The Royal Islander
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When will Royal Islander residual payments be made
Here is the email we got. In accordance with the terms of the membershipagreement 128553 pursuant to the sale of The Royal Islander and thedistribution of the net proceeds thereof, we will be transferring orsending you a check for the sum of $5,059 USD corresponding to yourresidual rights payment for membership #### from the sale of the resortas soon as we receive your completed and signed Residual RightsInstructions form and accompanying documents in the mail. Please notethat this payment is per membership agreement, not per member. Please read this entire email carefully as it contains detailedinformation on the steps you need to take to begin this process. As we previously informed you, once authorization was obtained fromCOFECE (Federal Commission of Economic Competition), the sale of TheRoyal Islander was finalized. The day of closing was December 11, 2023.The property is now owned by an international investment group calledAlojica which presented the highest bid for the property in the marketedsales process and acquired it for the sum of $56,455,920 USD (includingValue Added Tax). In the process of calculating the amount to be distributed as residualrights, the employee severance payments and municipal, state and federaltaxes, as well as expenses related to the sale were deducted from thesales price of assets. Once this process was completed, the net proceedsfrom the sale of the resort and the remaining cash reserves held inresort accounts as of December 11, 2023, including the Club Cash Reserveand the Hurricane Fund, were sent to the Membership Company fordistribution among members in good standing that have residual rightsstipulated in their membership agreement. The amounts deducted from the sale price, as well as the Reserves are asfollows: The Royal Islander Residual Rights Distribution USD Feb-24 SalePrice $56,455,920 Severance payments and Union Agreement termination$2,091,237 Realtor Commission and Related Expenses $1,475,699 Municipal,State and Federal Taxes $17,592,643 Closing statement (Energy & ChillerMaintenance) $97,892 $21,257,472 Remaining Balance After Sale of Resort$35,198,448 Club Cash Reserve $1,439,746 Hurricane Funds $1,882,540 TotalReserves $3,322,286 Total amount to be distributed as Residual Rights$38,520,734 Accounts in Good Standing 7,615 Distribution of ResidualRights to Members $5,059 There are approximately 9,129 memberships at TheRoyal Islander. As of November 30, 2023, 83 percent of the total numberof members were in good standing and entitled to receive this residualrights payment, 7,615 members. Residual Rights Distribution Process Tobegin the distribution process in order to receive your payment ofResidual Rights from the Membership Company, please: Click here to viewand print your Residual Rights Instructions form for Membership Agreement128553. If you have multiple Membership Agreements, you must complete theResidual Rights Instructions form for each one. You will receive an emailfor each membership agreement that you have and the link on each emailwill be unique to that membership agreement. Read the Residual RightsInstructions form carefully. If the membership information is inaccurateor if the names of the Members in the document do not match that of thecurrent members, please contact us immediately atresidualrights@intervalservicing.com. Any change not currently reflectedin the membership agreement, must be corrected before distribution.Select your method of payment. If payment is to be made via ACH or wiretransfer, please provide the bank account information and attach a bankstatement. Only the header is needed. Indicate the member’s name or nameswho will receive the payment. All members listed in the membershipagreement must sign the form and you need to attach a copy of a valid IDwith the signature for each member. Please mail the Instructions formwith all the required information to: Interval Servicing Company, LLC Attn: Residual Rights Processing 9271 SJohn Young Pkwy Orlando, FL 32819 Read more »