# Any Las Vegas Polo Towers owners received an offer to repurchase?



## MAZxxx

I recently had an e-mail from Diamond International offering to repurchase my ownership interest in the Polo Towers Suites.  I've not been quoted any figures as yet but was wondering if any other owners have had the same e-mail and if anyone can shed any light on the matter.

I'm not looking to sell but, who knows, if the price is right I may consider it.   My unit is Tower 1, 16th floor, centre front with strip view.

Does anyone know why Diamond are making this offer?  Something to do with the land at front maybe (currently the Hawaiian Marketplace).  Any information anyone may have would be greatly appreciated.


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## JoeMid

I think that they are just low-balling owners who they believe may be 'tired' of owning.  They turn around and dump them into the Trust after paying you peanuts.  In the Trust, points are points, they can sell them as new for $30000+.

What phone number were you given?


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## MAZxxx

*Polo Towers Offer*

I have just spoken to Diamond and they have made an offer of $7000 plus closing costs for my 2 bed, 2 bath, strip view unit.  I'm not going to sell for this price but can anyone tell me if this is a fair offer?  I am from the U.K. and not too sure about the U.S. timeshare resale market.


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## dougp26364

MAZxxx said:


> I have just spoken to Diamond and they have made an offer of $7000 plus closing costs for my 2 bed, 2 bath, strip view unit.  I'm not going to sell for this price but can anyone tell me if this is a fair offer?  I am from the U.K. and not too sure about the U.S. timeshare resale market.



For the last several years I could have picked up any number of 2 bedroom tower 1 units on E-bay for under $1,500. So yes, all things considered with the resale market it's an excellent offer. Compared to what you originally paid for the units it's could be anywhere from 25% to 50% of the original price

If they had offered me that price BEFORE I joined DRI's THE Club, I probably would have sold out.

It could have to do with the height restriction and DRI would prefer to buy owners out now rather than potetially having to haggle over price and/or value. 

It's probably that they just want to get more units into the DRI Trust and into THE Club for exchange opportunities. If you can buy 'em for $7,000 and resell them for $30,000 plus get more people to exchange into the resort setting up future sales, it would be a good thing for DRI. I think that this is the more likely scenario.

One other thought would be the general disatisfaction the U.K. owners have had with Sunterra and now DRI. It could be that DRI is offering to buy back units from potentially disatsified European owners. It would be one way to get unhappy people out of the system and offer them some value for their units while also adding inventory that can be resold at a profit to new, happy owners for DRI.


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## JoeMid

JoeMid said:


> What phone number were you given?


After no help from MAZxxx and much time on the phone to clueless DRI people at corporate and Polo

888-250-6135
devbuyback@diamondresorts.com


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## dougp26364

JoeMid said:


> After no help from MAZxxx and much time on the phone to clueless DRI people at corporate and Polo
> 
> 888-250-6135
> devbuyback@diamondresorts.com




Interesting E-mail. Devbuyback was buying up units at one point on E-bay. When questioned no one at DRI had a clue what was going on.


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## cluemeister

Something doesn't add up.  Why offer 7K for a tower one unit when you can buy them for around 2K on ebay every day of the week?

I can only surmise (as Doug said) there is something to the UK ownership angle, or the units that are specifically in the deeded height restriction zone are targeted by Diamond.

Anyone else have a different idea?


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## JoeMid

dougp26364 said:


> Interesting E-mail. Devbuyback was buying up units at one point on E-bay. When questioned no one at DRI had a clue what was going on.


That's not the answer I got... did you ask Troy at Polo??


cluemeister said:


> Something doesn't add up.  Why offer 7K for a tower one unit when you can buy them for around 2K on ebay every day of the week?
> 
> I can only surmise (as Doug said) there is something to the UK ownership angle, or the units that are specifically in the deeded height restriction zone are targeted by Diamond.
> 
> Anyone else have a different idea?


I just gave them my 2BR for $7000 and my 1BR for $5500.  I've got no idea what it was I owned as far as height,  and UK has nothing to do with it.


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## cluemeister

Joe,

If you don't mind my asking, were both of your units in tower one with a strip view?

The way to know this is if your vacation unit number has four digits, the second number must be one, and the fourth number must be odd.  An example would be 8103. 
If your vacation unit number has five digits, the third number must be one, and the fifth number must be odd.  An example of this would be 16101.

Thanks!


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## JoeMid

JoeMid said:


> That's not the answer I got... did you ask Troy at Polo??
> I just gave them my 2BR for $7000 and my 1BR for $5500.  I've got no idea what it was I owned as far as height,  and UK has nothing to do with it.





cluemeister said:


> Joe,
> 
> If you don't mind my asking, were both of your units in tower one with a strip view?
> 
> The way to know this is if your vacation unit number has four digits, the second number must be one, and the fourth number must be odd.  An example would be 8103.
> If your vacation unit number has five digits, the third number must be one, and the fifth number must be odd.  An example of this would be 16101.
> 
> Thanks!


xx3x5 2BR
xx2x5 1BR
?


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## cluemeister

Thanks Joe,

Looks like you have a tower two unit, and a Villas unit.

Now I'm really confused.


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## JoeMid

JoeMid said:


> xx3x5 2BR
> xx2x5 1BR
> ?





cluemeister said:


> Thanks Joe,
> Looks like you have a tower two unit, and a Villas unit.
> Now I'm really confused.



xx3x5 2BR    $7000/14,500pts =  $0.48/pt
xx2x5 1BR    $5500/9000pts   =   $0.61/pt
this is the difference that makes no sense to me.


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## dougp26364

JoeMid said:


> That's not the answer I got... did you ask Troy at Polo??
> I just gave them my 2BR for $7000 and my 1BR for $5500.  I've got no idea what it was I owned as far as height,  and UK has nothing to do with it.



