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Diamond buys Club Intrawest

nuwermj

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Jason245

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I don't like this... mostly because it probably means HGVC is going to lose access to all those resorts :(
 

mtm65

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I don't like this... mostly because it probably means HGVC is going to lose access to all those resorts :(

I agree. We really wanted to check out the resort in Zihuatanejo, Mexico. Hope they can come to some sort of agreement.
 

Jason245

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I agree. We really wanted to check out the resort in Zihuatanejo, Mexico. Hope they can come to some sort of agreement.


I was actually looking forward to some trips to Canada.... :(
 

presley

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Wow. I don't know enough about either system to make this comment, but it sounds like a step down for CI owners. Maybe they will enjoy the added resort locations, but they pay so much more for CI that I tend to think they have much nicer resorts than other systems.

I'm not so sure they will remove from HGVC affiliation. There is so much cross over between all the systems already.
 

Bill4728

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Club Intrawest was ripe for a buy out I just never thought it would not be HGVC.

This is really bad news!!
 

Jodi0415

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It's a bad news morning for me!! My daughter cleaned the henhouse and forgot to reopen it and our two chickens are gone!! Such a bummer!

Maybe we'll get to keep access!! I have a 3 day reservation in Feb for Palm Desert. I'm thinking I may have gotten really lucky someone canceled and I called when I did!!
 

tashamen

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Club Intrawest was ripe for a buy out I just never thought it would not be HGVC.

This is really bad news!!

I totally agree as the worst ts I've stayed in in the last few years was a Diamond Resort. Not that I've taken advantage of the agreement with HGVC, since I don't belong to Extraordinary Escapes with CI.
 

dsmrp

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Oh wow, 2016 will indeed be a year of contraction in TS systems (pun intended). Yes would have been much better if HGVC acquired CI. sorry.
 

Michael1991

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Diamond maintains numerous reciprocal exchange agreements with other timeshare systems. That's how they expand their list of affiliates and they don't have to pay for the inventory.

Why do HGVC members think this will end?
 

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The deal is better for DRI than CI, which I have. :(
 

henryk

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CI Owner - Not Happy.

Last large change was moving from RCI to II, and suddenly I had to use a lot more points to make exchanges. My contract with CI indicates there is maximum of points 'available' per resort per year. They can move them around and adjust for seasonal demand, but the total available points to reserve stays the same in a resort (adjusted if they add more inventory from developer). I'd expect my internal points requirements to stay the same, I have a feeling to do anything outside of CI will again cost me more.
 

nuwermj

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visor

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This is such a drastic change that was never mentioned in any meeting minutes. Is CI allowed to do this? Do members have any recourse?
 

johnrsrq

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Diamond Resorts International to Acquire Intrawest Resort Club Group

http://investors.diamondresorts.com/phoenix.zhtml?c=251836&p=irol-newsArticle&ID=2117471

http://www.clubintrawest.com/

Club Intrawest has resorts in the following locations:

Vancouver, British Columbia
Ucluelet, British Columbia
Whistler, British Columbia
Panorama, British Columbia
Blue Mountain, Ontario
Tremblant, Quebec
Palm Desert, California
Sandestin, Florida
Zihuatanejo, Mexico

This is terrific news for Club members. :clap:
 

Bill4728

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This is such a drastic change that was never mentioned in any meeting minutes. Is CI allowed to do this? Do members have any recourse?
Club Intrawest is really two things

1 The sold inventory owned by a "TRUST" which all the owners are suppose to control and not subject to sale.

2. The unsold inventory owned by the developer This is what was bought by DRI.

What is not said is that by buying all the unsold inventory they (DRI) will become the biggest block of CI members and will soon control all communication and soon put their people on the BOD and soon be able to change any rules they want to their advantage.

That is why you ( the members/owners) want to be able to trust the developer.
 

visor

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Club Intrawest is really two things

1 The sold inventory owned by a "TRUST" which all the owners are suppose to control and not subject to sale.

2. The unsold inventory owned by the developer This is what was bought by DRI.

What is not said is that by buying all the unsold inventory they (DRI) will become the biggest block of CI members and will soon control all communication and soon put their people on the BOD and soon be able to change any rules they want to their advantage.

