# HYATT  Siesta Key,Florida getting built NOW



## Carmel85 (Jan 17, 2008)

Hyatt resort to replace Sea Castle

The OLD building just got torn down!

Hyatt resort to replace Sea Castle --
The former Sea Castle motel has been demolished, and construction will start in the spring on a new resort property.

The Hyatt Siesta Key Beach resort at 1002 Seaside Drive will front 300 linear feet of Crescent Beach, named last spring among the nation's top 10 beaches, according to Larry Shulman, senior vice president for Hyatt Vacation Ownership, Inc., a wholly-owned subsidiary of the Global Hyatt Corp.

"We think this is an extraordinarily unique situation, fantastic beach, beautiful water, sunsets, and you're a stone's throw from the culture available in Sarasota," Shulman said.

The company expects interest from local buyers who might enjoy trading ownership rights for access to other Hyatt residence club resorts or hotels, Shulman said.

"We have every reason to believe through an early survey we've done (that) they'll be a very significant local contingent of owners more likely to purchase in summertime rather than wintertime," he said.

The resort will offer 44 furnished residences, 1,600-2,600 square feet, with privileges at an adjoining beach club. The units will cost from $200,000 to $750,000.

The Hyatt Siesta Key will offer some hotel-like amenities, like valet parking, full-time front desk, concierge, pool, fitness center, locker room and spa and massage treatment rooms.

Occupancy is planned for 2009.

The first phase of the project will include 11 units to be sold as "fractional ownership" residences.

Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership, in this case one-eighth of the unit, with shared-use privileges. It eliminates the expense and hassle of a wholly-owned vacation residence, developers said.

"Effectively, there'll be eight owners of each residence," explained Shulman of the resort. Hyatt has similar properties nationwide in places like Bonita Springs, Aspen, Beaver Creek and Breckenridge, Colo., and Lake Tahoe, Nev. Global Hyatt Corp. also is developing one at Fifth Avenue in New York    City.


----------



## cookinmamma (Jan 17, 2008)

Carmel85 said:


> Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership, in this case one-eighth of the unit, with shared-use privileges. It eliminates the expense and hassle of a wholly-owned vacation residence, developers said.
> 
> "Effectively, there'll be eight owners of each residence," explained Shulman of the resort. Hyatt has similar properties nationwide in places like Bonita Springs, Aspen, Beaver Creek and Breckenridge, Colo., and Lake Tahoe, Nev. Global Hyatt Corp. also is developing one at Fifth Avenue in New York    City.



Great!! But it seems to me that the Million Dollar Question is whether & how these fractional ownership "Residence Club" units will be accessible to us ordinary HVC owners.  (I'll be asking the reps when we are in Carmel in March!)  I'm hoping they will be defined as "Component Resorts" Or "Club Resorts" or "Affiliate Resorts" so HVC members can use them under the rules!!  And am hoping for news of Hawaii too....


----------



## mesamirage (Jan 17, 2008)

I speculate that they are... because many of these new resorts like Beaver Creek, New York, Northstar, etc... are being sold with a Peak week + 10 floating days.... but those still have points associated with them that allows the High $$$ owner to have access to all the Hyatts VC's. Hyatt uses access to our lower class units (just kidding) as an option for the big spenders to visit.

Will Siesta Keys be this same way? I think so since there are peak and non peak weeks in Florida... now I don't know how Hawaii will be setup... since I think every week there will be a peak week (2200 points). I think its a time to build up a few more points in Hyatt if you can afford it, and if Hyatt is right for you.

We think that 4400 points is a good level if your a big traveller and like the Hyatt product (we sold our Starwood timeshares to pick up additional Hyatt points)... In my opinion I think Hyatt resale values will go up as these additional High end Hyatts come online. I not sure how I see the pathetic housing market in the US effecting Timeshare resales over the next few years... I'm more concerned that Hyatt may decide to not build as many projects during the next couple years.

Opinions??


----------



## Carmel85 (Jan 17, 2008)

mesamirage said:


> I speculate that they are... because many of these new resorts like Beaver Creek, New York, Northstar, etc... are being sold with a Peak week + 10 floating days.... but those still have points associated with them that allows the High $$$ owner to have access to all the Hyatts VC's. Hyatt uses access to our lower class units (just kidding) as an option for the big spenders to visit.
> 
> Will Siesta Keys be this same way? I think so since there are peak and non peak weeks in Florida... now I don't know how Hawaii will be setup... since I think every week there will be a peak week (2200 points). I think its a time to build up a few more points in Hyatt if you can afford it, and if Hyatt is right for you.
> 
> ...



mesamirage,

I agree you on all fronts. I would like to buy a few more points also and I think the 4400 level is perfect for one family.

