Hacienda Del Mar News Letter

[Scubadoc]

Received yesterday. Updated information re: Hacienda Del Mar

Welcome Back Your home-away-from-home has reopened and has been welcoming members since mid-December 2020. The resort team at Hyatt Residence Club Dorado, Hacienda del Mar, looks forward to seeing you once again. As you look ahead to your next vacation, stay up to date with the latest resort news. A MESSAGE FROM YOUR BOARD OF DIRECTORS When you visit Hyatt Residence Club Dorado, Hacienda del Mar, you may find relaxation at outdoor amenities, including an Olympic-size swimming pool, kids’ pool, and two whirlpool spas. There is also direct beach access, so you can walk along the shore before enjoying a meal with ocean views at Mahi-Mahi Bar and Grill.* The space previously occupied by three tennis courts is under reconfiguration to offer one tennis court, one pickleball court, and a basketball hoop, so you and your family have more options to stay active. Due to restrictions surrounding the Novel Coronavirus (COVID-19), the arcade and fitness center are temporarily closed. In addition, demolition has begun on the hotel next door to your resort, and you can view photos via the gallery link below. This is the next step in recovery and, while intermittent noise is expected, it will result in a refreshed view. Your maintenance fees support the restoration of your resort and its amenities. The Board of Directors has approved a 2021 assessment payment plan option for members. If you have not already made your payment, please reach out to 1-800-GO-HYATT to discuss payment options. The Board will waive late fees and interest for members who enter a payment plan and complete payments in accordance with the terms. The Board has entered into a short-term agreement with the Management Company to provide cash flow to the Association as insurance claims are finalized. In addition, your Board is in discussions with the developer of the resort regarding the possibility of a repurchase program by which the developer would purchase HOA-owned intervals that have been obtained through the maintenance fee foreclosure process. While any repurchase program is in the very early stages of discussion, your Board is hopeful that terms can be agreed upon, which could help relieve the bad-debt issue over time. MEET YOUR NEW GENERAL MANAGER When you visit Hyatt Residence Club Dorado, Hacienda del Mar, you may see the friendly face of your new general manager, Gabriel Olvera. Gabe formerly served as the director of operations at Marriott’s Crystal Shores in Marco Island, Florida, and has over 20 years of experience in the hospitality industry. He and his wife, Maria, recently relocated to Puerto Rico. He looks forward to meeting you upon your return to the resort. NOTES FROM FELLOW MEMBERS Over the past few months, we’ve communicated the experience you can expect upon your return to your home-away-from-home. Here are firsthand accounts from fellow members after their recent stays: "It was a dream come true to be able to share those days with the family. After three years of waiting for the reopening of Hacienda del Mar, we can say that it was precious. All the staff is very committed to the opening of the complex and showed a wide sense of professionalism in their work, from the manager to the recreation, cleaning, front desk, etc." "We are very happy with the whole stay." "The rooms are very nice, and the design is modern." "The unit and property are beautiful. The food at the restaurant is the best food that I’ve ever had." "Everything is wonderful, I love the room." VIEW YOUR RESORT GALLERY Due to the Novel Coronavirus (COVID-19), restrictions regarding travel into Puerto Rico have made it difficult for non-resident guests to return to the island. While you await your next visit, you can still view the resort restoration via the photo gallery, where you’ll find images of residences and amenities. This month, you will also find a newly updated gallery with images showcasing the demolition of the former hotel next door. A new developer began work on the demolition in late 2020. More information will be communicated as it becomes available. From all of us at Hyatt Residence Club Dorado, Hacienda del Mar, we look forward to welcoming you back. December 2020: Your resort reopened. February 2021: The gallery has images of the demolition at the former hotel next door. Demolition is anticipated to last through 2021. * This establishment is operated by an independent merchant not affiliated with Hyatt Residence Club. ©2021 HV Global Group, Inc. independently owns and manages the Hyatt Residence Club program and uses the Hyatt Vacation Ownership name and other Hyatt names and marks under license from an affiliate of Hyatt Hotels Corporation. The right to use the Hyatt names and marks shall cease if such license expires or is revoked or terminated. Hyatt Hotels Corporation and its affiliates make no representations, warranties, or guaranties with respect to the Hyatt Residence Club program or products. HV Global Group, Inc. is not an affiliate of Hyatt Hotels Corporation. 21-OPS608

