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Timeshare Expansion -- from Starwood Quarterly call

clsmit

clsmit

TUG Review Crew
TUG Member
Joined
Mar 14, 2008
Messages
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Location
Solon, OH (for love not the weather)
Resorts Owned
WSJ, HRA, WKORV, WMH, SBP, WLR
Highlights from Vasant M. Prabhu on the call yesterday. My comments in parenthesis. Source is seekingalpha.com

* Interval sales were flat. (Not selling a lot more stuff)
* FICO scores are now over 740, and the average interest rate is over 13.5%.
(LOOK AT THAT INTEREST RATE! OMG!)
* Annualized defaults, which peaked at 8.5% in 2009, were below 2.9% in Q1. (Fewer default units back on the market).
* We are selectively adding to inventory in Orlando and Palm Springs. (Expanding in those locations)
* This year, we moved our Westin Resort in St. John to SVO to be converted over time to vacation ownership inventory. (The rumors are true!)
* We're also working on capital efficient options to develop the land we own on Maui. (They want to get a loan to build WKORVNN.)
* No plans to spinoff. (Not going to to what Marriott did.)
 
Still no Aruba or Cabo. :bawl:

Thanks for the information.
 
It would be absolutely crazy to build another resort in Mexico - there is far more supply than demand in Mexico as it is.
 
1. Selectively adding to inventory need not mean expanding. It could mean reacquiring the foreclosures from the HOAs at Orlando and using the ROFR at WMH.

2. There may be more capital efficient options at Maui than building more timeshares.

3. LOOK AT THAT 740 FICO. Is it St.Regis residences or SVO purchases or a blend?

4. Lower default rates are good. If the 2.9% number pertains to MFs at SVO resorts (don't think it does), rather than defaults on SVO mortgages, the loss rate expensed for MFs can be reduced and MFs further reduced. If it pertains to mortgages, the lower default rate is a result of the high FICOs. Salty
 
This year, we moved our Westin Resort in St. John to SVO to be converted...

pardon my ignorance but what does this mean ?:

"This year, we moved our Westin Resort in St. John to SVO to be converted over time to vacation ownership inventory."
 
Converting hotel space to TS space.
 
More inventory in WSJ would be sweet!

Does this mean the entire resort will be converted or just part of it?
 
When I was on St. John in mid-April the sales people were talking of refurbishing buildings 21-23. It was the next set of buildings, down from where Bay Vista is right now. They said it would be a new HOA and slightly less involved refurbish than what was done for Bay Vista. Some higher up person had just been there a few days earlier to talk to them about the coming changes. Who knows what the real details are, though.

The comment above does sound like the whole hotel would be converted over time.
 
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susan6103 said:
pardon my ignorance but what does this mean ?:

"This year, we moved our Westin Resort in St. John to SVO to be converted over time to vacation ownership inventory."
Click to expand...

It means Starwood thinks it can make more money by renovating and selling off the hotel rooms as timeshares than it can by keeping the hotel open. Starwood seemed not to be putting money into upkeep of the hotel rooms from some of the hotel reviews I had seen. I'd worry about any "slightly less involved refurbish" than was done at BV.

However, the conversion will mean more availability at SVO WSJ over the next 3-5 years as the new timeshares are sold off.

It will be interesting to see if the new units will be voluntary or mandatory (WSJ now has both) and whether Starwood has learned its lesson to retain a ROFR. Salty
 
I heard a rumor (fwiw) that plans for Mammoth are once again moving forward.
 
Kildahl said:
I heard a rumor (fwiw) that plans for Mammoth are once again moving forward.
Click to expand...

Now that would be truly awesome! But, I'm not holding my breath.
 
DeniseM said:
It would be absolutely crazy to build another resort in Mexico - there is far more supply than demand in Mexico as it is.
Click to expand...
Was hoping more for integrating something like the existing Hacienda del Mar property into the SVN. Just wishful thinking.
 
Maui_ed said:
Was hoping more for integrating something like the existing Hacienda del Mar property into the SVN. Just wishful thinking.
Click to expand...

This would be a bad move - there is far more supply than demand for timeshares in Mexico.
 
MommaBear said:
What about the Westin Dawn Beach Club on St Maarten?
Click to expand...

[The HOTEL] is managed by Starwood (as are many other properties) but it isn't in the SVN.
 
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MommaBear said:
What about the Westin Dawn Beach Club on St Maarten?
Click to expand...
The Westin Dawn Beach Resort and Spa is a Westin Hotel Property.
http://www.starwoodhotels.com/westin/property/overview/index.html?propertyID=1770
Adjoining the property is the Dawn Beach Club St Marting
http://www.dawnbeachclub.com/
This is not a starwood property. It shares the WDBC facilities and beach.
Choose from three exceptional waterfront restaurants offering a variety of cuisines and casually elegant settings at the Westin St. Maarten Dawn Beach Resort, Spa and Casino. The nearby beach club offers the freshest salads and oversized sandwiches poolside.

Pamper yourself with a massage, facial or body treatment in the Hibiscus Spa located at the Westin Resort. Dive into the freshwater pool and swim up to the bar. Soak in the whirlpool. Hit the fitness center. Have the concierge make those hard to get reservations at local restaurants, attractions and activities.
Click to expand...
It is not a Starwood or Westin timeshare and it is not in SVN. The pictures look nice though. Apparently the sales people there will sell you two weeks for the price of one. It's a really great deal :rofl: :hysterical:
 
Are you SURE? Because that's not what the salesman said! ;)
 
Calling it Westin Dawn Beach Club is incorrect - there is no WDBC - it does not exist. There is the Westin Dawn Beach (WDB) which is a SPG property, and the Dawn Beach Club (DBC) that is a timeshare which is not affiliated with SVO or SVN. It is uncertain if DBC is managed by Starwood (I could find no reference to this in the DBC docs).
DBC Sales (and some duped into buying a TS from DBC) are the only ones claiming association.
DBC does use the WDB facilities - likely paying for this via their HOA.
 
SMHarman said:
Same as the Westin Princeville using the St Regis Princeville Beach.
Click to expand...

At least we know both of those properties are managed by Starwood. When it comes to DBC, based on many many posts here over the years, it is abundantly clear this is not the case.
 
:D For those of you who don't get the joke, a few weeks ago we had a newbie come here and absolutely insist that this was a Starwood timeshare property in the SVN. He was quite insistent, no matter what evidence was presented.

Later he emailed me and told me that he knew a lot about timesharing and if I wanted to learn something, I should listen to him....
 
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