# FORM 10-K: FUTURE construction



## rpgriego (Apr 7, 2013)

In their Form 10-K for the Period Ending 12/28/2012, MVW lists the resorts below as their only FUTURE construction. Starting construction depends on a lot, especially contract sales, future economic conditions (start to finish) and cost of construction. Not to mention, cost of capital.

Additional Planned Units (APU) to be constructed:
Canyon Villas at Desert Ridge Built: 213  APU: 39
Fairway Villas Built: Built: 180 APU: 90
Frenchman's Cove: Built: 155 APU: 66
Grand Chateau: Built: 448 APU: 447
Harbour Lake: Built: 312 APU: 588
Ko Olina Beach Club: Built: 560 APU: 190
Lakeshore Reserve: Built: 95 APU: 245
Shadow Ridge: Built: 500 APU: 484
Willow Ridge Lodge: Built: 132 APU: 282

Ritz Carlton Club: San Francisco Built: 25 APU: 19

I was hoping to find information on MVW having right of first refusal to acquire the property next to the Ko Olina VC, but couldn't.


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## dioxide45 (Apr 7, 2013)

I think this may be the same info that GregT posted in post #203 of the Recorded Trust Documents thread.


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## rpgriego (Apr 7, 2013)

*I believe*



dioxide45 said:


> I think this may be the same info that GregT posted in post #203 of the Recorded Trust Documents thread.



I believe the post you reference doesn't specifically list "future" construction. Unfortunately, I didn't have the data to list "Construction in Process", as well. I know they just wrapped Tower 2 at Oceana Palms and are currently going vertical on additional units at Shadow Ridge.

"Construction in Progress" would give current owners an idea of upcoming capital requirements. Thus, showing why constructing an 'All New Club' is being favored by an 'asset lite' strategy.

Now that said, MVW's 'asset lite' strategy is further reinforced by liquidating Grand Bahamas and Kauai Lagoons land.


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## DB-Wis (Apr 7, 2013)

Thanks for posting -- this is very interesting.

I'm struck by the fact that their planning to (or at least contemplating to) double and triple the size of some properties. (Tripling the size of Willow Ridge in Branson, MO?  Amazing!)


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## FractionalTraveler (Apr 8, 2013)

rpgriego said:


> In their Form 10-K for the Period Ending 12/28/2012, MVW lists the resorts below as their only FUTURE construction. Starting construction depends on a lot, especially contract sales, future economic conditions (start to finish) and cost of construction. Not to mention, cost of capital.
> 
> Additional Planned Units (APU) to be constructed:
> Canyon Villas at Desert Ridge Built: 213  APU: 39
> ...



Please remember that the 10K includes forward looking statements and does not guarantee that any of those APU are ever built.

Needless to say we all know that MGC expansion is already in progress. I don't think fairway villas expansion will ever happen.


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## MALC9990 (Apr 8, 2013)

FractionalTraveler said:


> Please remember that the 10K includes forward looking statements and does not guarantee that any of those APU are ever built.
> 
> Needless to say we all know that MGC expansion is already in progress. I don't think fairway villas expansion will ever happen.



Nothing listed outside the USA which I find surprising and unlikely.


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## dioxide45 (Apr 8, 2013)

MALC9990 said:


> Nothing listed outside the USA which I find surprising and unlikely.



I think they probably list their domestic USA and international information separate. However, GregT did post some information in this post about unit counts in Europe and Asia.


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## dioxide45 (Apr 8, 2013)

rpgriego said:


> I believe the post you reference doesn't specifically list "future" construction. Unfortunately, I didn't have the data to list "Construction in Process", as well. I know they just wrapped Tower 2 at Oceana Palms and are currently going vertical on additional units at Shadow Ridge.
> 
> "Construction in Progress" would give current owners an idea of upcoming capital requirements. Thus, showing why constructing an 'All New Club' is being favored by an 'asset lite' strategy.
> 
> Now that said, MVW's 'asset lite' strategy is further reinforced by liquidating Grand Bahamas and Kauai Lagoons land.



