Vistana Resale vs Developer purchase

What does the agreement say? If they guaranteed people platinum status for life, they have to give it to them. Of course, if they wanted to weasel out of it, they could take away all the perks from SPG plat and make a new higher level (Say Plat+ or Emerald or something) and transfer all the perks to that level for new TS customers and frequent stay hotel guests. I'm not saying they would do that, but they could. Plat wouldn't be worth much without the upgrades.

Michael

StarwoodCanadafan said:

I can't believe they would take away the lifetime Plat. It would cause a riot with Starwood owners.

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Let's see, when SVO originally marketed the SPG Platinum benefit, it identified that benefit as "Platinum for Life." When it removed the elite upgrade benefit, it also changed its description of the SPG Platinum benefit to "Automatic Platinum Preferred Guest Membership" and added this disclaimer:

"Starwood Vacation Network Elite benefits may change at the discretion of the operator."

The only folks still calling this benefit "Platinum for Life" are owners, NOT SVO.

Regarding the long term survivability of this benefit, let's see . . . folks who have this benefit are a small class (fewer than 2000 I'm told), and have already purchased a ton of SVO properties so they are unlikely to purchase any more. Given SVO's sell, sell, sell at all costs mentality, I can't see why SVO would be motivated to keep 5 stars happy once the ink dries on their last developer purchase documents.

Maybe this is a long term deal between SVO and SPG with no recurring costs to SVO to keep it going. If so, THAT is your best insurance (vs. any faith in SVO’s “reputation”) against SVO pulling the plug on this benefit.

Also, I don’t think the 100,000+ other SVO owners who are not 5 star elites will spend much time rallying support for those less than 2000 five stars when/if SVO pulled the plug on this benefit. This forum will be full of lots of folks pointing out the obvious. (Now you folks that were originally promised “Platinum for Life” will still have a legitimate beef (aka claim), but not you folks that signed up under the above noted new SVO language).

StarwoodCanadafan said:

Count me as a strong SVO supporter..

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At one time or another, all of us, shall we say "less than happy" SVO owners that bought from the developer considered ourselves "strong SVO supporters." The only difference between you and us is that YOU haven't been screwed by SVO . . . . yet. The fact that we exist should be your first clue that all is not right with SVO.

Anyone can learn from their own mistakes. A wise person learns from others' mistakes. Be careful.

-nodge

StarwoodCanadafan said:

Thanks again,

I can't believe they would take away the lifetime Plat. It would cause a riot with Starwood owners. I won't believe Starwood would do that.. they are too reputable an organization. I do realize they removed the auto upgrade to larger unit at SVO, but, I expect that was due to logistics of being able to manage inventory, and last minute bookings etc.

Count me as a strong SVO supporter..

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Or, you can stop doing all the math and just go for it. You only live once. If you can afford the pricy luxury purchase, just buy the units and enjoy the PFL for as long as they have it. It doesn't add up financially -- no timeshare does. Even if the sales folks try to tell you it is a bargain. It's just not.

WHo knows, in 15 years, Starwood may be bankrupt the way other 5* hotels have gone under and we will all be in trouble. Their resorts may be in shambles and they may all be taken over by the next "hot company" to come out of the ashes. There is no way to know in this industry. But heck, if I get 15 good years out of my "investment" and get to use those lovely PFL perks for that time, I am not going to regret my "investment."

This discussion of the future of PFL is a little like talking about luxury cars. No one thinks buying a BMW 7 series is a good investment. Never mind that it falls 50% in value the moment you drive it off the lot. But maaaan, it sure is a lovely car to drive and brings their owners years of satisfaction and enjoyment.

Katherine

SDKath said:

WHo knows, in 15 years . . .

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Good points, but the life cycle on changes to the elite program can be measured in weeks and days.

SVO pulled the plug on the elite upgrade benefit weeks and in some cases only a day or two after the ink dried on some of us owners' new developer purchases.

If SVO guaranteed the current level of elite benefits for 15 years, or even 5, it would be better than their current non-guarantee of anything, ever. Given SVO's now well documented "reputation" of pulling benefits only days after ink dries on new purchase documents, should a new purchaser really think of the elite program in terms of years?

-nodge

bizaro86 said:

What does the agreement say? If they guaranteed people platinum status for life, they have to give it to them.

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My agreement says I bought an OF villa. My deeded unit is 3 stacks away from the ocean, overlooking a pool and facing a building. They guaranteed me an OF villa if I called within the home priority booking period.

Their guarantees aren't worth the paper they are written on.

Hmm.. some unhappy people here with SVO...

Hi Nodge and others.

I certainly appreciate your feedback. I guess like many people, I go on good faith. Perhaps you are right, that in some cases, this is naive.

I don't want to believe that SVO would do something intentionally.. though, I can see from your posts that they seem to have already done this to you.

I might ask about the decline in perks recently for Elite... and if I was the last person who posted, I likely would be after some kind of compensation about the Ocean Front vs. Deeded 3 stacks in. With all due repect though, I do know that on some boards, there are people who are unhappy, but present things which aren't completely true because of other self serving reasons. Not to say that is the case here. If it were true though, I would be after restitution.. thats for sure. One problem I guess is that the agreements are so one sided, there is really nothing you can do save sell your units at a dramatic loss.

It seems my question has generated a ton of interest and responses.. and to that end, I remain very thankful to the good and wise people posting here..

Nodge .. are you Elite?

Just wondering if the changes affected you...

Thanks Kath...

I am not after getting Elite at the cheapest possible way.. it has to take into account the value of the properties in resale. This way, at least if something unforseen happens.. ie, change of program or loss of job etc.. there is some kind of an out. Paying $97K and getting 2K out would be a very very bad decision IMO.

SDKath said:

Or, you can stop doing all the math and just go for it. You only live once. If you can afford the pricy luxury purchase, just buy the units and enjoy the PFL for as long as they have it. It doesn't add up financially -- no timeshare does. Even if the sales folks try to tell you it is a bargain. It's just not.

WHo knows, in 15 years, Starwood may be bankrupt the way other 5* hotels have gone under and we will all be in trouble. Their resorts may be in shambles and they may all be taken over by the next "hot company" to come out of the ashes. There is no way to know in this industry. But heck, if I get 15 good years out of my "investment" and get to use those lovely PFL perks for that time, I am not going to regret my "investment."

This discussion of the future of PFL is a little like talking about luxury cars. No one thinks buying a BMW 7 series is a good investment. Never mind that it falls 50% in value the moment you drive it off the lot. But maaaan, it sure is a lovely car to drive and brings thier owners years of satisfaction and enjoyment.

Katherine

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SDKath said:

Or, you can stop doing all the math and just go for it. You only live once. If you can afford the pricy luxury purchase, just buy the units and enjoy the PFL for as long as they have it. It doesn't add up financially -- no timeshare does. Even if the sales folks try to tell you it is a bargain. It's just not.

WHo knows, in 15 years, Starwood may be bankrupt the way other 5* hotels have gone under and we will all be in trouble. Their resorts may be in shambles and they may all be taken over by the next "hot company" to come out of the ashes. There is no way to know in this industry. But heck, if I get 15 good years out of my "investment" and get to use those lovely PFL perks for that time, I am not going to regret my "investment."

This discussion of the future of PFL is a little like talking about luxury cars. No one thinks buying a BMW 7 series is a good investment. Never mind that it falls 50% in value the moment you drive it off the lot. But maaaan, it sure is a lovely car to drive and brings thier owners years of satisfaction and enjoyment.

Katherine

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Wow! I couldn't have said that any better for the exact reason I enjoy timeshares and the risks I take with that.

Brad