Royal Oasis Timeshare Co. Faces Class Action Suit

The government is a month past the promised deadline to update the public on the sale of the Royal Oasis in Freeport and angry timeshare owners of the resort have in turn retained legal counsel.

A source close to the timeshare project told the Freeport News several weeks ago that Harcourt Developments, a Dublin-based property management and construction company, was in negotiations with the government of The Bahamas for the purchase of the hurricane ravaged timeshare resort.

However Obie Wilchcombe, Minister of Tourism, was only willing to say two months ago that the investor that is interested in the Royal Oasis was of sound international reputation and that the sale was imminent. Further Mr Wilchcombe said that there would be some indication of the prospective buyer, but was reluctant to be more forthcoming at that time, as previously a deal to sell the Royal Oasis Timeshare over a year ago fell through with the same company.

According to the Freeport News, Bradley Roberts, Minister of Works, followed on Mr Wilchcombe's heels and said that an announcement or update on the sale of the timeshare property would be made by the end of March.

To date there has been no word. Timeshare owners of the resort have taken action however. Several weeks ago, several of the timeshare owners were demanding answers on what the future of the Royal Oasis would be. Many of the timeshare owners are growing more agitated with concern over their investment in the property. Several weeks ago one of the owners told the Freeport News, "We seem to be in the middle of a struggle between Driftwood and the government as each tells us to call the other. We hear rumours of a sale and that once that happens our agreements could be fulfilled with that new owner. That the timeshare resort will be rebuilt bigger and better than before, this all sounds good, but we cannot trust any of that information as treatment to date has been unbelievably terrible

"I can't understand why the Bahamas government completely ignores...that I am one of many timeshare owners who have the same agreements which translate into tourism dollars for the Bahamas. I can't understand why they ignore or disregard this fact."

Driftwood Freeport Ltd, the owners of the Royal Oasis, reportedly pegged the price of the resort at $29 million. However the most recent reports on the pending sale indicated that the prospective buyer was willing to bring only $24 million to the bargaining table. The source close to the project told the Freeport News at the beginning of April that the $5 million difference in the ask and bid price was holding up the negotiations.

In the meantime, it was reported that the timeshare owners have identified a law firm that would represent them in a class action suit against Driftwood. "Our patience is running thin in the face of more reports of Driftwoods' continuing downward spiral and the lack of a sale or any information how that sale would affect our agreements," this timeshare owner told the Freeport News a few weeks ago.