This is my plan. I have another deed at Myrtle Beach with 169k points and a 450k CWA contract and usually end up depositing points because we can’t use them all. This is an excellent chance for me to downsize.
Since we are all just kind of speculating at this point - I figured I’d share my speculation. And my speculation is there is no distinction at this point between resale or developer. The end game is they need the deeds in the end, so I assume we will be given the same offer across the board. Transferring my resale deed to CWA means that’s 154k less MFs Wyndham has to pay for in CWA and it also means they don’t have to share Whatver pot of money is available in the end for deeded owners. Wyndham can pocket that. I would have signed away my rights to that for CWA points.
If Wyndham owns the deeds within the CWA trust, then they do actually own them outright. I'm not sure how they could not own them outright if they obtained the underlying deeds via CE/foreclosure/trades/third parties/etc.? CWA is simple a trust that holds deeds at the end of the day. If the resort is removed from the Club effective 12/31/2025, then it's no longer part of the Club in any way. If it is subsequently sold, Club Wyndham is no longer in the picture. To the best of my understanding, Club Wyndham Access does not directly own any properties within the trust. Instead, the properties are held in the FairShare Vacation Plan Trust, a legal entity managed for the benefit of Club Wyndham Access owners. In this structure, owners hold a certificate of beneficial interest in the trust rather than a deeded interest in a specific property. So with that in mind, CWA will not receive any proceeds of any kind when the underlying property is sold. The Fairshare Vacation Plan Trust will receive those proceeds.
But the trust, which I suspect is a separate legal entity, owns the deeds. Not Wyndham. When Wyndham reaquired deeds via CE/foreclosure/trades/third parties/etc., they then took a legal step to transfer ownership of those deeds to the trust. I don't know the legal structure of the CWA trust since it is more RTU than a land trust like Marriott Vacation Club, but who is actually the owner of these deeds? It would seem to be the trust and the owners of the trust being CWA point owners. I suppose if there are enough unsold points in CWA to support the deeds being transferred out via these divestures, then it would just reduce the amount of points available in the trust and reduce the amount of unsold inventory that Club Wyndham owns within CWA.
Wyndham would have to own the underlying fixed weeks or UDI deeds in order for the CWA points to exist. Wyndham is on exactly the same footing as a converted fixed week owner, pays the maintenance fees on each of the "converted" weeks, and will proportionally share the residuals with all the others owners who are left at the end.
Regardless of the exact legal structure, some Wyndham entity, not CWA "owners," control the voting rights associated with the CWA points at the affected resorts.
But Wyndham don't own them. They conveyed the underlying deeds or UDI points to the CWA trust. The CWA trust owns the UDI points or deeded weeks. Then buyers purchased points from the CWA trust. So owners of CWA points own a tiny slice of every deed or UDI point that exists in CWA.
The question isn't about voting rights.
Let's assume that the CWA trust was 100% sold out. No unsold inventory owned by Club Wyndham. If they have to divest deeds or UDI from CWA, who gets the residuals from those sales?
CWA does not hold any deeds, the Fairshare Vacation Plan Trust holds all of the deeds. CWA owners only hold a certificate of beneficial interest in the CWA trust. The Fairshare trust itself owns the underlying deeds, and the removal of a resort reduces the Fairshare trust’s inventory but does not alter the CWA owner’s points allocation or their ability to book at other resorts within the trust. Yes, I agree, if I understand how this complex system actually works, these actions will reduce the total amount of points within the CWA trust by the exact amount of the inventory being removed from the underlying Fairshare trust, and will therefore likely reduce the sum total of CWA points in the system once all is said and done, by some percentage. Obviously there's enough "headroom" in the CWA trust points allocations to absorb the point swaps for the owner deeds to CWA points or Wyndham wouldn't be making this offer in the first place.
Indirectly, it is. Will CWA "owners" cast the votes in the "timeshare termination" elections? No, the owners of the deeds will. Maybe the CWA Board of Directors officially casts the votes as proxy for the CWA owners, but they are Wyndham execs.
The associated CWA points cease to exist on the date of the timeshare termination. If the project is converted to a condo and subsequently sold, then all the tenants in common get the residuals.
It was just an associate hotel (never a timeshare) and I seem to remember it left the portfolio not long after the hotels were spun off as a separate company in 2018. Also, the points chart was pretty ridiculous:
I tend to agree, but would not be surprised if the CWA points they give you are still coded as resale.
This is me too! I generally book out a year so I am booked in Edisto for April, and Vegas in June. Plan to book Myrtle Beach for Oct as soon as the window opens. One of my contracts is deeded at Bentley Brook.
Didn't realize telesales could sell foreclosure deeds or piggyback type deeds, that's cool. Did he quote you on this option? Yes, typically they are higher MF deeds, but if you can get them to exempt the matching piggyback point per developer point requirement, it's the best way to uplevel in VIP if you already have PIC contracts like me. Telesales is generally the best way to interact with Wyndham sales as all calls are recorded, so they aren't going to outright lie to you once you get past the sales pitch spiel.
Initial guidance I received back today indicates resale contracts will also be eligible for like for like points conversions to CWA for the impacted owners/resorts. This isn't written in stone yet, but that's the initial guidance received today.
Though I think by 2022 the Wyndham Hotels associate hotels were already removed from the portfolio, presumably because the companies had split. They were on the map in the 2018-19 directory, but gone by the 2021-22 directory.
I can't see why they possibly would be, at least not on purpose, since these owners are already coded with a resale points contract in their account. (I wouldn't rule out Wyndham sloppily making mistakes because we know it's happened randomly in the past, but I wouldn't count on it.)
That's a good question.