Marriott ROFR

[dagger1]

Apologies in advance, I know this has probably been addressed but I could not find the specific answer. We made an offer which was accepted on a 2/2 Waiohai, title company emailed ROFR documents to Marriott 12/20/18. I know that Waiohai has a 15 “day” decision period, but don’t know if that is “business” days (could take a while due to Christmas holidays and New Years) or total days, meaning we should know soon. Does anyone know the answer to this. Thanks!

 

[StevenTing]

It's never been defined everywhere that I have looked. At this point, I would assume business days as a worst case. Right now you're sitting at 10/11 business days. I've also heard that most responses occur on Thursdays.

 

[dagger1]

Thanks Steven. Fingers crossed... While I have your attention, do you have an inkling of what kind of premium owners get for a 2/2 OV at MKO when they decide to rent? We are thinking about coming back here in September (2019)

 

[FamilyEsq]

I have submitted offers for Marriot Grand Chateau and been given responses within 7 calendar days.

 

[GregT]

Thanks Steven. Fingers crossed... While I have your attention, do you have an inkling of what kind of premium owners get for a 2/2 OV at MKO when they decide to rent? We are thinking about coming back here in September (2019)

MKO doesn't rent that well -- I've been able to rent for $3,500 most times, but also had one year where it didn't rent and I put it into II. MFs are about $2,200 so there is some premium associated with the property, but it's not as strong as Maui. I hope that helps!

Best,

Greg

 

[StevenTing]

Thanks Steven. Fingers crossed... While I have your attention, do you have an inkling of what kind of premium owners get for a 2/2 OV at MKO when they decide to rent? We are thinking about coming back here in September (2019)

I have never rented out my weeks. When I tried to rent my week to Marriott in 2015 they offered me $1770 when MF's were $1951.84. This came out to 90.68% of MF's. Considering 2019 MF's are 2315.34, Marriott would probably offer you around $2100. I think you should be able to rent for $2500-$3500 depending on week through Redweek. Taking all of the listings available on Redweek, the average asking rental price is $3634, with the high at $7000 and the low at $2300.

 

[dagger1]

Thank you guys!

 

[brianfox]

We purchased two Waiohai weeks last year and they each took about 3 calendar weeks for ROFR.

Regarding MKO rent, we own MV weeks. The MF are very comparable to OV.
We reserve July weeks every year and rent out the 2BR units, usually through Redweek listings.
I've been tracking our rental income yearly (that is, monies AFTER maintenance, listing fees, Paypal fees, etc).
The profit has been $500 per week on average. Mind you, we always ask $100 below the lowest asking price on Redweek so we don't have to wait for a renter or haggle. If we held out, we could get more.
We end up renting the weeks for about $2800 ea.
In my experience, OV weeks carry a rental premium of about $200 over MV. That is to say, I wouldn't have any problem finding one for $3000.

 

[Dean]

All states I know of are calendar days not business days.

 

[dagger1]

All states I know of are calendar days not business days.

My experience has been that they say “business” days when that’s what they mean. When they say “days”, that means calendar days. But I can’t remember what our ROFR wait was when we purchased our MKO. Both Waiohai and MKO have 15 “day” windows for ROFR. I guess it means what Marriott wants it to mean...

 

[TXTortoise]

I haven't tried to find it, but in a prior post we were able to find some resort documents that said 'business days' and in another relevant paragraph just said 'day's.

All of mine have been within two calendar weeks, if I remember correctly.

I guess the key question is; has anyone everyone not gotten a ROFR response and moved forward to close without issue, or had them try to ROFR after the limit date.

 

[californiagirl]

We bought a resale Waiohai week last summer. We heard From Marriott 6 calendar days after submitting ROFR. Needless to say we were shocked that it passed...this is when Marriott was actively exercising ROFR on nearly everything that came across their desks. Until the deed recorded I kept thinking there was a mistake and that Marriott would try to stop the sale.

 

[Dean]

I haven't tried to find it, but in a prior post we were able to find some resort documents that said 'business days' and in another relevant paragraph just said 'day's.

All of mine have been within two calendar weeks, if I remember correctly.

