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New Key West Hyatt Resort

Discussion in 'Hyatt Residence Club' started by Kal, Feb 10, 2018.

  1. Kal

    Kal TUG Member

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    I attended the "Owners Update" a few days ago and will post that info on a separate thread. In short RUN, don't walk away from even thinking about buying into the HPP.

    But more importantly, what I learned during that sporting event and from other owners on their debriefing, a new Key West addition is in the works. It will take a year to renovate and will go into the Portfolio Program. With a 90% confidence, it's "The Marker" immediately behind Schooner Wharf Bar. I've got images of the property but will update them in the next few days. In the meantime Google it to check it out
     
  2. bdh

    bdh TUG Member

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    With so few HPP weeks at Sunset Harbor, I think that is wonderful that they are providing HPP buyers an Old Town location to stay at - because I see very few of the HPP buyers getting into Sunset Harbor. :wave:
     
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  3. Kal

    Kal TUG Member

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    Right now there are 20 Sunset Harbor unit weeks in the Portfolio pool. Out of about 2000 total unit weeks, that's in the noise range. And of the 20, one is in April, one in May and the rest are in July.
     
  4. Tucsonadventurer

    Tucsonadventurer TUG Member

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    Did they say how many units there would be in the new resort? Was that the BIG announcement they kept alluding to last month or is that still pending?
     
  5. Sapper

    Sapper TUG Member

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    Kal, looking forward to your "sporting event" thread.

    As for the possible new resort, this is good news. If the HRC owners can continue to get into HPP units as we have been since the new website went online, its a win win. If not, then I'm glad we have three other resorts to choose from on Key West!
     
    Tucsonadventurer likes this.
  6. WalnutBaron

    WalnutBaron TUG Review Crew: Veteran TUG Member

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    For those interested, here is a link to The Marker at Key West. Nice-looking resort!
     
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  7. Sapper

    Sapper TUG Member

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    It looks nice. I wonder if Hyatt would keep it as is (a hotel), or if they would redevelop it into condo style units with separate living room, kitchen, and bed rooms. Seems like an awful waste to redevelop it, and may add an interesting product (straight hotel rooms at lower point per night) to the Key West Timeshare market.

    Yes, I know the lower point thing above is wishful thinking.
     
  8. Kal

    Kal TUG Member

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    The resort currently has 95 hotel rooms @ 450 sq ft with one @ 750 sf. Hyatt will have to renovate the rooms to get 2 BR?, 1 BR and studio configurations. If the configuration is like Marriott's hotel config, that might yield maybe 50 units???

    There was NO announcement but rather information accumulated from HSH owners who went to the Portfolio pitch. So right now the specific Key West location is still not confirmed by Hyatt. Some info is from "loose lips". The postponed Jan 29th announcement is clearly a new property.
     
  9. Kal

    Kal TUG Member

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    Very wishful thinking! This is a BIG dollar purchase. I believe it shows a bit of desperation to get the HPP thing moving. Hyatt's target is existing HRC owners as they would bring units into the Portfolio and help the supply/demand curve. ILG dropped a boatload of money into this pitch and needs to see some ROI.
     
  10. Sapper

    Sapper TUG Member

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    It might be a way they can show product differentiation. IE, buy HPP because that is the only way you can book the new Key West property. HRC will not be able to book it.

    I am curious though, why another resort in Key West? Supposedly they had a number of other projects on the books (Orlando, San Francisco, Park City, Blue in Miami, something in New York?). I am sure they did some kind of market analysis, but seems odd to make another in KW.

    It could be desperation, or it could be management believes HPP is going to work, and is sinking more money into it.
     
  11. rickandcindy23

    rickandcindy23 TUG Review Crew: Expert TUG Member

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    You are at Pinon Pointe? That was a tough presentation for us to sit through, and so was the one in San Antonio. Pinon Pointe was our first attempt at a Hyatt presentation. Then we the second, and not even a year later. We must be crazy.

    Cannot think of the name of that resort. Wild Oak Ranch? I wouldn't do that again if they gave me twice that much dough.
     
  12. Kal

    Kal TUG Member

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    It's most likely the fastest path to rolling out a new resort. New construction is a lengthy process. Key West presented a situation where Hurricane damage gave a buying opportunity in the high demand Old Town. The property is relatively new with limited permitting delays. The HPP Trust has the cash and Old Town has the instant demand to pitch HRC units being moved to the Portfolio.
     
  13. bdh

    bdh TUG Member

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    While Hyatt has 3 TS properties in KW, only Sunset Harbor has the great Old Town location that everyone wants to stay at - so converting The Marker to TS provides the HPP crowd an Old Town location. The down side is that if ILG acquires/converts The Marker, who would use the 2,000 week/units HPP had at Windward Pointe?

    The other projects in Orlando, San Francisco, Park City, Blue in Miami, New York were Hyatt in lieu of ILG.
     
