Mizner Annual Meeting Notes from attendee!

[TUGBrian]

Kudos to Cheryl Wood and Dale Sall for providing their personal notes from the annual meeting:

Personal Notes from Mizner Annual Meeting. MARCH 24, 2026.
General:
The General Manager reported on the landscaping work and upgrades to units that had been done in 2025. Some items of note were new flooring, some appliances, new Smart TV'S, and some mattresses. Work will continue into 2026.

Accolades:
Mizner continues to be a Gold Crown Resort in RCI and has a rating of 8.5-8.6 in (Booking. com). The Activities Director is a finalist in this year's ARDA awards.

Financial:

Reports showed 2.4 million in bad debt which is nonpayment of maintenance fees. Mizner had cut down some expenses so showed zero loss for the year and have 3 million in the upgrade account. The non-payment of maintenance fees is at 40%.

Questions & Answers:
Vacatia are going to replace the RCI reps at the resorts with personnel who will help with both RCI and Vacatia's Trading group.
After several questions regarding rentals, we were informed they are trying to offset maintenance fee non-payments and help keep current and future maintenance fees from escalating even higher.

 

[gravityrules]

40% MF default rate!

 

[TUGBrian]

on the silver lining side...its less than the other one!

 

[andre10056]

Financial:

Reports showed 2.4 million in bad debt which is nonpayment of maintenance fees. Mizner had cut down some expenses so showed zero loss for the year and have 3 million in the upgrade account. The non-payment of maintenance fees is at 40%.

Questions & Answers:
Vacatia are going to replace the RCI reps at the resorts with personnel who will help with both RCI and Vacatia's Trading group.
After several questions regarding rentals, we were informed they are trying to offset maintenance fee non-payments and help keep current and future maintenance fees from escalating even higher.

Interesting. I would think it would even be higher than 40% because you can rent for far less than MFs via RCI "last calls" or many airbnb and VRBO ads placed by individuals (probably placed by people who reserve the last calls or "2 TPU" weeks and then "illegally" rent them out). Even resort-offered expedia or booking.com rentals are pretty much at maintenance fee levels.

Just goes to show you that many of the 60% who do pay their maintenance fees are those who would NEVER not pay their bills, either because that's how they're wired or because they're fearful of the implications of not paying their bills.

Also interesting that this resort admits to renting out units whose owners did not pay their maintenance fees. Yet, I'm pretty sure they would never give the owner's account a credit for money earned thereby. The owner's accumulated delinquent fees will be charged as if the unit had remained empty for the entire week.

I'm wondering where they account for the money taken in from new sales because all the Weston resorts have very aggressive sales staffs trying their best to exploit the unwitting renters. Isn't that part of the overall budget? Did they discuss this at all? That's what I would have asked questions about.

 

[andre10056]

on the silver lining side...its less than the other one!

I'm not sure what "the other one" is. Another Weston resort like Vacation Village at Weston or Vacation Village at Bonaventure?

 

[jp10558]

Interesting. I would think it would even be higher than 40% because you can rent for far less than MFs via RCI "last calls" or many airbnb and VRBO ads placed by individuals (probably placed by people who reserve the last calls or "2 TPU" weeks and then "illegally" rent them out). Even resort-offered expedia or booking.com rentals are pretty much at maintenance fee levels.

Just goes to show you that many of the 60% who do pay their maintenance fees are those who would NEVER not pay their bills, either because that's how they're wired or because they're fearful of the implications of not paying their bills.

Also interesting that this resort admits to renting out units whose owners did not pay their maintenance fees. Yet, I'm pretty sure they would never give the owner's account a credit for money earned thereby. The owner's accumulated delinquent fees will be charged as if the unit had remained empty for the entire week.

I'm wondering where they account for the money taken in from new sales because all the Weston resorts have very aggressive sales staffs trying their best to exploit the unwitting renters. Isn't that part of the overall budget? Did they discuss this at all? That's what I would have asked questions about.

