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Hyatt...first right of refusal?

bdurstta

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How does this work exactly? If you are buying resale...do you still have to pay the seller BEFORE you know if Hyatt will buy it back first? Or does Hyatt buy it and refund your money to you? I just don't want to be burned by the seller.
 

Kal

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Normally, buyers go thru a third party escrow closer. That way, if Hyatt takes the transaction, the buyer gets the money back less some or all of the buyer's closing fees.
 

dagger1

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Normally, buyers go thru a third party escrow closer. That way, if Hyatt takes the transaction, the buyer gets the money back less some or all of the buyer's closing fees.
We made an offer on HMSS fixed January week and 10 floating summer days (4600 points) that was accepted and sent to Hyatt for ROFR on May 15. Isn't their a rule/regulation that they have 30 days to exercise ROFR? We have heard nothing yet...
 

sts1732

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We made an offer on HMSS fixed January week and 10 floating summer days (4600 points) that was accepted and sent to Hyatt for ROFR on May 15. Isn't their a rule/regulation that they have 30 days to exercise ROFR? We have heard nothing yet...
Dagger, As noted in your other threads and our conversation.....YES it is (or was ) stated that Hyatt has 30 days to pass judgement. In the other threads with all that went nutz with my sale, they don't seem to be very proactive. If I'm not mistaken, I believe you had bought resale in other Hyatt properties. If so, and you have a members numbers you should be able to question them on your pending ROFR at the 800 number. I was able to get some answers as to where are we in the sale by calling the 800 number. It's my opinion that since HVGG/ILG bought Hyatt, they don't have their French fries in one sack. As one dept. doesn't know or communicate with any others.
I finally turned them into the Florida state attorney general, which turned over to the Florida DBPR(department of business and professional regulation), made it known to Hyatt, then things started to be resolved, and we moved on to the new owner being recognized with member number.
 

dagger1

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Dagger, As noted in your other threads and our conversation.....YES it is (or was ) stated that Hyatt has 30 days to pass judgement. In the other threads with all that went nutz with my sale, they don't seem to be very proactive. If I'm not mistaken, I believe you had bought resale in other Hyatt properties. If so, and you have a members numbers you should be able to question them on your pending ROFR at the 800 number. I was able to get some answers as to where are we in the sale by calling the 800 number. It's my opinion that since HVGG/ILG bought Hyatt, they don't have their French fries in one sack. As one dept. doesn't know or communicate with any others.
I finally turned them into the Florida state attorney general, which turned over to the Florida DBPR(department of business and professional regulation), made it known to Hyatt, then things started to be resolved, and we moved on to the new owner being recognized with member number.
Yes, we have 2 x 2000 point weeks at HWOR and an EOYE 1400 point week at HWOR. All purchased resale, and all passed ROFR in 25-28 days. We made an offer on a HBH and it failed ROFR in 24 days... I thought Hyatt had 30 days to exercise ROFR, and 30 business days to complete the transfer once they had the new deed and $650 transfer fee.. What I am wondering is if there inability to exercise ROFR in the 30 days specified in their rules/regulations constitutes a defacto waver of ROFR? It's probably moot because I would never go to court over it.
 

davidvel

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Not sure if this is the same with Hyatt, but with Marriott ROFR, they have X amount of days to exercise their ROFR, or it is automatically waived. For example, at Shadow Ridge, if they do not agree to buy the TS within 15 days, they have waived their ROFR.
 

bdh

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I thought Hyatt had 30 days to exercise ROFR, and 30 business days to complete the transfer once they had the new deed and $650 transfer fee.. What I am wondering is if there inability to exercise ROFR in the 30 days specified in their rules/regulations constitutes a defacto waver of ROFR?
Correct. Contact your closing company and ask them to proceed with the closing and transfer to you.
 

dagger1

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Correct. Contact your closing company and ask them to proceed with the closing and transfer to you.
I will attempt this tomorrow.
 

WalnutBaron

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Not sure if this is the same with Hyatt, but with Marriott ROFR, they have X amount of days to exercise their ROFR, or it is automatically waived. For example, at Shadow Ridge, if they do not agree to buy the TS within 15 days, they have waived their ROFR.
That is also the case with Hyatt. If Hyatt has failed to exercise ROFR within their 30-day window, they have effectively forfeited their right to do so. Buyer should contact his realtor and ask them to contact Hyatt to submit approval letter of the sale and move immediately to close escrow.
 

lizap

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If you used an agent, perhaps the agent was notified and just hasn't let you know yet.
 

dagger1

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I ta
If you used an agent, perhaps the agent was notified and just hasn't let you know yet.
l talked to the agent yesterday and he said he had contacted Hyatt and they said they would have an answer by last evening. We got nothing from Hyatt. Maybe lots of folks on vacation?
 