No, I did not ask Troy. The last few e-mail communications did not have a friendly feel to them. Especially when I inquired about what impact DRI's acquisition of Sunterra would mean to PT's owners. His answer may have been based on the best information he had at the time but, in no uncertain terms I was made to understand that it would have NO impact and was of no concern to Polo Towers owners. That turned out to be about as far from the truth as one could get. 

As far as height restrictions, two of the units are high enough it wouldn't matter. Joe's units appeared to be in towers 2 & 3 so view wouldn't matter with the height restriction.This appears to be DRI just aquiring inventory that can be placed in the DRI trust and resold for a profit. I guess buying units on E-bay wasn't fast enough to get the inventory they wanted. The prices they're offering are good prices if one was interested in selling out.

One other idle thought is control. If DRI owns enough units and those units are placed in the trust, which is controled by DRI, then PT's HOA/BOD will forever be controlled by whomever owns the DRI trust. If this happens owners are going to have very little imput into HOA/BOD decisions. At that point owners will just be along for the ride. But, this is all based on speculation without any facts and should be viewed in that manner.


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## JoeMid

dougp26364 said:


> No, I did not ask Troy. The last few e-mail communications did not have a friendly feel to them. Especially when I inquired about what impact DRI's acquisition of Sunterra would mean to PT's owners. His answer may have been based on the best information he had at the time but, in no uncertain terms I was made to understand that it would have NO impact and was of no concern to Polo Towers owners. That turned out to be about as far from the truth as one could get.


If they weren't friendly, and you were, I'd turn around and send them to Stephen Cloobeck. If you weren't friendly, watch out!



dougp26364 said:


> As far as height restrictions, two of the units are high enough it wouldn't matter. This appears to be DRI just aquiring inventory that can be placed in the DRI trust and resold for a profit. I guess buying units on E-bay wasn't fast enough to get the inventory they wanted. The prices they're offering are good prices if one was interested in selling out.


Exactly.


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## dougp26364

JoeMid said:


> If they weren't friendly, and you were, I'd turn around and send them to Stephen Cloobeck. If you weren't friendly, watch out!



I should have saved them to forward to S. Cloobeck but, at the time I didn't forsee the degree of his involvement or his openess with owners. Troy has been one of his right hand men for a very long time and I don't think and exchange of e-mails between us would have done much to that relationship.


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## Mydogs2big

I have not been contacted, but now that I found out I'm allergic to Vegas during my week (14) I'll be calling them to sell my unit.

I hope they offer me the same $5500 for a one bedroom as I have a 16th floor strip view.

Wish me luck!  

I'll let everyone know what I find out.


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## dougp26364

Mydogs2big said:


> I have not been contacted, but now that I found out I'm allergic to Vegas during my week (14) I'll be calling them to sell my unit.
> 
> I hope they offer me the same $5500 for a one bedroom as I have a 16th floor strip view.
> 
> Wish me luck!
> 
> I'll let everyone know what I find out.



You're allergic to Vegas during you're week 14? That's to bad since week 14 should be a good time of year to be in Vegas. That should be early to mid April and the temps are generally pretty nice then. Unfortunately, the wind does tend to kick up a lot of dust in the spring but, it also blows out the smog. 

Hope you get what you're wanting. Good luck.


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## Mydogs2big

Well they offered me $5000.  Which was better than a stick at the nose!

Yes, I'm allergic to whatever is in the air at that time.  I am so bummed because  I loved the room and believe it is now the best timeshare in Vegas less the noise from Hawaiian Marketplace and no casino downstairs.

I was so excited about the heated pool, perfect weather at that time and the great view of the new City Center and it's reflection of lights.

Oh, well.  I don't care to ever pay to get sick again.


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## dougp26364

Mydogs2big said:


> Well they offered me $5000.  Which was better than a stick at the nose!
> 
> Yes, I'm allergic to whatever is in the air at that time.  I am so bummed because  I loved the room and believe it is now the best timeshare in Vegas less the noise from Hawaiian Marketplace and no casino downstairs.
> 
> I was so excited about the heated pool, perfect weather at that time and the great view of the new City Center and it's reflection of lights.
> 
> Oh, well.  I don't care to ever pay to get sick again.




You could join DRI's THE Club and convert your week to points. Then you could use your PT's ownership anytime a week is available, travel to any other DRI location or, use your points for exchanges through I.I. Gold membership in I.I. is included with your THE Club dues and offers you a few more exchange options and discounts. 

Have you looked into that option yet? Polo Towers actually offers a substantial number of points for their units when placed in THE Club.


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## Mydogs2big

I've heard it was a good trader.  But honestly, I'm too lazy to do all that work.  That's what I like about fixed weeks.  This week could also float, but you have to call 59 days ahead, which seems like last minute chaos.

Also, I was a timeshare junkie and bought more weeks than we can use.  Rather than giving them away, I can afford to let some go.

I just hope in two years when the City Center is running and someone offers to buy Polo Towers I don't miss out on $20,000 that someone suggested the underlying land was worth per interval week.  We'll see.


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## dougp26364

Mydogs2big said:


> I've heard it was a good trader.  But honestly, I'm too lazy to do all that work.  That's what I like about fixed weeks.  This week could also float, but you have to call 59 days ahead, which seems like last minute chaos.
> 
> Also, I was a timeshare junkie and bought more weeks than we can use.  Rather than giving them away, I can afford to let some go.
> 
> I just hope in two years when the City Center is running and someone offers to buy Polo Towers I don't miss out on $20,000 that someone suggested the underlying land was worth per interval week.  We'll see.



You won't miss out on anything. Just ask the Summer Bay owners when Harrah's bought out their timeshare. You don't own anything but the space inside the condo and the right to use that space once each year in perpituity. The land and all the common area's of PT's still remains with the developer. Sure you'd get a bite but, I bet it won't be anymore than what you're being offered now.


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## JoeMid

Got my checks yesterday  a very nice 'flip' even if that's not why I bought them.  I can now go buy some nice Marriott with the profits.