That is why you ( the members/owners) want to be able to trust the developer.
Ah I see.

But for $85 million, I'm sure we the 22,000 or so owners can scrounge up enough $ to buy that unsold inventory ourselves and truly make it members owned for only a paltry $3863 per member!

That would surely be more advantageous than paying for a class action suit.
 
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Jason245

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Ah I see.

But for $85 million, I'm sure we the 22,000 or so owners can scrounge up enough $ to buy that unsold inventory ourselves and truly make it members owned for only a paltry $3863 per member!

That would surely be more advantageous than paying for a class action suit.
Good luck with that. ..

Sent from my SAMSUNG-SM-N910A using Tapatalk
 

DanZale2000

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But for $85 million, I'm sure we the 22,000 or so owners can scrounge up enough $ to buy that unsold inventory ourselves and truly make it members owned for only a paltry $3863 per member!

According to member posts on Facebook, "There are 4.3 million Club Intrawest points in total, Intrawest ULC owned 162,000 at the end of 2014. Those points give Intrawest 162,000 votes for the Board, Intrawest gets 1 vote per point. Members owned 4.1 million points, giving members 276,000 votes, members get 1 vote per 15 points."

"That means that we would need somewhere above 60% of the membership to vote to equal the voting power of Intrawest."

"Just read through a Purchase Agreement and found that if points are financed by Intrawest, the member has no voting rights until the loan is 100% paid out. Intrawest gets the votes, contract states that they do not have to act in members interest when voting etc... and that the loan can be assigned to anyone that the company chooses (Diamond Resorts)."
 
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From the independent directors, apparently even they weren't aware of it.


"We understand and share the concerns you have for the future of the Club and we are working diligently to ensure that the interests of all the Members are protected. As the Independent Directors, we only received the information at the same time as all other Members. This is because Intrawest and Diamond are both publicly traded companies, and therefore were not allowed to discuss the transaction until it was publicly disclosed. Please allow us the opportunity to work with Intrawest and Diamond so that we may effectively provide you and all the other Members the information that you are looking for.

We will communicate back to all of you when we have appropriate information.

Sincerely,

Kenneth Smith and James Orr"
 
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Maple_Leaf

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That is why you ( the members/owners) want to be able to trust the developer.

This quote should read:

That is why you ( the members/owners) cannot trust ANY developer.

Once the developer's interest fails to align with the owners', the developer gets the gold mine and the owners get the shaft. Rinse and repeat.
 

Jason245

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Hgvc just lost ability to make reservations at the club effective feb 15.. looks like you will be losing a lot of exchange ability and diamond will into grate into their system and kill Intrawest. On bright side, your mf should only go up 20 to 50 percent next year. .

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pedro47

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Hgvc just lost ability to make reservations at the club effective feb 15.. looks like you will be losing a lot of exchange ability and diamond will into grate into their system and kill Intrawest. On bright side, your mf should only go up 20 to 50 percent next year. .

Sent from my SAMSUNG-SM-N910A using Tapatalk

MF, should not increase because the majority of these resorts have been maintain by the developer. True or false?

Also, when will these new resorts become a part of DRI. The Club?
 
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Jason245

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MF, should not increase because the majority of these resorts have been maintain by the developer. True or false?

Also, when will these new resorts become a part of DRI. The Club?
I don't know what dri charges in management fees, but I would have to believe it is significantly more..

Sent from my SAMSUNG-SM-N910A using Tapatalk
 

presley

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Hgvc just lost ability to make reservations at the club effective feb 15.. looks like you will be losing a lot of exchange ability and diamond will into grate into their system and kill Intrawest.

Where/where did you see this? I was on the phone with HGVC yesterday and almost asked about Palm Desert availability, but I didn't really think I'd be able to squeeze in a trip in the next year and never brought it up.

EDIT: Nevermind. I see the other thread.
 
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