HGVC buys sunrise lodge

[TUGBrian]

http://www.businesswire.com/news/ho...rand-Vacations-Purchases-Sunrise-Lodge-Hilton

Guess up until now it was just leasing/managing the property?

Since 2012, the 83-unit, ski-in mountain lodge in Park City, Utah, has been operating under a fee-for-service agreement through which HGV provided marketing, sales and resort management services to the seller Sunrise Park City, LLC and its asset manager Lantern Asset Management.

 

[alwysonvac]

Guess up until now it was just leasing/managing the property?

Yes back in 2012 HGVC was selected by developer Resort Finance America to manage the property and to provide timeshare sales and marketing services.
http://archive.utahbusiness.com/dev/articles/view/hilton_grand_vacations_establishes_brand_presence
http://www.businesswire.com/news/ho...and-Vacations-Establishes-Brand-Presence-Park

 

[JohnPaul]

I'm a little confused. Since the units and common areas are owned by the timeshare owners what was left to buy? Unsold inventory?

 

[GT75]

Since the units and common areas are owned by the timeshare owners what was left to buy?

HGVC didn't own Sunrise Lodge until this purchase is finalized, they only managed the property and timeshare sales.

 

[JohnPaul]

HGVC didn't own Sunrise Lodge until this purchase is finalized, they only managed the property and timeshare sales.

That doesn't answer my question. They can't "own" Sunrise Lodge because it is a timeshare owned by the timeshare owners. As such, I'm trying to clarify what was available to buy. I'm assuming it is unsold inventory and perhaps some retail space?

Am I missing something?

 

[Talent312]

Am I missing something?

The gist is that HGVC is "upgrading" it's level of control over the resort by taking it "in house" so to speak.

HGVC uses a variety of devices to hold HGVC resorts captive. They include (1) unsold inventory and (2) HOA control, but primarily, (3) limits on owner access thru "club rules." Since owners access to the system depends on adherence to booking rules set by HGVC. Thus, while HGVC members may have a deed, that doesn't really mean anything. You are buying into the club -- not your TS.

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