HCNY buying back

We are longtime owners at HCNY. We received an email today from HGVC with a special offer. They are willing to buy back all our points for a little over 75% of what we paid for them several years ago. We are owners of HCNY when they were selling leased space. I guess they are serious about trying to convert the Hilton Club to deeded space.

NYC property values decreased? You can counter for 125% of what you paid .... it is only an offer.

vacationhopeful said:

NYC property values decreased? You can counter for 125% of what you paid .... it is only an offer.

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Don't forget to charge them "fees" for the transfer of title, as well fees for transferring the points back to them as well.

Jus to clarify, this is a RTU ownership correct?

Here are my questions to you (and the ones you should probably ask yourself).

1. How long was my original RTU contract?
2. What percentage of my RTU contract is left (take years left over total years)?
3. If the percentage is less than or equal to 75%, this might be a good deal.
4. Even if percentage is slightly more than 75%, it might make sense (many people would jump on getting 75% of their original purchase cost back for a TS, you could then take that cash and perhaps buy a resale ownership for something else for much less and have cash left over). Look at http://tug2.com/ResortClassifieds.aspx?West+57th+Street+by+Hilton+Grand+Vacations+Club&ID=14855 for some options for ownership that never expires and compare to amount of cash you are getting. I am confident that you can probably negotiate those prices a little lower. (You can also look on Ebay and other locations including the reputable agents often listed on site)
5. How many more years do you plan on using it, and, assuming you are going to try and liquidate prior to end of RTU, how much will you expect to get after all fees and comissions?

You don't need to answer, but those are the financial questions in play.

The emotional question is: Do you want to give up your ownership?

KathyA said:

We are longtime owners at HCNY. We received an email today from HGVC with a special offer. They are willing to buy back all our points for a little over 75% of what we paid for them several years ago. We are owners of HCNY when they were selling leased space. I guess they are serious about trying to convert the Hilton Club to deeded space.

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One key question is, where you looking to sell or otherwise change your ownership on this?

I know some are happy they are converting to deeded ownership, while others like the RTU as you have known end date...

1Kflyerguy said:

One key question is, where you looking to sell or otherwise change your ownership on this?

I know some are happy they are converting to deeded ownership, while others like the RTU as you have known end date...

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Well, that's the thing. We really don't want to sell or change our ownership. We will be 82 years old when our non-deeded time expires. We have no kids. The benefit for us to switch to deeded are pretty much nill for us. I really think they are trying to get back all of the non-deeded property they can in order to resell it as deeded. We're just a fly in the ointment for us. I wish we had bought some more HCNY points while they were selling for less than a dollar a point!

KathyA said:

Well, that's the thing. We really don't want to sell or change our ownership. We will be 82 years old when our non-deeded time expires. We have no kids. The benefit for us to switch to deeded are pretty much nill for us. I really think they are trying to get back all of the non-deeded property they can in order to resell it as deeded. We're just a fly in the ointment for us. I wish we had bought some more HCNY points while they were selling for less than a dollar a point!

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We did sell back to Hilton a few years back as we moved to W. 57th. We did that for a couple of reasons:

1. The lounge at HCNY sucked. We've seen it since the remodel, and it sucks less, but it's still mediocre at best.

2. THe elevator situation at Hilton New York is simply horrendous. I think it took us more than 10 minutes to get out after that visit.

3. By having the deeded property at W. 57th, we'll be able to sell it for at least as much as we paid when we're done with it.

4. W. 57th is simple a much nicer property.

5. MFs are lower.

Cheers.