Anyone own a Hyatt timeshare?

[sunnie day]

Hi
We just visited the Hyatt Coconut Plantation and purchased one of the timeshares. Does anyone have experience with Hyatt and II? Any problems or regrets if you have purchased a Hyatt timeshare? We have a week to cancel and have looked on the internet to see if there are any complaints and can't find any. Is it easy to trade with II and points?

Appreciate any feedback.

 

[DeniseM]

First of all, if you bought from the developer you should consider rescinding - you can buy resale for much, much less. You only have a few days to do this so read your contract carefully and follow the instructions to the letter.

Most of the Hyatt posts and owners are on the TUG Hotel Based TS System Board.

 

[Floridaski]

Rescind and buy resale

We also purcahsed Hyatt Coconut Planation from the developer in August 2005. When we got home, I sourced several good sites for resales and we rescinded the very next day. We sent a fax, a DHL letter and a US Postal Certified letter. Our contract was rescinded so quickly that we never even got entered into the system. We did NOT have any trouble with Hyatt on changing our minds. Now let me tell you what we did to replace this purchase.

We already own 2 weeks of RCI gold crown timeshare, so we really did not need the Hyatt time. But we had been to Coconut Planation 3 times in 2 years and down to Hyatt Windward Point in Key West. We were going in the summer, so I was getting deals on the room rates - but we really liked Hyatt. So we purchased an EOY (every other year) package for 1400 points for 8400 dollars. I rescinded this package and purcased an every year 1400 point week for 9000.00 dollars. The purchase went thru without a hitch and we are now thinking about selling our other weeks and purchasing a 1880 to 2000 point Hyatt week. We purchased at The Beach House since we could get the lowest price on this specific resort. It does NOT really matter where you purchase in Hyatt, you will be able to trade into any Hyatt property with the execption of maybe Christmas or Presidents week. Other then that you will be fine, I know because I made the sales manager at Coconut Plantation show me the inventory for Breckenridge and Beaver Creek for Feb ski season. We would not have had a problem at all booking a ski trip via Hyatt.

Rescind now and check these web sites, you should be able to purchase a 1400 point week for $9000 and a 1880 point week for around $12,100. Both of these sites are good places to look. At Key West resales, they are real estate agents - you make an offer and they present to the seller. So, even if a week is listed for 17,000 - offer $12,000. I bet they can find what you need. The sites are as follows www.bywindkal.com and www.timeshare-keywest.com You can also try redweek, that is how I found several possible sellers. Good luck, you will love Hyatt but just do not overpay for your points.

 

[sunnie day]

What about right of first refusal?

Hi
Thank you for replying to the post. We talked to Hyatt when we were there about resale and the sales manager said that Hyatt has right of first refusal and odds are you will not get that price. She also said that if we buy a resale we don't get all the privledges that you get from the developer.
I am so confused.

I will go and check out the websites and do more research.
Thanks again

 

[Floridaski]

Right of first refusal

Yes, I got the same pitch about right of first refusal. Hyatt does have ROFR on their resales. Our 1400 point week cleared ROFR with flying colors and so should a 1880 point week that is around 12,100. These prices are based on Hyatt Beach House and vary from resort to resort. Hyatt Beach House has been sold out for a number of years. Hyatt is not actively selling Beach House or Sunset Harbor since they have a huge number of Windward Point units to sell. So, it would have to under the .60 cent on the dollar point for Hyatt to really exercise their right of purchase. I know of a gentleman who purchases Hyatt weeks in Key West for around .50 cents on the dollar. Even these have been getting past ROFR. We did not want to go to all the trouble of another contract, so we made an offer that would pass ROFR. The Real Estate agents down in Key West can help you with this. They want for your sale to work and they are licensed real estate brokers and are bound by specific laws. If your bid is to low, they will present it and many times they will know what the owner orginally paid. I dealt with Gordon Maibie of Key West resales. He now has an assoicate that I have had casual e-mail conversations concening the purchase of a 1800 point week in the $12,000 range.

The only Hyatt perk you lose is the ability to exchange your points for hotel nights. This is not a high vaule perk and IMO not worth the extra money. You can buy many nights at any hotel for $10,000 dollars! I would rescind, Hyatt will always be more then happy to sell you another week. Hyatt Coconut Planation is going to have weeks for sale for several years in the future.

 

[Kelsie]

Hyatt

We also purchased from the developer 6 years ago at the Beach House for a lot of money. We just sold 2 of our Beach House weeks last month and netted $12,000 for each one. We did loose money but it was worth it to us since we have not been using them like we used to. Hyatt opted out on the first right of refusal and the buyers paid all out of pocket expenses. One of the reasons we sold is the fact that Hurricane Wilma messed up KW pretty badly last year and we did not want to get hit with assessments in case it hits one of the Hyatt's and they have to rebuild. Also, it seems that the mf go up $47.00 each year. This year with the taxes each week should be around $900. Trading power is great, but we are glad we sold, there are so many great rental deals here on tug there isn't any reason for us to own anymore.

 

[gmarine]

If you are not sure of your purchase then rescind ASAP. You will save thousands by buying resale if that is where you want to own. As far as losing anything by buying resale versus developer, I dont think there is any difference with Hyatt. And any difference would be made up by the $$ you save by buying resale.

Also, if you financed this in anyway, especially through Hyatt, then you should absolutely rescind.

 

[Steamboat Bill]

I am NOT an expert on Hyatt, but resales are a better buy. If it is true that they are only marginally cheaper (live DVC) then I would stick with the developer.

Remember asking price does not equal the selling price.

 

[calgal]

I think it does make a difference where you purchase, even if you are planning to convert into points every year. For example, I would not want to own in an area prone to hurricanes, such as Key West. I have concerns about the Puerto Rico location due to the closure of the adjacent hotel, and because I heard that the closing takes 6 months or more. It is also important to evaluate maintenance fees. I heard through a fellow Hyatt owner but have not confirmed this that the MF at the Hyatt outside San Antonio is cheaper than the others in the system. It may also be cheaper to buy from the developer at that location. I would be interested in hearing from a Hyatt owner at that site re costs.

 

[Kal]

If you really want to go to Coconut Plantation every year then it would be important to buy the specific unit you want at Coconut Plantation. If you just want the points, get the cheapest points available at any HVC resort. Make sure you look carefully at the HVC Points system to see what makes sense for the general time you like to vacation. Get a week and resort that fits that time schedule preference. Also, buy as many points as you can afford. If later on you want more points the only way to do it is to buy another week. Then you would have two annual maintenance fees. The more points the better.