WalnutBaron

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dagger1, if you are certain that the 30-day window has passed, your agent needs to assertively and forcefully tell Hyatt that their ROFR window has closed and notify your closing company to proceed to close escrow. The language in Hyatt's own ROFR policy is pretty clear.
 

sts1732

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Dagger, I agree completely with walnutBaron. My intention was not to go to court, but to get Hyatt's composte into one heap. They state very clearly "30 days" for ROFR, then 30 days to recognize and send welcome kit. In my case then went past 60 days total, that was including allowing 10 days for snail mail to register the deed, as Monroe county does not accept digital deeds.
If my actions helped others, in that it woke up HVGG/ILG to gitter dun it worked. I have always operated on "say what you do, do what you say".
 

dagger1

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Tomorrow will be 30 "business" days from our ROFR submission to Hyatt, if we don't hear by then, I am going to request we proceed with the transaction without a formal waiver from Hyatt. Of course they can still say no, I guess there's no real recourse.
 

WalnutBaron

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Tomorrow will be 30 "business" days from our ROFR submission to Hyatt, if we don't hear by then, I am going to request we proceed with the transaction without a formal waiver from Hyatt. Of course they can still say no, I guess there's no real recourse.
Actually, they can't say no if past the 30-day window. My guess is that you will hear something today or tomorrow. Hyatt typically runs things right down to the wire. We recently learned that a purchase had passed ROFR the morning after the deadline, but that the decision had been made at 9pm the previous day, so technically within the 30-day period. I didn't even know their office was still working at 9pm!

If, for some reason, Hyatt does not respond by end of business Eastern Time tomorrow, definitely contact your agent and/or closing company and tell them to proceed based on the fact that Hyatt has forfeited their ROFR right since the 30-day window has expired. Don't risk losing your purchase by being too nice a guy.
 

davidvel

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Does anyone have the Hyatt ROFR language? Is it really 30 business days?
 

sts1732

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Does anyone have the Hyatt ROFR language? Is it really 30 business days?
This attachment is what's on the members club house.

DEVELOPER RIGHT OF FIRST REFUSAL INFORMATION If you decide to sell your interval on your own or through a resale company, please follow these 3 easy steps:
• Once you have identified a buyer, submit your proposed sales contract signed by you and the Buyer to Danielle Watson (email: Danielle.Watson@hyattvoi.com), at Hyatt Vacation Ownership. The Developer of your timeshare/fractional resort has a first right of refusal to purchase the interval at the same price, terms, and conditions as any resale offer.
• You will be notified within thirty (30) days (fifteen (15) days for Grand Aspen and Ka’anapali Beach owners) of receipt of your notice of the developer’s intent. If the developer does not exercise their right of first refusal, you may proceed with your resale.
• Forward a copy of the recorded deed, signed resale affidavit (affidavit will be provided by HRC at time of transfer), buyer’s contact information and transfer fee (currently $650 payable to Hyatt Residence Club) to the attention of the Transfer Coordinator. Your HRC membership will be transferred to the Buyer within thirty (30) business days from the date all requirements are received.
TRANSFER INFORMATION • Transfer due to a divorce or marriage Please send a copy of the recorded deed showing transfer of ownership and the administrative fee made payable to Hyatt Residence Club to the below address. Current fee: $25.00 if Grantee currently appears on the deed. $650 if Grantee’s name currently does not appear on the deed. • Transferring to your Trust or Business name Please send a copy of the recorded deed showing transfer of ownership into your trust and the current administrative fee of $100 made payable to Hyatt Residence Club to the below address. (Note: This $100 fee does not include the cost of having your attorney or a title company prepare and record the deed into your trust name.)
You may contact your own attorney or one of the following contacts for title transfer assistance:
Arizona, California, Colorado and Nevada Properties - Contact First American Title at (866) 639-9203
Florida Properties - Contact Cammy Smith at First American Title, camsmith@firstam.com or (407) 475-0844
Hawaii Property - Contact Tanya White at First American Title, timeshare.hi@firstam.com or (808) 539-7504
Texas Property - Contact Fidelity National Title Group at 407-670-0798
Puerto Rico - Contact Ian Marini, ian@garrigamarini.com or (787) 275-0655
Please note this document is for Quick Owner Reference only. Please refer to the current version of the Hyatt Residence Club Rules and Regulations for more information.
Please direct all questions, correspondence, documents and transfer fees related to selling or transferring your interval to: Hyatt Vacation Ownership 140 Fountain Parkway, Suite 570 St. Petersburg, FL 33716 Attn: Transfer Coordinator
(727) 803-9529 or email Danielle.Watson@hyattvoi.com
 

dagger1

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This attachment is what's on the members club house.

