# Summer Bay Las Vegas may move!



## anne1125 (Jul 11, 2006)

I just read my electronic newsletter from our manager.  It says that Harrah's my relocate our timeshare to apartments next door called the Desert Club.  We will be renovated at no cost to us.  No special assessments.

What do you think, James Reach?  This sounds good to me but I would appreciate your feedback as I'm sure you have more facts.

Wow, good be really good.

Anne


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## spatenfloot (Jul 11, 2006)

On the surface, it seems like a pretty good trade.  I'd want to see more details though. The apartment complex has about 200 more units than the timeshare. I wonder who gets to sell the extras.


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## jackio (Jul 11, 2006)

I think this is wonderful news, and am hoping the new units get silver or gold crown status.  Kudos to the board!  Thanks, James and others!


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## timeos2 (Jul 11, 2006)

*Give and take results in a win*

Talk about making lemonade from a lemon!  What a great job by the Board and a real touch of cooperation from Harrah's so they too get what they want.  There are some other resorts out there that could learn from meeting the "big bad developer" half way and not trying to get everything exactly as you feel it should be.  Both sides are winners and the costs are kept to a minimum. I repeat. Great job.  The owners should be very thankful they have selected great Board members to look out for them.


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## roadtriper (Jul 12, 2006)

It will certianly be interesting to see how it unfolds. I'm new to timesharing, has anything like this been tried/acomplished before ?   there are 25,000 +/- individual interval owners at summer bay and no mater what the deal turns out to be there are going to be folks who think they hit the Lotto, and others who feel they got a Royal Screwing.  I have great faith in the Board of Directors and the Summer Bay Mgt. that they will get us the most they can.  I'm wondering how the inventory of particular size units compares between the 2 complexes?  we have Studios, Junior 1 Bedrm.  1 Bdrm.  2 Bdrm 1 Bath, 2 Bdrm 2 Bath, and then some Lock-off units.  will some folks be Upgraded/downgraded due to avail of particular units?   plus we Summer bay owners are use to being owners in a particular Building group.   Lots of changes in our future!  I'm excited to be a part of it!  Bob


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## roadtriper (Jul 12, 2006)

I did a little research,  the Desert Club apartments have 658 units comprised of Jr. 1 Bdrm, 1 Bdrm, and 2 Bdrm. units    that is 169 more units than currently at Summer bay.  which equates to 8788 new weekly intervals that would be avail for sale. I would assume/hope that inventory would go to Our Mgmt. Company "Summer Bay"  as that would represent 10 million +/-  in sales revenue. (Cash Flow)  and that's a good thing!  the Clark County Assesors Parcel # for Desert Club is #16216801001.  they have maps and arial views etc. if you are the researching type!    it Cost Harrah's aprox 165 Million to aquire that 19.5 acre apartment complex!  and I just read where they are trying to trade the 85 acre Rio property to Boyd gamming for the 4 acre Barbary Coast that sits on the corner right in the middle of their Kingdom!   Hey... Maybe if the HOA Board holds out we could swap Summer bay for the Rio!         Hopefully now that the provebial cat has been let out of the bag, Information will flow a little more often. and the website they keep promising us will happen soon!      Bob


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## spatenfloot (Jul 12, 2006)

The statement that Harrah's is willing to trade the Rio for the BC was a misprint and was later corrected.  They might trade the Rio for the BC plus lots of money, but I don't think it would happen.  Most likely scenario would be Harrah's buying the Westward Ho (next to Stardust) and then trading that land for the BC.


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## roadtriper (Jul 13, 2006)

spatenfloot said:
			
		

> The statement that Harrah's is willing to trade the Rio for the BC was a misprint and was later corrected.  They might trade the Rio for the BC plus lots of money, but I don't think it would happen.  Most likely scenario would be Harrah's buying the Westward Ho (next to Stardust) and then trading that land for the BC.


OOPS!    Yes as Spatenfloot has pointed out the Info I saw was later corrected. and in researching the original "Story" it turns out it wasn't an actual hard news story but from a Gossip/Rumor Column in the Las Vegas Business Press. Sorry if I Fueled the Runmor mill. I't sure wasn't my intent!  Roadtriper


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## AwayWeGo (Jul 13, 2006)

*Hey!  That's Just What The Sales Weasels Said.*

Both times when we took timeshare sales tours & high-pressure sales pitches out there -- once way back when the place was called Ramada Vacation Suites Las Vegas & another time more recently after the name had been changed to Summer Bay Las Vegas -- the sales folks pointed out that the resort's property location right there just behind the Imperial Palace Hotel & Casino was fabulously valuable & sure to be highly desired in the foreseeable future by 1 of the fat-cat casino developers, to the very great benefit of each & every Summer Bay Las Vegas timeshare owner. 

