Planet Hollywood Towers - the #1 timeshare in the US?

[PerryM]

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[Spence]

OK so what does
a 4BR Week 52 with a high location in the building
cost? B-I-N before July.

 

[PerryM]

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[Transit]

Perry Ive always valued your opinion and have read many of you posts .So come on, give us the punch line I know your not serious here.

 

[Spence]

$109,900 is the list price. Westgate has a small Founder Inventory that they offered to Westgate owners at their other location Flamingo Bay to upgrade. While that inventory exists it's really a first come first served pricing - but you have to ask for that inventory or they will never quote it.

P.S.
The 4BR sleeps 14 and the 2BR, 1BR, and Studio, that it breaks into, rental for New Year's week will be eye watering to the renters. You can also break it into 4/3 day stays like a Marriott. That 1 4BR can get you to the ph 6 times in a year.

The MF is about $1,100 per year.

What's their finance rate?
What's the eye watering estimate?

 

[Fern Modena]

Location, Location, Location

I think I must be missing something. I thought that Westgate PH was on Harmon near Audrie, past the valet entrance, not on The Strip. Am I mistaken? If it is across from the Marriott it surely isn't on The Strip. I know they say that its the only timeshare with a casino. Does that mean it will be connected to the hotel in some way, ie. a bridge or tunnel? I guess the higher units would/could have a Strip view because they would be higher than the hotel in front of it, is that correct?

I know that real estate interests are "pushing" the Harmon area as the next big thing, but I don't see it ever having the same prominence as The Strip. Several projects planned for it have not panned out. Let's face it, folks like to be on The Strip, not near it (except for us timesharers who know better).

All that said, the four bedroom New Year's Week is the best value. Does it include Week 53? And is the maintenence fee subsidized? It sounds like it must be.

Fern

 

[PerryM]

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[PerryM]

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[Spence]

I've rented a 2BR week 52 at Marriott's MountainSide in Park city for $3,500 to $4,000 and that was 3 years ago.

My estimate, based upon 100+ timeshare rentals, is that I can get $10,000 for the week by breaking the 4BR into the 3 parts: 2BR, 1RB, and Studio. There are some folks in Vegas that specialize in getting huge accommodations for companies, or a group. I chatted with them on the phone and they believe $20k is what they will rent it for. They offer a 60/40 split to the owner (60% to owner). I have no experience with them and will just rent thru my normal channels - if we rent.

If you pay 1/2 up front, you get 10% on the remaining. If you finance 100% thru Westgate I thinks it's 17.99% or some loan shark rate like that. They also allow for 1/2 within 120 days and 12 monthly payments of the remainder and there is NO finance charge for that.

I'm psyched, except for the price and the finance rates, maybe if you tell us what the Founders rate is I'll bite.

 

[PerryM]

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[AwayWeGo]

Big Bux Now, Even Bigger Bux In 2017 ?

“Never buy from the developer – buy resale” this is probably the TUG motto. It’s been said here many times. There are a few cases, however, when buying direct from the developer makes a lot of sense. Pre-construction pricing, availability of hot holiday weeks , and premium location within the complex are just a few reasons to consider violating this TUG tenet.

If that turns out to be the case, then I'd expect future resale prices, if any -- once the place is up & running & starting to experience predictable turnover -- to be way more than full-freight & especially pre-construction pricing from the developer. We'll see, eh?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[PerryM]

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[GaryDouglas]

The ph Towers are (will be) set back from the strip the same distance as the Grand Chateau is, and a little bit more. The Grand Chateau will cast a shadow on the ph Tower, particularly their pool, for a good piece of the day, but I would assume that they would have rights to use the ph pool in the southwest corner of the complex.

This property has a lot going for it. The MGC will attract a sightly different clientele, where being in a casino is not of major importance. My primary concern from our viewpoint is that even with the new pool that is planned for the GC, it will still be less than needed. I am not as concerned about the Metro Flag property to the west as Perry, but it is still a big unknown.

What I am curious about is how or will the pricing at the ph Towers affect Marriott's pricing of their remaining units.

Perry, can you give us a better feeling for the cost of the units throughout the new towers including location (view and height), size, etc.?

 

[PerryM]

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[PerryM]

Current prices as of 5/28/07

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[GaryDouglas]

Birds eye view...

If a picture is worth a thousand words...

The MGC is directly south of the ph Towers, to the west extreme (just below the P in P H Towers, above). The last time I was at the Grand Chateau (our unit points towords the Cosmopolitan and Bellagio) I watched the shadow cast from the MGC towards the at-that-time empty lot where the ph Towers will be. As I remember, the area where their pool will be located (approximately where the P in P H Towers is, above) was in the shade of the MGC until sometime after noon. Of course, the sun is higher in the summer, so the shadow cast will not be as long then, but in September (close to the equinox), it shaded that area significantly. Just something to be aware of by all you pool and sun lovers out there.

Week 52 is "The Week" to buy in LV. The demand for that week is phenomenal.

