Destination Clubs failing? LUSSO and Yellowstone bankrupt -- Who is next?

The LUSSO Collection, one of the "destination clubs" that offers wealthy vacationers a choice of private homes around the world, has filed for bankruptcy in Minnesota, according to Halogen Guides. LUSSO has homes in 16 prestigious locations around the world, and will continue operating, according to a statement given to Halogen. But the chatter among owners in luxe land suggests everyone is wondering which club will be the next into bankruptcy court. Exclusive Resorts, the largest of the clubs, has apparently laid off staff. The Yellowstone Club, the private Montana ski resort that was a poster child for ultra-rich digs in flush times, and which grew into a network of 10 resorts worldwide, filed for bankruptcy in November, Other clubs are said to be raising their rates and fees. Stay tuned.

Owners of Las Vegas Property Cannot Rent Out Their Units

Is there any end to the ugly real estate news out of Las Vegas? The website Halogen Guides forwards this awful glitch:

"Condominium owners at the Meridian Luxury Suites, just off the Strip, have been ordered to stop renting out their units to short-term renters, according to the Las Vegas Review Journal.

"It seems that the property was never licensed to operate as a condo-hotel, and by renting out units for stays of less than one month, the development was effectively running an illegal hotel operation, according to the County. Of the 678 condominiums, ranging from studios to two-bedrooms, only 12 were occupied by full-time residents, while the vast majority of the other units were placed into a rental pool and marketed to short-term guests...."
If you can't sell... and you can't rent short-term... you are left with unpalatable alternatives, such as trying to find a long-term renter (in market awash in rental alternatives), occupying the space yourself, sucking up the cost, or walking away and accepting foreclosure.