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


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## spatenfloot (Jul 14, 2006)

Yes, even though this type of deal is not what they were implying, they were still somewhat correct.  Even a stopped watch is right twice a day.


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## vegas (Jul 16, 2006)

I also have been doing some research on this proposed trade. Harrah's paid over $200 million for the 9 acre parking lot directly north of the resort. Harrah's paid $60 million for the 2.5 acre Bourbon Street to the South. Just the land that Summer Bay Resorts sits on is worth $20 to $25 million an acre.
Harrah's paid only $8.4 million an acre for the apartments they are propsing to trade.
Harrah's now owns 180 acres from Harrah's Las Vegas to Paris, including 1.25 miles of Strip frontage and everything back to Koval except the Westin. Summer Bay's 20 acres are right in the middle.  I hope the Summer Bay Management negotiates fair compensation for all the 25,428 timeshare owners.  When the redevelopment was first presented it comprised tearing down the existing resort in stages and replacing the buildings with high rises
of various heights.  75,000 additional timeshare weeks were to be created and sold to pay for the redevelopment.  
For me the proposed relocation of Summer Bay away from The Strip is not what I signed up for.  We will be losing our prime location and we will lose our Monorail stop.
Regarding who gets the money from the sale of the additional 8788 weeks I calculated that Harrah's purchased the 658 units for $165,000,000. This is a cost of $250,000 per unit.  The 169 additional units multiplied by $250,000 equals $42,000,000.  $42 million divided amongst the 25,428 timeshare owners it would amount to $1650 per owner.  That doesn't even take into consideration that the 8788 new weeks will probably sell for $10,000 to $15,000 each when offered for sale.  
Again, I hope Summer Bay Management fairly compensates the current owner's if the proposed trade goes through.


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## timeos2 (Jul 16, 2006)

vegas said:
			
		

> Regarding who gets the money from the sale of the additional 8788 weeks I calculated that Harrah's purchased the 658 units for $165,000,000. This is a cost of $250,000 per unit.  The 169 additional units multiplied by $250,000 equals $42,000,000.  $42 million divided amongst the 25,428 timeshare owners it would amount to $1650 per owner.  That doesn't even take into consideration that the 8788 new weeks will probably sell for $10,000 to $15,000 each when offered for sale.
> Again, I hope Summer Bay Management fairly compensates the current owner's if the proposed trade goes through.



So the owners are willing to put up the financing needed and pay for the new resort? I didn't think so. This is exactly the type of attitude - I deserve to made made 150% whole - that killed the deal at Bluebeards.  This isn't a Christmas payday for SB owners - it is making a good deal to get out of a shabby resort and into a new one at no cost to the owners. Does Harrah's stand to make somethimg on it? Of course - thats why they're in business and can afford to do this type of development. 

If you want money out sell your week(s) for the going value - now or after the move. That amount is what you have coming - no more, no less. Looking for a new resort and cash out is asking too much. I hope the Summer Bay Board continues to use good business sense and makes a fair deal for everyone involved.  So far they have done, from this outsiders view, a tremendous job. I'd trust their judgement going forward if I were an owner there.


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## anne1125 (Jul 17, 2006)

I agree with John.  Let's not get greedy.  If Harrah's can make out and we get a new beautiful resort everybody wins!

Anne


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## eschjw (Jul 17, 2006)

Thanks for the infromation Anne. I did not get the electronic newsletter from Victor. Would you be so kind as to forward me a copy? 
I was in Vegas at the end of June and there was some mention on the tv news regarding Harrahs soon to be announced project plans for an "adult Disneyland". Can't help but notice that James is being silent on this. I do think our board of directors have represented our interests well in the past and will continue to do so in the future.


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## jancpa (Jul 17, 2006)

*Something to think about*

Sounds like a great deal for Summer Bay owners but it will be a long, long process.

I don't know what the bylaws say regarding a wholesale transfer of ownership of the Summer Bay timeshare, but in the case of the Jockey Club it required 100% agreement of all the owners.  That is why the Cosmopolitan decided to build their 2 billion dollar project surrounding three sides of the Jockey Club.  One holdout out of 12,000 owners could delay their whole project.  Needless to say, they decided not to wait.