The post I referenced contained an attachment that included "Additional Planned Units". However I believe it was from an older 10-K filing. So your post provided some additional information. I see that the Ko'Olina count in your post takes in to account the newly opened wing in the Hale Nai'a tower at Ko'Olina Beach Club.

Your post also provides information for Ritz Carlton Club San Francisco. I think this is because MVCI since reacquired some units there. I wonder if the other 19 Additional Planned Units in San Francisco are other units that they have been forced to buyback?

I will be updating the information in the No of Units at Resorts thread with a compilation of information for the number of units at all resorts.

Great information indeed, thanks for posting.


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## GregT (Apr 8, 2013)

rpgriego said:


> Shadow Ridge: Built: 500 APU: 484



So, when Marriott builds and completes a 2BR unit at Shadow Ridge, we believe that the Platinum Unit is worth 3,000 Trust Points, a Gold Unit is worth 2,250 Trust Points, and a Silver Unit is worth 1,750 Trust Points.  (derived by rounding the enrolled unit redemption value -- from the points value spreadsheet -- to the nearest Beneficial Interest whole unit of 250 points).

Assume the seasons are 33%/33%/33% (_anyone know what the real split is???_), and that 51 weeks are deposited into the Trust with the 52nd week for maintenance.

Pricing this out means each individual unit is worth 119,000 Trust Points to Marriott -- and therefore each unit can be sold for $1,190,000 in Trust Points at retail.

Applying this across the entire 484 units to be built, Shadow Ridge build-out is worth $575M in retail point sales (at a $10 per point price) to Marriott.

That's one year's worth of retail sales (but obviously, it will take years to build this out).  Grand Chateau represents a year and a halfs worth of retail sales (due to 1-52 Platinum, and modestly higher point redemption value).   

It does raise the question of whether or not Marriott is really going to expand meaningfully beyond its core existing properties.   Starwood is indicating that they are satisfied with a ROFR/re-sell strategy of recycling existing inventory.  HGVC and Wyndham are expanding through acquiring and incorporating existing properties.

But Marriott appears content to selectively ROFR, buy-back properties, and now build-out on existing land and expand its existing base. 

Personally, as a SoCal resident, I'm happy to see more Shadow Ridge space.   This increases the value of a Marriott trader to me, as some of that has to end up in II, even as Fall bulk bank.  

Very interesting to see the evolution of this system.   Thanks for posting this.

Best,

Greg


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## rthib (Apr 8, 2013)

On the last MVCI analysts call they talk for a while about how they were getting out of the construction business to reduce risk.

The plan was to find properties and/or partners who wanted to build it for them and then they would buy the completed units.


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## BocaBoy (Apr 8, 2013)

rpgriego said:


> I was hoping to find information on MVW having right of first refusal to acquire the property next to the Ko Olina VC, but couldn't.



Do you have reason to believe MVW has some type of rights with regard to that adjacent Ko Olina property?  I was told several years ago that they did not, but that might not be accurate.


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## gblotter (Apr 8, 2013)

rpgriego said:


> I was hoping to find information on MVW having right of first refusal to acquire the property next to the Ko Olina VC, but couldn't.





BocaBoy said:


> Do you have reason to believe MVW has some type of rights with regard to that adjacent Ko Olina property?  I was told several years ago that they did not, but that might not be accurate.



We just returned from Ko Olina yesterday.  While there, we collected 15K MRP for attending a sales presentation.  During the presentation, the salesman confirmed that tower 4 will be built on the east side of the resort (next to Naia tower) with construction starting in September 2014.

The salesman also insisted that there would be a Ko Olina phase 2 near the marina (he didn't say how many buildings would be in the new phase, but he did say the buildings would be oriented for "Ocean Front" and "Marina View" rooms.

I specifically asked the salesman about any future plans for the vacant land on the west side of the resort (the vacant land towards Aulani).  That parcel was originally slated for Ritz Carlton, but those plans have been canceled.  The salesman knew nothing about any future plans for that land.

Yes - he was a salesman, and yes - his lips were moving, so ...