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## dougp26364

JoeMid said:


> Got my checks yesterday  a very nice 'flip' even if that's not why I bought them.  I can now go buy some nice Marriott with the profits.



I sort of wished I'd held off on joining THE Club and would have had I known they would be offering that much money in a buy back offer. I believe I would have taken the combined monies ($15,000) and purchased a nice resale Marriott unit somewhere. It would have decreased the number of weeks I own (I've got one to many right now anyway) and would have brought one more high quality resort with good internal exchange rights (Marriot to Marriott) into my holdings. As a bonus another week with Marriott would have been less MF's than the two weeks I have with DRI.


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## vicki

I called them yesterday and their offer for our 2BR (every year) was $4000.  Not what I was hoping for after reading the other posts!


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## dougp26364

vicki said:


> I called them yesterday and their offer for our 2BR (every year) was $4000.  Not what I was hoping for after reading the other posts!



I was just thinking that I might call to see what the current offer is. At $7,500 I almost think I'd sell out even though I paid the $2,995 to join THE Club. I'm not liking the direction the company is going as far as SA's, MF's and dues for THE Club. 

But at $4,000 per week I couldn't buy a Marriott week I'd want to replace the two DRI weeks I'd be selling back. Right now I believe if I could get enough out of the two DRI weeks to buy a Marriott week that we'd enjoy I'd jump on it. But $8,000 isn't going to buy what I'd want. $15,000 might come close enough and the MF would be less.


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## MAZxxx

Perhaps the offer of $4000 was for a non-strip view unit?   Or perhaps they've had enough interest from their e-mail offers like the one they sent me.   I turned down their offer of $7000 plus closing costs for my unit, its simply not enough to make it worth my while as these units are now brand new, if they offered me $10000 then I would seriously consider it.  
The only thing I am worried about is that, when they buy back enough units, they might hold the majority stake in the resort and will be able to charge whatever MFs they like and us owners will have no say in the matter.


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## dougp26364

MAZxxx said:


> Perhaps the offer of $4000 was for a non-strip view unit?   Or perhaps they've had enough interest from their e-mail offers like the one they sent me.   I turned down their offer of $7000 plus closing costs for my unit, its simply not enough to make it worth my while as these units are now brand new, if they offered me $10000 then I would seriously consider it.



If they offered my $10,000 per unit I'd trip over myself getting to them to sign the papers. Of course $10,000 isn't worth a lot when you consider the exchange rate from U.S. dollar to Pound Sterling.



> The only thing I am worried about is that, when they buy back enough units, they might hold the majority stake in the resort and will be able to charge whatever MFs they like and us owners will have no say in the matter.



I'm certain that's EXACTLY what they're trying to do. I have heard that DRI is selling any available inventory as DRI US Collection trust packages. If they sell enough of those units into the trust, DRI will have voting control, will have complete control of the HOA/BOD and will be able to do anything they want with Polo Towers as the trust will hold a majority of the voting rights and you KNOW which way the trust will vote.

My worry is the land in front of Polo Towers. There is wording in the original contract that, under certain conditions, the height restriction can be bought out and, I've read that offers have been made to DRI. The only protection PT's owners will have is the points given the units in The Club. Those points have the same value with I.I. no matter what your view is and are an average of the value of all units given to I.I. by DRI. Specific resort ownership does not matter when your trading points.

What does matter is the owners enjoyment of Polo Towers. DRI has already closed the owners lounge because of M.O.N.E.Y. I can see them selling out the height restriction for the same reasons. If that happens, it will be tough to enjoy the view if the view is just a concrete wall. I don't care if they do connect into a new resort casino like the Jockey Club has done with Cosmo (which is in severe financial difficulty BTW). I bought at Polo Towers because of the amenities, the location and the view!


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## abdibile

Can any owner call them, ask for a quote and get an offer?

Or did they only send this offer out to owners of specific units?

Thanks!



vicki said:


> I called them yesterday and their offer for our 2BR (every year) was $4000.  Not what I was hoping for after reading the other posts!


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## MAZxxx

I'm not sure but I received an offer to repurchase my unit by e-mail a few weeks ago so I guess they must have targetted certain units.  Mine is a high floor and strip view so that may account for it, although it does seem from some of the threads that they have bought back other units too.
As I've only had my unit for two years, I haven't got tired of it yet so I'm not interested in selling just yet.
Give them a ring, following their recent lower offers, it will be interesting to see what they offer for yours.  By the way, what size and location is your unit?


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## dougp26364

abdibile said:


> Can any owner call them, ask for a quote and get an offer?
> 
> Or did they only send this offer out to owners of specific units?
> 
> Thanks!



In reading through the thread, you'll see a link posted that you can call for a quote. 




MAZxxx said:


> I'm not sure but I received an offer to repurchase my unit by e-mail a few weeks ago so I guess they must have targetted certain units.  Mine is a high floor and strip view so that may account for it, although it does seem from some of the threads that they have bought back other units too.
> As I've only had my unit for two years, I haven't got tired of it yet so I'm not interested in selling just yet.
> Give them a ring, following their recent lower offers, it will be interesting to see what they offer for yours.  By the way, what size and location is your unit?




I do not think they are targeting specific units as we have a 2bedroom Skyview unit, top floor facing the strip.


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## vicki

abdibile said:


> Can any owner call them, ask for a quote and get an offer?



That's exactly what I did after reading this thread.  No one ever contacted us -- I initiated the contact with them.  I used the toll free number posted earlier in this thread.  They gave me the $4000 quote after just a couple of minutes.


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## chris5

vicki said:


> That's exactly what I did after reading this thread.  No one ever contacted us -- I initiated the contact with them.  I used the toll free number posted earlier in this thread.  They gave me the $4000 quote after just a couple of minutes.



