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7000 pt auction on eBay

R

rgong

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Was just watching an auction on eBay for a 2BR platinum HGVC Las Vegas Strip unit. Winning bid was $4550, for 7000 annual pts. Is this likely to be ROFR'd by Hilton? Wonder if a tugger won it.
 
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That week was not Flamingo, it was Las Vegas Strip. I believe Hilton will buy back unless seller/closing co. put a fake number on it.
 
I won it. Was thinking it would go higher and at least compete against a Hilton ROFR. The auction company won't let you do a higher price on it, so I'm guessing I'll be doing a little paperwork with the end result being a Hilton buyback.
 
jrc said:
I won it. Was thinking it would go higher and at least compete against a Hilton ROFR. The auction company won't let you do a higher price on it, so I'm guessing I'll be doing a little paperwork with the end result being a Hilton buyback.
Click to expand...

Congrats on winning. I was watching this auction as a learning experience since it was a high-points property with no reserve. The last minute or 2 was entertaining.

One interesting thing in the description is the "original" purchase price is listed at $11,535. That can't be the original developer price for a platinum 2BR unit - so I guess you're at least the 3rd owner (for now) of the property. Hope whoever from Hilton looks at it when it comes across their desk is highly distracted that day :)
 
Hilton is getting it today to look over. The second buyer got a decent deal at $11,5. I had a $12k contract on Vegas Strip for 7k points ROFR'd a couple weeks ago.

That last minute was entertaining, but I really thought I'd have enough competition to get it closer to $11,500 so Hilton would have something to think about. This appears to be a learning experience of the paperwork variety.

I'll let you know when they take it. At least I'll get a good idea of how long their review process takes.
 
On my last two ROFR exercises I received a response from Hilton/Blackstone in 8-10 business days. I have another one out to them and it has been 5 business days but no answer yet.
 
Hilton on a Buy Back Mission

Just a bit of speculation and observation.....One major reason for the lack of Platinum 7000+ units for sale on eBay at the prices we've become used to (around $1 per point) last year it an apparent corporate strategy to buy back Platinum properties on the resale market. The result is an increase in market value of these properties. Reports of Hilton exercising their ROFR for any 7000+ point properties and even contacting owners of some sites (Flamingo, LV on the Strip) suggests that they are making the bet that now is a good time to build inventory for retail sales. (It is cheaper to buy than build new product in some locations), I have heard from credible sources that Hilton had budgeted a significant amount of money for this buy back program. Resale prices are rising because lower priced units are snapped up by Hilton.

Compare this with the approach by Marriott which has let the market collapse on their product through an ineffectual launch of their "points" system and the recent spin off of their timeshare business from the rest of the Marriott corporation.... you just have to look at the price points for the respective properties to see the results. Hilton prices are significantly up while Marriott timeshares prices continue to weaken.

Congratulations to everyone who bought Hilton last year when they were not exercising their ROFR.
 
29 million supposedly targeted for buybacks, with 27 million of the dollars for Hawaii properties.
 
I am new to all of this, so please bear with me. I have read in a few places that Hilton has allocated some amount for the year to be used for buy backs on ROFR. The numbers that I have seen all are just under $30 million. Do they ever exceed the amount that they have allocated? Would you be more likely to get a deal through late in their fiscal year if they have been really active early in the year? For example, if Hilton thinks that it's a good year for buy backs, and they are really active early on, is it possible that they will loosen up their buy back thresholds later in the year because they have spent so much on them earlier in the year? Does anyone know when their fiscal year runs?

Thanks
 
Good observation, C. That stands to reason that they would either run out by the end of the fiscal year, or they'd have a monthly budget and let several slip through at the end of each month. There's also the possibility that there aren't more than $29 million in resales on their ROFR properties each year.
 
Does anyone know how the buybacks for other point sizes are going? A lady I work with just told me that she won a 3,500 silver package at SeaWorld for $1.00. Would Hilton snatch this up because it is basically free or do they only have interest in the platinum packages?
 
Hilton started exercising ROFR later part of 2010, I would say October 2010. I bought one 7000 points package in vegas and they didn't exercise ROFR in September.
According to recent tuggers report, Hilton exercise ROFR for almost any size packages. But I would say they buy more for platinum points, of course.
 
HGVC by back

I have one more week than I need. Would it be worth my while to call Hilton and ask them if they want to buy it back or do you need to have an offer from someone else?



yumdrey said:
Hilton started exercising ROFR later part of 2010, I would say October 2010. I bought one 7000 points package in vegas and they didn't exercise ROFR in September.
According to recent tuggers report, Hilton exercise ROFR for almost any size packages. But I would say they buy more for platinum points, of course.
Click to expand...
 
I believe it has to be your kingsland, not bay club if you want to sell it to Hilton. Bay clab has no ROFR.
You can contact ricoba who sold his week recently to Hilton with no hassle.
 
you may be OK

jrc said:
I won it. Was thinking it would go higher and at least compete against a Hilton ROFR. The auction company won't let you do a higher price on it, so I'm guessing I'll be doing a little paperwork with the end result being a Hilton buyback.
Click to expand...
You may be OK. I passed ROFR for Orlando property 7,000 points for $5,000 couple of months back. And seller was paying all closing costs...
 
No kidding? That's a great deal on a platinum. I'm still waiting to hear back. It's been 10 days since the paperwork was filed. I suspect I'll know by the end of the week. I'd love the points, but in the interim I bought a 4800 platinum at the Flamingo for $3k. I'm still working under the assumption that Hilton will buy it back.
 
Experience with this purchase so far:

Auction won on Feb. 16
ROFR document received for signing on Feb. 18
ROFR document returned to bkassets.com signed: Feb. 18
ROFR document sent by bkassets.com to Hilton: Feb 25
ROFR document returned to bkassets.com due to error by bkassets.com
Corrected ROFR document sent by bkassets.com to Hilton: Mar. 1

Looks like my estimate of being done with the ROFR process this week was waaaay off.
 
OH! That's not that bad at all.
I purchased an 7000 points package for las vegas strip on mid sep. 2010.
Got ROFR waiver within 3 weeks and a new deed was recorded on late Oct. Closing co. sent a new deed and transfer fee to Hilton and they had it for 4 weeks. When they finally looked into it, they found a mistake on the deed.
They sent it back to the closing co. on early Dec.
Closing co. had to correct a deed and sent it back to Hilton on mid Dec.
Hilton got the deed on 12/28 (due to size of mails at that time).
I finally could get an online access to that account on early Feb.
 
bkassets.com is a bankruptcy company. They don't guarantee clean title. If it passes right of first refusal,m and it might, as the unit is in bankruptcy, make sure you do a complete title search, as they have not done 1 and will probably not do 1 for you. You can be left with back fees.
 
Thanks Seth, I do intend to do a title search as the unit has one year of back fees that have been disclosed.

This is my first and last encounter with a bankruptcy auction.
 
jrc said:
Thanks Seth, I do intend to do a title search as the unit has one year of back fees that have been disclosed.

This is my first and last encounter with a bankruptcy auction.
Click to expand...

jrc, was curious as to how it's going. saw another HGVC on ebay listed by bkassets, and was staying away from it based on your experience (not to mention it had a lot of back fees already disclosed in the listing).

And speaking of 7000 pt acutions, I watched another one end last night at $5250 (HGVC LV Hilton). At that price I'm guessing Hilton will exercise ROFR?
 
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2 camels and a lion

what would Hilton do with a deal denominated in something other than dollars? Who says you can't trade a TS for some livestock?

Another way: have the current owner transfer to XYZ Trust, then have them sell you the trust and give hilton notice of a new trustee and new address.
 
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