Bankruptcy Auction Announced

The Silver Lakes Resort Lodge Interval Owners Association has filed Chapter 11 bankruptcy and is seeking a sale of the of the 62-room hotel sold free and clear of the individual timeshare interests, liens, and back taxes through a court-supervised auction. Auction participants must first submit a Qualifying Bid which includes: -Minimum Bid $670,000, plus 4% Buyer's Premium -Bids must be submitted on the Purchase and Sale Agreement available in Bid Package with Due Diligence Material. -Bid Deposit: 10% of Bid Price submitted to NRC. -Bidder Pre-Qualification Form with source of funds to complete the transactions. -Qualifying Bid Deadline: August 7, 2020 Auction: August 14, 2020 at 9:00 am PT by Zoom video conference See the full Bid Procedures by clicking the link above. Log-in to your NRC.com account for additional information about the property and to download the Bid Package and Due Diligence Materials.

Property Description

Fully operational timeshare resort hotel offering a great value-add opportunity. The property is in fair condition considering the age of the structure with some deferred maintenance and in plumbing, and electrical systems. Most of the rooms are in service. The roof may require repair or replacement. Features include two pools, a meeting room, commercial and guest laundry facilities, two offices and parking for 65 cars. The Silver Lakes Restaurant (recently renovated), owned by the Sliver Lakes Association (the Silver Lakes community master association), is connected to the property and provides full-service dining, a bar and banquet room. Property viewing dates are listed below. The property was operating at approximately 20% occupancy prior to closing due to Covid-19.

Amenities

Guests of the hotel have access to Silver Lakes community amenities including a 27-hole golf course which surrounds the Inn, two lakes, a marina, sandy beaches, equestrian center with barn, numerous parks and trails, tennis courts, fitness facilities and fine dining, although use of these amenities has been temporarily suspended due to back dues owed to SLA, with golf being permitted on a pay-to-play basis. The purchaser will be responsible for paying a monthly assessment of $2,207.20 for amenity and community maintenance.

Property Viewing Dates - Registration Required
Thursdays: July 16, 23, 30, and August 6 Saturdays: July 11, 18, and August 1 Contact David Levy for registration and times.

Broker Information
Contact David Levy at 312-909-1696 or david.levy@nrc.com for more information

Buyers Premium 4%. Sale is subject to court and creditor approval. Although information has been obtained from sources deemed reliable, NRC Realty & Capital Advisors, LLC, the Seller, and/or its representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without expressed or implied warranty of any kind. Lot and building sizes are approximate. Property may be withdrawn at any time without notice. California licensed real estate broker NRC Realty & Capital Advisors of CA Inc, license #01524855.