Perry, with all your experience, I think you will do well with this purchase, although I preferred the originally stated price of $109,900.

 

[Carolinian]

#1 in the US? Las Vegas has a lot of timeshare, and a lot more being built.
How long before it is like Orlando as to oversupply?

New York on the other hand has huge demand, little supply, and little in the pipeline.

I doubt any Vegas timeshare will ever outdo any NYC timeshare, due to the supply factor.

I would think it unlikely that it will outdo Sanibel, either, and there are probably a few more limited supply/ high demand places that will always be on top.

 

[gmarine]

Westgate is involved? That alone is enough reason to run away.

 

[PerryM]

Why not own a casino?

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[Larry]

I'm predicting #1 since it is a casino! (ok, ok, it sits on top of a ph casino)

That's really all one has to consider - folks come to Vegas, the #1 vacation destination, to visit casinos - why not own one? (ok, ok, just a teeny tiny part of one on the LV Strip)

You will be able to spend 7 days and never have to leave the ph complex. There are fantastic restaurants in the complex, even bargain restaurants like the Cheeseburger In Paradise folks from Maui. You can use 2 ph casinos and even 2 ABC stores so you can buy lots of stuff to make yourself in the kitchen.

Satrwood will be managing the resort, not Westgate.

Just imagine Marriott owners coming to your casino to make the ph casino folks even more rich!

I guess my Jockey club will go up in price as well since it is actually on the strip and will be connected to a casino once the Cosmopolitan is completed. So Planet Hollywood will not be the only timeshare connected to a casino.

Wait my two Pelican units also have a casino on the property and I own week 50 and 51. 51 is not as good as 52 but when xmas comes out just right I actually have a better week than week 52 and I paid almost nothing for it. In addition Royal Resorts is running the Pelican and building brand new units by the marina right next door to my Marina Building Pelican units at around $100,000 as fractional units for 4 weeks at a time.

Looks like in just a couple more years I'll be rich just from buying timeshares on the resale market.

As others have said Perry I usually agree with most everything you have said about timeshare but this time considering everything including Westgate affiliation, Vegas being oversold like Orlando and my strong belief in never buying from the developer I will respectfully disagree.

 

[Spence]

I'm psyched, except for the price and the finance rates, maybe if you tell us what the Founders rate is I'll bite.

You almost had me, 'til you jacked the price up 27%.

$139,900 is the list price. Westgate has a small Founder Inventory that they offered to Westgate owners at their other location Flamingo Bay to upgrade. While that inventory exists it's really a first come first served pricing - but you have to ask for that inventory or they will never quote it.

P.S.
The 4BR sleeps 14 and the 2BR, 1BR, and Studio, that it breaks into, rental for New Year's week will be eye watering to the renters. You can also break it into 4/3 day stays like a Marriott. That 1 4BR can get you to the ph 6 times in a year.

The MF is about $1,100 per year.

 

[PerryM]

I deleted this post

 

[Spence]

I think it's exciting. I could never sink $139,990 into one week of timeshare (although I have sunk somewhere near that into many weeks of timeshare, and what I do with them goes against TUG doctrine) but am wishing you the best of luck in doing so, or whatever percentage of that it cost you. Thanks for sharing, it's much more interesting than someone's blog about driving down I-95 to Orlando (in duplicate).

 

[gmarine]

I'm predicting #1 since it is a casino! (ok, ok, it sits on top of a ph casino)

That's really all one has to consider - folks come to Vegas, the #1 vacation destination, to visit casinos - why not own one? (ok, ok, just a teeny tiny part of one on the LV Strip)

You will be able to spend 7 days and never have to leave the ph complex. There are fantastic restaurants in the complex, even bargain restaurants like the Cheeseburger In Paradise folks from Maui. You can use 2 ph casinos and even 2 ABC stores so you can buy lots of stuff to make yourself in the kitchen.

Satrwood will be managing the resort, not Westgate.

Just imagine Marriott owners coming to your casino to make the ph casino folks even more rich!

OK, so Starwood is going to manage the property. Westgate is still involved, as developer. Bad news for owners.

And how long is the Starwood management contract good for? I would think that at some point Westgate will take over managing the property.

$140,000 for one week a year? You could make $7000 a year by putting that in a CD, much safer investment. If someone was looking to invest that much money in real estate there are much better ways to go about it than investing in a timeshare, especially one where Westgate is involved.

Lets say developer prices increase 30% to $182,000. Then lets assume for a resale you could get 70% of your original price, which is extremely optimistic, almost ridiculous actually, but lets just take that number. At 70% your looking at a sale of 127,400K. Not such a good investment. And 30% may be optimistic given the current real estate market.

From an investment perspective I dont like this at all. I too usually agree with your advice but not on this one. Good luck with it.

 

[MaryH]

Planet Hollywood is my least favourite casino that I stayed at in LV. On inexpensive days, the hotel (and I typically get upgraded to a strip suite due to SPG plat status) can be had for $70-100. I prefer Bellagio or Venetian myself