I did the same thing but in late April, but after I spoke with Polo, I did receive the written offer and later I received numerous calls from them asking to buy-back the week.  The offer they made to me was $5200 for my one bedroom, tower I, high floor unit, which was $300 less than the prior offers mentioned here.  I asked them why not $5500 and they said that was yesterday's offer and today's offer had changed.  Well, that was ok with me, as I was getting the benefit of my 2008 week anyway since I had already deposited it for an exchange and my week 18 was already used by II. 

I find the Polo/DRI folks very disorganized. After correcting my address for them on several occasions, including, with payment of my 2008 fees and other stuff, they sent the written offer to the wrong address; then after telling them about that, the Title Company sent the documents to the wrong address; then finally, I get the Title Company to send me the documents to the right address and promptly send them back on May 20th, I get two calls from Polo/DRI asking me if I if wanted to participate in the repurchase program.  Last week, I get another call from Polo/DRI about the Title Company not receiving my documents and about whether my banked 2008 week was still mine for the deposit. I was told that the offer would be revoked unless they received the documents by June 19 and I had to check with II about whether it would honor my deposit/exchange request.  Well, eventually stuff got sorted out -- they found my documents, the Title Company is supposed to be waiting for funds from Polo/DRI for my closing, and I still have my banked week for an exchange.  But WTF, this was a mess and it aint over till it's over.


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## vicki

*Scottsdale Villa Mirage offer*

This story continues!  Today I received an e-mail from DRI offering to buy back my Scottsdale Villa Mirage 2BR unit for $7700, which is almost double the offer they made to buy back our Polo Towers unit.


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## Aussiedog

*I just called and they said "no dice"*

Maybe I called the wrong place or is it because I am not in the Club?

I just called about the buyback and was told that there is no buyback at this time.  I spoke to owner services for non-Club members.

Ann


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## dougp26364

Aussiedog said:


> Maybe I called the wrong place or is it because I am not in the Club?
> 
> I just called about the buyback and was told that there is no buyback at this time.  I spoke to owner services for non-Club members.
> 
> Ann



Owner services is who you want to talk too. There is an E-mail on page 1 of this thread. Owner services at Polo Towers often can't find their back sides with both hands. I was told by owner services and the president of the HOA/BOD that the DRI buyout of Sunterra would have NO effect or benefit to Polo Towers owners. You may get a completely different answer by contacting them at the devbuyback address. 

Or, they may have repurchased enough inventory for whatever their objective was. Either to have inventory to sell or to take voting control to make whatever changes they wanted to make.


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## chris5

vicki said:


> This story continues!  Today I received an e-mail from DRI offering to buy back my Scottsdale Villa Mirage 2BR unit for $7700, which is almost double the offer they made to buy back our Polo Towers unit.



Vicki, I'd call the number on the email and mention that you want to sell your Polo Towers back to them for that price.  They also sent me a letter asking me to sell them my unit in HI -- I don't own a unit there.  When I called them up about that, they told me they made a mistake and they really meant Polo Towers.


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## Aussiedog

*How about 770k for 700 square feet?*



Mydogs2big said:


> I just hope in two years when the City Center is running




How about this price?  I have an acquaintance who is paying 770k for a 700sf condo in City Center!!

But thanks to everyone for the help.  I just took the developer up on the buyback.  $2000 for mine but it is EOY and I bought it for less than 10% of this price.  Like many, I am focusing my TS portfolio a bit and a TS in Las Vegas is just not worth it to me.  

Hmmm...I may clear enough for a deposit on one of those condos at City Center.....not.....:hysterical: 

Ann


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## dougp26364

Aussiedog said:


> Maybe I called the wrong place or is it because I am not in the Club?
> 
> I just called about the buyback and was told that there is no buyback at this time.  I spoke to owner services for non-Club members.
> 
> Ann





Aussiedog said:


> ...........
> But thanks to everyone for the help.  I just took the developer up on the buyback.  $2000 for mine but it is EOY and I bought it for less than 10% of this price.  ...........
> Ann



This is but another example of the ineptness of DRI. One phone call you're told there isn't a buy back program but, if you know the secrete number you get an offer that's acceptalbe to you. 

I'm almost starting to think that $8,000 for my two units is worth letting them have them. Lord only knows what DRI is planning on doing with Polo Towers once they have enough units to control the vote.


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## MAZxxx

As your aware, I started this thread in April when I received an offer from DRI to repurchase my unit.  They then offered me $7000 plus costs.

After reading the last few responses, I contacted them again via e-mail to see what offer would be available now.  Today they have offered me $3000 plus I must pay all costs.  This is quite a drop in 2 months which makes me think that they must definately have bought enough units to take control.  I am now wishing I took their original offer - not because I don't like the units but because I am now very concerned as to what the future may hold with these units.


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## timeos2

*What does the law say?*



MAZxxx said:


> As your aware, I started this thread in April when I received an offer from DRI to repurchase my unit.  They then offered me $7000 plus costs.
> 
> After reading the last few responses, I contacted them again via e-mail to see what offer would be available now.  Today they have offered me $3000 plus I must pay all costs.  This is quite a drop in 2 months which makes me think that they must definately have bought enough units to take control.  I am now wishing I took their original offer - not because I don't like the units but because I am now very concerned as to what the future may hold with these units.



I can't believe NV timeshare law would allow a developer to retake control of an HOA after it is turned over to the owners but I don't know enough about NV law  to comment.  If its allowed then that is a fatal flaw for owners and reason enough to never own a timeshare in that State.  If it isn't allowed than no matter how many units they take back they should never be able to hold the majority control of the HOA Board(s).  

If I were an owner there this type of activity would make me very uncomfortable.


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## dougp26364

timeos2 said:


> I can't believe NV timeshare law would allow a developer to retake control of an HOA after it is turned over to the owners but I don't know enough about NV law  to comment.  If its allowed then that is a fatal flaw for owners and reason enough to never own a timeshare in that State.  If it isn't allowed than no matter how many units they take back they should never be able to hold the majority control of the HOA Board(s).
> 
> If I were an owner there this type of activity would make me very uncomfortable.




