Dateline St Maarten...
Royal Resort and sister company QIT took ownership of Pelican Resort under questionable (i.e. fraudulent) circumstances in mid December, took as many maintenance fees for 2011 as they could, and then fired all the local workers. When forced by the court to take the workers back they shut down the resort!
Effective 2/20/2011 Pelican now known as SIMPSON BAY RESORT is not open for business. Owners are out of luck if they already spent money on a planned vacation that will not happen now.
The resort was previously owned by the timeshare owners themselves who were mostly Americans.
The foreclosure occurred when Royal, a sister company to QIT (both companies are owned/run by two partners), refused to make mortgage payments several months in a row. QIT then foreclosed on the property and guessed it Royal Resort to manage it.
They got the $90M oceanfront resort for $30M as the only bidder at the auction.