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## roadtriper (Jul 17, 2006)

vegas said:
			
		

> For me the proposed relocation of Summer Bay away from The Strip is not what I signed up for.  We will be losing our prime location and we will lose our Monorail stop.
> Regarding who gets the money from the sale of the additional 8788 weeks I calculated that Harrah's purchased the 658 units for $165,000,000. This is a cost of $250,000 per unit.  The 169 additional units multiplied by $250,000 equals $42,000,000.  $42 million divided amongst the 25,428 timeshare owners it would amount to $1650 per owner.  That doesn't even take into consideration that the 8788 new weeks will probably sell for $10,000 to $15,000 each when offered for sale.
> Again, I hope Summer Bay Management fairly compensates the current owner's if the proposed trade goes through.



FWIW,  the entrance to the propsed new complex is probably less than 100 yards from the PLAZA  Bldg  and The Terraces IV Bldg.  Farther away from the strip?  Yeah, but...   Also it was mentioned that Strip Access and Transportation issues were part of the negotiations, I'd say wait for the details!         
The Monorail Stop isn't "Ours"  we have access to the Flamingo Monorail stop via an Elevator!  and I don't see why that would change?   access to the Monorail stations is a Hike even from the Properties it serves  I bet even in the new complex we would be closer to the Monorail access than someone staying in the south tower at Bally's ?
And for your Calculations...  You are dividing up $42 Million that doesn't exist?
I own 3 weeks at Summer Bay, and I'm not expecting any financial compensation. I think anyone who is may be somewhat disappointed?  what we May get is a nice Newly refurbished well maintaied Gated Complex. Much Nicer units with Higher Status in the timeshare Community, Better Trading Value, and Higher Resale Values.  Luxury towers would be nice, But I don't see anyone offering to build us Luxury towers? 
From what I have been told, all owners will be recieving an information Packet in the very near future, we will know more at that time.  All we can do is wait and see at this point.  any owners with concerns or ideas can always email the HOA Board I think it's lasvegasowners@summerbayresort.com   they have always answered any of my questions or concerns.
My Personal Opinion from what I've seen so far is that the Summer bay Board of directors is doing a fantastic job Negotiating with Harrah's Mega Corp.  Let's see what the actual deal is when they send out the info.   Bob


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## ry"c (Aug 18, 2006)

Wish I could comment on this but at this stage, as an HOA Board member, I can't. TUG members are my favorite people, and as this plays out, and to the extent I can, I will try to keep you informed. 

James Reach


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## anne1125 (Aug 18, 2006)

I appreciate your message.  I'm glad you haven't forgotten about us.  We will wait for info from you when you are able.

Thanks.

Anne

P. S.  Can't wait until the change to the renovated apartments at the Desert Club!


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## Mimi (Aug 18, 2006)

*Summer Bay Las Vegas may move*

After recently dumping 4 South African timeshares, I purchased a 2br, 2ba   SBR unit on eBay for $829.99 last week. Then last night I couldn't resist a 2 bd, 1.5 ba  for $520.00. There was no last minute bidding on either item and I thought that was very strange. Both units are season 1 (Feb.-Apr.) with a Fri. check-in. I was told the maintenance fees were the same for a 1br and 2br at approx. $425. Now I don't know what to expect. We have stayed at Summer Bay many times and actually have a trade there for April 8th.


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## roadtriper (Aug 23, 2006)

Mimi said:
			
		

> After recently dumping 4 South African timeshares, I purchased a 2br, 2ba   SBR unit on eBay for $829.99 last week. Then last night I couldn't resist a 2 bd, 1.5 ba  for $520.00. There was no last minute bidding on either item and I thought that was very strange. Both units are season 1 (Feb.-Apr.) with a Fri. check-in. I was told the maintenance fees were the same for a 1br and 2br at approx. $425. Now I don't know what to expect. We have stayed at Summer Bay many times and actually have a trade there for April 8th.


Mimi, that is correct, the Maint fee is the same for any size unit.  $422         (2006)  plus a $3 Vol ARDA ROC fee. that goes to a national association that does a lot of good lobbying efforts for the resort industry. You did good on both units!        Bob


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## Mimi (Aug 23, 2006)

*Summer Bay*

I just checked and there are two more SB 2br 2ba units (Season 1 and 2) currently for sale on ebay with very low bids that will end in a day or two.


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