Plaza Resort Club. 121 West Street, Reno, NV 89501. APN: 011-041-11.

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PRC
Posts: 1
Joined: Sat Feb 22, 2020 8:12 am

Plaza Resort Club. 121 West Street, Reno, NV 89501. APN: 011-041-11.

Post by PRC » Sat Feb 22, 2020 4:19 pm

In 1980, a Reno timeshare was created by Plaza Resort Cub Inc. (Developer, Declarant). You could buy a week or more of stays at a 17 story hi-rise with 103 hotel units and become an owner/member in the Plaza Resort Club Association (Association). According to a pending lawsuit in the Second Judicial District Court of Nevada (CV19-00294), all but 137 of the 5253 available timeshare weeks were sold by the Developer (Exhibit 1).

The Association’s 17 story hi-rise is easily worth $20M (103 units x 486sf per unit x $400sf = $20M). 2350 timeshare owners were current with their assessments in 2016 ($1.5M), for the operation of the hi-rise (Exhibit 8). This property also generated, and continues to generate, significant hotel room revenue.

The Association was managed by a fiduciary Board of Directors (BOD). The Developer controlled the Association BOD and used a related party, RJB Management Company, to obtain “significant” (Exhibit 8) fees from timeshare owners for more than 30 years.

In June 2016, the Association noticed its members that the Association was insolvent and would close at the end of 2016. There would be no residual value from the Association’s 17 story hi-rise.

https://tugbbs.com/forums/threads/my-re ... wn.245440/
https://www.redweek.com/resources/ask-r ... f-business

R. Richard Drechsler:

“Dick Drechsler has been the president of the Plaza Resort Club HOA since its inception....
Two years ago, Drechsler and the rest of the HOA Board saw the handwriting on the wall.
The timeshare was going to run out of money.”

Various transactions occurred before and after the announced 2016 insolvency of Plaza Resort Club Association:

Between 2013-2015, Developer transferred 411 timeshare weeks to the Association that were or became non-performing to the Association
(Washoe County Recorder).

On 9/1/16, Plaza Resort Club, LLC (Buyers), was registered with the Nevada Secretary of State (Exhibit 2).

On 9/1/16, Developer was held harmless by the Association and Buyers, for all assessment delinquencies on timeshare weeks owned by Developer (Exhibit 6).

On 9/1/16, Developer sold 547 timeshare weeks and other property rights to Buyers for $200k, (Exhibit 4).

On 9/1/16, Association agreed to transfer 473 timeshare weeks to Buyers (Exhibit 6).

On 9/1/16, Buyers agreed to fund a timeshare deed recovery advance program with $700k, to the Association’s subcontractor RRD Transfer Company Inc. (RRD), including an immediate $10k advance for RRD startup costs (Exhibit 6).

On 8/5/16, RRD was registered with the Nevada Secretary of State. The name on the registration was Randell R. Drechsler (Exhibit 9).

On 9/25/17, RRD was dissolved with the Nevada Secretary of State.

In September 2017, Buyers allegedly received $11M offer for Association’s 17 story high-rise (Exhibit 7).

In June 2018, Buyers allegedly received $7M offer for Association’s 17 story high-rise (Exhibit 7).

On 7/9/18, the Washoe County Assessor put a remarkable note in the tax records of APN: 011-041-11 (Exhibit 10):

“TIMESHARE - OWNER OF RECORD IS PROPERTY MANAGER FOR TIMESHARE -
REVIEW DEEDS ON RECORD FOR TRUE OWNERSHIP VESTING OF 5,253 OWNERS.”

On 2/5/19, Buyers sue each other.

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Exhibit 1 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 2 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 3 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 4 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 5 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 6 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 7 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 8 https://www.scribd.com/document/4483965 ... -of-Nevada

Exhibit 9 https://www.scribd.com/document/4483965 ... CV19-00294

Exhibit 10 https://www.scribd.com/document/4483965 ... -of-Nevada

dd
Posts: 1
Joined: Sat Mar 21, 2020 5:39 pm

Re: Plaza Resort Club. 121 West Street, Reno, NV 89501. APN: 011-041-11.

Post by dd » Sun Mar 22, 2020 8:47 am

Is there a pending law suite that will possibly compensate those who forfeited their timeshares?

john
Posts: 1
Joined: Sat Mar 21, 2020 9:13 am

Re: Plaza Resort Club. 121 West Street, Reno, NV 89501. APN: 011-041-11.

Post by john » Sun Mar 22, 2020 3:59 pm

I have almost all the documentation from my dealings with the Plaza Resort Club. The one thing I am missing is their letter claiming they were out of Money and I could switch to another timeshare which the annual fees were a lot more money or I could deed my unit back to them. At that time I was trying det rid of the unit. Thought I could just give it to them. I then get informed that I have to pay them over $300 just to give it to them. I thought this was shady. I ended up paying the $167 cause that was what I owed on maintenance fee for the prior year 2017. I had heard that they continued to operate after that instead of closing down. I did not know how to pursue a claim against them but felt they had engaged in some illegal behavior. If anyone has more info on what is going on with them I'd be interested to know.

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