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[HPC Contract Talk] Inventory - HRC and HPC Inventory as of June 2019

Mongoose

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Not sure if this helps: You can think of Portfolio like a big club of mainly other HRC legacy owners who ganged together to buy all the dregs of unsold inventory at a discount from the original developer. Sometimes they add to this inventory with their own week.

They can access the Portfolio's deeded week from 12mo-6mo (which is when we usually in legacy can decide on HRPP). They call this ORP.

Then all weeks go into legacy CUP/LCUP from 6mo-0mo, where both the "club" and legacy HRC can access it.

So whether they make that deposit/"annual conversion" or not, they can access ORP (but with less points if they don't make the deposit) from 12mo-6mo, and CUP/LCUP (for the original Portfolio weeks and all of legacy non-HRPP) from 6mo-0mo.

Their Portfolio points can be banked/borrowed because they have enough slop to account for this internally.
Thanks! Does resale HPC lose any benefits beyond world of Hyatt?
 

alameda94501

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Thanks! Does resale HPC lose any benefits beyond world of Hyatt?

Resale HPC is awful. It loses nearly all add-on benefits (annual conversion option, banking, borrowing, etc), which maybe why I've never heard of a successful resale transaction. Market value is less than $1/pt which means ROFR always kicks in.
 

Mongoose

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Wendy did a nice update to HPC units on the Hyatt Facebook page. It shows as of 11/22 a little over 7,200 unit weeks in HPC with the majority still in a handful of resorts. In fact half of all weeks are in Bonita Springs and Wild Oak. So in 4 years its grown by less than 3000 unit weeks.

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Notes: (1) See section 4 of the Multisite Public Offering Statement regarding priority reservation features which may affect your ability to obtain a reservation. (2) Both Annual Unit Weeks and Biennial Unit Weeks have been committed to the Plan. Currently there are a total of 7,215 Unit Weeks; consisting of 6,940 Annual Unit Weeks, 149.5 Biennial Even Unit Weeks and 125.5 Biennial Odd Unit Weeks committed to the Plan for a total of 12,862,510 HPC Club Points. Due to the Trust’s ownership of both Annual Unit Weeks and Biennial Unit Weeks, the number of Vacation Periods available for reservation and the number of available HPC Club Points in a given Use Year will vary between Even and Odd Use Years depending on whether or not there are more Biennial Unit Weeks available for reservation in such Use Year. The number of HPC Club Points shown reflect the lowest number of HPC Club Points available for reservation in an Odd or Even Use Year. For example, if there are fewer HPC Club Points available for reservation in an Odd Use Year versus an Even Use Year, the HPC Club Points for the Odd Use Year are listed. The budget for the HPC Vacation Ownership Plan will vary between even and odd years due to, among other reasons, the number of HPC Club Points that are available for reservation in such Use Year. All HPC Club Owners are eligible to compete for reservations in the Use Year assigned to their Vacation Ownership Interest, regardless of whether the available Accommodation is associated with an Annual Unit Week or a Biennial Unit Week submitted to the Plan. Except as provided in the following sentences, no more than thirty percent (30%) of the Vacation Periods that are located at a specific Component Site, have a specific Check-In Day, and are contained within a specific Accommodation type shall be made subject to Fixed Reservation Rights. Provided, however, the prior sentence shall not restrict Trust Developer or any other applicable party from making a Vacation Period subject to a Fixed Reservation Right in favor of an Owner that was the prior owner of the timeshare interest that has been submitted to the Trust and now supports the reservation rights being made subject, in whole or in part, to the Fixed Reservation Right (“Prior Owner Exception”). In such event, an HPC Club Owner may acquire a Vacation Ownership Interest subject to a Fixed Reservation Right notwithstanding the fact that the reservation rights associated with the conveyed vacation ownership interest may be up to one hundred percent (100%) of the Vacation Periods that are located at a specific Component Site, have a specific Check-In Day, and are contained within a specific Accommodation type. Reservation Services Operator is prohibited from amending this paragraph in any fashion that would reduce or eliminate the percentage restrictions on Fixed Reservation Rights. (3) Trust Developer reserves the right, in its discretion, to sell Vacation Ownership Interests in the HPC Club with Fixed Reservation Rights that are defined, in whole or in part, by their inclusion of the national holiday of Memorial Day, the night of July 4th, the night of the national holiday of Thanksgiving, or other defined holiday or local event each calendar year (“Event Vacation Reservation Rights”). Except in the event of a Prior Owner Exception, the combination of Fixed Reservation Rights and Event Vacation Reservation Rights may not exceed thirty percent (30%) of the Vacation Periods that are located at a specific Component Site, have a specific Check-In Day, and are contained within a specific Accommodation type. (4) The term “Full Kitchen” means a kitchen having a minimum of a dishwasher, range, sink, oven and a refrigerator
 
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Mongoose

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GTLINZ

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You do not see that those type of restrictions with Marriott DC resales. They just make sure they get a nice 3k min bonus (goes up with more points) every time it changes hands . Marriott did not blow up their own system by doing this.
 

skimeup

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Fascinating info. A few notes:

1. I've purchased two resale units (HRC) and I've had not trouble using them, either reserving within Hyatt or trading in II. I have no interest in using them in WOH so that restriction doesn't bother me.

