Hyatt Aspen? Still in the Hyatt system?

[bdurstta]

Somewhere stated (not here) that Hyatt is dropping the Aspen property? Is that true? We won’t be able to use points to book anymore? Any updates?

Barbaras

 

[travelhacker]

So just reporting back what's on the Facebook thread.

It sounds like there will be a vote on 9/3.

I have NO idea how binding the vote is. I think the HPP program owns somewhere around 30% of the weeks at the Hyatt Grand Aspen, and in the case of removing a management company, I don't think a simple majority rules. It would certainly be a messy situation.

I haven't gone through the brain damage of reading through all the legal documents. Does anyone have more info?

Personally, I'll be shocked if anything actually changes.

 

[Mongoose]

I saw this post as well. I imagine there are some deed holders that paid six figures for their sky weeks that want out. That being said I would be surprised if they have the votes.

 

[Sapper]

Interesting. I would be surprised if this passes. Hyatt holds 30%, they hold the proxies of another %, and some % of deed holders will vote to stay in the Hyatt system because they see value in it.

 

[echino]

If the owners really vote not to renew management contract with Hyatt / Marriott, what then happens to the weeks owned by HPP trust? I guess HPP will continue owning it and consequently Hyatt Portfolio points owners will continue paying maintenance fees on those underlying weeks, but will no longer have access to book those weeks?

 

[dayooper]

If the owners really vote not to renew management contract with Hyatt / Marriott, what then happens to the weeks owned by HPP trust? I guess HPP will continue owning it and consequently Hyatt Portfolio points owners will continue paying maintenance fees on those underlying weeks, but will no longer have access to book those weeks?

I know it’s Hyatt, there was a resort that removed HGVC as manager of the resort. The HGVC deed owners were grandfathered into the system. They can use the system as before. The issue is if they sell the deed, it can’t be enrolled back into HGVC. Could something like that happen?

 

[echino]

I know it’s Hyatt, there was a resort that removed HGVC as manager of the resort. The HGVC deed owners were grandfathered into the system. They can use the system as before. The issue is if they sell the deed, it can’t be enrolled back into HGVC. Could something like that happen?

The issue here is not with deeded owners. They will be able to use their deeded weeks as before. The issue is with HPP trust.

 

[vacationtime1]

If the HPP trust owns weeks, a change in the management company wouldn't by itself affect the trust's ownership of those weeks; owners (beneficiaries of the trust) would still have access to them under the terms of the trust.

However, the trust almost certainly has the right to buy and sell weeks, so the trust could sell those weeks and substitute Hyatt-managed weeks into the trust to replace them.

 

[Sapper]

Anyone know if the vote happened yesterday? If so, what was the outcome?

 

[travelhacker]

Anyone know if the vote happened yesterday? If so, what was the outcome?

Someone is reporting the following on the facebook page:

They reached the necessary votes to not renew with Hyatt (despite 20% of the unit weeks being owned by the Portfolio system).

They intend to not renew with Hyatt. They have narrowed down to two different management groups. Allegedly the change will be effective 12/15.

They will need to honor any reservations that have been made up to that point.

If this is happening, I'm really bummed. I loved going to Aspen.

I suppose we will still have access to the HPP weeks, so that's good at least. Of course, Hyatt could reach an agreement with the existing owners to sell back that inventory...who knows.

 

[Sapper]

Someone is reporting the following on the facebook page:

They reached the necessary votes to not renew with Hyatt (despite 20% of the unit weeks being owned by the Portfolio system).

They intend to not renew with Hyatt. They have narrowed down to two different management groups. Allegedly the change will be effective 12/15.

They will need to honor any reservations that have been made up to that point.

If this is happening, I'm really bummed. I loved going to Aspen.

I suppose we will still have access to the HPP weeks, so that's good at least. Of course, Hyatt could reach an agreement with the existing owners to sell back that inventory...who knows.

I am shocked!

