Silverleaf Rightsizing and Improvement Project

Sale of Select Silverleaf Resorts

To ensure we continue delivering exceptional experiences for our owners and guests, we are moving forward with a further effort to downsize the Silverleaf Club network.

An extensive review and detailed analysis of occupancy patterns and usage trends has consistently shown that certain properties have more available inventory than the demand from owners and renters. This imbalance impacts the financial health of these individual resorts and, in turn, the overall strength and long-term sustainability of the Silverleaf Club.

Due to consistently low annual occupancy, we have determined that the closure of several Silverleaf Club resorts is advisable. The resorts at issue have seen limited use, with consistently low occupancy levels, making continued operation cost prohibitive.

As a result, we will be holding a vote of the owners of the impacted Silverleaf Club properties to terminate the vacation ownership Declaration and the connection to the HICV network for the applicable resorts. This decision will allow us to focus resources and investments on the resorts with the strongest demand, to ensure that we can continue to provide the best possible experiences for our owners and guests. These plans pertain to the following properties:

Fox River Resort (FRR)
Hill Country Resort (HCR)
Piney Shores Resort (PSR)
Villages Resort (TVR)
Timber Creek Resort (TCR)
Apple Mountain Resort (AMR)

Owners owning vacation ownership interests in affected resorts will have the opportunity to vote on whether to terminate the applicable timeshare plan due to obsolescence and/or under-utilization. If the required minimum percentage of owners, as outlined in the applicable Declaration, vote in favor, the Declaration for that resort will be terminated. Following termination, the resort will be removed from the HICV network and sold.

If desired, owners of vacation ownership interests in the above-listed resorts, may reassign their impacted vacation ownership interests to Holiday Hills Resort (Branson, MO) or ownership of another interest which provides access to Holiday Inn Club, so that they may continue enjoying travel to resorts within the network. Both options will allow owners to retain all current benefits, including access to exchange companies.

Contact Us

Unsure if this project impacts your vacation ownership interest? Have additional questions? Call our team at (800) 613-0310. They are available to assist you Monday through Friday, between 9 a.m. and 5 p.m. ET.

Frequently Asked Questions

What is the rationale behind this project?

When Silverleaf Club was acquired in 2015, one of the primary objectives was to gradually reduce the Fund Deficit caused by years of operating expenses exceeding collected maintenance fees. To strengthen the financial health of both Silverleaf Club and the remaining resorts, a plan has been established to remove under-utilized and obsolete resorts from the network.

The Silverleaf Club’s fixed-week owner base has declined, primarily due to owner defaults and voluntary surrenders, resulting in fewer owners paying maintenance fees. Collections have dropped from 85% in 2019 to just 70% in 2024. This decline has directly contributed to rising maintenance fees.

In addition, Silverleaf Club pays management fees to HICV and reimburses HICV for operating expenses paid on its behalf. Due to ongoing operating challenges, Silverleaf Club has been unable to fully meet these financial obligations.

Despite sales and marketing efforts to drive demand and owner occupancy, these resorts have only seen minimal increases beyond what local demand can support.

How did HICV determine which resorts to sell?

Due to consistently low annual occupancy, we have determined that closure of AMR, FRR, HCR, PSR, TCR, and TVR is advisable. These resorts have seen limited use, with consistently low occupancy levels, making continued operation unsustainable. If desired, Silverleaf Club Owners will be able to reassign their ownership to Holiday Hills Resort (Branson, MO) or ownership of another interest which provides access to Holiday Inn Club. Both options will allow the owners to retain all current benefits, including access to exchange companies.

How will these plans impact the financial health of the Silverleaf Club?

If an owner’s vacation ownership interest is affected by these plans, what can they do to continue using their ownership?

If desired, owners of vacation ownership interests in FRR, HCR, PSR, TVR, TCR and AMR, may reassign their impacted vacation ownership interests to Holiday Hills Resort (Branson, MO) or ownership of another interest which provides access to Holiday Inn Club, so that they may continue enjoying travel to resorts within the network. Both options will allow owners to retain all current benefits, including access to exchange companies.

Are the Resort Clubs at these resorts aware of the proposed plans?

What happens if an owner does not reassign his/her vacation ownership interest?

If an owner does not reassign his/her vacation ownership interest to a comparable interest, the interest will be terminated upon an affirmative vote by the owners of the applicable Silverleaf Club resort confirming that the resort is obsolete or under-utilized. Following any such termination vote, owners who do not reassign their ownership interests will no longer be able to use their vacation ownership interests as the timeshare plan for the applicable resort will have been terminated and the timeshare interest will cease to exist. Thereafter, the applicable Resort Club will distribute the net sale proceeds for the resort on a pro rata basis to the owners of record for the terminated vacation ownership interests. Pro rata shares of the sale proceeds will be calculated as the share of the terminated property attributable to the vacation ownership interest. For example, if an owner had one vacation ownership interest in one unit, the pro rata share may be 1/50th, 1/51st or 1/52nd, as applicable, of the proceeds attributable to that unit.

If a vacation ownership interest is terminated, this does not mean the owner is no longer financially responsible for it. Any owner with an outstanding promissory note or unpaid maintenance fees will still be required to pay the balance in full, and any pro rata share of the net proceeds due to the owner will be reduced by any amounts owed.

Are these plans any indication that HICV is experiencing an overall decline in resort demand?

How will owners know if they are impacted by these plans?

Owners owning vacation ownership interests in FRR, HCR, PSR, TVR, TCR and AMR will receive communications from HICV with instructions to reach out to HICV’s Owner Support team to assist with reassigning their impacted vacation ownership interests.

Owners needing assistance with understanding whether this project impacts their vacation ownership interest(s) or who have questions specific to their ownership(s), can reach out to the HICV team by calling (800) 613-0310.