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## dioxide45 (Apr 8, 2013)

gblotter said:


> We just returned from Ko Olina yesterday.  While there, we collected 15K MRP for attending a sales presentation.  During the presentation, the salesman confirmed that tower 4 will be built on the east side of the resort (next to Naia tower) with construction starting in September 2014.
> 
> The salesman also insisted that there would be a Ko Olina phase 2 near the marina (he didn't say how many buildings would be in the new phase, but he did say the buildings would be oriented for "Ocean Front" and "Marina View" rooms.
> 
> ...



I can believe that they will be starting construction on the new tower at some time in the future. Though I highly doubt that will acquire any new land in the near future to build any new resorts or phases. They are trying to unload land, not acquire new.


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## dioxide45 (Apr 8, 2013)

GregT said:


> Assume the seasons are 33%/33%/33% (_anyone know what the real split is???_), and that 51 weeks are deposited into the Trust with the 52nd week for maintenance.



Greg, Here is the breakdown for Shadow Ridge and Shadow Ridge II. MVCI did sell all 52 weeks for each unit at both resorts, no unsold week for maintenance. I have also provided exact points for weeks as conveyed where I was able to glean it from the trust conveyances.

*Shadow Ridge*
Silver..........8 15.38% 1750 Points
Gold...........20 38.46%
Platinum.......23 44.23%
Platinum Plus...1 1.92%

*Shadow Ridge II*
Gold...........23 44.23% 2000 Points
Platinum.......28 53.85% 2250 Points
Platinum Plus...1 1.92%


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## GregT (Apr 8, 2013)

dioxide45 said:


> Greg, Here is the breakdown for Shadow Ridge and Shadow Ridge II. MVCI did sell all 52 weeks for each unit at both resorts, no unsold week for maintenance. I have also provided exact points for weeks as conveyed where I was able to glean it from the trust conveyances.
> 
> *Shadow Ridge*
> Silver..........8 15.38% 1750 Points
> ...



Dioxide, this is really interesting -- did they really only prescribe themselves 2,000 points for a Gold and 2,250 points for a Platinum?  That really really surprises me.  That's a major skim of themselves....(first one of that magnitude I have seen).  Most of their self-skims have been consistent with their skimming of us.  This would be much much bigger.

Thanks very much for the seasonal allocations -- interesting to see the difference between SR I (w/ Silver) and SR II (no Silver).     

Thanks again. 

Best,

Greg


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## dioxide45 (Apr 9, 2013)

Greg, I went back and checked on the SR Platinum. In instrument 20120410687, they conveyed two annual units for a total of 4,500 points. Both were platinum weeks. That is what led me to the 2,250 for a platinum unit.


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## GregT (Apr 9, 2013)

dioxide45 said:


> Greg, I went back and checked on the SR Platinum. In instrument 20120410687, they conveyed two annual units for a total of 4,500 points. Both were platinum weeks. That is what led me to the 2,250 for a platinum unit.



Dioxide,

Agreed, thank you for pointing that out  -- I see that addition too for Shadow Ridge II -- that are for two weeks (week 47 and 48).  I believe Week 47/48 are rated Platinum in Shadow Ridge Enclaves.

Surprisingly, instrument 20120410686 conveys a single week 16 from Shadow Ridge (the original one), and ascribes 3,250 points to it.

When I look at the Marriott points chart, I see that week 47/48 are right on the cusp of a lower point season.  Perhaps Marriott looked beyond the seasonal grade, and looked at the actual week, to determine the Trust Points allocation.  That's detailed.

Interesting stuff....I will try to confirm the 2,250 points for Shadow Ridge II Platinum, or see if I can find examples where SR II Weeks 1-21 received a higher point allocation.

I feel a little bit like a crime detective, searching for clues.

Best,

Greg


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## GregT (Apr 9, 2013)

GregT said:


> I will try to confirm the 2,250 points for Shadow Ridge II Platinum, or see if I can find examples where SR II Weeks 1-21 received a higher point allocation.



Well.....I can definitely see examples where SR II weeks 1-21 received a higher than 2,250 point allocation, in some situations 3,250 points, but I can't detect a pattern yet.  There are definitely other filings where they got lower than 3,250 points for their SR II.

Strange system that Marriott has developed here.

