Hilton Club offers to buy back

ccwu · Aug 5, 2014

I recently got an offer from Hilton to buy back my Hilton Club remaining interest. Their offer is about 90% the original purchase price perorated the remaining life of the lease agreement to the total life of the lease. I wonder if any of the other Hilton Club owner got the offer?

holdaer · Aug 5, 2014

Are you talking about The Hilton Club - New York? If so, I think HGVC is looking to buy back these lease agreements to expand regular TS inventory in New York. I could be misinformed but it does make sense based on HGVC TS model to leverage current assets.

BCIRIS · Aug 5, 2014

I hope they are making these offers to all Hilton Club New York owners. My in-laws own there and want to sell.

ccwu · Aug 5, 2014

Contact Judi Kozlowski. Judi contacted me to give me Hilton's offer. I bought the resale from her. I went to a Hilton Club presentation, they offered me the original price if I wanted to upgrade to deed (perpetual).

ccwu · Aug 5, 2014

holdaer said:
Are you talking about The Hilton Club - New York? If so, I think HGVC is looking to buy back these lease agreements to expand regular TS inventory in New York. I could be misinformed but it does make sense based on HGVC TS model to leverage current assets.

Yes. Hilton Club NY at Avenue of America and 53rd Street. Not the 57th street one. The 57th Street points can not book Hilton club NY, but Hilton Club can book 57th street and any other HGVC resort.

ccwu · Aug 5, 2014

holdaer said:
Are you talking about The Hilton Club - New York? If so, I think HGVC is looking to buy back these lease agreements to expand regular TS inventory in New York. I could be misinformed but it does make sense based on HGVC TS model to leverage current assets.

I went for a presentation. The Hilton Club said they are separate from HGVC. HGVC points and 57th street NY points can not be used here to make reservation. I have to pay fees for Hilton Club membership fee on top of HGVC club membership. They are going to expand, but the reservation or usage is restricted to Hilton Club owners only as they are now.

Sandy VDH · Aug 5, 2014

They are adding 1 or 2 additional floors of rooms. They are converting the RTU to Full Deeded ownership. I was just there 5 weeks ago and spoke to the lounge angels about the construction noise and such.

LondonAndy · Aug 8, 2014

I got an e-mail from HGVC a couple of days ago. It is about three times the amount we paid in the resale market about four years ago. I think that we'll hang on to it regardless......

We have noticed that you have not been using your points. If you are considering selling your timeshare interval, please be advised that HGVC has a new option that may be of interest to you. This option is called Cancel Partial Refund.

With this option we can cancel your contract, and mail you a check for $19,700.00 NET to you within approximately ten to twelve weeks from the day you decide to execute this option. This is a very quick and easy option with virtually no waiting time. Although you will no longer be a member of HGVC you will be able to keep your HHonors membership according to their terms of use and at the tier that you have earned directly with HHonors. Please keep in mind that this offer is subject to change and is not guaranteed for a future date. If you are interested in this option, please contact us as soon as possible.

Best regards,

Resale Department
Hilton Grand Vacations
6355 Metrowest Blvd, Suite 180
Orlando, FL 32835
800-579-6129 or 407-722-3721
407-722-3720 Fax
resale@hgvc.com

vacationhopeful · Aug 8, 2014

LondonAndy said:
I got an e-mail from HGVC a couple of days ago. It is about three times the amount we paid in the resale market about four years ago. I think that we'll hang on to it regardless......

TAKE THE MONEY AND RUN!!!! The right to use expires and your value becomes ZERO. And where else would you have gotten TRIPLE in 4 years the money YOU SUNK into this timeshare.

Of course, if you end up pay taxes on the $$$ in your home country and the US, that does sort of take a chunk of $$$ away. But no more MFs.

Click to expand...

Omne · Aug 13, 2014

Upon further reflection, I've removed my post due to a confidentiality clause in the agreement HCNY sent me.

hvacrsteve · Aug 28, 2014

I took the money!

Pretty amazed by the offer I received!
I never expected to sell it for gain, so it is RTU so I decided I would like my freedom back to go other places we haven't been in a while and we also have another getaway we didn't have before.
I was seeing .80 a point and I just expected it to go down from there.
I love NY and I have fond memories from the Hilton Club.

I don't get to complain about the coffee but until the end of the year!

So I am very happy with the club and maybe I will visit it as a non member!

:wave:

Seth Nock · Aug 30, 2014

Yes, I can help you sell your units back to Hilton if you want to.

JackieC2 · Sep 27, 2014

I was offered $13,000 for 7000 points a few months ago. I refused. This week got an offer for $23,000 by email. Wonder if they will give me another offer for more.

I will lose my diamond status unless I buy another timeshare from HGVC which will cost way more than $23K.

However with the $23K plus not having to pay $2K each year for maintenance, I can buy lounge access for lots of nights at the hotel and will still be Gold.

PigsDad · Sep 27, 2014

JackieC2 said:
I will lose my diamond status unless I buy another timeshare from HGVC which will cost way more than $23K.

