Apollo acquisition of Diamond Resorts

[bonnielass4]

I came across an article on your website about the above acquisition of Diamond. I cannot find that thread to make a comment about a recent call I had from a very nice gentleman representing RCI with a Diamond/Club Silver and Gold Membership.
He told me that with the recent acquisition of Diamond by Apollo this is a program that Apollo allows RCI to 'rent' points from Diamond owners and pay them to use these points for business incentives etc. For example, I could let them use increments of 3,000 points for $1,400 dollars. It is quite a nice way to use unwanted points and earn some money. This was called the Elite program. The other program was to pay you for any unused points for the year the full amount of maintenance fees you paid for them. In other words, if I did not use 20,00 points I would be paid that maintenance fee amount for them to use those points for the year.
There was no pressure from the caller at all but I have my doubts and feel a little uneasy for something that seems too good to be true.
Has anyone out there had such a call or offer?
P.S. They also mentioned I had not been invited to the owner update to explain about the Apolll acquisition.
"

 

[tschwa2]

If it was really Diamond that you were talking to, my guess is to use this program you would need to purchase another $15,000-$20,000 or more in points to be able to use this "new" program. Then if you do, you would find that it isn't so easy as they make it seem for example only a limited number of points can be used in this way.

If it wasn't Diamond then you will be asked to pay a fairly substantial upfront fee and then you will never see any of the results promised.

There are enough Diamond point owners and even enough giving back there whole points contract that if the points were worth that much to Diamond, they would not be selling them.

 

[hvsteve1]

RUN!

Has anyone ever offered you a deal on a Jacuzzi, a special offer for Claire's stores or a coupon for Chuck-E-Cheese because they are owned by Apollo? Most people don't have a real understanding of the financial sector and DRI salespeople take advantage of that. I have been sailing on Regent Seven Seas since they were owned by Carlson and after the Apollo acquisition and would have no idea they were an Apollo company. Believe me, the powers at Apollo are NOT spending time worrying about how to improve your benefits or offer you special deals. This comes from DRI executives whose only connection with Apollo is to worry if the P&L sheet doesn't make Apollo fire them.

There are some enhancements to DRI as a result of Apollo. Using points for NCL cruises or Great Wolf Lodge is a result of cross-ownership. But, if a salesperson tells you they can offer all sorts of special deals because of the Apollo acquisition,don't believe them. DRI is small potatoes in the Apollo universe.

 

[Iggyearl]

Bonnie, some wires are crossed here. Apollo bought all of Diamond Resorts in 2016 - for $2.2 billion. There was a news release 2 months ago that Apollo is spinning off Diamond into a stand-alone company this June. They are attempting to fetch $4 billion for the transaction. Your source of information is not completely accurate. If you are approached further by this representative, I would ask for all details in writing. Similar claims of selling points for cash have proved to be false. I think your caller was trying to get you in to an owner's update. No good can come from that......

 

[nuwermj]

There was a news release 2 months ago that Apollo is spinning off Diamond into a stand-alone company this June. They are attempting to fetch $4 billion for the transaction. Your source of information is not completely accurate.

Apollo's IPO plan for DRI is to sell only about 12 or 13% of the company. They want to "fetch" $500 million from a valuation of $4 billion, and use the proceeds to pay down DRI's current debt of $2.2 billion. If this comes to pass, Apollo will still own controlling interest in the company.

 

[RLS50]

I came across an article on your website about the above acquisition of Diamond. I cannot find that thread to make a comment about a recent call I had from a very nice gentleman representing RCI with a Diamond/Club Silver and Gold Membership.
He told me that with the recent acquisition of Diamond by Apollo this is a program that Apollo allows RCI to 'rent' points from Diamond owners and pay them to use these points for business incentives etc. For example, I could let them use increments of 3,000 points for $1,400 dollars. It is quite a nice way to use unwanted points and earn some money. This was called the Elite program. The other program was to pay you for any unused points for the year the full amount of maintenance fees you paid for them. In other words, if I did not use 20,00 points I would be paid that maintenance fee amount for them to use those points for the year.
There was no pressure from the caller at all but I have my doubts and feel a little uneasy for something that seems too good to be true.
Has anyone out there had such a call or offer?
P.S. They also mentioned I had not been invited to the owner update to explain about the Apolll acquisition.
"

Was any of this in writing? Do you have that "official" document in your hand? Can he email the details of these programs to you? Anything you are told that is not clearly spelled out in a document you can take with you or be emailed is almost certainly not true.

I'll admit, the RCI will pay you cash for your points is a new one for me. Clever.

But overall these seem to be common deceptions and half truths people are told.

When you step back and think about the fairy tale you were told, in essence it seems you wouldn't really be buying points at all. You were offered the chance to buy magic beans that have the ability to sprout into all kinds of lucrative income possibilities for their owners. And totally risk free!

Here is the truth...

