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History of Players Club Owners Association - page 1 / 7





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History of Players Club Owners Association

“Players Club of Hilton Head Island” came into being on September 29, 1981. On that date a joint venture of two corporations, Baytree Associates and Keys Development Corporation of South Carolina signed papers to purchase the property from Hotel Investments. Partners in Baytree Associates were L. Clifford Adams, Jerry Whitlow and Edgar C. Wiggins. The Keys Development Corporation of South Carolina officers signing Master Deed establishing the horizontal property regime were Robert A. Dion, Vice President, and Edwin F. Russo, Assist Secretary.

The property purchased, a portion to be converted to time shares, was an upscale motel, a Quality Inn, built about 1975 and owned by Hotel Investments. There were five buildings included in the property. Four were two story buildings used as the residential units of the motel. These were to be converted into time share condominiums. The time share project, including the four residential buildings and the land they were situated on, including the outdoor swimming pool, would be incorporated to be named “Players Club Owners Association”. The fifth building housed the main offices, a restaurant and a fitness center including an indoor swimming pool. This building would not be a part of the time share property.

Plans were to convert each of the four residential buildings into apartments to be sold as fee simple time shares. Plans were to accomplish this in four phases, phase I was to be conversion of building two hundred followed by phase II which would convert building three hundred. Phase I conversion was started immediately following purchase and Phase II in December 1981. Phase III was to convert building one hundred and Phase IV was to convert building four hundred. Phase III and IV would depend on progress sales progress of Phase I & II. The main building was to house the main offices, a health club, racquetball center, lounge and restaurant. It was not intended to become a part of PCOA. Buildings 100 and 400 were refurbished and used as hotel rooms while conversion to apartments and sales of time shares in building 200 and 300 was in progress.

All time shares were fee simple with financial assistance available through First Federal Savings and Loan Association of Florida Keys. No firm sales were made until the first building was completed. This came in March 1982.

Some interesting items. Since the project was new in 1982 and the developer paid all fees they estimated the maintenance expense. The 1982 estimated maintenance fee was $199.15 for a two bedroom unit.  Estimated utilities was $1,200.   Telephone estimate for 1982 was $200. Cable TV estimate for 1982 was $200. Insurance 1982 estimate was $125.

Phase I started out as fixed weeks only. In June 1994 the unsold weeks were offered as either fixed or floating weeks, as was Phase II weeks.

In the late 1980’s, before Phase III could be started, financial problems at the mortgage company begin. Failure of the mortgage company caused the project to fail and all unsold time share inventory as well as the other buildings was eventually taken over by the Resolution Trust Corporation (RTC). While the unsold inventory was in RTC hands they contracted with Key Federal Bank in Baltimore to sell some unsold weeks. The sales were primarily to then current owners.

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