Best,

Greg


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## rthib (Apr 9, 2013)

*Found the transcript*

Here is some interesting info - Except from:
http://seekingalpha.com/article/121...-results-earnings-call-transcript?part=single

Looks like any new building will be where they are or someone else is doing it.

Earlier in the transcript they mention that sales/closing rate are near mid-teen, same as in the heyday of timeshares - so things are going good.

Takeaway was , If the Timeshare has a good sales office they might build there, if not, don't expect anything. And don't expect anything new to be built by VAC.

On New Inventory - 


> the intent would be, whenever possible to do it on an asset light approach, whereas -- either you buy completed inventory or you work with another party to sell completed inventory over time, et cetera, where it takes some of the development risk out and, quite frankly, helps in the whole return on invested capital calculation.



On Existing Land - 


> your question about dispositions, we haven't really changed our point of view about dispositions that we have articulated in that $150 million to $200 million range. The reason why those exist on our list of possible dispositions is because we just don't believe we're going to need that inventory in the foreseeable future to be able to develop.


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## dioxide45 (Apr 9, 2013)

GregT said:


> Well.....I can definitely see examples where SR II weeks 1-21 received a higher than 2,250 point allocation, in some situations 3,250 points, but I can't detect a pattern yet.  There are definitely other filings where they got lower than 3,250 points for their SR II.
> 
> Strange system that Marriott has developed here.
> 
> ...



Greg, It would be very interesting indeed if Marriott assigned different values to weeks within the seasons. Perhaps they assigned values based on the "buckets" that currently exist on the points chart. This is of course much different than how they allocate points to enrolled owners.

Something else to consider too, are the 2BR units at Shadow Ridge II not a "deluxe" unit in that they are comprised of two 1BR units vs a studio and a 1BR at Shadow Ridge I.

_Edited to add: The different allocation does make some sense when you look at instrument 20100587035. There were 46 Cypress Harbour Sport weeks conveyed to the trust in this notice for a total of 90,750. From another notice (20120409825) where only two Sport weeks were conveyed, I was able to derive that a Cypress Harbour Sport week was allocated 2,000 points. Well 2,000 doesn't divide in to 90,750 evenly and definitely not 46 times._


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## GregT (Apr 9, 2013)

rthib said:


> Looks like any new building will be where they are or someone else is doing it.
> 
> Earlier in the transcript they mention that sales/closing rate are near mid-teen, same as in the heyday of timeshares - so things are going good.
> 
> Takeaway was , If the Timeshare has a good sales office they might build there, if not, don't expect anything. And don't expect anything new to be built by VAC.



Thanks for linking to the transcript -- I read the link and had the same takeaway -- I'm not expecting anything new to be built by VAC -- and maybe they will acquire existing built properties, but even that is unknown.

What I thought was most interesting was the dialogue around acquiring other existing timeshare systems and having them be managed by VAC.   Perhaps we will see consolidation where Marriott acquires them and manages them.  

But I didn't see anything that suggested further significant change from the business as we know it today.

I did think the comment was interesting that RC Vail was almost completely sold out (thru North American point sales), and that they intended to put other RC properties into the Trust over the next several years.   Very positive implications for point users - I would love to see RC St. Thomas put into the Trust to ensure its on-going access.

Best,

Greg


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## Ron98GT (Apr 10, 2013)

gblotter said:


> We just returned from Ko Olina yesterday.  While there, we collected 15K MRP for attending a sales presentation.  During the presentation, the salesman confirmed that tower 4 will be built on the east side of the resort (next to Naia tower) with construction starting in September 2014.
> 
> The salesman also insisted that there would be a Ko Olina phase 2 near the marina (he didn't say how many buildings would be in the new phase, but he did say the buildings would be oriented for "Ocean Front" and "Marina View" rooms.
> 
> ...



What did you think about sewer leak Friday morning (actually Thursday nite)?

We just got back from Ko'Olina Saturday.  They only offered us 10K MRP's to attend the Owner Update, which we turned down.  But that "may" have been in addition to the initial $75 that they offered us. We just didn't have the time or interest.

