Just got back today from spending the Labor Day weekend at the Flamingo. When I checked in on Friday, the renovations hadn't started yet. I inquired and was told the following:
- Renovations were scheduled to start 9/1 (today) and continue for one year.
- They're starting at the top, on the 16th floor, and will renovate one floor at a time.
- I think some of you already know this, but the 2nd floor is already done. Unfortunately, I couldn't get one of those rooms.
As explained to me, the 2nd floor was originally offices, which they've now converted to timeshare units, decorating them per the renovation plans.
On the face of it, this seems like a great plan. They have an extra floor of units, so during the renovations, with one floor shut at a time, they'll still have the same amount of inventory, and thus will have no problem matching inventory to demand from existing points.
On thinking about it, though, I now wonder what will become of that inventory once the renovations are done. Presumably they'll sell it, opening up sales again to the Flamingo! What do you wanna bet they'll have ROFR for those units? (thus creating two classes of owners?) And it begs the question -- where do the proceeds go? If the conversion took place with SA money, it should belong to the Flamingo owners and offset some of the SA. If HGVC financed it directly, I'd expect them to pocket the proceeds.
I'm curious about the answers to the questions above. But I don't have the time to pursue them, and don't know who to ask.
-Bob
