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HGVC Elara Westgate question

Discussion in 'Buying, Selling, Renting' started by shamus56, Aug 12, 2017.

  1. shamus56

    shamus56 TUG Member

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    I own an old westgate plannet Hollywood 2 bedroom lock off in the now hgvc elara. A salesman today said that the elara was just purchased by the blackstone group and Hilton and that the old westgate deeds would be transferred to different westgate resorts. I don't see how this is possible with deeded units and maintenance fees already go to HGVC. Does anyone have any ideas on this - I don/t want to have to buy another from Hilton to be able to convert my current unit to points and be able stay in the elara. Any suggestions?
     
  2. tschwa2

    tschwa2 TUG Member

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    Not true. They can't make you purchase anything. They would either have to transfer you for free or if allowing Westgate members to convert with purchase they would need to maintain a separate pool of units for owners who refuse to pay for conversion.
     
  3. SmithOp

    SmithOp TUG Member

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    Hilton did not buy it out, they only took a 25% share.

    Never trust the half truths that pass a salesmans lips, he's just trying to make a sale.

    http://www.hgv.com/hilton-grand-vac...rm-joint-venture-to-purchase-elara/index.html

    ORLANDO, Fla. (July 19, 2017) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) announces the formation of a joint venture with affiliates of Blackstone Real Estate Partners VIII L.P., which purchased Elara, a Hilton Grand Vacations Club. With 1,201 units, Elara is one of the world’s largest timeshare resorts. HGV will assume a 25 percent stake in the joint venture for approximately $40 million, which is expected to be accretive to HGV’s total adjusted EBITDA and EPS.

    “Today’s acquisition advances one of our key strategic priorities that is growth through opportunistic business ventures, which allows us to continue to maximize shareholder value,” says Mark Wang, president and CEO, Hilton Grand Vacations. “By taking an ownership stake in Elara, which has more than 500 units of sellable inventory remaining, we are receiving a strong-performing consumer loan portfolio and unfinished penthouse floors.”


    Sent from my iPad using Tapatalk
     
  4. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    Back when HGVC first assumed management of Elara, many thought some deal might be made to help the orphaned Westgate owners. That did not happen, and it won't. Now, it seems Westgate would like to "help you out," by re-selling you something you already own. There's no reason to bite on that cynical approach. Just as you are stuck with them and they are stuck with you.
    .
     
  5. shamus56

    shamus56 TUG Member

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    Thank you all. It's Hilton that are trying to sell me their smallest eoy studio which would then allow me to convert my westgate planet Hollywood over to hgvc points but I don't think I really need to! They want $16,000 to do so for very little advantage as far as I can tell
     
  6. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    Interesting. But their pricing is highway robbery.
    Resale, you could buy a 7000-point annual TS for about 1/2 that amount, and keep or sell your Westgate TS.

    They otter be ashamed.
    .
     

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