In regards to if Hyatt builds or not remember Hyatt take on partners like Siesta Key and Northstar so there is NOT a lot of risk for hyatt because they make it on sales and management of the resort for years and years to com.

Im not sure if you have seen but the Ritz at Northstar is having a big party tent out here in Pebble Beach,Ca for the big golf tournament coming up in Early February great marketing plan...Where is Hyatt????

Also on the Southshore of Lake Tahoe across the street from the Marriott the new condos are starting to be sold at 700k 1 bed 1.3m 2bed and 3bed 1.9m this is full ownership...Many new developments coming on line late 2008 and 2009 in Tahoe.


----------



## mesamirage (Jan 17, 2008)

Not to be optimistic just because I own multiple weeks... but don't you think with the cost of ownership going up everywhere combined with Hyatt bringing more great locations online PLUS almost all the new locations are high high $$$... elite status really... that the exisiting Hyatt timeshare resales will start to tick up in value??  It may take 3, 4, or 5+ years but at some point (unless they screw up our ownership with overpriced MFs) I think we will start to see a move up in the resale prices of Hyatt VC's.  I didn't buy as an investment and don't pretend to believe that a timeshare is.... my may point is I think these next couple years may be the best time to pick up extra point weeks before prices trend up.


----------



## cookinmamma (Jan 17, 2008)

mesamirage said:


> We think that 4400 points is a good level if your a big traveller and like the Hyatt product



So far (being an owner for all of a couple months) I LOVE the Hyatt product, and can't wait to start maximizing use of our points.  But I'm not sure yet about the value.  We were just in Kauai and rented a fabulous 2BR oceanfront condo for $330/nt Christmas/NY week ($2300).  Owning 4400 points would mean spending at least another $15-20K, plus maintenance fees of at least $2000 - $3000/year.... Assuming I could afford it, would I get my monies worth?  

About how many weeks do you get out of your 4400 points, Mesa?


----------



## mesamirage (Jan 17, 2008)

We have just built up to 4400 points, 4580 to be exact, and because the last unit we purchased is an EOY 1400 point unit in Sedona we will have the 4580 points only on odd years... which we feel is going to work better for us... I work in the Tech sector and we get an 8 week sabbatical every 7 years and I'm overdue, so we will "have" to take 8 weeks off either this year or next. So we hope we have aligned ourselves with point amounts that we can realistically use.

Last year for an example we stayed in Hyatt VC's 28 nights.

Dec 31st- Jan 2nd *2* nights at *Hyatt Pinon Pointe* in Sedona for New Years
March 11th- March 15th *4* nights Spring Break at *Hyatt Highlands Inn* in Carmel, CA
May 29th thru June 2nd *4* nights at *Hyatt High Sierra Lodge* at Lake Tahoe for Memorial Day week
Oct 27th thru Nov 3rd *7x2=14 *nights (friends family and stayed also at the same time) at *Residences at Park Hyatt Beaver Creek* in Beaver Creek, Colorado... 3 bedroom
Nov 3-7th (I think) PLUS *4* additional nights (also 3 bedroom) at *Hyatt Aspen*


Whatever those points add up too but I think we did all that with only 1880 points since I think we had sold our other Beach House at that point (later to rebuy only a few months back)

So really 4 weeks with 1880 points... however I think going forward we anticipate that the weeks will cost more points... so even 4580 total points may still only mean 4-5 weeks worth of Hyatt time, but full weeks instead of midweek stays like we have done when it makes sense.

I do think you have to be careful to not purchase more time than you can realistically use since the value part of resale timeshares starts to drop off if your unable to use the weeks in a way that really is a good vacation.

My out is that we have rented many times successfully and I have that "reputation" at work (6000 employees) as the "Timeshare" guy... who knows how to get good vacations at good prices... so I rent out to co-workers as well. Thats why I'm excited about Oceanside if it comes online for Hyatt... since it would be another Hyatt withing decent driving distance... so we can go for short stays or I could rent 4 night midweeks (best profit) to coworkers.


