How does Gold Key fit into DRI?

Bill4728 · May 27, 2016

Now that Gold Key has been in DRI for awhile does anyone know how Gold Key fits into DRI?

As an example, When DRI bought out Monarch Grand (MGV) , DRI started a "Monarch Grand Collection " and all old MGV owners became owners of "Monarch Grand collection" AND the unsold inventory of MGV resorts were added to the US collection So now DRI owners can reserve at MGV resorts if they own points in "The Club" OR Monarch Grand collection OR the US collection.

TIA

youppi · May 27, 2016

Bill4728 said:
Now that Gold Key has been in DRI for awhile does anyone know how Gold Key fits into DRI?

As an example, When DRI bought out Monarch Grand (MGV) , DRI started a "Monarch Grand Collection " and all old MGV owners became owners of "Monarch Grand collection" AND the unsold inventory of MGV resorts were added to the US collection So now DRI owners can reserve at MGV resorts if they own points in "The Club" OR Monarch Grand collection OR the US collection.

TIA

MGV was a point system with an internal exchange system but Gold Key was a weeks system without a real internal exchange (only a preferred window of couple days with II for G to G exchange). So, I don't see the utility to have a Gold Key Collection to exchange internally. All unsold inventory are probably moved to US Collection.

dwojo · May 27, 2016

I owned goldkey and DRI. I was allowed to bring my goldkey property into my DRI account as points.

dioxide45 · May 27, 2016

dwojo said:
I owned goldkey and DRI. I was allowed to bring my goldkey property into my DRI account as points.

Did you just end up deeding your Gold Key week back to DRI and buy points geting credit for the week you turned in? Or do you still own the original Gold Key deed?

Michael1991 · May 28, 2016

Bill4728 said:
Now that Gold Key has been in DRI for awhile does anyone know how Gold Key fits into DRI?

As an example, When DRI bought out Monarch Grand (MGV) , DRI started a "Monarch Grand Collection " and all old MGV owners became owners of "Monarch Grand collection" AND the unsold inventory of MGV resorts were added to the US collection So now DRI owners can reserve at MGV resorts if they own points in "The Club" OR Monarch Grand collection OR the US collection.

The Gold Key system is a traditional deeded ownership. There is no vacation club, no points and no trust fund. Exchanges are handled with traditional third party exchange companies.

DRI is offering Gold Key owners the option of assigning their deed to THE Club -- the Gold Key owners retains their deed, THE Club gets the deed's usage rights; The Gold Key owner gets Diamond points and full THE Club benefits. The Gold Key owner must buy addition trust points in make this deal.

The deeds that DRI acquire through its recovery agreements, surrender program and the like, will be deposited into the US Collection and DRI will sell those points as normal US Collection points.

tschwa2 · May 28, 2016

dwojo, already a dri points member, stated in another thread, post 8 that he was allowed to bring his unit into the club without any additional purchase or cost.

youppi · May 28, 2016

tschwa2 said:
dwojo, already a dri points member, stated in another thread, post 8 that he was allowed to bring his unit into the club without any additional purchase or cost.

His Goldkey week was already enrolled in the Club Combination. To enrolled a week from another brand in the Club Combination, you must buy DRI points like any Goldkey owner must do to enrolled their week to DRI US Collection. So, this is why is Goldkey was enrolled to DRI US Collection for free (just moved from Club Combination to DRI US Collection because resorts managed by DRI can't be enrolled in Club Combination and he had already buy points to enrolled his week).

Bill4728 · May 28, 2016

So all Gold Key resorts are in the US collection?

dwojo · May 28, 2016

I kept the deed. The unit is assigned to the club and shows up as points. I dealt with Brandi Alexander to get that done. She was extremely helpful.

artringwald · May 29, 2016

dwojo said:
I kept the deed. The unit is assigned to the club and shows up as points. I dealt with Brandi Alexander to get that done. She was extremely helpful.

Did you get enough Club points to book the same weeks and view categories that you were able to book before DRI took over?

Michael1991 · May 29, 2016

Bill4728 said:
So all Gold Key resorts are in the US collection?

According to DRII CFO Al Bentley, the plan is that all the Gold Key resorts will become part of the US Collection. At this time, however, US Collection members do not have a 13 month advance reservation priority (Home Collection Priority) at the Gold Key locations.

