Hyatt Equity Exchange

[Mikem95831]

Our ownership is a mess.

We have 4 contracts (2 resale, 2 add-in bought from Hyatt), and at this owners update, a new sales person is trying to talk us into combining it all into one.

He makes it sound good, but i have trust issues. I think we're giving up a lot to combine this.

 

[mjm1]

He is looking for a way to separate you from your money. You are most likely better to keep what you have.

However, if you provide more details about what you own and what he is proposing then we can provide additional thoughts.

 

[PerryKing]

It has to be the Portfolio points program. Stay away from it is my first reaction without more details. Where are you right now ?

 

[Mikem95831]

It has to be the Portfolio points program. Stay away from it is my first reaction without more details. Where are you right now ?

We were in the office when I first posted.

We have 3800 legacy points, 1220 HRPP, and another 2000 HRPP. The proposal is to end up with 4400 HRPP and stop paying for the 2000 We bought in September.

 

[Quinte]

We have both legacy and HRPP ownership; we continue to trade the legacy into HRPP when it suits us, but haven't worried about combining them in the new program as we like retaining the underlying ownership. I find the HRPP information (e.g. budget) quite opaque as compared to the other ones.

It sounds like your issue is wanting to get rid of the 2000HPP you recently bought. Could you just try to get a buyback on those points? Fewer points than you are proposing to have, but perhaps cleaner than you were looking at doing.

 

[Mikem95831]

We have both legacy and HRPP ownership; we continue to trade the legacy into HRPP when it suits us, but haven't worried about combining them in the new program as we like retaining the underlying ownership. I find the HRPP information (e.g. budget) quite opaque as compared to the other ones.

It sounds like your issue is wanting to get rid of the 2000HPP you recently bought. Could you just try to get a buyback on those points? Fewer points than you are proposing to have, but perhaps cleaner than you were looking at doing.

Our issue isn't wanting to get out of the 2000 point purchase; that was their proposal.

The really odd part of this to us is that the 2000 points don't show up in our account profile. This leads us to believe something got fouled up with that purchase.

We have 1800 points (Sedona), 2000 points (Carmel), plus 560 plus 660, for a total of 7020 points. Their proposal is that we do an equity exchange and end up with 4400 points.

It gets worse.

They have in writing that the deal is worth $90k, but will only do half at a time, then do the other half in 12 months. So we'd need to make payments on roughly a $40k balance until they give us credit in 12 months. THIS PART IS NOT IN WRITING.

Did I mention we have trust issues?

We are close to 100% sure we will rescind.

 

[Kal]

Our issue isn't wanting to get out of the 2000 point purchase; that was their proposal.

The really odd part of this to us is that the 2000 points don't show up in our account profile. This leads us to believe something got fouled up with that purchase.

We have 1800 points (Sedona), 2000 points (Carmel), plus 560 plus 660, for a total of 7020 points. Their proposal is that we do an equity exchange and end up with 4400 points.

It gets worse.

They have in writing that the deal is worth $90k, but will only do half at a time, then do the other half in 12 months. So we'd need to make payments on roughly a $40k balance until they give us credit in 12 months. THIS PART IS NOT IN WRITING.

Did I mention we have trust issues?

We are close to 100% sure we will rescind.

RESCIND NOW! You are paying them for something you already own.

 

[GTLINZ]

You need to rescind immediately while you still can. Then you have time to sort it out if you still want to.

 

[Mikem95831]

RESCIND NOW! You are paying them for something you already own.

My wife pointed out another reason: We would lose the down payment on the additional 2000 points (we should not have bought). I think we were okay at the two resale units myself. Should have left it at that.

 

[Kal]

My wife pointed out another reason: We would lose the down payment on the additional 2000 points (we should not have bought). I think we were okay at the two resale units myself. Should have left it at that.

What is the basis of $90K value????? That's all timeshare funny money. Remember, the street value of Portfolio Points is almost NIL. You would have a difficult time giving them away.