There are new developments in a story CTV Calgary has been following for several years.

Some members of the Chateau World travel club are trying to see if they can takeover the ownership and management of two resorts properties.

Alberta-based travel club Chateau World is in the process of being foreclosed upon by secured creditors. Chateau World has operated the Banff Gate Mountain Lodge & Spa for more than a decade.

News of the foreclosure means seven thousand memberships are now invalid. Some of those members are planning a series of meetings in May to see if they can purchase the properties.

Member Services at Chateau World released a statement that says in part, "as our own families are some of the oldest members, we strongly believe that it is in the best interest of the club to be run by current active members, as any other parties would not have the best interest of the members in mind. We will be unveiling the new member-run format this week ".