Here is a link to a Ko'Olina Resorts map:

http://mappery.com/map-of/Koolina-Resort-Hawaii-Tourist-Map

You can see the Ritz property is NW of MKOC.  

The property to the East of MKOC is noted as a future Marina Village: across Waipahe Place.  That's the only property left that could be used for Phase #2, but I doubt it. That property borders the Marina, a public park, a public parking lot, and Lagoon #4 a public lagoon.

But if you look closely at the map, you can see a 4th building to the SE of Building #3, where there is now an empty lot where people (employee's) are parking their cars.  It also looks like another swimming pool will be built.

But no Ko'Olina Phase #2, unless it goes where the Ritz was suppose to go, on Lagoon #2 - Sweet.


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## GregT (Apr 10, 2013)

Ron98GT said:


> What did you think about sewer leak Friday morning (actually Thursday nite)?
> 
> We just got back from Ko'Olina Saturday.  They only offered us 10K MRP's to attend the Owner Update, which we turned down.  But that "may" have been in addition to the initial $75 that they offered us. We just didn't have the time or interest.
> 
> ...



That's a good map -- I'd not seen the proposed Ritz property before.   I suspect "Phase 2" refers to Building 4 -- the 190 units that are additionally planned.   The Ocean-Front and Marina View comment makes sense, looking at the orientation of that prospective building.

We will see -- thanks very much!

Best,

Greg


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## gblotter (Apr 10, 2013)

Ron98GT said:


> What did you think about sewer leak Friday morning (actually Thursday nite)?


We were unaffected, but I understand that lagoon #1 and lagoon #2 were closed because of the sewer problem.  The guests at JW and Aulani must have been upset.



Ron98GT said:


> We just got back from Ko'Olina Saturday.


Maybe we were on the same return flight - hahah.



Ron98GT said:


> They only offered us 10K MRP's to attend the Owner Update, which we turned down.  But that "may" have been in addition to the initial $75 that they offered us. We just didn't have the time or interest.


We were given 15K MRPs only because we signed up for the presentation over the phone before we arrived in Hawaii.  15K MRPs was worth 30 minutes of my time (and glad it was not 90 minutes).



Ron98GT said:


> The property to the East of MKOC is noted as a future Marina Village: across Waipahe Place.  That's the only property left that could be used for Phase #2, but I doubt it.


I doubt it too.  The Marina Village land would not be appealing for timeshares because it lacks ocean front and direct access to a beach.  I too wondered where any future "Phase 2" might be built.  Perhaps the existing marina buildings could be relocated to the Marina Village land to free up some ocean front property on lagoon 4 - but that is pure speculation on my part.  



Ron98GT said:


> But if you look closely at the map, you can see a 4th building to the SE of Building #3, where there is now an empty lot where people (employee's) are parking their cars.  It also looks like another swimming pool will be built.


Yes - my salesman confirmed that tower 4 will have its own pool (supposedly an "adult only pool") and it will be built in the location of the present employee parking lot (he complained that employees would have to find a new place to park).



Ron98GT said:


> But no Ko'Olina Phase #2, unless it goes where the Ritz was suppose to go, on Lagoon #2 - Sweet.


What about the vacant ocean front land that is labeled "Shoreline Parkway" on that map?



GregT said:


> I suspect "Phase 2" refers to Building 4 -- the 190 units that are additionally planned.  The Ocean-Front and Marina View comment makes sense, looking at the orientation of that prospective building.


My salesman was very specific that "Phase 2" would be built at some time in the future AFTER tower 4.  But this certainly would not be the first time that an uninformed salesman uttered falsehoods.


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## Ron98GT (Apr 10, 2013)

gblotter said:


> We were unaffected, but I understand that lagoon #1 and lagoon #2 were closed because of the sewer problem.  The guests at JW and Aulani must have been upset.



