It's almost impossible to be sure. From what I've read their White Paper was well received as being very professional, in my opinion it lacked basic data.

My assumption is that before the ICO they already knew which properties they want to buy. That is both good and bad. To me more bad than good since it raises more questions regarding true intensions. However if they turn out to be 'honest' in what they do, and the money they have is enough to buy at least one of the resorts, than most important question is how will they approach the 8M Core Operating Budget. It's quite complicated, but if they had reached their initial CAP, it would take slighlty under two years to brake even. They managed to gather 10% or less of what they intended, so ... anything is possible. What I'm absolutely sure of is that $11M is way to little to make it work as planned.