I remember looking at one of these in Florida I think just to see what it was all about and the idea seemed great. Then I saw the MFs and then returned to the atmosphere of a generic Marriott Timeshare Owner. I
Way to go Sapper. Nice to see I'm not the only following this story . . . . as it slowly continues on.
The saga continues and possibly will continue for some time.
https://www.aspentimes.com/news/loc...n-highlands-owners-can-seek-punitive-damages/
That explains why I have been able to find good availability at Vail, but very limited options at Aspen. The Vail resort is outstanding and the staff treats us lowly MVC members very well. I'm making my second trip there Labor Day.You are correct, the Trust is loaded with Vail inventory. I don't believe there is any Aspen in it.
Best,
Greg
Ski season weeks at the Ritz are super high, ...The cash rate for a ski week at the Ritz is about $60K a week for President’s Day week - or something outrageous like that.
The following statement in the article is not really accurate:
'The Aspen Highlands Ritz-Carlton owners say they must pay condo association fees ranging from $12,000 to $16,000 a year, while Marriott point-holders do not. They also contend they had no influence on the affiliation with Marriott, though they were informed nearly two years before the affiliation was made official that it was being negotiated.'
MVC point owners do pay annual MF's, although they aren't as expensive. It appears the RC owners are paying about 3000-4000 per week. If traveling during ski season, I would expect the DC point cost to be over 4000 points, so that would be over $2000.
I tend to agree that your last paragraph captures the real reason they are suing, and that it is a similar risk for other timeshare buyers. Also, that the conversion of Ritzes to a Marriott owned property is not the main cause of the price decline, though it may have played a small part. Proving that to a judge would be very interesting, IMO. It's just that they have a lot more to lose at those Ritz purchase prices, so you can see why they're not happy.What Four Seasons has done is limit timeshare owners to using their two resorts in San Diego and Scottsdale. In order to stay at the more expensive fractionals in Punta Mita or Costa Rica, timeshare owners must enter the lottery. But I already knew this when I purchased FSA.
I hope that does not happen with MVC and the Ritz because I bought DC Points for access to the Ritz -although we do not have enough points for more than one week at the Ritz in low season. And availability at the Ritz is very limited.
I think the reason Ritz owners pay so much in fees is because they own many weeks at the Ritz - at least 1/12 (one month). Fractionals are 4+ weeks minimum per year. You would need to be Chairman level or above to get 4 weeks at the Ritz Carlton Residence Clubs. So in the end, if a DC Points owner only wanted to stay at the Ritz Carltons, esp in high season, the MFs would probably be about the same or maybe higher. If they are paying $12,000 - $16,000 a year in MFs, they are paying about $3000 - $4000 per week. That does not seem like a lot for a week at the Aspen Highlands, esp if they have ski weeks. Also remember the Ritz Carlton residence Clubs are mostly 3 and 4 bedroom units. The 2 bedroom units are very limited in some locations.
DC Points owners pay that much for a summer week in Hawaii at a Marriott in a 2 bedroom, more for holiday weeks. DC Points owners pay that or more for a week at the Ritz, unless you can get a low season week at the Ritz. A ski week at the Ritz in Tahoe, if you can get it, is something like 8000 - 10,000 points, and up to 22,000 points for a holiday week. The MVC point chart is deceiving for Ritz Tahoe because they only have two 2 bedroom units so you will rarely, if ever, get it.
I think what they are really complaining about is how hard it is to resell their fractionals and they are blaming MVC for the loss of value. This is silly because all timeshares (a fractional is a timeshare with more weeks) lose 75% of their value once you drive off the timeshare’s lot. They should have purchased with the intention to be lucky if any value is left, just like everyone else.
Correct, they still own their deeded fractional weeks. I think @Sapper comments are they key. They think they bought something that shouldn't have lost value like a lowly timeshare does. They bought something better! Little did they know, they still bought a timeshare. Just a much more expensive one.I am a bit confused about one comment above. I thought the Ritz Carlton fractional owners have been able to maintain what they bought. Was their ownership converted into points or do they still own their 1/12 fractional (4 weeks). I assume they still own the fractional because it is deeded weeks, right? So technically they have not lost anything if they still own their fractional and have the same rights to use it as before. I am guessing that there is excess Ritz Carlton Residence Club inventory and that is why MVC DC Points owners can book them. Frankly it is very expensive to book a prime week at a Ritz Carlton with DC Points. The price per point for MFs converts to more than fractional owners are paying per week, assuming they still have their deeded 4 weeks.