When our shuttle driver picked us up Thursday nite at about 10:10 PM (10 minutes late) at the JW, he was telling us about the sewer leak.  Apparently he drove over the raw water and the bus stunk, so he had to wash it down. Friday morning the TV had some stories about the leak and said that the Paradise Luau cove and the Honu cove were closed (who told the turtles).  I didn't hear that Lagoons #1 & #2 were closed. When we were leaving for the airport about 11 AM, we couldn't go left (past Monkey Pods & the Guard Shack), because the road was close.  We had to go right around the golf courses and then to Farmindale(?).  They still had water trucks out pumping fresh water into the sewer pipes.  


http://www.kitv.com/news/hawaii/Sew...ina/-/8905354/19649434/-/ynn7bwz/-/index.html

http://www.hawaiinewsnow.com/story/21890496/raw-sewage-spill-closes-lagoons-at-ko-olina




gblotter said:


> Maybe we were on the same return flight - hahah.



Actually our non-stop flight from HNL to Las Vegas left at 3:05 PM Friday, but we didn't get in till midnight and home till after 1 PM.




gblotter said:


> We were given 15K MRPs only because we signed up for the presentation over the phone before we arrived in Hawaii.  15K MRPs was worth 30 minutes of my time (and glad it was not 90 minutes).



30 minutes wasn't too bad.  I figured we'd get stuck there for 90 minutes or 2-hours.




gblotter said:


> I doubt it too.  The Marina Village land would not be appealing for timeshares because it lacks ocean front and direct access to a beach.  I too wondered where any future "Phase 2" might be built.  Perhaps the existing marina buildings could be relocated to the Marina Village land to free up some ocean front property on lagoon 4 - but that is pure speculation on my part.



The Marina Village land should be used for more shops & restaurants.  The only shops & restaurants, outside of those in the TS's & Hotels, are at Monkey Pods. 




gblotter said:


> Yes - my salesman confirmed that tower 4 will have its own pool (supposedly an "adult only pool") and it will be built in the location of the present employee parking lot (he complained that employees would have to find a new place to park).



That's what they need.  The shallow Reflection Pool was/is suppose to be a quite pool/area and intended for adults, but they rarely enforce it.  The only adult hot tub is the one next to Longboards, which has hotter water and has a sign that states 18 years old and above, haha.  They could use a lap pool.




gblotter said:


> What about the vacant ocean front land that is labeled "Shoreline Parkway" on that map?



Shoreline Parkway is a public park, no development will occur there.


http://pbrhawaii.com/?project=ko-olina-shoreline-park-improvements




gblotter said:


> My salesman was very specific that "Phase 2" would be built at some time in the future AFTER tower 4.  But this certainly would not be the first time that an uninformed salesman uttered falsehoods.



So, according to the salesman, Tower #4 is not Phase-2. Has to be the Ritz property. There's nothing left.


We miss Ko'Olina, could have used another week.


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## rpgriego (Apr 11, 2013)

*Master Planned Communities CAN BE REVISED*

Future construction at Ko Olina has continually changed throughout the years. Especially due to the 'Great Recession'. Here are two confirmed projects (not including the Ritz Carlton as it was not officially announced) the Ko Olina Resort, Hawaii Tourist Map shows that are CANCELLED:

Developer Jeff Stone has canceled a plan to build an aquarium financed by a state tax credit at Ko Olina Resort & Marina, and has agreed to return the controversial $75 million credit.

One of Ko Olina’s original developers, Takeshi Sekiguchi, who is best known for developing the Grand Wailea and the Four Seasons Wailea resort on Maui seems to have scrapped The Grand Ko `Olina Resort, Hotel & Spa. It was to include an oceanfront hotel condominium, time shares and a Hawaiian village surrounding a swim-through lagoon and separate shark tank. The project is patterned after the lavish Atlantis Resort in the Bahamas and Discovery Cove in Orlando, Fla.

MVW could work with the developer (Disney bought Aulani's 21-acre property for $144 million from The Resort Group, Jeff Stone's company that oversees the development of the Ko Olina area.) to acquire the Future Marina Village and/or Future Oceanfront Aquarium and Commercial Village parcels. Or MVW could skip the smaller parcels and go after the never official, Future Ritz Carlton Hotel, Club and Ocean Tower land.

This keeps with Marriott sticking to building out current flagship resorts. Now one could argue, acquiring new land is not building out. But, if they pay a 15% to 25% premium above Disney's Ko Olina purchase price to acquire the lagoon space next to them and reuse their current architectural plans with revisions it could equate to a strong ROI. Doubt this? Imagine the volumes of prospective buyers Disney is now bringing in. Seriously, what if they don't buy from Disney?

