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Old May 23, 2012, 05:04 PM   #1
celosch
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BBS Reg. Date: Apr 18, 12
Location: Doylestown, PA
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Resorts: Marriott Harbour Lake-Platinum
Marriott exercises ROFR on Platinum Manor Club

I purchased a Platinum Manor Club on RedWeek two weeks ago for $1100. I just received notice today that Marriott had exercised ROFR.

I wanted to pass this on based on some of the recent discussions about the uptick in pricing and ROFR.

Looks like I'm headed back to the grind of trying to find my first purchase!
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Old May 23, 2012, 05:23 PM   #2
TheTimeTraveler
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Quote:
Originally Posted by celosch View Post
I purchased a Platinum Manor Club on RedWeek two weeks ago for $1100. I just received notice today that Marriott had exercised ROFR.

I wanted to pass this on based on some of the recent discussions about the uptick in pricing and ROFR.

Looks like I'm headed back to the grind of trying to find my first purchase!



This is interesting. I remember four or five months ago these were being scooped at prices below $300 yet no ROFR had been reported (until now).

Maybe the timeshare market is finally beginning a slow recovery @ quality resorts ???????





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Old May 23, 2012, 06:21 PM   #3
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Resorts: Marriott Maui Ocean Club (x4), Trust Points, Disney, HGVC, Starwood and Worldmark
This ROFR makes sense to me because Manor Club is very thin in the Trust (only approx 169K points out of 125M) and at some point they need to start filling the bare spots.

That week is worth 2,375 DC points, so Marriott can deposit it into the Trust and sell the related points for almost $25K.

I'll be curious if we see a pattern over time of what prices pass ROFR and what doesn't -- and if the existing depth of the Trust impacts ROFR (as in, Timber Lodge never gets ROFR'd because the Trust is already loaded, but thin properties do).

Thanks for posting this,

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Last edited by GregT; May 23, 2012 at 07:20 PM.
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Old May 23, 2012, 06:25 PM   #4
MOXJO7282
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This is one of the resorts that I noticed an uptick as well although I don't specifically watch this as close as the ones I own.

Someone in another thread cautioned about making assumptions but these prices exceed any price that I recall at any time in 2011 and I'm seeing it in a number of resorts.

I'm not sure what it means or if it will last, I'm just commenting on what I'm observing.
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Old May 23, 2012, 07:30 PM   #5
tschwa2
 
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Resorts: Island Links (HHI-RCI points), Sandals Ocho Rios, SBP, Riptide II, OceanTime, WS and RV Massanutten, FSA, MWR
As the seller of the unit, I have a few things to add.

I contacted Marriott in January to see if they were offering a buy back. This was the response.
Quote:
Thank you for contacting Resale Operations at Marriott Vacation Club regarding your desire to sell your ownership at Marriott's Manor Club. We are pleased to provide you with a team of real estate professionals to assist and educate owners on their viable selling options. Your desired timeframe for sale will often determine which option will work best for you.

Sell through Marriott Vacation Club:
* Brokerage Listing Program: Marriott Vacation Club will assist
with procuring a purchaser and then broker the transaction. Inventory is sold at the current list price. At closing,commission, marketing and administrative costs are deducted and you will receive 60%* of the sale price. The current list price for your inventory type is $7,800 (Manor Club)

* Repurchase Program: Periodically; Marriott Vacation Club will
offer a direct purchase of inventory from an Owner. The pricing and
terms will be established at the initial offering and are subject to
change. Currently, we have a sufficient number of your inventory type,
therefore; a repurchase offer is not available.
I had listed it in a few places starting at a high of $2500. Recently I put in an offer for another unit elsewhere and since I didn't want to carry another MF's I reduced this one. The price that I paid for the unit was less than $1000 but the ROFR document submitted with my original purchase (from ebay) included all the fees I was paying (price + $400 closing cost+ $120 ROFR fee+ $900 reimbursement for use year MF) without disclosing the line item fees. I felt uncomfortable with that because the ROFR document had one amount and the deed had another but at the same time the ROFR document did have the total amount I was offering for the unit. At the time I asked if that was normal and was told that it was. Now I have to see if Marriott ROFR's the Hilton Head unit I have in escrow.



In terms of the trust it does add points to the trust and it is neutral in terms of MF's, the point ratio for a Platinum Manor Club makes it about equal to the MF/point of trust.
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Old May 23, 2012, 07:35 PM   #6
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Pure speculation, but if I were selling vacations I would want to be able to sell a vacation length stay to a points buyer. Having lower priced properties like Manor Club, which is a jewel, in the Trust adds to my ability to provide that alternative to a relatively low level points owner.

Add the ability to perform the alchemy of transforming an $1,100 week into $25,000 in points and these types of weeks currently would look far more attractive as a purchase to the Trust than the expensive high point value weeks which few points only owners can afford for a vacation length stay.
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