StevenTing
TUG Member
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- May 7, 2009
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Just finished attending my presentation and here are my thoughts.
MVC has set aside $180 Million for ROFR and plans to exercise more resales. No mention of a planned super trust how how they will combine all of the resorts from ILG.
I asked about the ILG merger It was implied that the only reason that MVC acquired ILG was to acquire Starwood. This is only speculation but salesperson thinks that MVC will spin off Westin/Hyatt/Interval, etc and just keep Starwood. Supposedly MVC has been trying to acquire the Starwood resorts but ILG said no, so they purchased all of it. Westin/Hyatt/Etc would be spun off because those that bought into those resorts wanted that brand. It would take 51% of owners to agree to a name change. It's likely that Westin/Hyatt would want to acquire back their named resorts as they wouldn't want those owners being encouraged to stay at Marriott Hotels.
I asked about Cancun and whether MVC would keep the Westin resort their and rebrand to Marriott, and then possibly sell their vacant lot. That's was part of the discussion above about the 51% owners.
Usual talk of new properties, etc I asked about build-out vs. conversion. Didn't get a straight forward answer but I think we all assume there will be a lot of conversions.
Sales pitch was the same 3000/4000/5000 point purchase to enroll 1/2/3 weeks that were purchased after 6/2010. Same 20% discount from $13.86 per point. No mention of price increase. Same financing offer of 10.99%. If held for 18 months, they would provide the same number of one-time use points after 18 months but the first 18 payments must be at the specified payment, you couldn't over pay. For 4000 points, it would be $559 per month. Also their special sign up bonus was 4000 additional points for the current use year.
The one new approach that they did this time was to change the perspective of buying the additional points. Since I purchased my 2 Maui weeks resale for $68000, the 4000 points needed to have these enrolled would be $44352 plus closing of $1366. This would mean my total investment would be $113718 and my weeks would covert to 20,400 points, plus the 4000 points I purchased.
So total investment of $113,718 divided by 24,400 points means that I cost per point on this combined purchase with my prior weeks is $4.66 per point. Very creative way to change perspective, even though you're paying the $13.86 per point for the 4000. It made me consider it, but the answer was still no.
He did present another option for rentals at a specific location at a certain time. I need to track that one down but it has potential.
On the Marriott Reward status, he indicated that the Platinum Status for Presidential/Chairman would map over to Platinum Premier. That Executive would be Platinum 50 in the new program, since it is currently gold.
He mentioned something about Yachts being available for Chairman's and that new benefits would likely be added to Chairman in the future. No real detail
Two different encore packages offered. Maui specific package that had to be used within 2 years that was either $1495 or $1595 and included 25K MRP or the general package to be used within 18 months at one of 25 locations for $995 and included 50K MRP. The $995 was the base rate and could increase by $300 or $600 depending on location and season. For example, Ski weeks in Park city were $1595. These packages were all 6 days/5 nights.
That's all I have for now. Heading to the beach but I welcome questions as that will help jog my memory. Total presentation time with Salesperson, Finance person, and closer was 1 hour and 12 minutes.
MVC has set aside $180 Million for ROFR and plans to exercise more resales. No mention of a planned super trust how how they will combine all of the resorts from ILG.
I asked about the ILG merger It was implied that the only reason that MVC acquired ILG was to acquire Starwood. This is only speculation but salesperson thinks that MVC will spin off Westin/Hyatt/Interval, etc and just keep Starwood. Supposedly MVC has been trying to acquire the Starwood resorts but ILG said no, so they purchased all of it. Westin/Hyatt/Etc would be spun off because those that bought into those resorts wanted that brand. It would take 51% of owners to agree to a name change. It's likely that Westin/Hyatt would want to acquire back their named resorts as they wouldn't want those owners being encouraged to stay at Marriott Hotels.
I asked about Cancun and whether MVC would keep the Westin resort their and rebrand to Marriott, and then possibly sell their vacant lot. That's was part of the discussion above about the 51% owners.
Usual talk of new properties, etc I asked about build-out vs. conversion. Didn't get a straight forward answer but I think we all assume there will be a lot of conversions.
Sales pitch was the same 3000/4000/5000 point purchase to enroll 1/2/3 weeks that were purchased after 6/2010. Same 20% discount from $13.86 per point. No mention of price increase. Same financing offer of 10.99%. If held for 18 months, they would provide the same number of one-time use points after 18 months but the first 18 payments must be at the specified payment, you couldn't over pay. For 4000 points, it would be $559 per month. Also their special sign up bonus was 4000 additional points for the current use year.
The one new approach that they did this time was to change the perspective of buying the additional points. Since I purchased my 2 Maui weeks resale for $68000, the 4000 points needed to have these enrolled would be $44352 plus closing of $1366. This would mean my total investment would be $113718 and my weeks would covert to 20,400 points, plus the 4000 points I purchased.
So total investment of $113,718 divided by 24,400 points means that I cost per point on this combined purchase with my prior weeks is $4.66 per point. Very creative way to change perspective, even though you're paying the $13.86 per point for the 4000. It made me consider it, but the answer was still no.
He did present another option for rentals at a specific location at a certain time. I need to track that one down but it has potential.
On the Marriott Reward status, he indicated that the Platinum Status for Presidential/Chairman would map over to Platinum Premier. That Executive would be Platinum 50 in the new program, since it is currently gold.
He mentioned something about Yachts being available for Chairman's and that new benefits would likely be added to Chairman in the future. No real detail
Two different encore packages offered. Maui specific package that had to be used within 2 years that was either $1495 or $1595 and included 25K MRP or the general package to be used within 18 months at one of 25 locations for $995 and included 50K MRP. The $995 was the base rate and could increase by $300 or $600 depending on location and season. For example, Ski weeks in Park city were $1595. These packages were all 6 days/5 nights.
That's all I have for now. Heading to the beach but I welcome questions as that will help jog my memory. Total presentation time with Salesperson, Finance person, and closer was 1 hour and 12 minutes.