Polo Towers HOA has never been in control of the owners. DRI has always kept enough of it's own owner/members on the board to maintain control. The problem has been the rules set out in the original documents that allows owners to vote on certain improtant matters. For instance, the height restriction in front of Polo Towers that protects owners views. If enough units vote to remove the height restriction, something anyone who own at Polo Tower would never do, then the developer can sell the rights for cash and the view is gone. Then there was this last SA that was very difficult to get passed (the vote was suspicious as it was). If DRI has enough Polo Towers units placed into the trust, they won't have to worry about what the owners really want. They'll just vote their trust units that way they want and it will be done. 

Essentially, if DRI buys back enough units and gets them into the trust, the owners at Polo Towers will no longer have any control. They'll just be along for the ride. 

And yes I am very uncomfortable about this possiblity. Perhaps I'm just chicken little screaming that the sky is falling but, over the last 10 years I've learned to be skeptical when it comes to DRI management.


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## CA Richard

I own two weeks at Polo Towers.  Could someone explain the "height restriction" issue referenced in a couple of the posts above?  I am not familiar at all with what that issue is about.

Thanks,
Richard


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## MAZxxx

Doug is probably best placed to explain but, from what I gather, there is currently a height restriction on building in front of the towers.  However, this restriction can be bought out under certain conditions thus allowing someone to build as high as they want directly in front of the towers.
I'm concerned that, if DRI own enough units in tower 1, they will have overall control in deciding what happens.
I have heard on the grapevine that there are two big resorts wanting to build at the front of tower 1 so this could be the reason for the recent buy back drive from DRI?  I don't know what but there's definately something going on there.


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## dougp26364

CA Richard said:


> I own two weeks at Polo Towers.  Could someone explain the "height restriction" issue referenced in a couple of the posts above?  I am not familiar at all with what that issue is about.
> 
> Thanks,
> Richard





MAZxxx said:


> Doug is probably best placed to explain but, from what I gather, there is currently a height restriction on building in front of the towers.  However, this restriction can be bought out under certain conditions thus allowing someone to build as high as they want directly in front of the towers.
> I'm concerned that, if DRI own enough units in tower 1, they will have overall control in deciding what happens.
> I have heard on the grapevine that there are two big resorts wanting to build at the front of tower 1 so this could be the reason for the recent buy back drive from DRI?  I don't know what but there's definately something going on there.




MAZxxx has said it all.

There have been several changes of ownership for the land that once held Polo Plaza and now holds the Hawaiian Marketplace. The latest word in the newspapers (if you can believe them) is that the current owner wants to build a new Elvis Themed mega resort/casino but, they want to build it taller than the present height restriction that Polo Towers holds on the land in front of the resort.

At the present there are enforcable easments on both height and access to the land in front of Polo Towers. Owners documents apparently allow those restrictions to be sold out for a price. That price is small enough per unit I wouldn't want to consider it and, I believe if sold would all but destroy the exchnage power of Polo Towers. Who wants to take a vacation with a view of a concrete wall?

I'm sure they'd try to add amenities and access to the "mega resort/casino" for Polo Owners to sweeten the deal, much like what Cosmo has offered to JC owners. But keep in mind that Cosmo is in financial trouble and the market isn't that great for large building loans right now, especially for tourist destinations like Vegas, which is heavily built up. IMO, the risk:reward ratio isn't strong enough that I, as a strip view owner in tower 1 wish to sell out the easements of height restriction and property access (the driveway from the strip onto Polo Towers).


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## CA Richard

Thanks Max and Doug!  I also own strip view on the 11th floor in tower 1, and that's why I bought it!

Does anyone know exectly what that height restriction is?


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## dougp26364

CA Richard said:


> Thanks Max and Doug!  I also own strip view on the 11th floor in tower 1, and that's why I bought it!
> 
> Does anyone know exectly what that height restriction is?



I believe the present height restriction is 4 stories. 

Please keep in mind that the information I have about the right to buy out the height restiction comes from statements the developer of the Elvis themed hotel made in a trade magazine. Exactly how accurate that is I can't say and I haven't gone through my original documents to see if there is wording that allows the developer to sell out the height restrictions and, if there is such wording under what conditions it can be sold and who gets the cash from the transaction. 

Eventually, when I have time and the desire, I'll look though my project documents to see if/what/how the easement and height restrictions can be modified. I have read the easement and height restriction wording but, it's been some time and I don't recall reading any conditions that allowed for those to be forfited or sold by the owners or developer. I really need to re-read that section.


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## CA Richard

Thanks again, Doug.  I checked my deed. It has the easement for the driveway but nothing about the height restriction.


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## cruiserdoc

I have a question to ask. A little background: We owned a 2BR Polo Towers Suite, a week in October. I paid the dues for 2008 and in April of this year, we joined the Club, depositing our week in exchange for points. We received acknoweldgement that our points in the Club were available to use.  Right after that, we received the infamous offer for buy-back email. The offer was for $7000 and closing costs. We opted to sell & have recently received out money.  My question is as follows: what is the opinion on this forum as to whether I can use my points this year throught the Club? I paid the dues for the club this year, I paid my mainenance fees for Polo Towers; it seems to me I should have access to the points for 2008.  However, technically speaking, I no longer own a timeshare that would qualify me to be a member of THE CLUB, so who knows.  As has been mentioned on this forum, DRI is soooo disorganized; they wouldn't understand a question like this!!! And, no matter what answer I got, I wouldn't trust it!!
Thanks for any help/discussion regarding this. I'm tempted to just try & use the points & see what happens.