2. In January I was confirmed for a week and a half in August in Aspen, during the summer music festival. That was 7 months out. The guest services person said there was no 6 month restriction on the Portfolio Points.

3. My Highlands Inn week is in December and at Pinon Pointe in January, but my deadline to deposit points into II is August, so four months out. Not sure why this is different from what is listed? It seems to reflect the built in confusion of understanding HRC/HPC. No wonder the guest services people on the phone are confused!
 

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This is part of a series of posts:

Click here for the Introduction Post
Click here for the Request List, Wait List, and Reservations Post

-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

Probably the biggest issue an HRC owner thinks about in relation to the HPC is Inventory.

Inventory needs to be disclosed in the HPC Contract, so let's just start by looking at the numbers.

First, I have a list of legacy HRC inventory from 2015 (cf: Tabular Description of Component Sites, HRC Contracts) - before the introduction of the HPC:

Code:
Original Hyatt Inventory    UnitWks
---------------------------------------
Sunset Harbor                    2,040
Beach House                    3,774
High Sierra                    3,060
Windward Pointe                    4,743
Highlands Inn                    4,794
Coconut Plantation            3,672
Pinon Pointe                    5,559
Wild Oak Ranch                    2,448
Grand Aspen                    2,601

As of December 31, 2014 - there were 28,946 Club Members enrolled in the exchange program.


The concept of "unit weeks" is just so we can compare with HPC - it's the number of units in Hyatt multiplied by 51 wks/year. So the number above are the "total" unit weeks a resort could support.

Now, here is the current HPC inventory as of July 2019 (cf: Tabular Description of Component Sites, HPC Contracts):

Code:
HPC Inventory                UnitWks
---------------------------------------
Sunset Harbor                       31 
Beach House                       42 
High Sierra                       20 
Windward Pointe                      458 
Highlands Inn                      496 
Coconut Plantation              218 *** 
Pinon Pointe                      101 
Wild Oak Ranch                    1,883 **
Grand Aspen                      207

As of December 31, 2018 - there were 3,126 Club Members enrolled in the exchange program.

** Wild Oak Ranch started out with 717 UnitWks, and HPC added 1,166 more UnitWks on June 2019 with the construction of the new building. This is the only addition of inventory since HPC started. NB: When a HRC ownership "converts" they do not permanently contribute to the HPC inventory.

*** Coconut Plantation is completing their fourth building and so we can expect an increase in UnitWks there shortly.


Nearly half the HPC inventory is Wild Oak Ranch, and only a moderate amount is at Windward Pointe and Highlands Inn! The "nine HPC" resort inventory is practically just in those three (soon to be four) resorts.

Furthermore, simple math can get you an estimate of the ratio of HRC and HPC inventory. Let's take Highlands Inn for example:

Highlands Inn

4,794 Unit weeks total
496 Unit weeks in the HPC Inventory

Quick subtraction would indicate there are currently 4,298 Unit weeks in HRC Inventory and 496 Unit weeks in HPC Inventory. Keeping in mind those 4,298 HRC Unit weeks were sold over a decade before the HPC, the HPC weeks are likely the "dregs". You're likely going to be choosing HRC inventory vs HPC inventory.

Here are some charts:

Chart 1: HPC Inventory as a percentage of total "unit weeks"

84wuzZJ.png




Chart 2: HPC (Red) vs HRC (Blue) Inventory at various resorts

vaTQzhA.png


(So if you want more WOR, you may want to consider HPC...)



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PXkQ4kQ.png


(Sales always love to hate on Pinon Pointe, where annual fees are low and resale buyers love to purchase into... but there's not a lot of HPC inventory there!)

Wj95s6T.png


(High Sierra is one of the nine HPC resorts... but not really!)
I see where the 5th building at Wild Oak Ranch added 1166 "unit weeks" in 2019. There appears to be some data missing as the current 2023 Budget is based on 6,240 unit weeks, not the 3,614 reflected here (2,448 + 1,166). Can you enlighten me? I note that were 63 two-bedroom units.
 

wendyleighj

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Fascinating info. A few notes:

1. I've purchased two resale units (HRC) and I've had not trouble using them, either reserving within Hyatt or trading in II. I have no interest in using them in WOH so that restriction doesn't bother me.

2. In January I was confirmed for a week and a half in August in Aspen, during the summer music festival. That was 7 months out. The guest services person said there was no 6 month restriction on the Portfolio Points.

