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Westin Kierland ROFR ?

Discussion in 'Buying, Selling & Renting Timeshares' started by Suthersc, Jul 12, 2019.

  1. Suthersc

    Suthersc Guest

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    I'm in the process of buying a 1 bedroom premium...platinum float at WKV. From what I have read here there is no ROFR. However I received an email from the Escrow agent advising me she is sending Vistana the ROFR documents. She assures me this is the case. Can anyone confirm if WKV has a ROFR clause and if so have you heard of them exercising it ? I really want this unit !!
     
  2. CPNY

    CPNY TUG Member

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    Where did you find the unit? Who’s the agent? I don’t think WKV has ROFR. WKOFR does I believe. Same with WSJ but I think SVV and WKV do not. You should be good.
     
  3. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    No ROFR at WKV, WSJ or SVV. The closing agent is misinformed.

    Here are the Vistana resorts with ROFR;
    • The Westin Ka‘anapali Ocean Resort Villas
    • The Westin Ka‘anapali Ocean Resort Villas North
    • The Westin Princeville Ocean Resort Villas
    • The Westin Nanea
    • The Westin Mission Hills Resort & Villas
     
  4. Suthersc

    Suthersc Guest

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    She said they received a notice in June from Vistana that this was now required.
     
  5. Suthersc

    Suthersc Guest

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    I found the unit on the internet. The escrow agent is with First American Title
     
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  6. vacationtime1

    vacationtime1 Tug Review Crew: Rookie TUG Member

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    ROFR is a deeded right (or a right reserved by the original deed). It cannot be added later without the consent of the deeded owner.

    First American Title is a well regarded escrow/title company but they have this completely wrong.
     
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  7. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Surprisingly it did get added at one Marriott resort after the fact. I think it was Summit Watch. I don't know how they did it, but the did.

    Let's hope Vistana isn't playing games with ROFR like Westgate does, where they claim they have it when they really don't just so they can try to squash resales.
     
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  8. SteelerGal

    SteelerGal TUG Member

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    This my thought. We do know that they want in to WKV.
     
  9. vacationtime1

    vacationtime1 Tug Review Crew: Rookie TUG Member

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    If MVC is trying to invent an ROFR ex post facto, we have a lot to be concerned about in the integration of Marriott/Vistana/Hyatt.

    I suspect both the Kierland and the Summit Watch "ROFR's" are mistakes by escrow agents. Don't let them bully you.
     
    Last edited: Jul 14, 2019
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  10. SteelerGal

    SteelerGal TUG Member

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  11. Suthersc

    Suthersc Guest

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    I will keep you all posted.
     
  12. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Summit Watch is discussed in this thread. It is not a mistake by an escrow agent. Marriott was somehow able to get the governing documents amended. I suspect perhaps, at least at that resort, they were able to do it with just a board vote.
     
  13. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    I don't know why.
     
  14. Suthersc

    Suthersc Guest

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    Maybe they have done it at WKV now too ? How can I find out for sure ?
     
  15. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    If you are already an owner, send an email to the BOD.
     
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  16. vacationtime1

    vacationtime1 Tug Review Crew: Rookie TUG Member

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    An interesting discussion, one in which several posters question the validity of the new ROFR. I have no dog in this race -- I don't own Summit Watch -- but absent some peculiarity of Utah law, I don't see how an ROFR added after the fact without the consent of the deeded owner can be enforceable (I don't care that "program rules" permit certain kinds of changes; this change is too significant).

    Added: I would care about an ROFR at Kierland and Arizona law. My most recent Kierland acquisition was earlier this year without any claim of ROFR.
     
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  17. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    I would agree, but they still seem to be enforcing it to this day. I wouldn't expect a company like Marriott to try to do something like this unless they felt they had significant legal standing.
     
  18. vacationtime1

    vacationtime1 Tug Review Crew: Rookie TUG Member

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    They have their position -- presumably based on a claim that a Board resolution created an ROFR -- and they have convinced at least some escrow agents to kowtow to it, but that doesn't mean that they would prevail if someone challenged them in a courtroom.

    I really hate to think they are pulling a Westgate.
     
  19. CPNY

    CPNY TUG Member

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    I was told the same thing by my agent during contract and closing of SVV Key West this week. I think he just put it out there Without fully knowing. I questioned him and He said it was there but he has never seen it be exercised at SVV. I could have sworn I read it in the documentation on owner services today that there was none. I’ll have to circle back around on that.
     
  20. Suthersc

    Suthersc Guest

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    I'm the buyer. We just started the escrow process I called today to get an update and that's when she told me about the ROFR. Anyway hope it gets through. I've been looking for a while for this deal.
     
  21. vacationtime1

    vacationtime1 Tug Review Crew: Rookie TUG Member

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    If it doesn't go through, ask to see all of the documentation (including Vistana's written exercise). We have seen a few situations where a bargain price was thwarted by a claim ROFR was executed. I would be very suspicious.
     
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  22. Suthersc

    Suthersc Guest

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    I will. Thank you. Im new to all of this. This is my first timeshare purchase
     
  23. vacationtime1

    vacationtime1 Tug Review Crew: Rookie TUG Member

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    You picked a competent escrow agent and are still getting a runaround.

    But you will like Kierland. Great resort: great for visiting, renting, or trading.
     
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  24. cubigbird

    cubigbird Tug Review Crew Veteran TUG Member

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    This wouldn't surprise me. I know VSE has wanted WKV weeks to go into the Flex trust so ROFR would enable them to vacuum them up. It's worth a contact to the BOD to find out if they passed a resolution to institute ROFR. Glad I got my WKV weeks when I did. We use them all. It's a great resort.
     
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  25. Suthersc

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    I just got an update from the escrow agent Vistana has waived the ROFR. So either it doesn't exist or it didnt meet their price Point. I called Vistana a couple of days ago to inquire about ROFR. They say they have it on all the properties despite what Ive read on here. He also said if was above $6000 i should be ok. Again this was for a 1 bedroom premium...platinum at WKV. Just an fyi
     
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