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## JoeMid

cruiserdoc said:


> I have a question to ask. A little background: We owned a 2BR Polo Towers Suite, a week in October. I paid the dues for 2008 and in April of this year, we joined the Club, depositing our week in exchange for points. We received acknoweldgement that our points in the Club were available to use.  Right after that, we received the infamous offer for buy-back email. The offer was for $7000 and closing costs. We opted to sell & have recently received out money.  My question is as follows: what is the opinion on this forum as to whether I can use my points this year throught the Club? I paid the dues for the club this year, I paid my mainenance fees for Polo Towers; it seems to me I should have access to the points for 2008.  However, technically speaking, I no longer own a timeshare that would qualify me to be a member of THE CLUB, so who knows.  As has been mentioned on this forum, DRI is soooo disorganized; they wouldn't understand a question like this!!! And, no matter what answer I got, I wouldn't trust it!!
> Thanks for any help/discussion regarding this. I'm tempted to just try & use the points & see what happens.


I would try and use them and see what happens, but from what I hear from people over at TS4Ms DRI forum, once you sell on their buyback, you have nothing.


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## bobcat

cruiserdoc said:


> I have a question to ask. A little background: We owned a 2BR Polo Towers Suite, a week in October. I paid the dues for 2008 and in April of this year, we joined the Club, depositing our week in exchange for points. We received acknoweldgement that our points in the Club were available to use.  Right after that, we received the infamous offer for buy-back email. The offer was for $7000 and closing costs. We opted to sell & have recently received out money.  My question is as follows: what is the opinion on this forum as to whether I can use my points this year throught the Club? I paid the dues for the club this year, I paid my mainenance fees for Polo Towers; it seems to me I should have access to the points for 2008.  However, technically speaking, I no longer own a timeshare that would qualify me to be a member of THE CLUB, so who knows.  As has been mentioned on this forum, DRI is soooo disorganized; they wouldn't understand a question like this!!! And, no matter what answer I got, I wouldn't trust it!!
> Thanks for any help/discussion regarding this. I'm tempted to just try & use the points & see what happens.


_f you did not use the points before you sold, you are out of luck. I know you paid MF's. however, you do not own it anymore. You should have tried to make the deal   after you used your points.  That will be their stand._


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## Hoc

dougp26364 said:


> If they sell enough of those units into the trust, DRI will have voting control, will have complete control of the HOA/BOD and will be able to do anything they want with Polo Towers as the trust will hold a majority of the voting rights and you KNOW which way the trust will vote.



I'm sure that, legally, as a majority owner in the HOA, DRI will have fiduciary duties to act in the best interests of the remainder of the owners.


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## MAZxxx

I am not a lawyer but I don't think that your principles would hold much water in this case.   My feelings are that DRI are perfectly within their rights in buying up any excess ownership rights and that they would be treated like any other multiple unit owner.
I think there's something going on here but I can't put my finger on it.  Last year, I enquired about buying another week on the same floor as my existing unit, they came back with 2 quotes of $13,500 and $15,500.  In April this year, they offered to buy back my unit for $7000 plus costs and there's no chance now of purchasing any extra weeks at the Polo Towers.
This buy back offer has now gone down to $3000 with no costs.  I wish I knew what their long term strategy is!


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## Hoc

MAZxxx said:


> I am not a lawyer but I don't think that your principles would hold much water in this case.



As a general rule, legally, a majority owner in a corporation has a fiduciary duty not to use its power to the detriment of a minority owner.  It can't just vote its shares as it wants.  I'm pretty sure the same type of rule would apply in this instance.


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## dougp26364

Hoc said:


> As a general rule, legally, a majority owner in a corporation has a fiduciary duty not to use its power to the detriment of a minority owner.  It can't just vote its shares as it wants.  I'm pretty sure the same type of rule would apply in this instance.




The problem is and will always remain......is it worth it to take action. Essentially to take it to court in Vegas. I live in KS and many other owners are scattered across the country and a few around the world. Locating and pulling all those owners together to join and fight DRI as a group is a daunting and time consuming task. Finding the money and an attorny to take up the action may not be as cost effective as just selling and getting out. 

DRI has a lot of little tricks written into their documents giving them the right to make these changes and owners signed over those rights with their original purchase. DRI has the written right to control the public spaces in Polo Towers. Thus, they were able to just close down the owners lounge and turn it into Stephen Cloobecks personal office space. Mr. Cloobeck has comlete control over all public spaces and can do with them as he pleases.

As I understand it, the height restriction can be sold for a set amount (low by today's standards but relatively high in the early '90's). I'm not even certain that it will take a vote of the owners. I believe the price per unit to sell out the height restriction is in the $2,000 per unit range. Most of this according to the company that would want to buy out the restriction. I'm not even 100% certain that DRI requires owner approval for this to happen.

To fight DRI, owners would most likely need to prove that there was intentional deception during the sales process.....ie: lying about always having a view. You'll need to get enough witnessess together to convince a judge or jury this took place. Getting that many people into a court room to testify about an event that took place in many instances over 10 years ago (assuming you can find that many original owners) would be difficult. Again, cheaper and easier just to sell out and let the next owner worry about it.

One other advantage to DRI would be to get enough units into the DRI Trust and keep control of the management contract. Essentially assuring that Polo Towers will remain under DRI management until DRI gets tired of managing the resort. 

This is not an attractive situation for owners. That situation being the loss of control of the resort (as if owners ever had control) and just being taken along for the ride.


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## Aussiedog

*Got the check today*

So I am out of Polo Towers.

But I own Bluegreen, so maybe I will soon be back in  ??

Wonder where they are getting all the money to purchase Bluegreen (offer to purchase at this point) when they must be spending a fair amount on buybacks, system integration, etc.

Ann


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## malyons

*villa mirage offers?*

just curious after reading all of this, so I thought I'd pose my question here so everyone has the background....It was mentioned that someone received an offer for repurchase of their Scottsdale Villa Mirage unit as well.  Are these offers still out there?  Is DRI done trying to repurchase units for now.....or at least until the credit markets clear up?


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## dougp26364

malyons said:


> just curious after reading all of this, so I thought I'd pose my question here so everyone has the background....It was mentioned that someone received an offer for repurchase of their Scottsdale Villa Mirage unit as well.  Are these offers still out there?  Is DRI done trying to repurchase units for now.....or at least until the credit markets clear up?