Another angle...
Should Marriott wait around for a Disney sequel or all new Hilton or Starwood Vacation Clubs to acquire the land?

Does anyone have DC point sale volume results for Ko Olina vs other MVC NA sales offices?

In my opinion, their is something to be said about protecting a cash cow.


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## rpgriego (Apr 11, 2013)

*Anyone ever take a pic of the resort model?*

The Ko Olina sales office has a model that shows the proposed Tower 4 AND the adult pool.


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## Ron98GT (Apr 11, 2013)

rpgriego said:


> The Ko Olina sales office has a model that shows the proposed Tower 4 AND the adult pool.


Guess I should have went to that Owners Update meeting last week after all.


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## Ron98GT (Apr 11, 2013)

This is a picture of the vacant Ritz property that we're talking about, sitting on Lagoon #2.  The picture was taken from our balcony in Building #2, 11th floor penthouse, OV, looking right, last week.  

http://i1127.photobucket.com/albums/l625/Ron98GT/3376e6ae2ea8e0f58f0b1d907b35d553.jpg

To the left (South) is public access, public parking (driveway to the left), and a public bathroom.

I think, the small building on the right (North) is the Ko'Olina Resorts sales office.  There was some kind of small scale Condo/APT/TS complex between the Ritz property and the Aulani that's not identified on the Ko'Olina map.  Any ideas what that building is?

I think there was also a little church next to the sales office?

http://mappery.com/map-of/Koolina-Resort-Hawaii-Tourist-Map


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## slum808 (Apr 11, 2013)

Ron,

The buildings to the right of your picture are wholly owned condos. You can find them listed on VRBO all the time or their website http://www.koolinabeachvillasresort.com/. The small church looking building is a wedding chappel. 

The link below is the current map from the Ko Olina website. 
http://www.koolina.com/Portals/1/Files/KoOlinaResort_PropertyMap.pdf

Steve


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## Ron98GT (Apr 11, 2013)

slum808 said:


> Ron,
> 
> The buildings to the right of your picture are wholly owned condos. You can find them listed on VRBO all the time or their website http://www.koolinabeachvillasresort.com/. The small church looking building is a wedding chappel.
> 
> ...


Thanks, I'll have to get your newer map on my new iPad.

On your map, they show KBC Building #4 as an outline, which they apparently intent to complete.  Where my map shows the future Ritz, your map does not show any building on the property and does not mention the Ritz: just vacant land.  KBC Phase #2?


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## slum808 (Apr 11, 2013)

I've wondered about this vacant property. It would be to Marriott's advantage to be the one to build it out. If another entity like Westin were to buy it, they could choose to build a big OF tower killing the Ocean Views of Builings 1 and 2.

DVC kind of shot their self in the foot with Aulani. Some of the units on the Ihilani side of the property are classified as OV, but all they see is Ihilani. There seems to have been enough complaint that DVC is reclassifying them as IV. I don't think MVCI has this type of latitude as all the deeds are already issued.


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## Ron98GT (Apr 12, 2013)

slum808 said:


> I've wondered about this vacant property. It would be to Marriott's advantage to be the one to build it out. If another entity like Westin were to buy it, they could choose to build a big OF tower killing the Ocean Views of Builings 1 and 2.
> 
> DVC kind of shot their self in the foot with Aulani. Some of the units on the Ihilani side of the property are classified as OV, but all they see is Ihilani. There seems to have been enough complaint that DVC is reclassifying them as IV. I don't think MVCI has this type of latitude as all the deeds are already issued.


Since the Marriott/Ritz name wan on the older maps, I assume that Marriott owns the property?  Does Marriott and Disney own the property that the current resorts are own?  Does Marriott own or lease the Ritz property on lagoon #2?  Did/Does Marriott have an agreement/option to purchase/lease the Ritz property?  Did they not exercise the option (if there was one) to purchase/lease the Ritz property?

Questions for somebody who has time & access to the county records.


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