First Post - Lots of questions [merged]

[Cal357]

Hi All, I'm brand new to the board and to timeshares (other than having attended many presentations). Anyway, I signed a contract a few days ago to purchase a 2BR Lockout at the Marriott Grand Chateau, Floating week 1-51. The contract is being sent to Marriott to for ROFR review.

I'm mainly interested in vacationing in Las Vegas, so my questions are related to ownership at this property. So here goes:

1) Do I have to reserve full weeks, or can they be broken up into 3 or 4 day mini vacations?

2) How does a 2BR lockout work - does that effectively double my time if I reserve a 1BR unit?

3) How far ahead do you need to make reservations to get the dates you want?

and finally - 4) an agent for a timeshare reseller told me this week that Marriott typically exercises their ROFR unless the purchase price is at least 1-4 times the MF for the unit (depending on the season). Does this sound reasonable and accurate?

 

[Passepartout]

Most of your questions are Marriott specific. You'll get better answers by posting queries in the Marriott forum.

I'll just comment that I hope you bought a resale, and not from the developer. If you bought retail, you should consider rescinding the sale. There are some very dependable brokers, who are TUGgers and are experienced with shepherding their offerings through ROFR.

Welcome to TUG.

Jim

 

[Ty1on]

Most of your questions are Marriott specific. You'll get better answers by posting queries in the Marriott forum.

I'll just comment that I hope you bought a resale, and not from the developer. If you bought retail, you should consider rescinding the sale. There are some very dependable brokers, who are TUGgers and are experienced with shepherding their offerings through ROFR.

Welcome to TUG.

Jim

Developer sales wouldn't be subject to ROFR, would they?

 

[Passepartout]

Developer sales wouldn't be subject to ROFR, would they?

Prolly not, but the OP didn't specify. Nevada has some rules that preclude rescission on resales, and resale prices there have crept up close to developer prices. I think Seth or Judi can beat 'em and still pass ROFR.

 

[Cal357]

It is not from the developer, but I am not sure if it's a great price compared to other resales - (far from retail pricing though). I don't want to overpay, but I'd like it to make it past ROFR. Is there any place to view comparable resales?

I do have a few more days if i want to rescind.

 

[Cal357]

Potential New Owner

Hi All, I posted this in the "New to Timesharing" section also, but maybe someone here can better answer -

Anyway, I signed a contract a few days ago to purchase a 2BR Lockout at the Marriott Grand Chateau, Floating week 1-51. The contract is being sent to Marriott to for ROFR review.

I'm mainly interested in vacationing in Las Vegas, so my questions are related to ownership at this property. So here goes:

1) Do I have to reserve full weeks, or can they be broken up into 3 or 4 day mini vacations?

2) How does a 2BR lockout work - does that effectively double my time if I reserve a 1BR unit?

3) How far ahead do you need to make reservations to get the dates you want?

4) What are points? Is this something that you have to buy from Marriott directly?

 

[Cal357]

Prolly not, but the OP didn't specify. Nevada has some rules that preclude rescission on resales, and resale prices there have crept up close to developer prices. I think Seth or Judi can beat 'em and still pass ROFR.

How would I contact Seth or Judi?

 

[Passepartout]

It is not from the developer, but I am not sure if it's a great price compared to other resales - (far from retail pricing though). I don't want to overpay, but I'd like it to make it past ROFR. Is there any place to view comparable resales?

I do have a few more days if i want to rescind.

Good that it's resale. I don't know of such a place to view comps. Those are held pretty close to the chest. Again, I'd post your questions- along with whatever details you're comfortable with sharing in the Marriott Forum. But in the end, if you're comfortable with the price and what you are getting, WTF, go for it. TS is kind of like airplane seats. On a 200 seat airplane there are probably 100 different prices for those seats. Someone is paying full bore retail, and someone is being upgraded for next to nothing and they're both getting to the destination at the same time.

Jim

 

[Passepartout]

How would I contact Seth or Judi?

TUG Username Seth Nock, or Judi Kozlowski. Click on their blue username and send a PM or email.

 

[Bill4728]

1) Do I have to reserve full weeks, or can they be broken up into 3 or 4 day mini vacations?

Some of the Marriott resorts allow you to break up your vacations into 4 day and 3 day mini vacations I'm not sure if the resort in Vegas allows it Sorry

2) How does a 2BR lockout work - does that effectively double my time if I reserve a 1BR unit?

YES You can reserve a 1 bd and/or studio by " locking off" Then you'll get 2 vacations for the price of one. For Vegas I'd reserve the one bd when I most want to go BUT trade the studio in II where it is very likely I'd be able to trade for a second 1 bd instead of a studio.

