Club Intrawest sold to Diamond Resorts

Anyone get this yet??


Dear Member,

Today, Intrawest ULC announced its intention to sell Club Intrawest, its vacation ownership business, to Diamond Resorts International. We anticipate this transaction will be completed in the first quarter of 2016, when we officially become a wholly-owned subsidiary of Diamond Resorts.

Diamond Resorts International® has more than 350 vacation destinations located in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australasia and Africa.

We recognize the value of your Membership, and we want you to rest assured that your Membership is secure and you will continue to enjoy the vacation lifestyle you deserve. Any future confirmed reservations that you have, at any Club Intrawest resort, Interval International resort, or as part of your Extraordinary Escapes Membership, will not be changed and there is no need to call to check the status of your booking. For all new reservations, please continue to book on the Web site or contact Member Services at 1-800-767-2166 as you have before.

We believe becoming part of Diamond Resorts is an important and necessary step in our Club's growth and evolution. We are certain this sale will add value to your Membership. As part of the Diamond Resorts network, we will be at the forefront of our industry, offering you and your family even more choices for unique and memorable vacations.

Thank you for your continued loyalty, passion and commitment. We are excited about our future with Diamond Resorts. We will update you as more details become available. To view today's press release, click here.

See you at the Club,

Trevor Bruno,
President

Yes, just got this and wondering how this will impact us. I've never been to a Diamond resort in all my years of exchanges. They certainly haven't been top-of-mind for me as destinations. I'll definitely have to do some research.

DRI must have some deep money pockets.

pedro47 said:

DRI must have some deep money pockets.

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Diamond is paying only $85 million for the whole thing. Their net earnings last year were $59.4 million and they gave an additional $100 million to stock owners in the form of buy-backs. This year they're giving another 100 million to stock owners. They seem to be doing quit well from a financial point of view.

Maybe I Should Buy Stock.

pedro47 said:

DRI must have some deep money pockets.

Click to expand...

Diamond has caught on that building inventory for sale by moving pieces of paper is quicker, easier, & cheaper than doing it by moving brick & steel & lumber & furniture, etc.

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

I have a hard time imagining that this will result in any additional benefits for the CI Member/Owners except perhaps in higher maintenance fees. Everyone that I know that has DRI wants out. there are many DRI memberships for sale on the Classified here...

While DRI works for my wife and I we would not recommend them to anyone now. One of the other timeshare companies we own with was just purchased by DRI and we have not gotten much information other than DRI has taken over.

I just got rid of my DRI "Monarch grand" by paying DRI $250 to take it back.

Now DRI buys out CI and I'm DRI owner again

Bill4728 said:

I just got rid of my DRI "Monarch grand" by paying DRI $250 to take it back.

Now DRI buys out CI and I'm DRI owner again

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Maybe DRI can now buy back CI points? If so, I'm interested.

CI owners against the sale to Diamond Resorts are organizing. This appear to be serious group with productive ideas.

A facebook page is here
https://www.facebook.com/Club-Intrawest-Members-Against-Sale-967749609930143/

A facebook group is here
https://www.facebook.com/groups/clubintrawestowners/

DanZale2000 said:

CI owners against the sale to Diamond Resorts are organizing. This appear to be serious group with productive ideas.

A facebook page is here
https://www.facebook.com/Club-Intrawest-Members-Against-Sale-967749609930143/

A facebook group is here
https://www.facebook.com/groups/clubintrawestowners/

Click to expand...

I think it is to late. What was the sell date to DRI?

No it most certainly is not too late. The Club's board must approve DRI as the new manager. That vote is January 15.

There are two things going on

First there is nothing anyone can do to stop Intrawest from selling their inventory to DRI AND DRI selling that inventory to the public

Second, Intrawest wants DRI to manage Club Intrawest that isn't something they can just do it does need to be approved by the BOD of the club ((and maybe by the members??)) but since most of the BOD have been hand picked by Intrawest it may go through too.

Bill4728 said:

... but since most of the BOD have been hand picked by Intrawest it may go through too.

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Three of the five board members are Intrawest employees. They will abstain from this vote. The decision is up to the two independent (or perhaps semi-independent) board members.


Edit:
Dear Member,
[snip]
With respect to the transfer of the Management Agreement, the two Independent Directors on the Club Intrawest Board of Directors will be meeting with Diamond to review their proposal. I understand that there is a concern from the Membership that the three Members of the Board that are employees of Intrawest, ULC will also vote with respect to the transfer of the Management Agreement. This is not the case. As Intrawest, ULC is one of the entities involved in this sale, the Board Directors that are employees of Intrawest will abstain from voting. Only the two Independent Directors will be voting with respect to the transfer of the Management Agreement.
Please continue to monitor your email for updated information.
Sincerely,
Trevor Bruno
President
https://www.facebook.com/permalink.php?story_fbid=970528216318949&id=967749609930143

okay I sent it to my brother and a friend who owns CI..

I owned at Powhatan and Greensprings in Williamsburg. Sunterra sold to DRI and my maintenance fees skyrocketed over night (well almost). One year it went up 23% in one big leap. They have nice resorts but you pay for it! When I bought Greensprings my MF was $485 for a 4 br lockout. This year when I deeded it back to DRI it rose to $1600.

Save your Club from Diamond Resorts

A group of almost 300 CI members are trying to call a special meeting of the board, and, if successful, will attempt to vote in some new board members. The Club bylaws permit such an action.

An open letter to all members is posted here:

http://www.cimembersgroup.com/#!be-informed/c192n

Or the PDF file here:

http://media.wix.com/ugd/8c27b5_713dec20a91a469498e45fc22e4f251f.pdf

This is a very interesting thread. I hope people keep posting what happens. Three years ago we went to a DRI presentation. DRI clearly has exceeding deep pockets and seems to want to corner the timeshare market.