----------



## Pit (Jan 17, 2008)

> ... Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership ...



:hysterical:


----------



## Kal (Jan 18, 2008)

The entire Hyatt program is based on deeded (or RTU) ownership of a specific week and a specific unit.  Except for the purchase price and the owned period, there's no difference between fractional ownership and timeshare ownership.


----------



## ral (Jan 21, 2008)

*Siesta Key*

Any word as to when sales will begin? Will Hyatt owners have an opportunity to purchase before the general public?


----------



## Carmel85 (Jan 21, 2008)

ral said:


> Any word as to when sales will begin? Will Hyatt owners have an opportunity to purchase before the general public?




Im not sure but I would think Hyatt owners would have a early shot at this resort. Northstar in Lake Tahoe Hyatt owners hot a couple of weeks notice before the general public and some hyatt owners bought already at Northstar.
I would thnk sales would begin in summer or fall but you never know with Hyatt they might open it up even sooner.


----------



## Carmel85 (Jan 22, 2008)

ral said:


> Any word as to when sales will begin? Will Hyatt owners have an opportunity to purchase before the general public?




Hyatt is going to start selling Siesta Key next month. I will get the prices very soon.


----------



## bdh (Jan 24, 2008)

> Hyatt is going to start selling Siesta Key next month. I will get the prices very soon.



They will be selling 2 types of packages - a winter package and a summer package.  Winter is an 1/8 fractional containing 4 fixed and 2 float weeks.  Summer is a 1/16 fractional with 2 fixed and 1 float week.  Depending on the unit size, prices for a winter package is $395K - $695K, summer price range is $140K - $310K. The float weeks are 18-21 and 34-49.  

Sounds like there will be 2 bd std unit, 2bd with studio and 2 bd studio and den - it seems they are not calling them 3 and 4 bd units as the "studio" and "den" are interior "sleeping" rooms that do not have windows.  The smallest winter package (2 bd std) will contain over 11,000 points - that some serious traveling.  

While this is a residence club property, it will still trade within the HVC and works on the same season (diamond. platinum, gold) and point values (2200, 2000 and 1880) that the Hyatt TS program is based on.


----------



## jjlovecub (Jan 24, 2008)

bdh said:


> They will be selling 2 types of packages - a winter package and a summer package.  Winter is an 1/8 fractional containing 4 fixed and 2 float weeks.  Summer is a 1/16 fractional with 2 fixed and 1 float week.  Depending on the unit size, prices for a winter package is $395K - $695K, summer price range is $140K - $310K. The float weeks are 18-21 and 34-49.
> 
> Sounds like there will be 2 bd std unit, 2bd with studio and 2 bd studio and den - it seems they are not calling them 3 and 4 bd units as the "studio" and "den" are interior "sleeping" rooms that do not have windows.  The smallest winter package (2 bd std) will contain over 11,000 points - that some serious traveling.
> 
> While this is a residence club property, it will still trade within the HVC and works on the same season (diamond. platinum, gold) and point values (2200, 2000 and 1880) that the Hyatt TS program is based on.



Why would the winter units cost more then the summer units at a beach resort? Or am I just not reading your post correctly?


----------



## seatrout (Jan 24, 2008)

jjlovecub said:


> Why would the winter units cost more then the summer units at a beach resort? Or am I just not reading your post correctly?




Summer = huricaine

Winter = 75 degrees while the rest of the US is frozen


----------



## Carmel85 (Jan 24, 2008)

NOT all units will have a ocean view. You cant even pay more and get a ocean view unit ever year.  Hyatt I feel is making a big mistake, Hyatt should charge more and then you get a ocean view every year.


----------



## jjlovecub (Jan 25, 2008)

seatrout said:


> Summer = huricaine
> 
> Winter = 75 degrees while the rest of the US is frozen



That is ridiculous. I live here. Hurricane "peak season" is September and October. The temperature most of the year is in the high 80s to 90s. Today - in January it is 48 degrees. Now granted that isn't all the time but it isn't beach weather those times either. Spend less - you'll be happier.


----------



## seatrout (Jan 25, 2008)

Yes, I agree with you on that.  We go to FL almost every summer in July.
I find the water too cold during the "peak" season to swim. 
I have a beach house in Galveston, Eventhough July/august is not peak huricaine season- historically  we can get huricaine at this time.

But for lack of choice-  There are many beach to choose from in the Summer-
The weather in the North are also quite beautiful as well.

