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Starpoints = hotel/airfare points (every other year you can convert you TS into Starpoints)
Staroptions = the exchange value of a SW timeshare in the internal exchange system (SVN)
Staroptions cannot be carried over to the next year - they expire at the end of every calendar year.
Staroptions can be borrowed from the next year, but you have to pay the MF's for the next year to do so, and you can only borrow the number of Staroptions needed for the exchange you want to make. Also, by borrowing Staroptions you lose the owner's priority reservation period (8-12 mos.) and have to wait until 90 days (corrected) out to make a Resv. If you own an every-other-year TS, you cannot borrow Staroptions to use during the off years.
Each unit you purchace from Starwood has a set amount of staroptions(timeshare use) and starpoints (hotel use) assigned, for example my Vistana villages has 81,000 staroptions and to convert to starpoints it would be 42,000 starpoints. Different units/seasons at each resort will have it's own value.
For comparison, I believe I read that if you agree to surrender your 2 bdrm lockout at the Westin Kaanapali Ocean Resort Villas (148,100 StarOptions), Westin will give you 80,000 StarPoints. With the recent devaluation of StarPoints, that won't even get you 5 nights at a Cat. 7 hotel, which is currently 120,000 StarPoints). You could book 5 nights at a Cat. 6 hotel during low season.
Folks who bought directly from the developer are understandably very ticked that there has been no adjustment of these points following the recent devaluation. The SVN Starpoint conversion is incredibly favorable for Starwood and incredibly unfair to the owners. They give up 7 nights at a $500+ night villa for 5 nights in a Cat. 6 hotel? Ha! Of course, it's one less reason to buy from the developer, too, so I believe they are really shooting themselves in the foot by not adjusting the StarPoints.
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