• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

HPC alert for HRC owners.

AJCts411

TUG Member
Joined
Apr 4, 2017
Messages
944
Reaction score
824
Points
203
Resorts Owned
Hyatt Sunset x 2
Posted on HRCcowners FB page....
2023 HPC/PORTFOLIO OWNERS' ASSOCIATION BILLING*, BUDGET AND BUDGET NOTES
*note the letter states, "Board of Directors has approved a FORECLOSED INVENTORY PURCHASE AGREEMENT with an affiliate of the DEVELOPER to allow the DEVELOPER to purchase inventory that has been foreclosed upon and is owned by the HPC OWNERS' ASSOCIATION making the developer responsible for future maintenance fee payments.".

Important to read the letter and the small print of 2023 ESTIMATED OPERATING BUDGET NOTES.
(4) HPC
DEVELOPER signed a one-year VOLUNTARY CONTRIBUTION AGREEMENT (9/6/22) to help mitigate Common Expenses not to exceed $100,000.
(5)
HVGG (RESERVATION SERVICES OPERATOR) has agreed to rebate the HPC OWNERS' ASSOCIATION $1,095,232 for one-year, 2023.
(RESERVATION SERVICES OPERATOR) has agreed to rebate the HPC OWNERS' ASSOCIATION $1,095,232 for one-year, 2023.

"primarily affects HPC owners and indicates warnings of how much cost sharing is still being voluntarily contributed by the trust developer. Not sure if HPC will also attempt to purchase HRC/deeded foreclosures at the HPC/PORTFOLIO component sites. You may wish to bring that up with your BOD."

EDITED...uploaded smaller individual pages
 

Attachments

  • HPC1.pdf
    1 MB · Views: 19
  • HPC2.pdf
    931 KB · Views: 10
  • HPC3.pdf
    1.4 MB · Views: 10
Last edited:

PerryKing

TUG Member
Joined
Jul 17, 2011
Messages
388
Reaction score
159
Points
253
Location
Colorado
Resorts Owned
HYATT: Beaver Creek, Breckenridge, Bonita Springs, and 2X Dorado Puerto Rico.
-##-
MEXICO: Crown Paradise, Royal Holiday Club, Vidanta Mayan Palace, and Vidanta "Kingdom of the Sun-Nuevo Vallarta at Vidanta World.
Second page is out of focus so mostly unreadable. Please redo it and post better photo of page 2. Thank you.
 

PerryKing

TUG Member
Joined
Jul 17, 2011
Messages
388
Reaction score
159
Points
253
Location
Colorado
Resorts Owned
HYATT: Beaver Creek, Breckenridge, Bonita Springs, and 2X Dorado Puerto Rico.
-##-
MEXICO: Crown Paradise, Royal Holiday Club, Vidanta Mayan Palace, and Vidanta "Kingdom of the Sun-Nuevo Vallarta at Vidanta World.
And 3 page is unreadable. Also. And fist page could be better. Pls repost all 3 pages after you redo them: in FOCUS. THANK YOU.
 

AJCts411

TUG Member
Joined
Apr 4, 2017
Messages
944
Reaction score
824
Points
203
Resorts Owned
Hyatt Sunset x 2
And 3 page is unreadable. Also. And fist page could be better. Pls repost all 3 pages after you redo them: in FOCUS. THANK YOU.
The single file pfd. is too large to upload, so I uploaded the individual pages.
 

Sapper

Tug Review Crew: Rookie
TUG Member
Joined
Oct 12, 2016
Messages
1,196
Reaction score
749
Points
223
Location
Houston, TX
I can see all pages ok.

$650k in “bad debt” on the second page is making me wonder what is going on. What exactly makes up “bad debt”?
 

ChicagoDave

TUG Member
Joined
Sep 16, 2022
Messages
109
Reaction score
69
Points
88
Location
Illinois
Resorts Owned
Hyatt Pinion Pointe x2
Hyatt Highlands Inn
Renaissance Aruba
Westin Lagunamar
I can see all pages ok.

$650k in “bad debt” on the second page is making me wonder what is going on. What exactly makes up “bad debt”?

My guess is these are people who sign up for the points program and then can’t keep up with the monthly points and/or maintenance fee payments, so they default and stop making payments. HPC probably has a tough time collecting on these defaults because there’s really no property to foreclose on or repossess, so it’s very hard to compel payment plus they can be discharged by bankruptcy. My bet is this figure will double in next year’s budget as inflation remains high and people struggle even more to pay their bills.
 

ivywag

TUG Member
Joined
Jan 22, 2011
Messages
360
Reaction score
112
Points
253
Location
Northern California
I can see all pages ok.

$650k in “bad debt” on the second page is making me wonder what is going on. What exactly makes up “bad debt”?
Usually it is unpaid maintenance fees and the paying owners at each resort have their maintenance fees increased to cover the shortfall for the non-paying owners. In this case Portfolio is buying those units. It looks like they don’t want to raise the Portfolio maintenance fees to cover the shortfall because higher maintenance fees would make it more difficult to sell the points. The developer is in effect subsidizing the maintenance fees.
 

dioxide45

TUG Review Crew: Expert
TUG Member
Joined
May 20, 2006
Messages
47,374
Reaction score
18,932
Points
1,299
Location
NE Florida
Resorts Owned
Marriott Grande Vista
Marriott Harbour Lake
Sheraton Vistana Villages
Club Wyndham CWA
The bad debt on the HPP would be point owners that failed to pay maintenance fees. These bad debts would be passed on to other HPP owners until such time HRC forecloses on those points and they move back into the HPP trust. HPP would still be paying the individual HOAs even though they aren't collecting from the HPP owner.
 

GTLINZ

TUG Review Crew: Veteran
TUG Member
Joined
Mar 31, 2008
Messages
990
Reaction score
432
Points
423
Location
Georgia
The question is - for every deeded week in the HPP trust at an HRC location, is the HPP trust paying the same amount in MFs that HRC owners are paying? (club fee excluded)
 

alameda94501

TUG Member
Joined
Apr 14, 2016
Messages
238
Reaction score
160
Points
153
The question is - for every deeded week in the HPP trust at an HRC location, is the HPP trust paying the same amount in MFs that HRC owners are paying? (club fee excluded)

I've been watching the Portfolio budget for a while:


And it seems like the Portfolio Trust is paying the same amount of MFs that HRC owners pay, Club Fee excluded as Marriott has been paying for Club Fees on Portfolio members' behalf for the last three years. But the "Component Site Fees" are inline and if anything higher than what a typical TUGger would pay because they don't get to optimize their unit (e.g. they aren't picking up the low MF/pt units like a 2bd at Carmel, just the dregs in the Portfolio deeds.)
 
Top