It takes time for this integration to occur. For example, Diamond purchased Mystic Dunes (Tempus Resorts) in June 2011. It took until some time in 2013 for 2,200 weeks (out of 37,000 weeks at the resort) to show up in the US Collection. In 2014 there were 8,700 weeks in the US Collection.

I suspect it will take a year or more to get Gold Key intervals into the US Collection.

dioxide45 · May 29, 2016

Michael1991 said:
According to DRII CFO Al Bentley, the plan is that all the Gold Key resorts will become part of the US Collection. At this time, however, US Collection members do not have a 13 month advance reservation priority (Home Collection Priority) at the Gold Key locations.

It takes time for this integration to occur. For example, Diamond purchased Mystic Dunes (Tempus Resorts) in June 2011. It took until some time in 2013 for 2,200 weeks (out of 37,000 weeks at the resort) to show up in the US Collection. In 2014 there were 8,700 weeks in the US Collection.

I suspect it will take a year or more to get Gold Key intervals into the US Collection.

I don't really know exactly how DRI collections work, but I suspect they are a trust based plan. I can understand why it can take a while. DRI will want to take inventory of all the weeks at Gold Key properties that they own. Then they will probably want to do a title search on each to make sure title is clean and they have proper ownership. If there are any problems, they will try to clear the title. Then they will have to convey the deed to the trust by recording a deed for each week in the county where the resort is located. Then they will need to record a trust conveyance document allocating however many points those weeks are worth to the trust. Lots of paperwork to be completed and they will likely want to get everything together and send out all the deeds at one time to be recorded. Then quickly followed by the trust conveyance. Of course, they likely need to wait for the deeds to come back from recording before they can send that conveyance.

dwojo · May 29, 2016

artringwald said:
Did you get enough Club points to book the same weeks and view categories that you were able to book before DRI took over?

Yes. The unit is a 1 bedroom ocean view and I recieved 6500 points for it.

Michael1991 · May 29, 2016

dioxide45 said:
I don't really know exactly how DRI collections work, but I suspect they are a trust based plan. I can understand why it can take a while. DRI will want to take inventory of all the weeks at Gold Key properties that they own. Then they will probably want to do a title search on each to make sure title is clean and they have proper ownership. If there are any problems, they will try to clear the title. Then they will have to convey the deed to the trust by recording a deed for each week in the county where the resort is located. Then they will need to record a trust conveyance document allocating however many points those weeks are worth to the trust. Lots of paperwork to be completed and they will likely want to get everything together and send out all the deeds at one time to be recorded. Then quickly followed by the trust conveyance. Of course, they likely need to wait for the deeds to come back from recording before they can send that conveyance.

Yes, a DRI collection is a member association in which the owners have a beneficial interest in a trust.

In addition to the legal issues related to acquiring the deed (DRI claims it is about a six month process), there is also a cost element. DRI deposits deeds in the trusts in a "just in time" fashion. That is, they deposit just enough for the expected sales quotes of the upcoming 3 to 6 months. One reason for this pattern is that the fees on points are about 25% more than the fees on the deed. A second reason is that Diamond can rent deeded intervals to the public without any obligation to Club members. Also, Diamond can use its deeds for sales promotions like mini-vacations.

Michael1991 · May 29, 2016

dwojo said:
Yes. The unit is a 1 bedroom ocean view and I recieved 6500 points for it.

The point chart for that unit is ...

Ocean Beach Club
1 BDR Suite - Ocean View

2016 week numbers.
Low 1-8, 48-50 (3,500 pts)
Mid 9-12, 44-47 (4,500 pts)
High 13-24, 35-43, 51-53 (6,500 pts)
Peak 25-34 (8,000 pts)

page 73,
https://cmsprod.diamondresorts.com/sites/default/files/ReservationsDirectory_73.pdf

RuralEngineer · May 30, 2016

Michael1991 said:
I suspect it will take a year or more to get Gold Key intervals into the US Collection.

my gold key resorts show up in my account under their own individual HOA's not part of any collection.

dioxide45 · May 30, 2016

RuralEngineer said:
my gold key resorts show up in my account under their own individual HOA's not part of any collection.

I think the reference to the collection is when people deed their weeks back or unsold inventory that DRI acquired when they bought Gold Key. That inventory will be conveyed to the US Collection Trust. It will have no impact on your deeded week.

How does Gold Key fit into DRI?

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