New ROFR policy on gift transfers

[Saintsfanfl]

Bad news on gifted Marriott units. They are now required to go through ROFR. The change just happened because I had two gifted units transferred out today that did not go through ROFR and it was confirmed with the transfer team that it was not necessary. I am sure that many people were submitting fake giveaway contracts and moving money under the table. It is unfortunate because the legitimate ones now have to suffer for it.

 

[DannyTS]

just for me to understand, does it mean that Marriott will exercise ROFR even on gifted units or that they will just be submitted for ROFR so that MVC can keep track and identify the most obvious illegitimate ones ?

 

[Saintsfanfl]

just for me to understand, does it mean that Marriott will exercise ROFR even on gifted units or that they will just be submitted for ROFR so that MVC can keep track and identify the most obvious illegitimate ones ?

Immediate family and related entities like trusts are excluded so I am betting they will exercise where they see value.

 

[Saintsfanfl]

I was mistaken the two units that transferred out today were DSVI units and therefore no ROFR regardless. In either case LT Transfers says the new policy took effect sometime early June.

I am wondering if it is really a new policy or someone saying "why are we processing these transfers without a waiver included? Start requiring the waiver.". I did call them and ask the blanket question "Is ROFR required if the unit is being gifted?". The answer was no but that doesn't mean it was accurate.

 

[CPNY]

I was mistaken the two units that transferred out today were DSVI units and therefore no ROFR regardless. In either case LT Transfers says the new policy took effect sometime early June.

I am wondering if it is really a new policy or someone saying "why are we processing these transfers without a waiver included? Start requiring the waiver.". I did call them and ask the blanket question "Is ROFR required if the unit is being gifted?". The answer was no but that doesn't mean it was accurate.

Hmm so they are exercising ROFR on resorts regardless of whether or not there is ROFR in the CCR? Someone just said they are exercising ROFR in a Westin that’s known to now have one.

 

[davidvel]

Hmm so they are exercising ROFR on resorts regardless of whether or not there is ROFR in the CCR.

Did someone say this? It can't be possible.

 

[SteelerGal]

I am gifting a Hyatt and had to sign ROFR ppwk. And I know there is ROFR however the ppwk wasn’t required 3mo ago.

 

[CPNY]

Did someone say this? It can't be possible.

thats my question. Apparently a Westin Kierland just got stopped at ROFR when there is none.

 

[SmithOp]

thats my question. Apparently a Westin Kierland just got stopped at ROFR when there is none.

There is a big difference between being required to submit to rofr and get a waiver in order to complete the transfer versus them taking ownership through a rofr clause that doesnt exist.

HGVC does not have rofr at Bay Club or Flamingo but sales contracts still have to be sent to HGVC to get a rofr waiver.


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[dioxide45]

Did someone say this? It can't be possible.

The OP didn't say this. They had a DSVI go through without the need for ROFR because there is no ROFR at DSVI.

 

[dioxide45]

I am actually surprised Marriott wouldn't require a ROFR on any contract not between related parties. Too much opportunity for abuse of low value weeks.