't sound like a satisfactory arrangement to me. Minority shareholders have no say whatsoever as to how the hotel is run and have no easy means of cashing out if necessary.
This is the sort of investment I avoid like the plague. There are too many factors outside of my control.
Factors that drew him to purchase":
1. The golf course - he is crazy about golf
2. The Great Barrier Reef
3. The environment
4. Sea sports which he is keen on windsurfing, scuba diving etc
5. Holiday home
6. Not looking at it as an investment but the scheme helps to reduce the cost.
In another word you can rent out your suite any time you feel like it, same scheme as Westin Blue Mountain resort in Collingwood, if the resort are busy you will be ahead even with maintenance fee, and it is not the same as time share......
In another word you can rent out your suite any time you feel like it, same scheme as Westin Blue Mountain resort in Collingwood, if the resort are busy you will be ahead even with maintenance fee, and it is not the same as time share......
To be honest it was the first time I have heard about it and like I said my reaction was to ask "Timesharing?" Then he explain briefly to us what it was all about and the reasons. It was also quite an impulsive buy, really. Then again, he is one of the most astute businessman I know and very cautious in all his dealings.
Let's just say my family has contact with former Czars as well as familiar with the local Mafia. We have fallen into disrepute since the collapse, and many of them are penniless and broke. My family came to Singapore paupers, but we have survived. I used to live in a house with a zinc roof and had little running water. I had to cycle to school daily. Fortunately I won a scholarship to do PPE at Oxford. Now I am confident our links with Russia can be a new source of wealth.
Don't worry, the russians are even more corrupt than the chinese. They will sell their mothers for a song, or perhaps, a bottle of Vodka (shaken, not stirred).
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