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[bdh]

Received yesterday. Updated information re: Hacienda Del Mar

Oh Boy! In reading the News Letter, the below jumped out. While it sounds like a benefit to current owners and HOA as far as bad debt relief goes, I'm thinking that this is not a long term positive for HRC owners. Since H/M no longer sells weeks, this seems like planning for HPP to be at Hacienda Del Mar in the future.

In addition, your Board is in discussions with the developer of the resort regarding the possibility of a repurchase program by which the developer would purchase HOA-owned intervals that have been obtained through the maintenance fee foreclosure process. While any repurchase program is in the very early stages of discussion, your Board is hopeful that terms can be agreed upon, which could help relieve the bad-debt issue over time.

 

[sjsharkie]

Oh Boy! In reading the News Letter, the below jumped out. While it sounds like a benefit to current owners and HOA as far as bad debt relief goes, I'm thinking that this is not a long term positive for HRC owners. Since H/M no longer sells weeks, this seems like planning for HPP to be at Hacienda Del Mar in the future.

"in discussions with the developer of the resort regarding the possibility of a repurchase program"

I highly doubt this would be detrimental to VAC or its HPP program. The wording of the newsletter makes me laugh... it is like the board wants to communicate positive news about the huge bad debt issue, but cannot commit to any action other than they are in negotiations. VAC wouldn't take this on unless it was a winner for them.

 

[PerryKing]

Better COVID travel information about travel to Puerto Rico than provided on the Hyatt RC web site:

Travel Guidelines | Discover Puerto Rico

 

[bdh]

I highly doubt this would be detrimental to VAC or its HPP program. VAC wouldn't take this on unless it was a winner for them.

Agreed that this wouldn't be detrimental to VAC or HPP - it would be a win for VAC and HPP. However the more wins for HPP will result in a loss for HRC owners that trade in the long run. HRC owners that use their deeded week will not be affected as no HPP can beat an HRPP.

 

[Scubadoc]

I highly doubt this would be detrimental to VAC or its HPP program. The wording of the newsletter makes me laugh... it is like the board wants to communicate positive news about the huge bad debt issue, but cannot commit to any action other than they are in negotiations. VAC wouldn't take this on unless it was a winner for them.

My biggest concern as an owner is whether the bad debt issue, which is likely huge, will be passed on to us through even higher MFs. At the current rate, the yearly MF will cost me more than the week I picked up as a foreclosure 5 years ago.

 

[bdh]

My biggest concern as an owner is whether the bad debt issue, which is likely huge, will be passed on to us through even higher MFs. At the current rate, the yearly MF will cost me more than the week I picked up as a foreclosure 5 years ago.

The bad debt will be a line item on the 2022 MF budget. When individual owners don't pay their MF, the HOA distributes that across all other owners via the "Bad Debt" line item.

 

[Jon NJ]

Question: if the HOA is responsible for the bad debt, do we get the benefits of the sales revenue when the week gets resold?

 

[AJCts411]

Question: if the HOA is responsible for the bad debt, do we get the benefits of the sales revenue when the week gets resold?

Seems to reason that the owner of the unit is responsable for the maintence fees. If the HOA is paying the fees as "owner" then is would be resonable to assume that the HOA receives the proceeds from a sale to offset the bad debt. If maintenance fees are unpaid/uncollected for a non-HOA unit to be sold then the maintenance fees would need to be paid before transfer. If I remember correctly at HSH the bad debt amount decreased in the proposed budget for 2022.

 

[bdh]

Question: if the HOA is responsible for the bad debt, do we get the benefits of the sales revenue when the week gets resold?

Yes. The amount received will be the sale amount minus legal fees and various sale & transfer fees.