  14. Kal

    Kal TUG Member

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    I don't know how ILG determines ROI but my guess is they would want a higher value return from The Hyatt Marker. A high equivalent MF would provide some return to the system, but a high point value would be a good way. Since Marker hotel room rates are in the $600/night range, that could demand a 2,500 point price tag.
     
  15. Sapper

    Sapper TUG Member

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    Kal, All good points. Thank you. With regard to the higher points cost, they could just keep it as hotel rooms, and charge what on the face of it would be lower points, however, in reality would be higher points per square foot (vs what they would receive if there were fewer, larger units). Then they could spin it as a "better points alternative" while at the same time raising the points cost per square foot vs re-building it with fewer larger units.

    bdh, Not everyone is interested in being in old town. Families with kids may enjoy the other two properties... like the zero entry pool at HBH. As for the 2000 unit weeks HPP has at Windward Pointe, not my problem. HAHA

    I had figured ILG would have picked up the other properties that were in some state of progress when they picked up the HRC. Then, what happened to all of the planned / proposed developments? Did Hyatt keep them to make hotels, or did ILG actually pick a few up to eventually develop into HPP only properties, or are they just dead?
     
  16. AJCts411

    AJCts411 TUG Member

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    What's the consensus...does the value of a deeded Sunset week increase then? Trade and reselling? (Assuming a new property and the HPP "slow start"). I'm a "recently acquired week owner", I've never bothered to go to a Monday morning meeting...any reason to actually go to these things?
     
  17. Cropman

    Cropman TUG Member

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    Does the value increase? I think it depends on the week. High demand weeks will remain where they are to slightly increase. Until extreme global warming hits the northern states, there will be a tremendous appeal of having a guaranteed week in Old Town. It’s hard finding a fixed week to own at Sunset weeks 4 through 8. However, summer months, or lesser demand weeks may see their value drop some. The ability to book shorter stays in those weeks would possibly be more appealing.

    Also, don’t forget, the ability to rent your OWNED week is possible. Renting your week in the prime season is very easy. I don’t think you can rent your reserved week in the points program. Just my opinion.
     
  18. WalnutBaron

    WalnutBaron TUG Review Crew: Veteran TUG Member

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    It sounds like you're looking at your recent purchase as an "investment". It isn't. It never will be--at least in the financial sense. If you're thinking that you'll be able to arbitrage a timeshare purchase into a large financial gain, just blot that from your consciousness. As Cropman pointed out, you may see a slight appreciation for a winter week during peak demand bought resale for Key West. But whatever return you might realize will be small, if you achieve it.

    The reason to buy a timeshare is for the experience, so it IS an investment in your peace of mind, relaxation, experiences with loved ones, and making memories.

    Regarding your question about attending an "Owner's Update", avoid it at all costs. It's not an update, you won't learn anything worthwhile, and you'll be giving up 2-4 hours of precious vacation time to the sales weasels.
     
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  19. bdh

    bdh TUG Member

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    I'm thinking AJCts411 was referring to the resort manager's on site "owners meeting" that provides information on previous and pending resort projects in lieu of a TS sales presentation that the industry has renamed "owners update".

    My answer to attending the "owner's meeting" - they are typically only 30 minutes or so and can (but not always) provide good insight on the specific property.
     
  20. Kal

    Kal TUG Member

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    ANNOTHER NEW RESORT - The Marriott Beachside Resort is now in play too. This is located adjacent to the Hyatt Beach House. It very well might be the first announcement in the HPP's desperation to buy something.
     
  21. WalnutBaron

    WalnutBaron TUG Review Crew: Veteran TUG Member

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    Kal, you're right: Hyatt/ILG is "desperate". Their sales goals are so far from being met that they must buy an attractive and well-known property in order to legitimize HPP. They sure are pouring a lot of resources into this thing. They have a major problem, though: the economics of HPP simply do not make sense for HRC owners, no matter how many attractive properties they buy!
     
  22. AJCts411

    AJCts411 TUG Member

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    bdh...yes I was referring to the owners meeting. Never went because of the idea of the "sales weasels" I learned about on tug and the value of my time. Also, I bought to use the week, as the rental costs have risen so steeply over the last several years. So buying actually allows me to afford to go to KW in one of my favorite weeks. After 5 years..I could walk away for zero, by using the calculator I found on Tug, comparing rental to the maintenance/purchase costs. So the speculation of increase in value was just merely for a "what if" senario. Many thanks to those experts and experienced Tuggers found here who share their knowledge and opinions.
     
  23. Tucsonadventurer

    Tucsonadventurer TUG Member

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    Not sure why Hyatt is continuing to cluster their resorts in the same areas. There are so many Florida and Colorado resorts. It seems that it would make more sense to diversify to attract more folks
     
  24. ivywag

    ivywag TUG Member

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    One word--SNOWBIRDS!
     
  25. Tucsonadventurer

    Tucsonadventurer TUG Member

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    True but wish they would include southern CA and more Hawaii. Most likely they can pick up cheaper properties elsewhere.
     

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