Hyatt Drop Prices in Siesta Key

Trotamundo said:

http://sarasota-florida-real-estate.blogspot.com/2009/02/hyatt-cuts-prices-on-siesta-key.html

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I'm not exactly sure when they made the price cut, but I did hear about in mid-December. They had price drops on all the units - ranged from 19% to 50%. But 50% of $750,000 is still more than I have in my check book.

I hadn't seen Hyatt with a graduated sales price schedule like they're using here. They have 5 price points for each type of unit - the earliest units sold have the lowest price and as they gradually sell out the prices increase. It sounds like their attempt at a double is working better than their earlier swings at a home run as they've generated interest and sales with the price reduction.

I hope they sell them all as I'm looking forward to SK coming on line.

Referring to the recent price drop, does anyone have the new price matrix and annual dues for the Hyatt Siesta Key?

I think the graduated pricing you refer to is simply based on what floor it's on.

sullco said:

I think the graduated pricing you refer to is simply based on what floor it's on.

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While Hyatt does have a price adjustments per floor at other properties - this price structure is set up to entice people to buy sooner rather that later. Here's an example of the prices for a Deluxe (2 bd, den & study) Winter package (4 fixed & 2 floating weeks).

I would be upset....

Trotamundo said:

http://sarasota-florida-real-estate.blogspot.com/2009/02/hyatt-cuts-prices-on-siesta-key.html

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....if I followed the hype and purchased early. Do those first owners get a refund?

-TJ

Just curious...

bdh said:

While Hyatt does have a price adjustments per floor at other properties - this price structure is set up to entice people to buy sooner rather that later. Here's an example of the prices for a Deluxe (2 bd, den & study) Winter package (4 fixed & 2 floating weeks).

# of Sales​

Adjusted Price​

1-3​

$345,000​

4-6​

$351,900​

7-9​

$358,900​

10-12​

$366,000​

13-15​

$373,300​

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Not that I am looking to buy, BUT I'm curious...is Siesta Key a 75-year "right to use" or a deeded ownership resort?

-TJ

Yes, the early buyers at Siesta Key got their contracts rewritten and benefited from the price adjustment. Hyatt is not stupid. Keep in mind that Hyatt also has partners in all their deals--this partner, Triton Companies, uses HVC as its marketing and sales agent and management company. At least they are listening to HVC and doing the right thing.

This is not an easy time to be launching a luxury project--as if you didn't know--and they are the only project coming out of the ground in the Sarasota area. That isn't necessarily a good thing, of course. But, it's hard to deny that fractionals will continue to make more sense to high end buyers with reduced resources than whole ownership in vacation destinations.

It is fee simple ownership.

The Hyatt VC sales people at Coconut Plantation made the following reference to Siesta Key sales:

"...we vacuumed a ton of money from the wallets of Siesta Key purchasers".

That's unfortunate that HVC salespeople would say something like that--I believe that it speaks to a reduction in the Hyatt culture at Coconut Plantation. I heard about the rollback of prices to the early buyers direct from the horse's mouth at Siesta Key, so it is true.

Let's keep in mind that CP's joint venture partner is the now bankrupt WCI; the salespeople there are struggling big time and I am sure that cynicism is rampant among them, and that HVC is having trouble attracting quality people to work for them there. This despite the fact that it is a nice property.

Oddly, that statement was made at the owner's meeting so it wasn't a private conversation. The person making the statement is very senior and has been with Hyatt for at least 8 years. She's obviously holding her own or she would have been out the door long ago.

Also, the current Coconut Plantation Resort Manager is the resort manager at Siesta Key. He is relocating to Siesta Key this week in preparation for opening of the resort in June 2009.

In the past 10 days I had several conversations with the sales manager at CP and was very impressed with her. Her comments about Siesta Key were specific - that if you wanted to be guaranteed a week there (like anywhere), you would have to buy there> Also that Siesta Key was selling by fractions and she was gracious about referring me to Siesta Key if that is what I wanted. She then made the extra effort to show me how to use my points effectively in the system. Everyone I have met at CP has been super friendly and accommodating. The comment about not having quality people there was uninformed.