If you really want Diamond HHonors status, you can get the Amex Surpass card. With a minimum spend per year, you are given Diamond status.

Kurt

New Englander15 · Jan 24, 2015

We took the buy back offer

However, that was in November. The 6-8 weeks to receive our check is now at eleven weeks and Hilton is forecasting at least until the end of February or into March. That sixteen weeks and no check from the resale. In email and phone conversations they attribute the delay to a slowdown in the office where the deed is registered.

Are any other sellers experiencing this kind of delay in receiving funds? I am beginning to wonder. Have we been scammed?

steve@tug · Jan 24, 2015

I also got the offer and accepted it. I do not think it is a scam, since it came directly from HGVC corporate. I do recall that when I bought the NY Hilton Club as a re-sale, it took months to complete, so I am not surprised that it is taking this long.

New Englander15 · Jan 24, 2015

Thanks

Thanks for your reply, Steve, it is reassuring. Anyone else experiencing these delays?

piyooshj · Jan 25, 2015

It looks like super nice deal for those wanting to get out. I wonder why is hilton paying so high? Has ROFR for hcny being invoked for resales?

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steve@tug · Jan 28, 2015

I think it is a question of inventory. They bought the two floors that the club had only leased and one additional floor, but they would like to be able to sell new memberships on all three floors. In order to do so, they have to buy back the RTU contracts on a pro-rata basis and then they can re-sell them at much higher prices. I elected to take the offer, but I admit that I will miss the Hilton Club. We loved staying there and we thought our cost was very reasonable compared to renting a comparable unit with similar amenities. On the other hand, the cash will buy us a lot of nights in NYC.

pedro47 · Jan 29, 2015

piyooshj said:
It looks like super nice deal for those wanting to get out. I wonder why is hilton paying so high? Has ROFR for hcny being invoked for resales?

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Take the money and run as fast as you can.

steve@tug · Jan 29, 2015

Yes, they do invoke ROFR for the HCNY. My re-sale purchases needed to pass muster and that was before the club decided to buy rather than lease the floors in the Hilton Hotel, which is the reason they are now buying back RTU contracts.
I disagree with Pedro47--it is not a no-brainer to "take the money and run" IF you always use the club to stay in NYC and you prefer that level of accommodation. Given my age and health situation, for me, the decision was clear, but if I had a reasonable expectation to use the club for another 20 years, I would have kept one of the contracts.

brp · Jan 30, 2015

steve@tug said:
Yes, they do invoke ROFR for the HCNY. My re-sale purchases needed to pass muster and that was before the club decided to buy rather than lease the floors in the Hilton Hotel, which is the reason they are now buying back RTU contracts.
I disagree with Pedro47--it is not a no-brainer to "take the money and run" IF you always use the club to stay in NYC and you prefer that level of accommodation. Given my age and health situation, for me, the decision was clear, but if I had a reasonable expectation to use the club for another 20 years, I would have kept one of the contracts.

For us, we still wanted New York, but selling was still the right idea. We bought W. 57th and sold this. We hadn't though so at first, but now feel that W. 57th is a substantially higher quality experience. Much less crowded, significantly better lounge experience, same basic location.

We paid more, quite a bit more, in fact. But W. 57th is deeded and appreciating in value, so we'll likely make money when we finally sell but, at least, get it all back. This would not have happened at HCNY, of course.

So, one can take the money, run, and still have the HGVC quality experience in New York, albeit at higher up-front cost.

Cheers.

steve@tug · Feb 1, 2015

You clearly made the correct decision for your circumstances, but for me, W. 57th is beyond my budget, so that is not an option. I more than doubled my money by selling back my HCNY contracts, which was very nice, but keeping them could have made economic sense to me if it were not for the fact that I have almost no chance to use much more of the membership, given my cancer diagnosis. I think that the decision to sell (or trade) is a personal one based on one's individual circumstances, which is why is disagree with a blanket "take the money and run" statement, which presumes that the ownership has less value than the amount gained by selling the membership back. For some people, it clearly is but not for everyone.

hurnik · Feb 1, 2015

steve@tug said:
You clearly made the correct decision for your circumstances, but for me, W. 57th is beyond my budget, so that is not an option. I more than doubled my money by selling back my HCNY contracts, which was very nice, but keeping them could have made economic sense to me if it were not for the fact that I have almost no chance to use much more of the membership, given my cancer diagnosis. I think that the decision to sell (or trade) is a personal one based on one's individual circumstances, which is why is disagree with a blanket "take the money and run" statement, which presumes that the ownership has less value than the amount gained by selling the membership back. For some people, it clearly is but not for everyone.

Sorry to hear about your diagnosis, I truly hope you have a speedy trek back to health! (My mom just finished her regular chemo with Stage 4 Colon Cancer, so she's No Evidence of Disease, on maint. therapy now).

--Kevin

steve@tug · Feb 9, 2015

I got my money today! No worries!

Hilton Club offers to buy back

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