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Acquisition News [Gold Key Resorts] [MERGED]

RuralEngineer

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tschwa2

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So are they acquiring Gold Key or just acquiring some of Gold Key's unsold inventory (which is primarily off season and Beachwoods in NC)?

That could be very bad for Gold Key owners. I don't think they will have to worry about the special assessments that go along with some of DRI's other acquisitions but no one who is taken over by DRI seems to really think the experience is good.
 
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traderjoez

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The news articles clearly indicate that DRI has bought the resorts/business of Gold Key, not just excess inventory. Another one bites the Diamond dust.
 

tschwa2

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Thanks. I saw that when I had time to do more than a 20 second skim. I generally dislike the idea of staying at DRI due to the nickle and dimeing and/or medium to large resort fee when doing an exchange and having to pay for things like parking, internet, and other recreational charges that other resorts include for exchanges.

I really like Gold Key VB properties. Enough that I am generally willing to pay the parking fee that 2 out of the 6 properties charge. Don't know if I will continue to stay with them if additional charges are going to be levied on exchangers.
 

harveyhaddixfan

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Diamond Resorts International Buys Gold Key Resort [MERGED AT THIS POINT]s

So Gold Key bought Barrier Island Station Kitty Hawk last November, starts a $22 million renovation & name change to Beachwoods and makes everyone happy. Now they sell all the resorts to DRI? I feel like as a Beachwoods owner, and all the other owners, we just got screwed.

http://www.marketwatch.com/story/di...rough-gold-key-resorts-acquisition-2015-08-17
 
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Egret1986

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Thanks for sharing, Chris.

Like it or not; now we're going to be a part of this huge corporate entity. :(

Gonna have to dig out the positive on this news. :doh:

Today has been a very bad timeshare day for me. :wall:
 

artringwald

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It may not be bad news for Gold Key Resort owners. Most likely, your current ownership terms will remain intact. Your maintenance fees will likely go up, but DRI will keep the properties in good shape. You will get your arms twisted to convert your ownership to DRI points. This is usually a very bad deal. Don't believe anything they tell you unless it is in a contract. Search this forum for a history of what happened when DRI bought Monarch Grand Vacations.
 

tschwa2

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Gold key resorts are fixed week and for the most part float units within a view category. Nothing really that they can fool with. While not Marriott quality, I think they are already nicer than the two DRI resorts less than an hour away in Williamsburg that have had Marriott type MF's for at least the last 5 years. Unlike many of the DRI acquisitions Gold Key wasn't distressed. It wasn't go bankrupt or have an org like DRI to save them. The developers probably wanted an immediate payday unless there were problems that weren't evident. Gold key not only had the timeshares but also were the developer/manager for at least 2 full time condos, about 4 hotels plus shops and restaurants associated with the hotels and the ground floor block of shops/restaurants around the condo development. I wonder if those assets will go to DRI or if Gold key wanted out of timeshares but is keeping everything else.

I know DRI doesn't care for exchangers other than potential bodies that may become owners but my experience with DRI from their sales group who instead of letting me go when I said my husband wasn't with me and I was travelling with 96 year old grandmother and kids, still called multiple times to try to get my 96 year old to agree to a presentation. The second part I didn't like is despite the higher MF than equivalent resorts in the area for owners, still charges exchangers for things like internet and other rec items that are included in other resorts in the area. The third part is that to this day 3 years after an exchange, they still insist that since I did business with them, they can call and email trying to get me to come for a discounted weekend. I pretty much tell them every time they call to take me off their list and unless they are the only resort in the area that I want to go to when I want to travel, I could not imagine choosing DRI. It doesn't hurt that in Williamsburg there are at least 6 I like better. The calls are thankfully way down to less than one every other month. VB is going to be harder because the combo of location and amenities are much better at gold key then the other resorts and that includes Ocean City and the Delaware Beaches as well.

Sorry for my DRI rant, I know some people really like their product but they really turned me off in a big way with a fairly average resort to back it up.
 

pedro47

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DRI now have six (6) timeshares resorts on the East coasts on two (2) major ocean front locations.. The Outer Banks (OBX), NC and Virginia Beach,VA... Both locations throw over a millions tourist from May to September every year...This is a win - win for DRI and that is my opinion only.
 

pedro47

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Does this include the new Cavalier Hotel project in Virginia Beach,VA ?
 

harveyhaddixfan

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I don't think so. That's not one of their timeshares. I know of Beachwoods, Ocean Beach Club, Oceanaire and there are 3 others.
 

pedro47

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The news articles clearly indicate that DRI has bought the resorts/business of Gold Key, not just excess inventory. Another one bites the Diamond dust.

This is a strange purchase because the purchase does not include Barrier Island Station @ Duck and Barrier Island's Ocean Pines Beach. Question were they not own and managed by Gold Key Resorts?
 

harveyhaddixfan

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They aren't. Gold Key only bought Kitty Hawk and changed it to Beachwoods. Duck & Ocean Pines are managed by SPM as is Sea Scape in Kitty Hawk.
 