 

[heathpack]

Bummer

 

[ivywag]

Just a conspiracy theory: St. Regis or Ritz Carlton could become the new management company thus keeping Grand Aspen under the Marriott umbrella. This would avoid selling it with Hyatt/Welk if they decide to sell us. I guess that it would make a Welk/Hyatt sale less valuable so maybe not. Also, presumably would open it up for trades from other Marriott owners which is what Ritz Aspen was seeking to avoid with their lawsuit. Just thinkin’

 

[pacman777]

Just a conspiracy theory: St. Regis or Ritz Carlton could become the new management company thus keeping Grand Aspen under the Marriott umbrella. This would avoid selling it with Hyatt/Welk if they decide to sell us. I guess that it would make a Welk/Hyatt sale less valuable so maybe not. Also, presumably would open it up for trades from other Marriott owners which is what Ritz Aspen was seeking to avoid with their lawsuit. Just thinkin’

Now you’re thinking like a business person

 

[Sapper]

Just a conspiracy theory: St. Regis or Ritz Carlton could become the new management company thus keeping Grand Aspen under the Marriott umbrella. This would avoid selling it with Hyatt/Welk if they decide to sell us. I guess that it would make a Welk/Hyatt sale less valuable so maybe not. Also, presumably would open it up for trades from other Marriott owners which is what Ritz Aspen was seeking to avoid with their lawsuit. Just thinkin’

I have trouble believing the owners would vote to jump out of the frying pan and into the fire.

 

[RunCat]

If the HPP trust owns weeks, a change in the management company wouldn't by itself affect the trust's ownership of those weeks; owners (beneficiaries of the trust) would still have access to them under the terms of the trust.

However, the trust almost certainly has the right to buy and sell weeks, so the trust could sell those weeks and substitute Hyatt-managed weeks into the trust to replace them.

Not sure if there would really be any change for the weeks owned by HPP. When Welk bought Northstar, the Hyatt owners were given the option to covert to the Welk system and some did. The rest were nominally still in the Hyatt system. I suspect with the weeks in a trust, HPP could reserve/manage/use those weeks as they choose.
Albeit I don't know much about the situation in Aspen.

 

[bdh]

There was an owners (deeded week HRC and HPP Trust) vote back in May relative to keeping or removing Hyatt as the Management Company. Approx 90% of deeded HRC week owners voted to remove - HPP Trust voted to keep. With HPP Trust owning approx 25% of the weeks, the final tally of all owners was approx 70% to remove Hyatt.

A new management company is scheduled to be in place in December. Hyatt Grand Aspen will become an independent and will no longer be affiliated with HRC. With Aspen becoming an independent, HPP and HRC members will no longer have access to the HRC deeded weeks via an internal exchange. HPP Trust will retain their deeded weeks and HPP members will be able to reserve the HPP deeded weeks. HRC members that are also HPP members will have access to the 25% of Aspen weeks that are in the HPP Trust.

 

[dioxide45]

Just a conspiracy theory: St. Regis or Ritz Carlton could become the new management company thus keeping Grand Aspen under the Marriott umbrella. This would avoid selling it with Hyatt/Welk if they decide to sell us. I guess that it would make a Welk/Hyatt sale less valuable so maybe not. Also, presumably would open it up for trades from other Marriott owners which is what Ritz Aspen was seeking to avoid with their lawsuit. Just thinkin’

Probably more likely to go with a resort management company like Timbers Resorts. This is the one that several of the Ritz Carlton Residences went to after they left the Marriott umbrella.

 

[RunCat]

There was an owners (deeded week HRC and HPP Trust) vote back in May relative to keeping or removing Hyatt as the Management Company. Approx 90% of deeded HRC week owners voted to remove - HPP Trust voted to keep. With HPP Trust owning approx 25% of the weeks, the final tally of all owners was approx 70% to remove Hyatt.

A new management company is scheduled to be in place in December. Hyatt Grand Aspen will become an independent and will no longer be affiliated with HRC. With Aspen becoming an independent, HPP and HRC members will no longer have access to the HRC deeded weeks via an internal exchange. HPP Trust will retain their deeded weeks and HPP members will be able to reserve the HPP deeded weeks. HRC members that are also HPP members will have access to the 25% of Aspen weeks that are in the HPP Trust.

what was the issue that caused the vote?