- Any owner update is geared to convince you to buy points. Based on numerous accounts from individuals who have attended these types of "updates" it seems at least some of what you are told at that meeting may range somewhere between inaccurate to totally false.

- If you want to own Diamond points, virtually unlimited amounts of Diamond points can be purchased on the resale market for free. Current owners trying to get rid of them can barely give them away.

- If you feel you absolutely must buy points from Diamond I personally would not pay more than $3 per point. Some people report having been quoted $9 per point (or even more).

JMO

 

[AwayWeGo]

DRI ownership has bounced around like a ping pong ball ever since way back in the days of SunTerra.

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[chemteach]

RCI doesn't do business with Diamond. Run!!! Diamond works with II only.

 

[hvsteve1]

RCI doesn't do business with Diamond. Run!!! Diamond works with II only.

We own at Powhatan. RCI has weeks owners. When we went from weeks to The Club, we were transferred from RCI to II. I imagine they have units at other DRI resorts also.

 

[bonnielass4]

If it was really Diamond that you were talking to, my guess is to use this program you would need to purchase another $15,000-$20,000 or more in points to be able to use this "new" program. Then if you do, you would find that it isn't so easy as they make it seem for example only a limited number of points can be used in this way.

If it wasn't Diamond then you will be asked to pay a fairly substantial upfront fee and then you will never see any of the results promised.

There are enough Diamond point owners and even enough giving back there whole points contract that if the points were worth that much to Diamond, they would not be selling them.

 

[bonnielass4]

Thank you for all of your replies.
I know very well about Diamond Updates and stay clear of them. I have caught the sales reps in so many untruths that I believe they would not even ask me to an update any more.
This person said they are not with Diamond and will not sell any points. When i pinned them down that is when I fount out they are from RCI but not doing exchanges but buying Diamond points yearly if they are not going to be used. No cost involved, just RCI membership and he said it was only available to Club members.
However, reading all of the posts above I would like to have him email me this program in writing or call Diamond headquarters to ask about this plan under Apollo.
I do not trust Diamond so it makes me leery about hearing this although it was not a Diamond Rep calling.

 

[RLS50]

call Diamond headquarters to ask about this plan under Apollo.
I do not trust Diamond so it makes me leery about hearing this although it was not a Diamond Rep calling.

Why call Diamond to ask about this supposed plan under Apollo, if you admit you do not trust them? Just a rhetorical question.

And my advice would be to forget about Apollo's purchase of Diamond.

It is my understanding that in general they (Apollo) have made some changes to improve the balance sheet and directed some improvements to how the Operations are managed at the resort level. But in regards to points plans and points usage I believe the Diamond system is pretty much the same before Apollo got involved?

In my opinion Sales people (inside or outside Diamond) are just name dropping Apollo to create the impression to Diamond owners that something has drastically changed and there are now a myriad of new opportunities to take advantage of.

Of course for the privilege of availing oneself of those supposed new opportunities, one may find they are asked to purchase more points, pay to switch collections, or pay some additional fees to better utilize existing points.

Caveat Emptor.

 

[Egret1986]

When i pinned them down that is when I fount out they are from RCI but not doing exchanges but buying Diamond points yearly if they are not going to be used. No cost involved, just RCI membership and he said it was only available to Club members.
However, reading all of the posts above I would like to have him email me this program in writing or call Diamond headquarters to ask about this plan under Apollo.
I do not trust Diamond so it makes me leery about hearing this although it was not a Diamond Rep calling.

I doubt you "pinned" anyone down. There are many sham individuals/companies claiming to be representing RCI. Many threads of people posting that they were contacted by RCI about selling something. They are throwing around names that you may be familiar with and some that you aren't. It's a tactic. They've already got a small hook in you.

"I do not trust Diamond so it makes me leery about hearing this although it was not a Diamond Rep calling."

Your words.

You should remain leery whether they state they are RCI Reps, Diamond Reps, or whomever. They use two tactics. They either "rough you up" and scare you or they "are just trying to help you out."

"...about a recent call I had from a very nice gentleman representing RCI with a Diamond/Club Silver and Gold Membership."

Your words. His tactic? He's just "a very nice gentleman representing RCI...." I doubt it.

As stated by another poster. "RUN"!

WELCOME TO TUG!!!!! You may have just saved yourself some heartache and money.

Stick around and learn.

 

[bonnielass4]

Thank you.

 

[chemteach]

We own at Powhatan. RCI has weeks owners. When we went from weeks to The Club, we were transferred from RCI to II. I imagine they have units at other DRI resorts also.

RCI may have weeks from DRI at resorts, but they have no points deposits from Diamond. And the offer in the original posting was in no way realistic. I have platinum elite status in Diamond - no way that anyone wouldpay $1400 for 3000 points. Has to be a scam. The maintenance fees on 3000 points are $500 or less. Diamond owners would be able to make over $2700 for every 10,000 points owned. It would be a fantastic thing if it were true! Diamond won't let people rent their own units. They wouldn't let RCI buy points from owners. This is definitely a scam.