Yes, once Marriott sells a week, the owner of that week has an obligation to pay the MFs. If Marriott repurchases that week, the obligation passes to Marriott.I was just wondering, does MVCI pay the 2009 maintenance fees on any units they bought back through ROFR and have not sold by year end?
No. However, Marriott provides a lump sum subsidy to the HOA to balance the budget until enough weeks have been sold at the resort that the resort becomes self-sustaining. Among operating resorts in 2008, Marriott provided such subsidies for Frenchman's Reef, St. Kitts and Village d’Ile-de-France.Also, do they pay MF on developer units that have not yet been sold?
...With the economy the way it is, I'm sure there will be a higher % of defaults on MF payments for 2009.
No. However, Marriott provides a lump sum subsidy to the HOA to balance the budget until enough weeks have been sold at the resort that the resort becomes self-sustaining. Among operating resorts in 2008, Marriott provided such subsidies for Frenchman's Reef, St. Kitts and Village d’Ile-de-France.
I'd be curious to know what trends have been at other Marriott properties. Can anyone do a similar analysis for their property?
I do a similar analysis each year when we have accumulated all of the increase data (usually in January or February) and after I have updated the database.I have updated the historical database of Marriott maintenance fees to include 2008 fees. Click on this link. Alternatively, you can find the chart anytime from the FAQs for this forum or in the Marriott section of TUG Advice (link at the top of any BBS page).
Some data: The median increase in fees from last year (after adjusting to eliminate special assessments) is 6.5%. The range includes two decreases (Timber Lodge and Heritage Club) and seven double-digit increases, led by Manor Club at 19%. Four resorts had special assessments in 2008 compared to three in 2007.
The median fee (again adjusted to exclude special assessments) for a high season (e.g., Platinum) week is now $935 and could exceed $1,000 by next year. The high is the Maui Lahaina 3BR at $2,059, followed by the other Hawaii resorts and the weak-dollar Euro-based resorts in France and Spain, most of which are over $1,300. The lowest fees are at Horizons Branson ($694) and Timber Lodge ($699). With back to back double-digit increases, formerly low-cost Manor's fee, at $845, is approaching the middle of the pack.
If you find any changes that should be made to the database, please send me a Private Message and I'll update the database or make the change in the next version, depending on the nature of the change. Please don't suggest changes in the format, because I'm not prepared to start over on this huge project!
Barony Beach Club (Platinum)
Property Tax Fee $95.00
Reserve Fee $150.00
Operating Fee $665.00
Total Charges $910.00