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Jupiter - Leaving Ritz Carlton Club?

nakyak said:
I will be casting my vote to terminate the relationship with Ritz. Timbers is a great fit for the property.

http://jupiterclubcoa.com/
Click to expand...

It looks like your COA board is doing a wonderful job providing the necessary information for all owners to make an informed decision. What a fabulous website they've developed to that end! I hope all of you realize the importance of participating in the voting process, and wish you all the best regardless of the outcome. Good luck!
 
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It will be interesting to see the outcome. Probably the toughest number to hit will be 50% of the members have to vote.

Does anyone know the total # of fractional interests? Since MVW seems to own 60 fractional interests, I am curious how much influence they will have on the vote.
 
fluke said:
It will be interesting to see the outcome. Probably the toughest number to hit will be 50% of the members have to vote.

Does anyone know the total # of fractional interests? Since MVW seems to own 60 fractional interests, I am curious how much influence they will have on the vote.
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Their FAQ's list the number at 400
 
fluke said:
It will be interesting to see the outcome. Probably the toughest number to hit will be 50% of the members have to vote.

Does anyone know the total # of fractional interests? Since MVW seems to own 60 fractional interests, I am curious how much influence they will have on the vote.
Click to expand...

I think perhaps the harder number to hit will be the 66%. Since if MVCI votes their shares to keep it part of RCDC, then the owners have to get 264 of the remaining 340 votes. That means that all the owners have to get 77.7% of the vote in favor in order to out vote MVCI.
 
In the latest MVW quarterly results, the company discusses numerous lawsuits from RC owners. I was surprised at the number of lawsuits now working its way through the court system. Seems like they are being sued from just about every RC DC property at the moment.

There is also a new legal challenge from a Harbor Lake owner regarding the points system.

FT
 
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Voting closes tonight. It will be interesting to see if Jupiter follows the lead of Bachelor Gulch.
 
nakyak said:
Voting closes tonight. It will be interesting to see if Jupiter follows the lead of Bachelor Gulch.
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I fully expect for this to happen. RC destination club has a lot less focus on its owners now that they are part of the much larger MVCI.

FT
 
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I can certainly understand why RCDC owners would want to vote for change, although it would seem to be an unfortunate loss of a very attractive option for MVC owners.
The only thing I am not clear on from reading the attachment, is how significant the impact would be if "RCDC" / "MVW" were to decide to vote their 60 interests against change?
 
Can't be surprised by the vote. If I paid those prices I would go ballistic about MVCI owners using the property.

With only five remaining locations, the Ritz-Carlton Club looks to be withering on the vine.
 
ondeadlin said:
With only five remaining locations, the Ritz-Carlton Club looks to be withering on the vine.
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Sounds like MVC control of these clubs is leaving a taste in the mouths of the club members more along the lines of a Saltine than a Ritz. ;)
 
For those mvci points owners considering using the remaining ritz properties they should do it now . Aspen or st Thomas should be the next leave. I am not for certain but I think both clubs management agreements are up for renewal in the next 12 months.

I'm excited for timbers to come in and take over.
 
I find it interesting that the Ritz properties can so easily break the management agreements. From information past reported related to Beach Place Towers, it sounded all but impossible for them to get out from under their management agreement with MVCI. It sounds like these contracts were written up providing more leeway for the BOD/HOA to change management companies?
 
dioxide45 said:
I find it interesting that the Ritz properties can so easily break the management agreements. From information past reported related to Beach Place Towers, it sounded all but impossible for them to get out from under their management agreement with MVCI. It sounds like these contracts were written up providing more leeway for the BOD/HOA to change management companies?
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The management agreement was not broken. It simply was up for renewal.
 
nakyak said:
The management agreement was not broken. It simply was up for renewal.
Click to expand...

That makes sense, but do the management agreements ever come up for renewal at regular MVCI properties? I was under the impression that they were always up for automatic renewal unless MVCI opted out. There wasn't any say by the owners, or perhaps it requires a super majority with a super majority of owners also voting.
 
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MVW Ownership

Even with a change in management the units owned by MVW will still likely be available to the DC club. Unless MVW can sell off that inventory. There are multiple timeshare systems that own properties that are used by those respective systems with a different management company. If MVW owns units a new management company can't impede there right to use it like any other owner.

Bachelors Gulch was different because (as I understand it) MVW had no ownership in units there.

Although as it appears MVW didn't vote against it, you could always speculate maybe they made a deal with Timbers to acquire the unsold units.

It will be interesting to see if MVW maintains ownership and therefore usage of the units.
 
fluke said:
Even with a change in management the units owned by MVW will still likely be available to the DC club. Unless MVW can sell off that inventory. There are multiple timeshare systems that own properties that are used by those respective systems with a different management company. If MVW owns units a new management company can't impede there right to use it like any other owner.

Bachelors Gulch was different because (as I understand it) MVW had no ownership in units there.

Although as it appears MVW didn't vote against it, you could always speculate maybe they made a deal with Timbers to acquire the unsold units.

It will be interesting to see if MVW maintains ownership and therefore usage of the units.
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I think it would be in the best interest of all involved for MVCI to divest itself of the units they own. Or perhaps Timbers can sell the units under contract for MVC. I don't think they will continue to allow DC owners to book at a resort not branded as a MVCI property.
 
dioxide45 said:
With those results, it doesn't look like MVC voted their proxies. Or if they did, they voted in favor.
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As an outsider looking in my take is that Marriott wants to allow Ritz to slowly go away. Thus not voting or voting for facilitates their goal.

George
 
bogey21 said:
As an outsider looking in my take is that Marriott wants to allow Ritz to slowly go away. Thus not voting or voting for facilitates their goal.

George
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I agree!

It has been 4 years now since DC and only a handful of units from the RC Vail property have ever been entered into the Trust.

Many of the other properties are locked into litigation or have either exited or are planning to exit the RCDC.

FT
 
As an update to this - I saw that the agreement with Ritz is officially terminated in September 2014. Does anyone know when Jupiter owners will be able to start exchanging with Timbers properties? Sept also?
 
Ritz DC reviews?

It appears MVC is still taking reservations for Jupiter even after the vote. I tried to find reviews online for the property but can't find much at all (nothing on TripAdvisor even).

Can anyone provide feedback on the property? Was thinking of taking the young kids and wanted to make sure there was enough to do.
 
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gowarty said:
It appears MVC is still taking reservations for Jupiter even after the vote. I tried to find reviews online for the property but can't find much at all (nothing on TripAdvisor even).

Can anyone provide feedback on the property? Was thinking of taking the young kids and wanted to make sure there was enough to do.
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Been there many times. Depends on age of kids.

The club has tennis, basketball, and golf.

These are homes so you probably won't find many online reviews.

FT
 
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