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Recorded Sheraton Flex Trust Documents

Discussion in 'Vistana Signature Experiences (formerly Starwood)' started by dioxide45, Dec 12, 2016.

  1. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Thought I would break down what I have found out about the Sheraton Flex Trust by pursuing the recorded documents in Orange County Florida.

    Here is a link to the actual trust document as recorded in Orange County Florida 20100149464.

    Breakdown of resorts currently conveyed to the trust and the number of points;

    Resort................................................Points
    Sheraton Broadway Plantation - Palmetto...........60,210,600
    Sheraton Broadway Plantation - Plantation........189,349,800
    Sheraton Desert Oasis.............................74,530,250
    Sheraton Steamboat Resort Villas.................113,756,100
    Sheraton Steamboat Resort Villas - East Tower....153,386,240
    Sheraton Vistana Resort - Palms...................79,850,900
    Sheraton Vistana Resort - Cascades...............152,237,700
    Sheraton Vistana Resort - Falls...................55,064,500
    Sheraton Vistana Resort - Fountains...............76,269,200
    Sheraton Vistana Resort - Fountains II............52,507,250
    Sheraton Vistana Resort - Lakes..................125,198,200
    Sheraton Vistana Resort - Spa.....................79,693,200
    Sheraton Vistana Resort - Springs.................47,120,800
    Sheraton Vistana Villages - Amelia................84,232,150
    Sheraton Vistana Villages - Bella................157,967,450
    Sheraton Vistana Villages - Key West.............122,226,750
    Sheraton Vistana Villages - St Augustine.........338,931,350
    Vistana Beach Club................................18,598,800
    Grand Total....................................1,981,131,240

    Resort...............................Points
    Sheraton Broadway Plantation....249,560,400
    Sheraton Desert Oasis............74,530,250
    Sheraton Steamboat Resort.......267,142,340
    Sheraton Vistana Resort.........667,941,750
    Sheraton Vistana Villages.......703,357,700
    Vistana Beach Club...............18,598,800
    Grand Total...................1,981,131,240

    Percentage that each resort makes up of the trust;

    Resort................................Percent

    Sheraton Vistana Villages..............35.50%
    Sheraton Vistana Resort................33.72%
    Sheraton Steamboat Resort..............13.48%
    Sheraton Broadway Plantation...........12.60%
    Sheraton Desert Oasis...................3.76%
    Vistana Beach Club......................0.94%
     
    Last edited: Dec 13, 2016
  2. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Not to muddy the first post with a lot of questions, here are a few questions;

    1. One thing I noticed is that it seems to be void of Sheraton Vistana Resort and Sheraton Vistana Villages weeks. I could not find any conveyances for either of these two properties. Have any flex owners been able to reserve either of these two properties at more than eight months out?
    2. Also, the two big properties in the trust are Steamboat and Myrtle Beach. They make up about 85% of all the inventory in the trust. Was Vistana having trouble selling at these properties? Seems like a way to bundle them in to a larger package and sell straight points.
    3. Does Vistana sell straight weeks at any of these properties any more? What about selling weeks at Sheraton Vistana Resort and Sheraton Vistana Villages? If they do for the latter and not the former, perhaps that would explain why the two Orlando properties have no presence in the trust?
     
  3. okwiater

    okwiater TUG Member

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    That makes no sense as there is tons of Orlando inventory in Flex.
     
  4. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    If there is, I am yet to find the conveyances. They may have recorded them somehow differently than all the rest of the conveyances?

    ETA: Okay. I did find lots of deed conveyances, so the inventory is there. I just can't find any notices where they allocated points to the inventory deeded to the trust.

    I figurfed it out. Since all the other properties are outside of Orange County, they filed Notices for the points. For the properties in Orlando, they filed deeds and those deeds also indicate the number of points conveyed. This makes sense, just different than how Marriott conveys their points. They always convey the deeds and file a separate notice. This will take a little time to update.
     
    Last edited: Dec 12, 2016
  5. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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  6. YYJMSP

    YYJMSP TUG Member

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    If you want to be ambitious, now you need to compute how many SO's there are at each location, and what percentage have become part of the trust. A very rough calculation says there are in the neighbourhood of 30 billion SO's in the entire system, so say approaching 10% are in the trust.

    The SVN disclosure docs give you unit counts at each location, and you could use the SO charts to figure out allotments, multiply and add 'em all up, and voila...
     
  7. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Perhaps I will get that ambitous some day. The problem is getting my hands on the disclosure documents from each resort. They seem to only be available to owners through the Dashboard. I would also need them from each of the different phases. A project for a future day :)
     
  8. bankr63

    bankr63 TUG Member

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    No SVR Courts? Owners were all given an option to join SVN at the end of the refurbishment; or is that a different program? Have to admit that I don't really follow the Vistana programs as I am very happy with my deeded March break week and have yet to feel the need to upgrade to anything.
     
  9. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    It is possible that Courts is in there. There were several conveyances just for "Vistana Resort Condominium". Looking through the phases, I thought this might be Palms. Is it possible that Palms and Courts have the same HOA?
     
  10. bankr63

    bankr63 TUG Member

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    That might be the Courts HOA, but the name's not quite right. Courts was the original phase, and our HOA on records appears as Vistana Condominium Association Inc. We wouldn't be blended with Palms as that phase came a fair bit later (Courts, then Falls, then Spas, then Palms). IIRC from reading the condominium documents a decade ago, Falls was (initially) registered as an extension to the Courts plan, but things get pretty muddy after that in trying to figure out the relationship of all the subsequent phases.
     
  11. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    I double checked the conveyances. The legal description just indicates "Vistana Condominium". So as you say, that is likely the Courts Phase. If so, I am not sure what is up with Palms. I haven't found any legal descriptions that indicate Palms.
     

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