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Hyatt is once again exercising RoFR

Discussion in 'Hyatt Residence Club' started by travelhacker, Oct 4, 2019.

  1. travelhacker

    travelhacker TUG Member

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    So it's been a LOOONG time since I've heard that HRC has exercised their right of first refusal. I found a smoking deal on a unit and decided to pass it on to a friend.

    HRC exercised their right of first refusal this morning. They only had it available for review for less than 24 hours before my friend received noticed that they were exercising that right.

    Just a couple of months ago, I got a more desirable week (for myself) for less money than my friend (this was at the same resort).

    I don't want to read into this too much, but I do want to make a couple of guesses:

    1) I have read that there were some negotiations between Hyatt and Marriott Vacations (from previous investor calls). I would assume this is a big reason why they weren't exercising RoFR. Why would you buy inventory if you weren't certain that you could fully capitalize on it?

    2) Now that they are once again exercising RoFR, I think that means that they have probably figured things out with Marriott Vacations.

    Anyways, I just thought I'd pass this information along as I'm sure it's of interest to many of you.
     
    alameda94501 likes this.
  2. echino

    echino TUG Member

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    Location:
    Vancouver
    Resorts Owned:
    Hyatt Piñon Pointe
    Hyatt Coconut Plantation
    Hyatt Windward Pointe
    Harborside at Atlantis
    Westin Ka'anapali
    Westin St. John
    Westin Lagunamar
    Marriott Canyon Villas
    Marriott St. Kitts
    Marriott Ko Olina
    Which resort?
     
    alameda94501 likes this.
  3. travelhacker

    travelhacker TUG Member

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    Windward Pointe
     
    alameda94501 likes this.
  4. SteelerGal

    SteelerGal TUG Member

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    I know it’s been taking a long time for deals to push through. W/out ROFR.
     
    alameda94501 likes this.
  5. Pathways

    Pathways TUG Member

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    Please verify what you are being told by getting your eyeballs on the actual paperwork. This is VERY hard to believe as the Hyatt points system has TONS of Windward Point units, and they are NOTORIOUSLY slow on their paperwork.
     
    alameda94501 likes this.
  6. travelhacker

    travelhacker TUG Member

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    Oh it's 100% legitimate. LT Transfers attached the letter from Hyatt...things are changing.
     
    ResaleExpert, alameda94501 and klpca like this.
  7. Pathways

    Pathways TUG Member

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    Thanks. I guess we will know shortly if that was a one off mistake by a rookie contract reviewer or if there is a change in the air!
     
    alameda94501 likes this.
  8. alameda94501

    alameda94501 TUG Member

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    There's definitely change. To recap, on TUG we heard some great deals going through in July. After being pitched and sold HPC with a $13k Portfolio Points package I did some research and decided to rescind and go for another HRC resale instead (I've detailed some of my research in a series of posts here.)

    What I found out with my broker in August was that there was a "rush" of other resale purchases which all of a sudden started getting ROFR exercised. We quickly found out Marriott's department had replaced Hyatt's Transfer Coordinator with their own.

    Both at Beach House (once) and Pinon Pointe (once) I had ROFR exercised from under me. I've slowly crept up my offer price by small increments and I believe on Thursday we finally had ROFR waived. Once I have the contract in my hands I will get Kal the details for the Hyatt ROFR site. There are still good deals... but not those super-hot deals of July. Hyatt resale is still a tremendous value regardless, and I'm happy to get in while the going's good.

    As referenced here, Marriott's big day was today in revealing future plans. It looks like while Vistana (Sheraton, Westin) and MVC will be eventually combined (See Slide 85). They are very careful in all slides there to show HRC on its own, separated by the vertical bar.

    So while strategically Hyatt is "status quo" so far in terms of the Marriott merger, I think Hyatt will exercise ROFR relatively frequently as they get back on filling up the Portfolio Trust. Over on the Marriott TUG board for the same presentation today, Jim has provided direct information from Marriott about their robust repurchase philosophy.

    Hope that helps!
     
    Last edited: Oct 5, 2019
    vacationtime1 and SteelerGal like this.
  9. Sugarcubesea

    Sugarcubesea TUG Member

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    I’m so happy that I got my 2,200 point Beach House for $4K this past December. I feel that I got a hot deal at a resort that I will use long into the future. I feel so lucky and fortunate to have gotten this deal.
     
    dagger1, Tucsonadventurer and Panina like this.
  10. alameda94501

    alameda94501 TUG Member

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    One more thing to add is that these days the Transfer Coordinator reviews ROFR in a matter of days, not the full thirty days of yesteryears.
     
    Sugarcubesea likes this.
  11. TheTimeTraveler

    TheTimeTraveler TUG Member

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    Keep in mind that it is far cheaper to exercise ROFR than to build a new replacement unit (and this may be one of the reasons they are beginning to grab units while the grabbing is cheap to obtain). They can turn around and sell these ROFR weeks for a lot of money.