Maple_Leaf

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DRI is on the march again

That could be very bad for Gold Key owners. I don't think they will have to worry about the special assessments that go along with some of DRI's other acquisitions but no one who is taken over by DRI seems to really think the experience is good.

Getting acquired by DRI is a bit like a colonoscopy. It may be good for you in the long run, but nobody likes it.
 

dwojo

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The news articles clearly indicate that DRI has bought the resorts/business of Gold Key, not just excess inventory. Another one bites the Diamond dust.

At least Goldkey kept their resorts in good condition so there should not be a problem with special assessments just maintenance fee hikes.
 

dsexton

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I'm a little upset as a Gold Key owner in Va Beach that I'm learning about this through TUG. I have not received any emails/mail, nothing about this ! Does anyone have any idea how those of us that own fixed weeks will be impacted ?
On a brighter note, I am excited to see all the DRI resorts that I'm assuming we will have some privaledges when it comes to trading ?
 

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I'm a little upset as a Gold Key owner in Va Beach that I'm learning about this through TUG. I have not received any emails/mail, nothing about this ! Does anyone have any idea how those of us that own fixed weeks will be impacted ?
On a brighter note, I am excited to see all the DRI resorts that I'm assuming we will have some privaledges when it comes to trading ?


it'll cost many thousands to join the "CLUB" and get credit for your fixed weeks in points to get access to DRI resorts and DRI affiliate resorts. The points are exchangeable through Interval. If you maintain your week as you have it now, you can continue to trade and reserve it as usual. Good luck.
 
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tschwa2

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The other downside for shoulder and off season gold key owners who used priority with II to upgrade into a higher season. Before you were only competing with owners at the 5 Gold Key during the priority period in II. Now you may be competing with every DRI owner for that inventory, if DRI even has priority period with II.
 

johnrsrq

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from DRI website. Thrilled about this, more and more.

More to Explore on the U.S. East Coast

Dear Member of THE Club® at Diamond Resorts International®,

Great news! We are pleased to announce that Diamond Resorts International® signed an agreement to purchase Gold Key Resorts’ vacation ownership related assets, which will add five vacation ownership resorts located in Virginia Beach, Virginia and one in Outer Banks, North Carolina to our global portfolio.

We are excited about this acquisition as Gold Key Resorts has a broad offering in Virginia Beach and helps us expand our offering on the U.S. East Coast.

Virginia Beach is a popular vacation destination boasting the Virginia Beach Boardwalk, a three mile, 28-foot-wide icon dating back to 1888, which has been named in the top “Best American Boardwalks” by USA Today Weekend, Discovery Channel, Southern Living and Coastal Living. With proximity to the boardwalk, Gold Key’s properties offer easy access to all the entertainment and recreation opportunities in Virginia Beach.

Gold Key has resorts in the following U.S. locations:

• Beach Quarters Resort in Virginia Beach, Virginia
• Turtle Cay Resort in Virginia Beach, Virginia
• Boardwalk Resort and Villas in Virginia Beach, Virginia
• Ocean Beach Club Resort in Virginia Beach, Virginia
• Oceanaire Resort Hotel in Virginia Beach, Virginia
• Beachwoods in Kitty Hawk, North Carolina

Gold Key Resorts has a very talented team, and a variety of beautiful resorts, which is why we were so eager to pursue this transaction. Diamond Resorts International® and Gold Key Resorts will be going through a transition period before the sale is complete, and then sometime after that is finalized, we will be able to make the resorts available for you to book with your points for arrivals in 2016.

If you are also an owner at any of the Gold Key Resorts, then you will be receiving additional information pertinent to your ownership from Gold Key throughout the transition period.

Meanwhile, we will keep you updated about the resorts on the DiamondResorts.com website, through our What’s New function in the members area on the website, and through e-mails and THE Club® newsletter, but if you have any questions about the acquisition in the interim, then please contact us via Acquisitionqueries@diamond*resorts.com

Sincerely,
THE Club® at Diamond Resorts International®:)
 

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Gold key not only had the timeshares but also were the developer/manager for at least 2 full time condos, about 4 hotels plus shops and restaurants associated with the hotels and the ground floor block of shops/restaurants around the condo development. I wonder if those assets will go to DRI or if Gold key wanted out of timeshares but is keeping everything else.

Upon closing, DRI will acquire management contracts, real property interests, unsold vacation ownership interests and other assets of Ocean Beach Club, LLC, Gold Key Resorts, LLC, Professional Hospitality Resources, Inc., Vacation Rentals, LLC and Resort Promotions, Inc. (collectively the Gold Key Companies).

What is NOT included in the sale are parent company Gold Key | PHR's Cavalier Hotel, the company's two Hilton hotels at the Oceanfront or its interests in The Main, a downtown Norfolk hotel under construction. Gold Key | PHR's CEO Bruce Thompson intends to use funds from the sale of the timeshare properties to continue developing new projects in Hampton Roads and the East Coast, but I would suspect that there's a non-compete clause in there somewhere regarding the development of timeshare.
 
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