- Joined
- Apr 14, 2018
- Messages
- 3,971
- Reaction score
- 3,425
- Points
- 349
- Location
- The Land of Ice and Snow
- Resorts Owned
- HGVC: The Flamingo, The Boulevard
Don’t know why, but I really look forward to the quarterly investors calls. I guess I like an inside look at the company.
1 - Sales
Obviously, sales are low, but are better than their peers. They had only 1 month in the quarter for sales. Being able to keep the off site Japan sales centers open helped. 35% of their sales were Hawaiian properties and many those were out of Japan. There was a 41% in virtual sales (no onsite tour). 70% of buyers are current owners. They have 400,000 pre-paid vacations planned with tours already bought and are selling more.
2. Occupancy
The South Carolina and Mountain resorts are running at or around 90% occupancy. Orlando and Vegas are at 30%-40% occupancy. New York, Chicago and Hawaii are still closed. Did not mention California or the SW Florida Affiliates.
3. Expanding/Fee-For-Service
Still very high on the fee-for-service model. Thinks they won’t be “building” anything in the next 10 years. (I took this as others will be building/renovating current properties into timeshares and HGVC will sell and manage them.) They have several fee-for-service deals in the works, but they take time. Said they have a very balanced inventory.
This is the exact verbiage. What do you think?
Stephen Grambling -- Goldman Sachs -- Analyst
Great. And as an unrelated follow-up, you had referenced it's maybe a little bit early to see fee-for-service start to hit the market. I guess when you look back over time, when does that typically happen? And would you generally think that in this case, it would be more independent timeshare properties coming up? Or could we also see hotel conversions?
Mark Wang -- President And Chief Executive Officer And Director
Yes. Look, I think, obviously, this the impact on this pandemic on travel and lodging and resort condos is going to be significant. And those things are my prediction is that we obviously, we're building a number of properties right now. My prediction is and over the next 10 years, we're not going to have to build anything. There's going to be a plentiful amount of inventory that's going to be repurposed. And I think the highest and best use in a number of cases are going to be timeshare. That being said, we've got a good slate of inventory. We've got a good balance of inventory. We're getting ready to complete a number of deals right now that are not new deals, but deals that had been in the pipeline that we're finishing up. So overall, these things take time, Stephen, as you know to work through the process. But I think net-net, our industry as a whole will benefit, unfortunately, from the dislocation that's going to occur from this pandemic.
Stephen Grambling -- Goldman Sachs -- Analyst
Got it. Thanks so much.
Here is the entire transcript from Motley Fool.
1 - Sales
Obviously, sales are low, but are better than their peers. They had only 1 month in the quarter for sales. Being able to keep the off site Japan sales centers open helped. 35% of their sales were Hawaiian properties and many those were out of Japan. There was a 41% in virtual sales (no onsite tour). 70% of buyers are current owners. They have 400,000 pre-paid vacations planned with tours already bought and are selling more.
2. Occupancy
The South Carolina and Mountain resorts are running at or around 90% occupancy. Orlando and Vegas are at 30%-40% occupancy. New York, Chicago and Hawaii are still closed. Did not mention California or the SW Florida Affiliates.
3. Expanding/Fee-For-Service
Still very high on the fee-for-service model. Thinks they won’t be “building” anything in the next 10 years. (I took this as others will be building/renovating current properties into timeshares and HGVC will sell and manage them.) They have several fee-for-service deals in the works, but they take time. Said they have a very balanced inventory.
This is the exact verbiage. What do you think?
Stephen Grambling -- Goldman Sachs -- Analyst
Great. And as an unrelated follow-up, you had referenced it's maybe a little bit early to see fee-for-service start to hit the market. I guess when you look back over time, when does that typically happen? And would you generally think that in this case, it would be more independent timeshare properties coming up? Or could we also see hotel conversions?
Mark Wang -- President And Chief Executive Officer And Director
Yes. Look, I think, obviously, this the impact on this pandemic on travel and lodging and resort condos is going to be significant. And those things are my prediction is that we obviously, we're building a number of properties right now. My prediction is and over the next 10 years, we're not going to have to build anything. There's going to be a plentiful amount of inventory that's going to be repurposed. And I think the highest and best use in a number of cases are going to be timeshare. That being said, we've got a good slate of inventory. We've got a good balance of inventory. We're getting ready to complete a number of deals right now that are not new deals, but deals that had been in the pipeline that we're finishing up. So overall, these things take time, Stephen, as you know to work through the process. But I think net-net, our industry as a whole will benefit, unfortunately, from the dislocation that's going to occur from this pandemic.
Stephen Grambling -- Goldman Sachs -- Analyst
Got it. Thanks so much.
Here is the entire transcript from Motley Fool.
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