In the winter, southern FL is one of the few place in the continental US that you can wear a bikini.

IMHO- to really swim- you need to head near the equator-- ie costa rica
even Hawaii is kind of cold in Dec/Jan to swim

I was down there last xmas-*Does the water ever turn BLUE *as in the picture ?? What is so special about Siesta Keys that would command such price  ?? compared to say Palm Beach (Atlantic side where the water is bluer)

Triet


----------



## Kal (Jan 25, 2008)

jjlovecub said:


> Why would the winter units cost more then the summer units at a beach resort? Or am I just not reading your post correctly?


 
Humidity, bugs and hot sun with no breeze in the summer.


----------



## seatrout (Jan 25, 2008)

yes, there are bugs in the Summer in Texas.
       Is there bugs in the Siesta Keys and key west as well in the Summer ??

In the Atlantic side, there is usually good breeze and few bugs in the summer.


----------



## jjlovecub (Jan 25, 2008)

seatrout said:


> Yes, I agree with you on that.  We go to FL almost every summer in July.
> I find the water too cold during the "peak" season to swim.
> I have a beach house in Galveston, Eventhough July/august is not peak huricaine season- historically  we can get huricaine at this time.
> 
> ...



Blue water??? Not here. The sand is what most people and my wife say. It is often like powder. For me, I'm not so much a beach person but I think those pictures of blue water have a little food coloring in them.


----------



## Carmel85 (Jan 25, 2008)

YIKES BUGS!!!   At least here in Carmel Highlands we have no bugs except for the whales traveling to Mexico in the  pacific ocean.


----------



## mesamirage (Jan 25, 2008)

There are no bugs in Carmel because the CANT AFFORD TO LIVE THERE!!


----------



## seatrout (Jan 25, 2008)

jjlovecub said:


> Blue water??? Not here. The sand is what most people and my wife say. It is often like powder. For me, I'm not so much a beach person but I think those pictures of blue water have a little food coloring in them.




hum-- that's what I thought.  I asked several people why the water don't look like the picture.  i think if you put a polarized lens and wear a polarized sunglass -- then it look bluer. but I think they photoshop the picture

Personally, I don't like the powder sand-  hard to  clean off.  The best sand is the black sand in hawaii-  It is real big and easily clean off.


----------



## normalrog (Jan 25, 2008)

*Oh oh - Calini right next door?*

I traded into Calini for December 2008, sounds like the relaxing sound of construction next door...


----------



## Carmel85 (Jan 25, 2008)

mesamirage said:


> There are no bugs in Carmel because the CANT AFFORD TO LIVE THERE!!




VERY TRUE!!!  But now is the time to buy a home, there are deals out here in Carmel big time.

Just think you can rent a vacation homes in Carmel for 7-8k per month fully furnished 3bed/2 bath in Downtown Carmel.  yes they really rent for that much


----------



## Pit (Feb 10, 2008)

*Construction Photos*

Well, that may be exaggerating, but here is the dirt on Siesta (literally). Note Calini in the background of Pic #1.

Pic #1
Pic #2
Pic #3


----------



## mesamirage (Feb 10, 2008)

Nice!! Thanks for the post.... Beach looks fantastic!


----------



## Carmel85 (Feb 10, 2008)

THANK YOU FOR THE UPDATE!!!!

Love that pool shot  Pic#2 I hear if they didn't have that pool already in the ground the city would have made Hyatt put it not on the oceanside but on the city/street side of the building that would have sucked BIG time.


I sure hope some of you came out to Carmel this past week what a golf tournament and EXCELLENT weather since we had RAIN all of January


----------



## jjlovecub (Feb 11, 2008)

Ok so I hate the beach but I checked out the Hyatt area yesterday. If I had the $$ and loved the beach - the location is perfect!


----------



## Carmel85 (Feb 11, 2008)

jjlovecub said:


> Ok so I hate the beach but I checked out the Hyatt area yesterday. If I had the $$ and loved the beach - the location is perfect!




Thanks for letting us know that the location is great. I was a little worried about the neighborhood with some really old buildings and new buildings mixed in. Some of us live out on the West Coast so we love it when other tell us what they think about the property.


----------



## mesamirage (Feb 12, 2008)

Carmel,

You know your going to have to venture away from the West Coast at some point in your life right??  Didn't you say the furthest East you have every gone was some slot machine in a Casino in Reno?


