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Hilton Grand Vacations at The Crane

Discussion in 'Hilton Grand Vacations Club / HGVC' started by holdaer, Sep 10, 2018.

  1. holdaer

    holdaer TUG Member

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  2. bizaro86

    bizaro86 TUG Member

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    Wow. Thanks for posting! That's a great addition for HGVC.
     
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  3. Panina

    Panina TUG Review Crew: Expert TUG Member

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    Finally. I was in Barbados years ago, where visually it was not my favorite Island, it was the friendliness. The people living there were so nice, you felt like you were part of the culture. I am sure it has changed so much over the years like the other islands have. Looking forward to going to an hgvc in Barbados.
     
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  4. magmue

    magmue TUG Member

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    Speedy timeline!
     
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  5. bizaro86

    bizaro86 TUG Member

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    They are buying existing villas that are already pretty nice, so I doubt they plan to do very extensive upgrades. They'll want some HGVC branding items and things like that, but it won't be like the Waikoloa hotel conversion where they're blowing out walls to combine hotel rooms and putting in kitchens.

    I bet the critical path item is getting a sales force hired/set up.
     
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  6. CalGalTraveler

    CalGalTraveler TUG Member

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    Arrg! At first confused the Crane with the Quin in NYC. :)

    Nice to see an addition in a new location. Hope it is not bHC as this would be next to impossible to schedule from the west coast at 44 days.
     
    Last edited: Sep 10, 2018
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  7. audirt

    audirt Guest

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    I can't see where a bHC is practical. The odds of us ever staying there are basically zero unless it's a traditional HGVC property. People traveling to the Caribbean make those plans more than 45 days in advance. It's not like New York where there are a ton of rooms for rent and you can roll the dice on getting into W57th.
     
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  8. jsparents

    jsparents Guest

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  9. CalGalTraveler

    CalGalTraveler TUG Member

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    I believe that they are only buying a portion of the property similar to Elara or Whaler's Village where there are other owners on the property who either own condos or timeshares with another company.

    Do you think this will be considered an affiliate?

    These plunge units are spectacular. It would be nice if some of these units were included, however I shudder to think of the points required... but still very excited about this addition.
     
    Last edited: Sep 10, 2018
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  10. Jason245

    Jason245 TUG Review Crew: Veteran TUG Member

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    Will this be part of the new "club" or part of the original system. . With 9 month windows etc. And reasonable points redemption needs.

    Sent from my SAMSUNG-SM-N910A using Tapatalk
     
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  11. CalGalTraveler

    CalGalTraveler TUG Member

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    It doesn't sound like bHC per the statement below.

    The timeshare weeks that will be available to HGV owners and guests will be branded “Hilton Grand Vacations at The Crane.

    However, I anticipate that the points would be similar to GI or Ocean Tower. Time to "resale up" and buy some more points!
     
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  12. Jason245

    Jason245 TUG Review Crew: Veteran TUG Member

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    Perhaps.... still more resorts is better for the program. .and if they keep going at this pace I think by the end of next year there will be another 8 to 10 destinations in the portfolio...

    Sent from my SAMSUNG-SM-N910A using Tapatalk
     
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  13. GT75

    GT75 Moderator

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    This wording, "and HGV Club Membership occupancy is expected to begin in January 2019." to me implies that it will be part of HGVC not bHC.

    Wow, you are optimistic, but I would like that for sure..
     
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  14. CalGalTraveler

    CalGalTraveler TUG Member

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    There is pressure for them to expand in light of the Marriott/ILG merger that just completed. MVC now has the largest portfolio of locations (including Westin and HRC which expanded the MVC system to St. John, Bahamas/Atlantis, Key West, Steamboat, Mexico, and significantly expanded their dominance in Maui and Kauai).

    So to avoid becoming a takeover target, HGVC needs to up their game to new locations. In terms of 4+ star, hotel-branded timeshares, MVC, HGVC and Disney are now the only games in town. Disney will continue in their niche. Buyers are now evaluating MVC vs. HGVC.
     
    Last edited: Sep 10, 2018
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  15. DannyTS

    DannyTS TUG Member

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    Great job HGVC! This is a terrific addition to the club.
     
