How Hard To Reserve Marriott KoOlina?

[sdtugger]

My father-in-law is considering purchasing a Marriott KoOlina 2 bedroom ocean view. In fact, he is considering buying 2 of them. He hopes to reserve a 1 bedroom for 2 weeks every January or February. How hard is it to reserve KoOlina during January and February (after new years week and excluding presidents day week)? For example, if he bought now, are there still units available to reserve?

The other part of his plan is to rent the studios to offset maintenance fees. Any thoughts on how those would rent and what he could reasonably expect to net?

Thanks for any thoughts!

 

[mjm1]

We have not tried to reserve an OV unit in Jan/Feb, but we haven't had any problems making reservations in April, July or October. We always make a reservation at the 12 month window or 13 if we are booking two weeks (either concurrently or same week). I think that is the key.

As far as renting a studio, it is hit or miss from what I have seen here on TUG. I would guess you could get anywhere from $900 to $1,200 if he can find a renter.

It is a beautiful resort and they would love their time there, but it sounds like already know that.

Best regards.

Mike

 

[GregT]

I agree with Mike - I think you will get your reservation but Ko Olina is not a strong rental property and Studios there are not desirable. I think he might get $700-$900 for it but even that might be hard.

But it’s a great property! Good luck and let us know what he decides.

Best,

Greg

 

[michael49]

We have twice traveled to Ko Olina in either January or February. Had no problem making the reservations 10-12 months in advance.

 

[TXTortoise]

As he's shopping, find out what the seller has reserved or can get for next year and make it part of the deal. Offer $1000, or whatever, more if seller can reserve the week you want.

There are a whole bunch on Redweek, so query all and see who can bring the lowest price and the week(s) you want next year.

 

[sdtugger]

Thank you for all of these helpful responses. Is there anyone who currently owns a two bedroom Oceanview who could check and see if there are still weeks to be reserved in January or February for 2019? That would help in planning. Thank you!

 

[Dean]

My father-in-law is considering purchasing a Marriott KoOlina 2 bedroom ocean view. In fact, he is considering buying 2 of them. He hopes to reserve a 1 bedroom for 2 weeks every January or February. How hard is it to reserve KoOlina during January and February (after new years week and excluding presidents day week)? For example, if he bought now, are there still units available to reserve?

The other part of his plan is to rent the studios to offset maintenance fees. Any thoughts on how those would rent and what he could reasonably expect to net?

Thanks for any thoughts!

I would suggest against buying with the plan of renting the studios routinely. I presume from your post he's planning on going yearly. IMO he needs to consider exchanging as well as renting or just getting one week and locking it out changing to a studio part of the time. He should consider the expense of joining II and the cost of exchanges up front so he knows where things stand. He should also decide if he's willing to move units mid stay or not. If he's not at all then he'll need 2 weeks and then do something with the other side if he doesn't need a 2 BR, rental and/or exchange. If not moving units is part of his plan he needs to be sure he doesn't get a penthouse for one and a non penthouse for the other purchased week. Personally I'd just get the one week, lock it out and move once possibly trying to upgrade the studio through II if I decided to join. He could also consider EOY ownership for one or both and take some in between approaches. I'm not sure where he lives but 2 weeks in HI every year with air is a daunting task from many areas of the US IMO, longer is sometimes better or EOY.

 

[taterhed]

There's a post in the ROFR thread; Marriott just exercised at $9500 on MKO.

This is higher than some I think.
I would plan to line up and submit multiple offers and find the breaking point...even if it takes 2 or 3 contracts.
Late in the year with no usage (and/or 2019 deposited) and MF's due.....is ideal.

Good luck. Please report ROFR

 

[brianfox]

From today's earnings call, Marriott is going to be putting some more focus on reacquiring, which means more budget for ROFR. Which in turn means resale prices will go up a bit.
Don't know when this will take effect, but watch rofr.net.
June: $9500 Failed.
July: $10000 Failed
Yesterday: $9500 Failed
Reserving Jan/Feb should be very easy. If he purchases 2 weeks, he can reserve 13 months out instead of 12.
Marriott MIGHT still have Jan/Feb weeks available; you can always ask a seller to reserve it for you. But here's the thing. If they, say, have a desirable July week now, and change it to a Jan week for you and then you back out of the sale, they are stuck with a week that will rent for less. So you may need to make part of your purchase non-refundable or something to cover them in that event. It should NOT add to the total sales price. Just change what you get back in the case you back out.

Here's a piece of helpful info: Reserving a non-lockoff is always easier than reserving a lockoff. So there may still be non-lockoffs available for Jan 2019. Of course, you can't rent out a portion of a non-lockoff.

And I agree with the person who said not to count on always renting out the studio. NEVER buy timeshare with you are "counting on" always doing something other than staying in your home resort. Don't get the idea that you're going to always rent the studio to substantially offset maintenance fees. Renting out can be a PIA.

 

[taterhed]

Yep. Here's an idea:

It would be easier to rent out the 1br unit.....and then exchange the studio back up to a 1 or 2 br. You'd be surprised what drops in the last 60 days.....
I know, that sounds stupid, but it's an option.

 

[Dean]

Yep. Here's an idea:

It would be easier to rent out the 1br unit.....and then exchange the studio back up to a 1 or 2 br. You'd be surprised what drops in the last 60 days.....
I know, that sounds stupid, but it's an option.

Or do the same just owning a single 2 BR and exchanging the studio for a 1 BR when available. That's the line of thinking I was getting at. The problem for the person in question is I have the sense they are going to be very averse to changing units and there's a good chance they will have to using any exchange method. They'd have to change units if they didn't get a second unit and ended up with a studio and a 1 BR or if the exchange didn't match EXACTLY the dates and unit type. If they owned an OV (not penthouse) they'd still have to change units if they got a MV or an OV penthouse even if they ended up with a 1 BR as an exchange. Many resorts would accommodate them staying in the same unit but MKO will not currently even if they were willing to downgrade the other unit. 1.5 years ago they would have so that could change.

Personally I'm OK with a MV unit there as the views aren't that great from the 2 older buildings and I'd do some version of what you describe. I might take a different view for a 3 BR OV unit given their building location.

 

[taterhed]

Agreed.

Of course, you can exchange a studio and occupy the exchange.....but you can't rent the exchange.

So, it all depends on what you're trying to do.