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Welk Resorts Points Inventory

Discussion in 'All Other Timeshare Systems' started by nuwermj, Apr 10, 2019.

  1. nuwermj

    nuwermj TUG Member

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    The Welk Resorts Platinum Owners Association holds fee title (i.e., a deed), a leasehold, or a trust interest in various resorts. Owners in the Platinum Program receive points which are derived from the underlying resort holdings.

    The attached table shows the Association's holdings (as of November 20, 2018) and the distribution of points derived from those holds. The table also shows the number of composite units, the number of weeks, and the average points per week for each resort.

    The Association reports ownership holdings for nine resorts included in The Collection (these are locations not managed by Welk). Another seven Collection resorts have no holdings reported (viz., Falcon Point, Stoneridge Resort, Pono Kai Resort, The Cliffs At Princeville, Disney Aulani, Disney Saratoga Springs, and Disney Boardwalk Villas).

    Source: Public Offering Statement for Welk Resorts Platinum Program
     

    Attached Files:

    bizaro86 likes this.
  2. Shankilicious

    Shankilicious Guest

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    Somebody was asking how Welk derives points per unit so as not to sell too many points ownerships. This seems like a pretty good answer to that. Thanks Nuwer.

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  3. nuwermj

    nuwermj TUG Member

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    There is something in the Program Instruments call the one-to-one ratio. In our case (the Welk Program) it is in the Master Declaration. This is the document that legally creates the the timeshare program. I've seen the same concept in the Diamond Resorts and the Bluegreen documents. It's a bit like a paper currency system under a gold standard. The central bank hold the gold and issues paper at a fixed ratio. To issue more paper, the bank must acquire more gold. In timeshare point systems, the gold is the resort accommodation (i.e. a deeded week or the like) and the paper currency is the points.

    Here is Welk's wording for the 1-to-1 ratio:
    "A one-to-one purchaser to accommodation ratio must be maintained. This means the ratio of the number of purchasers eligible to use the accommodations of the time-share plan on a given night must never exceed the total number of accommodations of the time-share plan available for use in the time-share plan during that year. A purchaser who is delinquent in the payment of time-share assessments shall continue to be eligible to use the accommodations of the time¬share plan for purposes of calculating the one-to-one purchaser accommodation ratio. (Refer to Business & Professions Code Section 11250.)"
     
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  4. Guitarmom

    Guitarmom Guest

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    Fascinating. Thank you for posting this.

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  5. nuwermj

    nuwermj TUG Member

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    Here's another table. This one shows the number of units at each Welk resort and the number and percent owned by the Platinum Program. I was surprised, for example, that the Program controls 70% of the units at LW Villas (i.e. Melody, Broadway and Harmony Hills).
     

    Attached Files:

  6. Shankilicious

    Shankilicious Guest

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    Ive been told since I bought in '15 that they were doing away with "traditional" timeshare weeks. And seeing how Branson is 100% points, I'd say they've been pushing points since it opened. I think around 2008? Maybe

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  7. nuwermj

    nuwermj TUG Member

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    Yes, the points system was introduced in 2006 and Welk stopped selling deeded intervals at that time. I don't think there were any deeds at Banson, Cabo, and Mountain Villas -- I don't recall the history at Villas on the Greens. As for LW Villas, all the units were deeded intervals. So, since 2006 Welk has recovered 70% of them, and put those deeds into the Association. I'm sure some of this recovery was through foreclosing on owners who were not paying fees; some from owners who converted a deed to points; some Welk purchased in the resale market. The reason I'm a bit surprised is because other point system don't seem to recover that many legacy deeds. 50% or less are the numbers I've seen after 10 years of recovery -- something more like the Palm Springs number. No big deal, I just thought the LW Villas number would be lower.
     
  8. Shankilicious

    Shankilicious Guest

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    That's cuz Welks point system is the best ;)

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  9. Guitarmom

    Guitarmom Guest

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    Villas on the Greens were all deeded properties, floating weeks, sold in 2001. Adrianne, the long-time Welk staff member who runs food services, mentioned that they oversold quickly and ended up tearing down the existing restaurant to make enough room to build the number of condos they'd actually sold. Too bad, I liked that restaurant better than the too-tony Canyon Grille. I really felt like Villas on the Greens was the sweet spot of ownership if you only went to the Escondido property. You could be there any time of the year. We owned a two bedroom lockoff, and we used it as two separate weeks. Even better, the maintenance fee was much lower than it would be for the 300,000 Platinum Point equivalent.
     
  10. RunCat

    RunCat Guest

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    Bought an annual 2-bed LO in Villas on the Greens around 2001/02. Converted to points a few years ago in order to merge accounts with my elderly father who owned a bunch of points. Currently have almost too many points to reasonably use
     
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