DEVELOPER RIGHT OF FIRST REFUSAL INFORMATION If you decide to sell your interval on your own or through a resale company, please follow these 3 easy steps:
• Once you have identified a buyer, submit your proposed sales contract signed by you and the Buyer to Danielle Watson (email: Danielle.Watson@hyattvoi.com), at Hyatt Vacation Ownership. The Developer of your timeshare/fractional resort has a first right of refusal to purchase the interval at the same price, terms, and conditions as any resale offer.
• You will be notified within thirty (30) days (fifteen (15) days for Grand Aspen and Ka’anapali Beach owners) of receipt of your notice of the developer’s intent. If the developer does not exercise their right of first refusal, you may proceed with your resale.
• Forward a copy of the recorded deed, signed resale affidavit (affidavit will be provided by HRC at time of transfer), buyer’s contact information and transfer fee (currently $650 payable to Hyatt Residence Club) to the attention of the Transfer Coordinator. Your HRC membership will be transferred to the Buyer within thirty (30) business days from the date all requirements are received.
TRANSFER INFORMATION • Transfer due to a divorce or marriage Please send a copy of the recorded deed showing transfer of ownership and the administrative fee made payable to Hyatt Residence Club to the below address. Current fee: $25.00 if Grantee currently appears on the deed. $650 if Grantee’s name currently does not appear on the deed. • Transferring to your Trust or Business name Please send a copy of the recorded deed showing transfer of ownership into your trust and the current administrative fee of $100 made payable to Hyatt Residence Club to the below address. (Note: This $100 fee does not include the cost of having your attorney or a title company prepare and record the deed into your trust name.)
You may contact your own attorney or one of the following contacts for title transfer assistance:
Arizona, California, Colorado and Nevada Properties - Contact First American Title at (866) 639-9203
Florida Properties - Contact Cammy Smith at First American Title, camsmith@firstam.com or (407) 475-0844
Hawaii Property - Contact Tanya White at First American Title, timeshare.hi@firstam.com or (808) 539-7504
Texas Property - Contact Fidelity National Title Group at 407-670-0798
Puerto Rico - Contact Ian Marini, ian@garrigamarini.com or (787) 275-0655
Please note this document is for Quick Owner Reference only. Please refer to the current version of the Hyatt Residence Club Rules and Regulations for more information.
Please direct all questions, correspondence, documents and transfer fees related to selling or transferring your interval to: Hyatt Vacation Ownership 140 Fountain Parkway, Suite 570 St. Petersburg, FL 33716 Attn: Transfer Coordinator
(727) 803-9529 or email Danielle.Watson@hyattvoi.com
This is what I read. 30 "days" to exercise ROFR and 30 "business days" to transfer membership from the day they receive the new deed and $650 transfer fee. Hyatt themselves distinguish between "day" and "business days". Today is 38 "days" from the day (May 15) they received the signed sales contract... No word on ROFR.
 

sts1732

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This is what I read. 30 "days" to exercise ROFR and 30 "business days" to transfer membership from the day they receive the new deed and $650 transfer fee. Hyatt themselves distinguish between "day" and "business days". Today is 38 "days" from the day (May 15) they received the signed sales contract... No word on ROFR.
No sat. or sun. in business days........and you can forget the phone number and email for Danielle. Watson........only voice mail on phone, never spoke to a real person. Absolutely no response to email.............:wall:
 

dagger1

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No sat. or sun. in business days........and you can forget the phone number and email for Danielle. Watson........only voice mail on phone, never spoke to a real person. Absolutely no response to email.............:wall:
Right. Today is "day" 39 from ROFR submission, "business day" 28 from ROFR submission. I deducted weekends and Memorial Day. But their rules specify "days" for ROFR, and "business days" for ownership processing/transfer.
But it's all moot, they can do what they want...
 

dagger1

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No sat. or sun. in business days........and you can forget the phone number and email for Danielle. Watson........only voice mail on phone, never spoke to a real person. Absolutely no response to email.............:wall:
I think my agent received an email from Valerie Flores about there being a decision yesterday, not Danielle Watson.
 

dagger1

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My agent just called, Hyatt waived ROFR so we are going into escrow. I asked for a copy of the formal waiver letter and/or email and he said they did not send one. I wonder how he knows they waived ROFR?
 

lizap

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My agent just called, Hyatt waived ROFR so we are going into escrow. I asked for a copy of the formal waiver letter and/or email and he said they did not send one. I wonder how he knows they waived ROFR?
Suspect they may have passed the deadline and when he called, they told him they would waive ROFR..
 

Pathways

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My agent just called, Hyatt waived ROFR so we are going into escrow. I asked for a copy of the formal waiver letter and/or email and he said they did not send one. I wonder how he knows they waived ROFR?
Valerie would have sent the waiver by email to your closing entity that submitted the request. It's also possible to get a verbal ahead of the official e-mail. I recently was talking to Valerie about a ROFR and she said it had passed. It was almost two weeks until the closing company notified me. Obviously I can't verify where the delay was, or whether it was a combination of all of the parties involved.
 

dagger1

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Thanks everyone! I'm just glad it passed! We have been considering a 3/3 at Mainstreet Station for a couple of years, the deed is done!
 
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