Wisconsin Dells Events reports that another resort will be breaking ground in Wisconsin Dells next spring. The proposed 632 unit, $90 million timeshare resort is being developed by Dallas based Silverleaf Resorts. Silverleaf operates 13 different timeshare resorts throughout the country. The development will be located on 83 acres north of downtown Dells between River Road and Hwy 13, in the vicinity of Chula Vista.
It is hard to believe that in these economic times, a company would go ahead with such a large scale project. Never mind that the Wisconsin Dells may be getting close to overbuilt with so many hotel rooms. A quick look at Silverleaf’s 2007 annual report showed over $300 million of debt at the end of last year. This debt in itself isn’t necessarily bad (they are operating multimillion dollar projects, after all), however one has to wonder how the tightening of the credit markets will impact their ability to take on and service additional debt. Their business model depends on people spending money on recreation, which may be the first thing people cut back on in a tough economy. It will be interesting to see if the project moves forward as scheduled.
Tags: Chula Vista, New Development, Silverleaf
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October 22nd, 2008 at 8:39 PM
I’m surprised to see more timeshare projects in the Dells. Isn’t there an oversupply of timeshares right now? Or am I wrong? I guess the positive thing is families have a tight budget for vacation and they are more likely to travel to the Dells instead of flying to Florida or something.