(GREENSBORO, GA) -- Highly acclaimed Reynolds Plantation, a private resort-style community 80 miles east of Atlanta, faces the unthinkable: foreclosure. If it happens, it will be yet another world-class private master-planned resort development to fall victim to the challenging real estate market.
This time, rather than renowned Sea Island or Bobby Ginn's string of upscale private golf club communities, it is high-profile power broker Mercer Reynolds who is running into major financial difficulties at his huge luxury golf and residential community. If Reynolds and his affiliated Linger Longer Development Co, jointly controlled by Reynolds' cousin Jamie Reynolds, can't overcome their financial woes it will likely result in the loss of property that's been in the Reynolds family for about a century.
Bank of America is suing Reynolds and his cousin Jamie Reynolds' development company, Linger Longer Development, calling the $155 million note and getting a receiver appointed to run the high-end Reynolds Plantation. Reynolds Plantation includes six world-class golf courses, including one designed by Jack Nicklaus, four marinas and a Ritz-Carlton hotel.
Mercer Reynolds and his cousin Jamie Reynolds began developing Reynolds Plantation 20 years ago and have invested hundreds of millions of dollars in the community. The Plantation is now in receivership and could be headed for foreclosure after Reynolds' efforts to sell some of the property to 3,600 estimated homeowners were rejected in April, according to Andrew Bolnick, the property's court-appointed receiver.
Mercer Reynolds, 65, is the former chief fundraiser for President George W. Bush, and U.S. ambassador to Switzerland and Liechtenstein
Historic Hotel Schiller Rebranded as Renaissance
(LUCERNE, SWITZERLAND) -- The Hotel Schiller, a historic boutique hotel, celebrated June 2 the completion of its restoration and rebranding as the Renaissance Lucerne Hotel under a franchise agreement with Hotel Schiller Betriebe AG.
The Renaissance Lucerne Hotel, housed in a century-old City Palais and situated in the heart of Lucerne, is located only a stone's throw from the shores of Lake Lucerne. Offering 86 stylish guestrooms, the hotel offers a true boutique experience, blending modern design with classic sophistication.
"We are excited to welcome The Renaissance Lucerne Hotel to our growing collection of Renaissance Hotels in Europe," said Amy McPherson, president and managing director of Marriott International in Europe. "Lucerne is a truly magical place to discover with its picturesque landscapes, rich culture and hidden gems around every corner. As Renaissance Hotels are all about creating authentic travel experiences for our guests, we are so excited to welcome this newest addition to our growing portfolio in Switzerland."
The third Renaissance Hotel in Switzerland, the Renaissance Zurich Tower Hotel will open in August 2011 as Marriott International moves towards its goal of doubling its portfolio in Europe by 2015.
The design of the Renaissance Lucerne Hotel includes nods to its locale, stunning landscapes and alpine mountain views. Guestrooms feature luxurious bedding, rainfall showers, iHome docking stations and flat screen televisions.
To make the most out of any visit to Lucerne, Renaissance "Navigators" are available to hand-pick the best of the city to explore, including the world-famous Chapel Bridge or greatest hiking trail around Lake Lucerne.
Dining at the Renaissance Lucerne Hotel is an experience in itself, with the Mexican-inspired Pacifico restaurant offering home-smoked spare ribs, juicy steaks and hand-crafted margaritas. At the BLUE Bar, guests can enjoy cocktails in an elegant environment with neo-baroque elements and Asian influences.
Renaissance Hotels is an upscale brand with more than 150 properties in 34 countries. Renaissance Hotels has recently welcomed several new "gems" to its global collection - the historic 5-star St Pancras Renaissance in London, the exotic Renaissance Sanya Resort and Spa in burgeoning China, the urban boutique Renaissance Atlanta Midtown and the sexy Renaissance Sao Paulo. These hotels join a rich portfolio defined by distinctive and well-known icons such as the Mayflower Renaissance Hotel in Washington, D.C., the Eden Roc Miami Beach Resort & Spa, and the Renaissance Paris Vendome Hotel.