  16. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    There'll prolly be a period of exclusive buyer-use before club bookings are allowed.
    I'm pretty much booked up for 2019 anyway - trips to Yellowstone & Outer Banks*.
    ... But I'll certainly be "all ears" to hear when the club window opens.

    -------------------------
    *If it's still there after Florence hits.

    .
     
  17. Sandy VDH

    Sandy VDH TUG Review Crew: Elite TUG Member

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    I have stayed at the Crane many times. This indeed is a good choice. The units with the private pools are awesome. However they have regular units, plunge pool units, 28' ground floor pool units, and now these roof top pool units.

    I am assuming that there will be a variety of point levels available.
     
    Last edited: Sep 10, 2018
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  18. DannyTS

    DannyTS TUG Member

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    I hope they will get the number of points right and not make the regular owners feel like they actually cannot vacation there because it is too expensive.
     
  19. GregT

    GregT TUG Member TUG Member

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    This is a fantastic addition! I've tracked this property for years and will definitely stay there -- good work HGVC and we should prepare ourselves for some sobering point requirements.

    Best,

    Greg
     
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  20. GT75

    GT75 Moderator

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    I am thinking the same thing.
     
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  21. GregT

    GregT TUG Member TUG Member

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    All,

    If you will tolerate some broad assumptions (that are not rooted in fact), then I think HGVC has acquired a good footprint at the Crane.

    We know that HGVC is buying $54.6M of inventory (because the press release says that). Marriott has a development margin of ~20%, so if HGVC has the same development margin, they are buying $273M of retail inventory (based on its sales value).

    Another IF: If HGVC will have an average sales price of $50K per unit, then they are acquiring ~5,500 weeks to sell. Platinum weeks will sell for more, Gold weeks will sell for less, Silver weeks will be cheap.

    If they are acquiring 5,500 weeks to sell, that's 100 units per week. That's alot.

    I know there were a couple of properties (Residences at the Crane? The Crane Resort)? Could they have acquired a number of whole units that are now being sold as timeshares?

    I don't know -- but $54M of inventory being acquired is a substantial sum. I welcome comments of others and hope this is remotely in the ballpark.

    Best,

    Greg
     
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  22. buzglyd

    buzglyd TUG Member

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    I’m just wondering how they’re going to generate tours. I’ve never been to Barbados. Does it get that much tourist traffic?

    I’m sure there will be a conversion program for existing owners. That might be an attractive option for people who have owned for a long time and are tired of the same old same old.
     
  23. CalGalTraveler

    CalGalTraveler TUG Member

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    Thanks @GregT for taking a stab at this.

    I am not sure what $54.6 M exactly translates to. However here's my back-of-the envelope SWAG to provide an outside-in market priced view to compare to the cost based scenario in order to give us a range to work with.

    A quick perusal of market pricing for the condos for sale at Crane puts them at $600 - $1.1 mil. so the avg condo sales price is $850k. However, we can assume that HGVC received a bulk discount so let's say they got them for an avg of 15% off or $723k

    $54.6 M divided by $723k avg condo price = 75 units

    75 condo units * 52 weeks = 3900 intervals to sell

    3900 intervals * $60,000* avg sale per unit = $234M Gross Sales

    Bottom line:
    Combining with Greg's analysis, there will be approximately 75 - 100 condo units per week if prices are $50 - $60k. If average condo prices HGVC purchased are higher end e.g. $1M** then there are about 54 units per week.

    Unlike some affiliate properties where there are only a limited number of units, Crane will have a decent number of units which will enable good availability for HGVC members.

    * The average retail sales price could be higher given pricing at Ocean Tower is over $100k

    **The average condo sales price could also be higher than above because the developer may have sold a higher proportion of higher priced, hard-to-sell condos thus raising the average (but giving HGVC a significant discount to close out their interest and move onto the next project.)
     
    Last edited: Sep 10, 2018
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  24. CalGalTraveler

    CalGalTraveler TUG Member

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    FWIW...Just realized that Barbados is not in the Hurricane belt (Aruba too). This will make it a lot easier to sell units and keep the property occupied in the off season.

    Kudo's to HGVC for moving forward on this excellent addition.
     
    Last edited: Sep 10, 2018
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  25. audirt

    audirt Guest

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    Man I hope this winds up being a good thing for members. The beaches in Barbados are 2nd only to the Bahamas in terms of beauty.
     

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