3. My Highlands Inn week is in December and at Pinon Pointe in January, but my deadline to deposit points into II is August, so four months out. Not sure why this is different from what is listed? It seems to reflect the built in confusion of understanding HRC/HPC. No wonder the guest services people on the phone are confused!
HRC has always had that II deadline to transfer your points. https://clubhouse.hyattresidenceclu...bootstrap/img/member_resources/fixed_week.pdf
  • EXTENDED EXTERNAL EXCHANGE (EEE)
    Designed to extend the life of your points past your deeded week, this option is available to you from the beginning of HRPP through the first two months (60 days) of the Club Use Period. You may transfer any portion of your Club Points for use solely within Interval International for travel up to 24 months following your deeded week
 
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wendyleighj

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Wendy did a nice update to HPC units on the Hyatt Facebook page. It shows as of 11/22 a little over 7,200 unit weeks in HPC with the majority still in a handful of resorts. In fact half of all weeks are in Bonita Springs and Wild Oak. So in 4 years its grown by less than 3000 unit weeks.

View attachment 73335
View attachment 73336
View attachment 73337
Notes: (1) See section 4 of the Multisite Public Offering Statement regarding priority reservation features which may affect your ability to obtain a reservation. (2) Both Annual Unit Weeks and Biennial Unit Weeks have been committed to the Plan. Currently there are a total of 7,215 Unit Weeks; consisting of 6,940 Annual Unit Weeks, 149.5 Biennial Even Unit Weeks and 125.5 Biennial Odd Unit Weeks committed to the Plan for a total of 12,862,510 HPC Club Points. Due to the Trust’s ownership of both Annual Unit Weeks and Biennial Unit Weeks, the number of Vacation Periods available for reservation and the number of available HPC Club Points in a given Use Year will vary between Even and Odd Use Years depending on whether or not there are more Biennial Unit Weeks available for reservation in such Use Year. The number of HPC Club Points shown reflect the lowest number of HPC Club Points available for reservation in an Odd or Even Use Year. For example, if there are fewer HPC Club Points available for reservation in an Odd Use Year versus an Even Use Year, the HPC Club Points for the Odd Use Year are listed. The budget for the HPC Vacation Ownership Plan will vary between even and odd years due to, among other reasons, the number of HPC Club Points that are available for reservation in such Use Year. All HPC Club Owners are eligible to compete for reservations in the Use Year assigned to their Vacation Ownership Interest, regardless of whether the available Accommodation is associated with an Annual Unit Week or a Biennial Unit Week submitted to the Plan. Except as provided in the following sentences, no more than thirty percent (30%) of the Vacation Periods that are located at a specific Component Site, have a specific Check-In Day, and are contained within a specific Accommodation type shall be made subject to Fixed Reservation Rights. Provided, however, the prior sentence shall not restrict Trust Developer or any other applicable party from making a Vacation Period subject to a Fixed Reservation Right in favor of an Owner that was the prior owner of the timeshare interest that has been submitted to the Trust and now supports the reservation rights being made subject, in whole or in part, to the Fixed Reservation Right (“Prior Owner Exception”). In such event, an HPC Club Owner may acquire a Vacation Ownership Interest subject to a Fixed Reservation Right notwithstanding the fact that the reservation rights associated with the conveyed vacation ownership interest may be up to one hundred percent (100%) of the Vacation Periods that are located at a specific Component Site, have a specific Check-In Day, and are contained within a specific Accommodation type. Reservation Services Operator is prohibited from amending this paragraph in any fashion that would reduce or eliminate the percentage restrictions on Fixed Reservation Rights. (3) Trust Developer reserves the right, in its discretion, to sell Vacation Ownership Interests in the HPC Club with Fixed Reservation Rights that are defined, in whole or in part, by their inclusion of the national holiday of Memorial Day, the night of July 4th, the night of the national holiday of Thanksgiving, or other defined holiday or local event each calendar year (“Event Vacation Reservation Rights”). Except in the event of a Prior Owner Exception, the combination of Fixed Reservation Rights and Event Vacation Reservation Rights may not exceed thirty percent (30%) of the Vacation Periods that are located at a specific Component Site, have a specific Check-In Day, and are contained within a specific Accommodation type. (4) The term “Full Kitchen” means a kitchen having a minimum of a dishwasher, range, sink, oven and a refrigerator
The majority of "growth" has been building expansion at WILD OAK RANCH + 1,166 and COCONUT PLANTATION + 1,224 for a TOTAL of 2,390 UNIT WEEKS,
 

wendyleighj

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I attended a sales presentation at Coconut Plantation earlier this month, where I was told that 38% of HRC members have purchased at least the minimum level of HPC points to join that program (660 pts) with the option of converting their HRC weeks to HPC points each year. Availability to make reservations at all resorts (except Maui) with HPC points has been greatly enhanced as a result. Although the sales person's lips were moving, I'm pretty sure that the 38% is an accurate number.
Any idea what % of weeks are now HPC?
As of 11/22 PUBLIC OFFERING STATEMENT, there are 7,008 HRC UNIT WEEKS in the program (plus Aspen's 207 weeks). The TOTAL NUMBER OF UNIT WEEKS DEDICATED TO THE PORTFOLIO TRUST is 35,106 after the expansions at Wild Oak Ranch and Coconut Plantation . So the % of TOTAL UNIT WEEKS IN HPC'S INVENTORY IS 20%.
 
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