3) How far ahead do you need to make reservations to get the dates you want?
-

There are a few weeks in Vegas which have really high demand for those weeks make reservations 12 months early. Other than those weeks, I'd guess that you would be able to make reservations 6 months in advance

4) an agent for a timeshare reseller told me this week that Marriott typically exercises their ROFR unless the purchase price is at least 1-4 times the MF for the unit (depending on the season). Does this sound reasonable and accurate?

NO ROFR is iffy at best so there is no way to know what MVC will do. MVC have recently been using ROFR more than before. BUT it isn't linked to MFs at all. Since MFs are based on unit size not season the MF will not give you any idea if MVC will use ROFR.
Bill

 

[Ty1on]

Some of the Marriott resorts allow you to break up your vacations into 4 day and 3 day mini vacations I'm not sure if the resort in Vegas allows it Sorry

YES You can reserve a 1 bd and/or studio by " locking off" Then you'll get 2 vacations for the price of one. For Vegas I'd reserve the one bd when I most want to go BUT trade the studio in II where it is very likely I'd be able to trade for a second 1 bd instead of a studio.

There are a few weeks in Vegas which have really high demand for those weeks make reservations 12 months early. Other than those weeks, I'd guess that you would be able to make reservations 6 months in advance

NO ROFR is iffy at best so there is no way to know what MVC will do. MVC have recently been using ROFR more than before. BUT it isn't linked to MFs at all. Since MFs are based on unit size not season the MF will not give you any idea if MVC will use ROFR.
Bill

It wouldn't surprise me if they randomized it a little bit, to keep buyers guessing, thereby bringing up the market value. If so, brilliant.

 

[windje2000]

Cal

Welcome to TUG

Your starting point for many questions will be the stickies, on top of the Marriott board and shown below

Weeks System

http://tugbbs.com/forums/showthread.php?t=391

Points

http://tugbbs.com/forums/showthread.php?t=197346


Regarding weeks:

Reserve as early as allowed.

Your can daisy chain the lockoff for two weeks of occupancy, consecutive or not

Click of the link in the weeks system sticky to see if Grand Chateau allows 3-4 day stays

Points are fully described in the points sticky

Good luck with ROFR

 

[Cal357]

okay, i see from the FAQs that the Grand Chateau has the split week option. can someone explain what this statement means:

*Platinum Plus Owners who wish to float into the Platinum Season using the Split option must utilize the entire week, both the 3 day and 4 day stays, within the Platinum Season

 

[Ty1on]

okay, i see from the FAQs that the Grand Chateau has the split week option. can someone explain what this statement means:

*Platinum Plus Owners who wish to float into the Platinum Season using the Split option must utilize the entire week, both the 3 day and 4 day stays, within the Platinum Season

If you use 7 day stays, you may split for two 7 day 1 BR stays.

If you use 3/4 day stays during Platinum Season, you must use the 2 BR in one stay.

If you use 3/4 day stays outside platinum season, you can get 4 1 BR stays out of it.

 

[BocaBoy]

If you use 7 day stays, you may split for two 7 day 1 BR stays.

If you use 3/4 day stays during Platinum Season, you must use the 2 BR in one stay.

If you use 3/4 day stays outside platinum season, you can get 4 1 BR stays out of it.

This answer is incorrect. The following is accurate:

1) If you use 7 day stays you can lock off and get one week in a 1BR and 1 week in a studio.

2) If you are a Platinum Plus owner (week 52), Grand Chateau allows you to reserve in weeks 1-51 if you prefer. If you do this and split the week into 3 nights and 4 nights, both the 3-day stay and the 4-day stay must be in Platinum Season (weeks 1-51). When using the split week like this, you must use the whole 2 BR unit for both stays.

3) There is no way to get 4 1BR stays because a split week must use the whole 2BR and a lockoff is a 1BR and a studio. You cannot lock off and then split the week.

 

[dioxide45]

and finally - 4) an agent for a timeshare reseller told me this week that Marriott typically exercises their ROFR unless the purchase price is at least 1-4 times the MF for the unit (depending on the season). Does this sound reasonable and accurate?

ROFR is a moving target and I don't think it really has anything to do with the MFs. It comes down to how much MVCI can resell the week for in points. I think Greg has determined that it is about 23%. So if the week you are buying converts to 2000 DC points. At $10 a point, that is $20,000. 23% of $20,000 is $4,600. So if your purchase price is below that, one could reasonably expect ROFR to be exercised. Though this is no guaranty.