I HAD an offer recently to re-purchase our Polo Towers units and accepted it. I was suppose to receive the paperwork no later than last week. Now my E-mails go unanswered and the contact phone number has a fast busy signal. 

At this point, I'd say the tight credit market has put a hold on all recent buyback offers. I'd also imagine that, with the astronical increases in MF's that DRI could be flooded with requests to buy back units. As it stands now, I plan on paying our MF's and finding a way to use our club points. I'll eventually sell our units but, after the latest legioniare's outbreak and increase in MF's, resale prices on E-bay seem to be in the toilet. Last week they were in the thousands, present auctions for 2 bedroom units appear they may close in the hundreds. 

Looks like I made the wrong choice to believe in DRI. I should have saved my money joining THE Club and should have sold out when the offers where higher and they were actually following up on them. After 10 years of watching them mismanage (IMO) Polo Towers I should have known better. I should have sold out 6 months ago.


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## richardm

*All buybacks not already funded have been cancelled!*



dougp26364 said:


> I HAD an offer recently to re-purchase our Polo Towers units and accepted it. I was suppose to receive the paperwork no later than last week. Now my E-mails go unanswered and the contact phone number has a fast busy signal.
> 
> Looks like I made the wrong choice to believe in DRI. I should have saved my money joining THE Club and should have sold out when the offers where higher and they were actually following up on them. After 10 years of watching them mismanage (IMO) Polo Towers I should have known better. I should have sold out 6 months ago.



If you were involved in a buyback and have not yet gotten your $- it probably won't be coming.. Check with your closing agent for an updated status..


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## timeos2

dougp26364 said:


> Looks like I made the wrong choice to believe in DRI. I should have saved my money joining THE Club and should have sold out when the offers where higher and they were actually following up on them. After 10 years of watching them mismanage (IMO) Polo Towers I should have known better. I should have sold out 6 months ago.



It would appear history gives us a good picture as to how things will be in the future under the same regime. I also fear too much Sunterra culture may have also been brought over. That is also not a good thing.  DRI seems to want to do whats right but poor followup and economics may be hitting them very hard just when they don't need it.  It's tough for everyone but especially cash and sales intensive operations like they depend on.  It may be a rough ride for awhile.  I'm glad I don't have an obligation to any major fees/assessments in direct control of THE CLUB or a DRI managed resort. That's where the money will come from for the foreseeable future if I'm reading things correctly. As it is the simple annual CLUB fee has already spiraled out of control but at least its something I can drop at will with virtually no loss.  Not so easy if its a resort or an investment in THE CLUB.  Too bad you seem to have missed the buy out opportunity.


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## MAZxxx

I started this thread back in April when I received an offer from DRI to buy back my 2 bed unit for $7000.00 plus they'd pay all closing costs.  I declined because I had only bought the unit a year earlier.  I became curious and, in July, asked them if their offer was still available, they said that now they could only offer me $3000.00 plus I'd have to pay closing costs.
I enquired again last month and now they are not buying back any units for any price.  Sometimes I think I should have accepted their first offer but I have just come back from my week there and I really think that its a great unit.  I have a centre strip view and a high floor and, although the MFs are relatively high, I still think that its good value for the size and view I've got (I recently stayed in a hotel in L.A. and got a view of the back of a shopping centre for $350.00 a night).
I think, once the new development opposite opens, P.T. timeshare values should go up as any new development usually attracts more people, more buyers, more tourists, etc. and that can't be bad for the P.T.


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## richardm

*The true value is found in the usage!*



MAZxxx said:


> I have just come back from my week there and I really think that its a great unit.  I have a centre strip view and a high floor and, although the MFs are relatively high, I still think that its good value for the size and view I've got (I recently stayed in a hotel in L.A. and got a view of the back of a shopping centre for $350.00 a night).



Timeshare can be a very fickle mistress... Rest assured (I'm confident most of the frequent posters in this forum will agree with me) that the intention of these threads is not to disparage anyone about the value of their ownership. As with any luxury item- the only real test of value is the usage an owner gets..  If you use and enjoy your week- you'll get a return (albeit an intangible one) on your ownership regardless of what you originally paid....

Use and enjoy your vacations- you are in good company! 

Rich


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## dougp26364

richardm said:


> If you were involved in a buyback and have not yet gotten your $- it probably won't be coming.. Check with your closing agent for an updated status..




Closing agent? Heck, I never even received the papers to sign.

It's not that the deal is most likely dead that bothers me. It's the way the apparent cancelation of the deal has been handled. As per the norm for DRI, if it doesn't involve tooting their own horn there's little to no communication. This is especially problematic as I must make vacation plans and plans to pay the 2009 MF's in the next couple of weeks. 

All it would take, even if it's not the greatest news, would be a little COMMUNICATION. In this ecomonmic environment I would certainly understand why DRI couldn't complete the agreed upon deal. I might not be overly joyed about it but I could understand it. Rather than be upfront with everyone it certainly has the apperance that they'd prefer to stick their head in the sand and just leave everyone hanging. 

Just one more reason for my negative bend towards this particular company and how it does business.


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## dougp26364

MAZxxx said:


> I started this thread back in April when I received an offer from DRI to buy back my 2 bed unit for $7000.00 plus they'd pay all closing costs.  I declined because I had only bought the unit a year earlier.  I became curious and, in July, asked them if their offer was still available, they said that now they could only offer me $3000.00 plus I'd have to pay closing costs.
> I enquired again last month and now they are not buying back any units for any price.  Sometimes I think I should have accepted their first offer but I have just come back from my week there and I really think that its a great unit.  I have a centre strip view and a high floor and, although the MFs are relatively high, I still think that its good value for the size and view I've got (I recently stayed in a hotel in L.A. and got a view of the back of a shopping centre for $350.00 a night).
> I think, once the new development opposite opens, P.T. timeshare values should go up as any new development usually attracts more people, more buyers, more tourists, etc. and that can't be bad for the P.T.