----------



## Carmel85 (Feb 12, 2008)

mesamirage said:


> Carmel,
> 
> You know your going to have to venture away from the West Coast at some point in your life right??  Didn't you say the furthest East you have every gone was some slot machine in a Casino in Reno?




Actually the furthest i went was about 15 miles East of RENO and the Resort was excellent and had great Hot Tubs!  If you would like the name of the resort just send me a PM Im sure I can get you HOOKED up.


----------



## Kal (Feb 15, 2008)

Carmel85 said:


> THANK YOU FOR THE UPDATE!!!!
> 
> Love that pool shot Pic#2 I hear if they didn't have that pool already in the ground the city would have made Hyatt put it not on the oceanside but on the city/street side of the building that would have sucked BIG time....


 
You are absolutely correct.  The grandfathered pool is a HUGE advantage.  No body else can install a pool like that.  Hyatt is extremely pleased with the way this property is working out.  Construction is on a very fast track and it will open quickly.


----------



## Carmel85 (Feb 16, 2008)

Kal said:


> You are absolutely correct.  The grandfathered pool is a HUGE advantage.  No body else can install a pool like that.  Hyatt is extremely pleased with the way this property is working out.  Construction is on a very fast track and it will open quickly.




Love that POOL. Just like in Carmel Hyatt could never get a permit to build a new Hotel or Timeshare in the Carmel Highlands Inn.

Lets hope Hyatt gets this build soon Hyatt got this moving right along. Much quicker in FL then in California.

I do hope we all start finding out about a Hyatt resort in the mountians above NYC something is cooking let put our feelers out.

I wish HYATT would also get moving on HAWAII they are really late in the game over there.


----------



## Kal (Feb 16, 2008)

Carmel85 said:


> ...I do hope we all start finding out about a Hyatt resort in the mountians above NYC something is cooking let put our feelers out...


 
OMG do you think that's the place where "Dirty Dancing" was filmed!!!!  Nobody puts Baby in the corner.


----------



## london (Feb 16, 2008)

*Investment vs ROI*

At the developer pricing, will the investment be worthwhile?

Would renting be a better option? 395K at 5% per annum is 20K per year in interest only.

Something to think about.


----------



## Carmel85 (Feb 16, 2008)

Kal said:


> OMG do you think that's the place where "Dirty Dancing" was filmed!!!!  Nobody puts Baby in the corner.




I don't know but Hyatt will need to add a resort about 1-2 years after NYC come on line in that area of the country.  Hyatt will need to satisfy all those new owners of NYC. The new resort would have to be with in 3-5 hours drive from NYC.

So please lets start trying to get some info for all your East coast tuggers.


----------



## Carmel85 (Feb 16, 2008)

london said:


> At the developer pricing, will the investment be worthwhile?
> 
> Would renting be a better option? 395K at 5% per annum is 20K per year in interest only.
> 
> Something to think about.



NYC you cant go wrong price seem to only go up!!!


----------



## sullco (Mar 27, 2008)

*Hyatt Vacation Club in the Catskills?*

Over a decade ago, Marriott tried to buy the famed Mohonk Mountain House in Ulster County, if I remember correctly.  Environmentalists beat it back.

HVC's "need" for a NY resort location once its Fifth Avenue property gets rolling is a very interesting theory/rumor.  It seems to run counter to their Standard Operating Procedure of buying/building in "First Class Destinations" since the Catskills' brand has slipped into being a comedian's Borscht Belt punch line.

Does anyone know any more about this?  Feel free to speculate....


----------



## Carmel85 (Mar 27, 2008)

sullco said:


> Over a decade ago, Marriott tried to buy the famed Mohonk Mountain House in Ulster County, if I remember correctly.  Environmentalists beat it back.
> 
> HVC's "need" for a NY resort location once its Fifth Avenue property gets rolling is a very interesting theory/rumor.  It seems to run counter to their Standard Operating Procedure of buying/building in "First Class Destinations" since the Catskills' brand has slipped into being a comedian's Borscht Belt punch line.
> 
> Does anyone know any more about this?  Feel free to speculate....



Sullco,

I would hope you could do some checking for us since you live in NY state and Im in California with no upstate NY contact.

Yes Hyatt is looking around somewhere up there NY,VT,NH but nothing confirmed.


So please help us Hyatt owners out and dig up some good info.


Carmel85


----------