 

[cfabar1]

I”m curious why they would want to leave the system. I understand Aspen is amazing, but to me a huge part of the appeal is having access to several resorts within a family. I think the old Hyatt system (the deeded weeks) managed that better than anyone.

 

[heathpack]

There was an owners (deeded week HRC and HPP Trust) vote back in May relative to keeping or removing Hyatt as the Management Company. Approx 90% of deeded HRC week owners voted to remove - HPP Trust voted to keep. With HPP Trust owning approx 25% of the weeks, the final tally of all owners was approx 70% to remove Hyatt.

A new management company is scheduled to be in place in December. Hyatt Grand Aspen will become an independent and will no longer be affiliated with HRC. With Aspen becoming an independent, HPP and HRC members will no longer have access to the HRC deeded weeks via an internal exchange. HPP Trust will retain their deeded weeks and HPP members will be able to reserve the HPP deeded weeks. HRC members that are also HPP members will have access to the 25% of Aspen weeks that are in the HPP Trust.

Aw I’m sorry to hear this.

 

[youppi]

I”m curious why they would want to leave the system. I understand Aspen is amazing, but to me a huge part of the appeal is having access to several resorts within a family. I think the old Hyatt system (the deeded weeks) managed that better than anyone.

Suit: Hyatt Grand Aspen timeshares dropped in value

More than 560 owners of fractional units at the Hyatt Grand Aspen have seen their timeshares drop in value because of underhanded dealing by Hyatt Hotels, Interval Leisure Group

www.aspentimes.com

 

[bdh]

what was the issue that caused the vote?

Same issue that was at the foundation of the HRC owner's lawsuit against HPP. The deeded week owners felt that HPP had restricted their ability to reserve time at the property and diminished the value of their fractional interests. With the HRC owner's losing the lawsuit against HPP, seems the owners found a different way to skin the cat.

I”m curious why they would want to leave the system. I understand Aspen is amazing, but to me a huge part of the appeal is having access to several resorts within a family. I think the old Hyatt system (the deeded weeks) managed that better than anyone.

Grand Aspen units are fractional in lieu of TS - so each HRC owner gets 2 1/2 weeks of use a year (and some owners purchased two units giving them 5 weeks a year). With Grand Aspen being similar to Highlands Inn and Sunset Harbor in that 80% to 90% of reservations are HRPP, the majority of Aspen owners do not exchange to other resorts.

 

[Sapper]

There was an owners (deeded week HRC and HPP Trust) vote back in May relative to keeping or removing Hyatt as the Management Company. Approx 90% of deeded HRC week owners voted to remove - HPP Trust voted to keep. With HPP Trust owning approx 25% of the weeks, the final tally of all owners was approx 70% to remove Hyatt.

A new management company is scheduled to be in place in December. Hyatt Grand Aspen will become an independent and will no longer be affiliated with HRC. With Aspen becoming an independent, HPP and HRC members will no longer have access to the HRC deeded weeks via an internal exchange. HPP Trust will retain their deeded weeks and HPP members will be able to reserve the HPP deeded weeks. HRC members that are also HPP members will have access to the 25% of Aspen weeks that are in the HPP Trust.

If the vote happened in May, how did we not hear about this? It’s huge news.

Also, if the vote happened in May, what was the vote for a few days ago?

Will HPP maintain the deeds they have in the trust, or since they no longer have management control of the property, will HPP sell off their owned deeds?

 

[Sapper]

Same issue that was at the foundation of the HRC owner's lawsuit against HPP. The deeded week owners felt that HPP had restricted their ability to reserve time at the property and diminished the value of their fractional interests. With the HRC owner's losing the lawsuit against HPP, seems the owners found a different way to skin the cat.



Grand Aspen units are fractional in lieu of TS - so each HRC owner gets 2 1/2 weeks of use a year (and some owners purchased two units giving them 5 weeks a year). With Grand Aspen being similar to Highlands Inn and Sunset Harbor in that 80% to 90% of reservations are HRPP, the majority of Aspen owners do not exchange to other resorts.

Yes and no. They have not yet removed the HPP owned deeds, which was their chief complaint in the lawsuit.

Might you mean Park Hyatt instead of Highlands Inn?