With better management, Polo Towers could be one of the top timesharesin Vegas with the best location. It's unfortunate that the management company is inept at best. While the timeshare itself if very good and the location is great, the way they handle the owners money is extremely poor and owners don't really play a part in the decisions that are made.

Cases in point:

The owners lounge was closed without notice given to owners. This was a HEAVILY sold benefit to owners during active resort sales. Once sales were done, it became to expensive for the developer to maintain (I thought MF's were suppose to pay for amenities? Where'd my money go?)

The promised family water park was paid for by an SA imposed and collected without an owner vote or owner approval. They had to have a vote retroactively to approve it. That SA was also suppose to pay for a new water treatment plant to avoid a second outbreak of legioniare's at the resort. The family water park was 2 or 3 years overdue when it was started and a second recent outbreak of legioniare's sheds light on the fact that the promised and paid for water treatment system was most likely never actually installed. 

Polo Towers MF's are among the highest in Vegas but, the reserve funding is among (most likely is) the lowest in Vegas. This means if anything goes wrong, like the recent outbreak of legioniare's disease again, there likely won't be enough in reserve for the necessary expenses to fix the problem I anticipate another SA in the next year or two. 

The Skyview units were sold preconstruction with a promised build out date that was missed by either 2 or 3 years. The promised resort exchange certificates were given out only 1 year. After that, you had to call and complain to get them to deposit an unused  and often less desirable developers week into I.I. for you to use. I guess those that didn't know enough to call and complain were just screwed. 

Polo Towers could be one of the best timeshares in Vegas if only it were managed while keeping the owners interest rather than the developers interest in mind. Until then, it's going to be a very nice timeshare with a great location and a management company that's determined to ride it's owners into the ground. Then they'll sell off the property and leave owners twisting in the wind.


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## dougp26364

Recieved official word that, as of Oct. 1st, any deal that hadn't been paid out was rescinded. If you had a deal but haven't recieved a check, sorry.


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## Bill4728

Thanks for the up-date, Doug.


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## pgnewarkboy

Don't feel all alone.  The economic crisis is doing a number on almost everyone.  Check out the marriott group on TUG and you will see that Marriott no longer exercises its right of first refusal thus allowing re-sale prices to drop like a rock PLUS they restructured their point system by devaluaing owners points.


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## dougp26364

pgnewarkboy said:


> Don't feel all alone.  The economic crisis is doing a number on almost everyone.  Check out the marriott group on TUG and you will see that Marriott no longer exercises its right of first refusal thus allowing re-sale prices to drop like a rock PLUS they restructured their point system by devaluaing owners points.




We own Marriott as well. Devaluing MR points isn't new. It happens every couple of years. As far as dropping the ROFR that only affects me if I want to buy/sell units on the open market. I can still sell my DRI ownership on the open market if I choose to do so. 

DRI has made offers and, in some cases signed paperwork and then backed out of the deal without so much as letting the selling party know the deal is dead. They just shut the phone lines down and stopped answering their E-mails.


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## pgnewarkboy

I think that as a general principle DRI does not have the legal right to back out of a signed deal.  They bought back my timeshare in Maui with no problem or hassle.  I don't recall what the contract said but breach of contract, if that is the case, is a serious matter.  People in a situation with a signed contract should consult an attorney on the matter.


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## PeelBoy

I am not an owner but a DRI Club member.

Just spent the week across the street at Marriott Grand Chateau.  Not to offend anyone here, I thought for the whole week why there is such an old and ugly building at the middle of the strip. Years ago, I thought Polo Tower was great but now it is surrounded by attractive modern high rise.  

I heard there is a plan to redevelop the strip malls across the City Centre, so wonder whether DRI may have a plan to sell Polo Tower and the adjacent parking lot for big money.


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## MAZxxx

I agree that it doesn't have the sharp glassy edge of the new builds but I quite like it, I think it has character.  I had also heard a rumour that the land at the front of the P.T. has been sold to a developer.  Various stories have been circulating and, in the current climate, I'm not sure whether any of them will actually materialise.
Perhaps that's why they've stopped the buy back scheme.  If they plan on selling some time in the future, they wouldn't want to shell out any more cash on buy-backs.
Doug, what do you think?  Also, if the resort was sold, what do you think us owners will get out of it?  They are currently selling these newly renovated 2 bed units at the front tower for nearly $30,000, if this is their current market value do you think that's what they'd have to pay out?
I know I'm getting ahead of things here but I was just curious.


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## dougp26364

PeelBoy said:


> I am not an owner but a DRI Club member.
> 
> Just spent the week across the street at Marriott Grand Chateau.  Not to offend anyone here, I thought for the whole week why there is such an old and ugly building at the middle of the strip. Years ago, I thought Polo Tower was great but now it is surrounded by attractive modern high rise.
> 
> I heard there is a plan to redevelop the strip malls across the City Centre, so wonder whether DRI may have a plan to sell Polo Tower and the adjacent parking lot for big money.



According to the company that now owns the land in front of Polo Towers, DRI has a plan to sell out the height restriction and allow the view of Polo Towers owners to be blocked. The adjacent parking lot, the land that the Travel Lodge and Harley Davidson Cafe occupies and all the land down to Smith and Wollensky is owned by the same company. 

Presently the announced plan is to build and Elvis themed casino. It will never happen IMO. Especially now that the credit markets have gone south. Eventually, something will be built there and my bet is S. Cloobeck will be more than happy to sell out the owners view for a little pocket change. If he's going to do that I'd prefer the whole darn thing be sold and give back a little cash to the owners. 

I'm personally not interested in any "owners rights" to access the amenities of any new build. Look what's happened to Jockey Club and Cosmopolitan. Yes Cosmo will be built but it won't be by it's original developer. Lord only knows how everything will work out there and, in the meantime, they've had to put up with all that construction noise AND lose their view to the south.


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