    .
     
    SteelerGal and Sugarcubesea like this.
  12. Brianhillmaui

    Brianhillmaui Guest

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    We passed ROFR a month ago on a Pinon Pointe 2 bed for Week 10. It was a free listing.
     
    gratiem and Sugarcubesea like this.
  13. Sapper

    Sapper Tug Review Crew: Rookie TUG Member

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    Where did you find that deal?
     
  14. grevas1

    grevas1 Guest

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    One can find Hyatt resales listed on Redweek for $0.

    upload_2019-10-22_8-40-11.png
     
  15. Sapper

    Sapper Tug Review Crew: Rookie TUG Member

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    I have not been on redweek for a while. Thanks for reminding me about them.
     
  16. bradj

    bradj Guest

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    Hyatt Beach House
     
  17. gatorray

    gatorray TUG Member

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    Finally had to bail out of our Oceanpoint platinum week due to health and travel issues. We rented a second week this past winter and we inquired if the owner was interested in purchasing our week. He was. We went through the paperwork via escrow and despite a relatively generous offer by the owner, Marriott exercised its ROFR. As MVCI was obligated to honor the details of the private contract, we proceeded but Marriott re-sales tried to sneak in a higher maintenance fee than agreed on the contract (Taking advantage of the fact that the annual budget for the following year had not even been devised and they were likely hoping that we would not notice the difference in their version of the contract) . That change was identified and, of course, they had to add another $300 to the contract before processing. (What? You think it was an honest error?). The whole thing took about three months due to the delays in settling the deal and Finalizing the revised contract in our favor. The original buyer was, of course, disappointed but it was not an unexpected ROFR due to the location and season. MVCI will most assuredly make thousands on that purchase over the coming years. Why would Marriott bother with new Construction, new salesforce, new attorneys, etc when everything is already in-house and all they have to do is apply the ROFR. What a deal! For them, and with patience AND attentiveness to Marriott’s version of the contract, not so bad for us either. The buyer’s offer might have been rejected by Marriott had it been 2k-3k more, but he had no way of knowing the breakpoint without inside information. All in all, it came out OK and we gained a lot of insight and information from the buyer as well as the sale proceedings. Reagan said it best “trust, but verify.”
     
    BagsArePacked likes this.
  18. flyingsnowpea

    flyingsnowpea Guest

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    Hello, I am very very new to this and interested to know how hyatt works. Should I use a real estate agent to help me look for a deal? Or where do I look if I want to buy a unit? Thanks.
     
  19. travelhacker

    travelhacker TUG Member

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    To better understand Hyatt, you will want to read the sticky on the forum. I studied Hyatt for well over a year before I found something and purchased it. I love it, and it works great for me. However, it's not for everyone (smaller resorts, only 16 different resorts, in I believe 12 locations).

    There are 2 agents that I would recommend:

    1) Jean Thoms with Paradise Timeshare Resale. I purchased a week through her, and she was super knowledgeable and would be very helpful for a first time buyer. By far the most professional closing experience I've had.

    2) Bill Gabrielli. I've never purchased from him, but I have inquired about weeks from him a number of times and he's super responsive (which is saying something because I've never found the right deal from him, and have asked him questions multiple times).

    You don't necessarily need to buy from an agent, but it is helpful for first timers.

    One last piece of advice:
    Buy a good week. Don't just get something with the lowest purchase price. Get something that's desirable. When you buy resale, you will own the deed to a particular unit for a particular week. If it's something that will have strong demand, you won't have to worry (as much) about depreciation caused by other forces (rising maintenance fees, Marriott Merger, etc). This typically means a Platinum (2000 point), or Diamond (2200 point) week.

    The forum is very knowledgeable, and can help you understand the system better...feel free to post any questions you have.
     
    SteelerGal and alameda94501 like this.
  20. AJCts411

    AJCts411 TUG Member

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    Just another FYI, Don Heisler is the associations agent at Sunset Harbor in Key West. Bought from him in the past. He also has a web site which has other Hyatt Key West listings PM me for it.
     
    bdh likes this.
  21. flyingsnowpea

    flyingsnowpea Guest

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    Thank you so much for your kindness sharing! When we travel, always stay with Hyatt. Now kids love to ski, I start to look into it. Thanks again and I will call the agents!
     
  22. grevas1

    grevas1 Guest

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    Does Hyatt have the ability to snipe foreclosures before the units are auctioned? There were a few (42) foreclosures up for auction at Hyatt High Sierra back in early October. Also when I stayed at Sunset Harbor, there were about 20 units for sale. I would think grabbing from foreclosures before getting auctioned would be easier than exercising ROFR. Interesting I don't see any platinum or diamond on this list.

    upload_2019-11-14_10-29-54.png
     
  23. alameda94501

    alameda94501 TUG Member

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    Platinum or diamond would have some resale value that an owner may be able to exploit to avoid foreclosure.
     

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