I think Vacatia stopped putting a lot of these in Last Calls or Extra Vacations to my disappointment. IDK if they are able to rent more out and hence get more money than they would from a Last Call.

 

[TUGBrian]

I'm not sure what "the other one" is. Another Weston resort like Vacation Village at Weston or Vacation Village at Bonaventure?

sorry, i meant the other post of the meeting at bonaventure where they cited 46%

 

[dioxide45]

How is a property sustainable with a 40%+ default rate? Unless Vacatia is renting out a lot of weeks to help the HOAs get reimbursed for the bad debt, it would seem that owners who are paying are paying almost double the fees to cover for those that aren't paying.

 

[TUGBrian]

How is a property sustainable with a 40%+ default rate? Unless Vacatia is renting out a lot of weeks to help the HOAs get reimbursed for the bad debt, it would seem that owners who are paying are paying almost double the fees to cover for those that aren't paying.

has me wondering too, if I had to guess what the tipover point for total collapse it would have been less than 40%!

does anyone have a copy of the 2026 budget for either of these? im curious what the receivables look like to offset 3 million in bad debt!

 

[gravityrules]

How is a property sustainable with a 40%+ default rate? Unless Vacatia is renting out a lot of weeks to help the HOAs get reimbursed for the bad debt, it would seem that owners who are paying are paying almost double the fees to cover for those that aren't paying.

What's the explanation for this resort getting to a 40% delinquency rate?

Do any of the typical contributors apply here?
Significant MF increase?
Special Assessment?
Underfunded legacy resort in need of major refurbishment?
Out of favor location?
Owner displeasure with new manager (Vacatia)?

 

[dioxide45]

What's the explanation for this resort getting to a 40% delinquency rate?

Do any of the typical contributors apply here?
Significant MF increase?
Special Assessment?
Underfunded legacy resort in need of major refurbishment?
Out of favor location?
Owner displeasure with new manager (Vacatia)?

Perhaps it's all the above.

 

[pedro47]

Why are so many timeshare owners now are stopping to pay their MF, across the timeshare industry?
Is it time for the developers to change their timeshare model and become more in tune with their owners concerns ?

 

[TUGBrian]

I dont think its a new thing at all, just the snowball getting larger and larger.

 

[jp10558]

What's the explanation for this resort getting to a 40% delinquency rate?

Do any of the typical contributors apply here?
Significant MF increase?
Special Assessment?
Underfunded legacy resort in need of major refurbishment?
Out of favor location?
Owner displeasure with new manager (Vacatia)?

IDK about the MF but the location is a value location IMHO. So for a low MF or cost it's a deal - I think probably at like $650 for a 2BR it's very compelling. I would guess at $850 it's a wash, and at $1100 it would need to trade well. IDK how that balances with the actual cost. But if it was like $2,000 for a 2BR yea, I'd be trying to get out or just stop paying.

 

[gravityrules]

IDK about the MF but the location is a value location IMHO. So for a low MF or cost it's a deal - I think probably at like $650 for a 2BR it's very compelling. I would guess at $850 it's a wash, and at $1100 it would need to trade well. IDK how that balances with the actual cost. But if it was like $2,000 for a 2BR yea, I'd be trying to get out or just stop paying.

There is a 2026 MF thread that seems to say a 2BR lock off at Mizner is $1369.

Based on that thread Vacatia is a big part of the problem.

 

[TUGBrian]

i dunno, if i were a betting man id wager this problem didnt just start when vacatia took over.

 

[tricia]

Love this resort. We were there recently and our only complaint is that they only have a couple luggage carts for use. Maintenance uses them, which is fine, however for a guest to find one to use is rare.

 

[escanoe]

i dunno, if i were a betting man id wager this problem didnt just start when vacatia took over.

No. But based on my ownership of the Colonies in Williamsburg, they have likely made it worse in the short term. I don’t believe they sent the bills out or had much of a way to take payment until just about the time payments would be due/late.