I guess the key question is; has anyone everyone not gotten a ROFR response and moved forward to close without issue, or had them try to ROFR after the limit date.

I'm not personally aware of any examples anywhere where the ROFR was exercised after the appropriate cutoff for any system (esp DVC, Bluegreen, MVC). I am aware of some that were not taken going just over the cutoff. I am aware of many examples where the buyer didn't hear until after the cutoff.

 

[TheTimeTraveler]

With the drop in the Stock Market Marriott may be more interested in preserving cash rather than rushing out to exercise every last ROFR. At least this is how it has been in the past......




.

 

[dagger1]

MKO doesn't rent that well -- I've been able to rent for $3,500 most times, but also had one year where it didn't rent and I put it into II. MFs are about $2,200 so there is some premium associated with the property, but it's not as strong as Maui. I hope that helps!

Best,

Greg

Thanks, Greg. The seller of the Waiohai has made a reservation in September ‘19 for us (assuming Marriott waives) so we were considering renting a 2/2 MKO for a week to match with it. It’s good to know there won’t be a huge premium over MF’s. We are completely blown away by MKO (we are here now).

 

[dagger1]

Just heard that Marriott exercised ROFR, so total of twenty calendar days. Thanks everyone!!

 

[TXTortoise]

View and selling price? (Unless I missed it above)

Don’t forget to put on ROFR.net.

 

[dagger1]

It was an EOYO 2/2 Island View for $3750 plus $800 closing/transfer and $1,050 (plus or minus) 2019 MF for a total of $5,600 (which would include a week in September). Does anyone know if Marriott exercises it’s ROFR in writing (by email/letter) or just verbally by phone. I have requested a copy of their ROFR exercise but haven’t heard back from the title company. They are usually very quick to respond...

 

[CalGalTraveler]

@dagger1 When you say "exercised" do you mean "waived?" or are you saying that they took back the unit?

 

[dagger1]

CalGalTraveler, I mean they bought it for the $3,750 I offered... So back to square one.

 

[CalGalTraveler]

CalGalTraveler, I mean they bought it for the $3,750 I offered... So back to square one.

Got it. Thanks for clarifying. I thought that was what you meant but you sounded so upbeat...good luck on your search. With the economy cooling off, and fed workers not getting paid, perhaps MVC will pull back on ROFR if demand for developer units declines and people want to unload discretionary TS spend.

 

[echino]

It is a written legal document, signed by Marriott representative, witnessed and notarized. The title company should provide it to you.

 

[dagger1]

It is a written legal document, signed by Marriott representative, witnessed and notarized. The title company should provide it to you.

They sent it after I asked for it. I was surprised there was no date on the document, either where Marriott signed or where the notary signed...

 

[dagger1]

Got it. Thanks for clarifying. I thought that was what you meant but you sounded so upbeat...good luck on your search. With the economy cooling off, and fed workers not getting paid, perhaps MVC will pull back on ROFR if demand for developer units declines and people want to unload discretionary TS spend.

I guess I am used to paying what I want or waiting for another one. We will be in Kauai on Friday so now I will be able to confirm in person which resort would be a good fit with our EOYO MKO. We may see something we like as much or better. But if we decide on Waiohai, we will continue looking.

 

[brianfox]

I guess I am used to paying what I want or waiting for another one. We will be in Kauai on Friday so now I will be able to confirm in person which resort would be a good fit with our EOYO MKO. We may see something we like as much or better. But if we decide on Waiohai, we will continue looking.

From the post, I am thinking you have not actually been to Waiohai yet? For us, the two resorts are highly complimentary.
The rooms are very comparable. They should let you check out a room while you are there. Here are our resort comparisons:
Ko Olina has two balconies; Waiohai has one.
I think Ko Olina has a better master bath. Larger shower.
Waiohai has the better kitchen.
Ko Olina has separate thermostats. Waiohai just one for the whole 2BR
Ko Olina has better on site food options. Waiohai has far more nearby offsite food options.
Waiohai beach is infinitely better than Ko Olina's lagoons.
Ko Olina pools are MUCH better than Waiohai