I don't know why a seasoned, customer-centric sales person (or manager) would say that Hyatt vacuumed money from customers at Siesta Key--unless it was simply a lighthearted throw away comment that referred to the expense of the Residence Club in general.

Let's assume that that's what it was.

Her comment was indeed stunning, but when an owner's meeting is conducted by the Sales Manager this forum provides an opportunity to sell units. The attendees are in a favored status because having already purchased a unit each person has demonstrated their interest in the Hyatt program. Her comment was not a flip statement but it was followed-up with the sales push to buy inexpensive points and use them at a very high-end resort.

Remember a key component in sales is to "raise and level" a potential customer to closing the deal. Her statement could be a form of "leveling" by indicating there is no need to have Hyatt "vacuum" lots of money from your wallet when you can buy points at a lower cost. Those points could then be used to stay at Siesta Key. WINNER, WINNER! Now let me show you some very attractive inventory!

In some ways I applaud her aggressiveness and stating something that was obvious. Paying >$350,000 for a time share is just a bit beyond my budget.

Actually Kal, that's worse than saying Hyatt Siesta Key vacuumed money--the likelihood of getting into Siesta Key with anything other than ownership there or at a similar Hyatt Residence Club seems very low. Coconut Plantation is very nice, but it doesn't compare to Residence Clubs.

But salespeople are salespeople, I guess.

sullco said:

--the likelihood of getting into Siesta Key with anything other than ownership there or at a similar Hyatt Residence Club seems very low...

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Huh?? But that's EXACTLY how the program works. Points are points and they can be used at any Hyatt Vacation Club resort or Residence Club unit. The fact that one person paid $50 per point while another paid $7 per point is just a business decision. I like just about every other Hyatt owner would use inexpensive points in a heartbeat to stay at one of the high-end Hyatt properties.

The only real problem is Residence Club owners get the prime weeks they purchased while other HV Club owners get the marginal weeks and pray for a prime week. Step up and pay $50 per point and no prayers are needed.

That's exactly how it works IF someone gives up the time. When someone pays a quarter mil for their time in Siesta Key, they are not going to be giving it up--and they are going to be renting unused time.

People will buy SK for the beach location--they will be fanatics. There won't be much usage by other HVC owners. My opinion.

Timeshare got its bad rep by overstating what an owner can reasonably expect to do. If CP reps are implying that a CP owner can trade up easily to SK because "that's EXACTLY how the program works", they are glossing over reality.

sullco said:

That's exactly how it works IF someone gives up the time. When someone pays a quarter mil for their time in Siesta Key, they are not going to be giving it up--and they are going to be renting unused time.

People will buy SK for the beach location--they will be fanatics. There won't be much usage by other HVC owners. My opinion.

Timeshare got its bad rep by overstating what an owner can reasonably expect to do. If CP reps are implying that a CP owner can trade up easily to SK because "that's EXACTLY how the program works", they are glossing over reality.

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I think the SK buyers will use their owned weeks when SK comes on line - but due to the number of weeks & owners and as the "new car" smell starts to diminish in time, non-SK HVC members will have access to SK.

I couldn't imagine any of the fractional ski week owners giving up their deeded prime weeks - but they do.

Don't forget an owner at SK will have not only the prime week set but also the floating weeks. Those owners will almost certainly use the points associated with those floating week points to stay at other Hyatt resorts, or Hyatt Regency hotels. Yes, they could rent those floaters, but then they would not have access to the Vacation Club properties.

Kal, Of course that's true, but I am focusing on the peak winter snowbird weeks--I am biased, but I have spent most of my summers in the Northeast and about three in Florida. Personally it would take a lot to convince me to go to Siesta Key in the summer.

I would not spend HVC points to go to Florida in the summer.That's just me.

Finally, anyone making a HVC purchase anywhere based on a sales rep waving the "upgrade to SK " in front of them is simply---well--wrong. And so is the rep for doing it.

Icing on the Cake

Interesting discussion. Remember, low cost HVC points from Sedona, as an example have worked in the Colorado resorts. Granted, the holiday periods are slim, but overall, the saleswoman was correct. Points are points, period. There is a fine line on the sales table between presenting theory and practice. Having been on both sides of the equation, my advice has always been to buy where you wouldn't mind vacationing, and, any exchanges into the fractionals would add icing on the cake.