There is an ad on TUG2 for a fractional Ritz Carlton STT 2 BR Residence, quoting MF of $13,500 per year. The unit sold at some point prior to April and the broker selling it is just leaving it up to collect leads for the next time they get one. It was listed as being for a specific fixed unit and on a specific rotation - I had inquired about it as I did enjoy my stay there. Here's the rotation schedule they provided (best picture they had, though not all that readable). Based on my interaction with the broker, I believe that the fractional ownership is for a specific unit rather than just having the highest priority for unit location.
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There are also 16 fractionals there for sale through local brokers. All of the listings are for a specific unit number and rotation. IMHO, the fractional owner gets the unit they own when the use or rent the weeks in fraction - owner priority would only come into play for cash books of unreserved inventory within 60 days.
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I believe there is an ability to exchange within the remaining Ritz Carlton properties (Aspen, Vail, Lake Tahoe, and San Francisco). In addition to exchanging in MVC for points, owners can also use ThirdHome, which has been getting a fair number of Ritz Carlton weeks lately (4 weeks in Aspen, 1 in Vail, and 1 in St Thomas right now).