Does anybody know the MVCI ROFR threshold?

[VirtualWatts]

Greetings, I have a Marriott Vacation Club (MVCI) deeded timeshare on St. Kitts with Club Points option. Loved it, had it, and used it every year until COVID. Since COVID, I have been converting points, and based upon 3 years of data, I am paying roughly 165% of the market rate to stay at MVCI properties using points. I have switched back to VRBO and AirBNB. Therefore, I am looking at selling or releasing it.

My question is whether anybody has insight into the ROFR threshold for these deeded property timeshares in MVCI.

I cannot come up with a percentage or formula for ROFR and Marriott's incentive. I do understand that Marriott is trying to remove the deeded owners from their properties and put them back into the REIT for points consumption.

I may have a somewhat unique insight into the Marriott and Hilton as I was one of the software architects for the original systems. I also understand that my Gold week ocean view may not have much resale value vs points systems.

 

[TheTimeTraveler]

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You should check out:


www.rofr.net


Scan thru those ROFR situations.....

Welcome to TUG










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[dioxide45]

Other than perhaps finding a starting point on the price to list your timeshare for sale, ROFR is kind of irrelevent from a seller's perspective. You have no threshold to be over or under. When you sell your week they will be submitted to Marriott for them to review. If they exercise ROFR you get the same money from Marriott as you would have from the original buyer.

As you mentioned, it is unlikely that your week has a lot of resale value. Contacting Marriott Vacation Club and asking about deed back options may be something to consider. St Kitts isn't in super high demand and what you own is lower season. Perhaps @bazzap can weigh in as I believe he recently sold or otherwise unloaded some St Kitts Beach Club weeks.

 

[dioxide45]

You should check out:

www.rofr.net

Scan thru those ROFR situations.....

Welcome to TUG

It doesn't look like there are many St Kitts weeks listed. The most recent one, this year, was a Platinum Plus-Presidents Day week that indicates it passed at $3000. I would think gold weeks probably have something closer to $0.

 

[VirtualWatts]

Thank you for the website and insights.

Yes, when I spoke with MVCI earlier in the year they said best option was to just walk away from the property. I am investigating that option and the cost to deed it back.

MVCI also offered to fully invest and cover me into a points program at a platinum level - all I had to do was pay an additional $75k. Errr, nope.

The interesting situation with St. Kitts is that it is expensive and inconvenient to get to the island, and, therefore, it has a more select group of visitors from the UK and the US. Gold is unique, and we selected it because you can spend May with beautiful weather, but the cruise ships have stopped running due to hurricane season; for years, it was a nearly empty island. You can spend Thanksgiving week practically having the place for yourself. So, no complaints, and I know the property is always in demand from the points folks. The island has changed significantly since we bought it in 2007, but it is still a great getaway.

I saw mention of a MVCI area in the forums, I'll go do some reading there as well.

 

[5finny]

Yes, when I spoke with MVCI earlier in the year they said best option was to just walk away from the property. I am investigating that option and the cost to deed it back.

Interesting that MVCI would make that recommendation
I would have urged you to impose a stricter standard on yourself (but not as strict as some)

 

[dioxide45]

Yes, when I spoke with MVCI earlier in the year they said best option was to just walk away from the property. I am investigating that option and the cost to deed it back.

When you say "walk away", do you mean they suggested you deed it back to them? Not just stop paying the annual fees?

 

[bazzap]

We owned 2x Marriott Vacation Club deeded timeshare Gold weeks on St. Kitts since 2008 with Club Points option from 2010.
We enjoyed some great stays through this time, but decided that the MFs were becoming unjustifiable for us too (especially with the poor Points allocation)
So we finally decided to sell these, or at least we would have but after several months trying directly and through a Reseller at a fairly low price there were no bites at all.
As a result, we eventually deeded them back to MVC earlier this year.

 

[wjarcher]

I bought one St Kitts week 2.5 years ago and it took more than 1 year to close the sale because the deed process was very very long. I was told that you had to find some local attorney to do the deed. And the closing cost was pretty high too (close to 2k). Fortunately that was all covered by the seller. Deeding it back to MVC isn't a bad option at all if MVC covers all of the costs.

 

[WorldT]

When you say "walk away", do you mean they suggested you deed it back to them? Not just stop paying the annual fees?

I think the the OP meant deed back. A MVC employee who says walk away will likely get fired.