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Hyatt...first right of refusal?

WalnutBaron

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Congrats, Dagger. A very nice property. As mentioned in a different thread I started, please provide your 2017 MF's on both Wild Oak and Main Street Station on that thread. Thanks!
 

sts1732

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I think my agent received an email from Valerie Flores about there being a decision yesterday, not Danielle Watson.
I believe Danielle is a generic name(possibly a code for oh.........no......) Valerie seems to be the go to person.
 

dagger1

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Congrats, Dagger. A very nice property. As mentioned in a different thread I started, please provide your 2017 MF's on both Wild Oak and Main Street Station on that thread. Thanks!
Will do!!
 

ResaleExpert

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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.
The buyer should get 100% of any deposit and fees back as Hyatt will pay those. Contract should state that so zero cost or risk to buyer other than up to 30 day wait for Hyatt.
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
Danielle Watson is no longer with HRC.
Valerie.flores@Hyattvoi.com replaced her
 

mjm1

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My understanding from reading the instructions is that no transfer fees are due until after one receives the waiver of ROFR from Hyatt. And there are no fees associated with ROFR. Is my understanding correct on both points?

Thanks.
 

ResaleExpert

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I am a prior Hyatt Residence Club Sales Executive (last on site at High Sierra Lodge) and as a licensed Broker I have specialized in Hyatt resales for over 13 years with almost 700 Hyatt weeks sold. They have always (MAYBE 1 or 2 were a day or two late but that was years ago) replied within 30 days from the date proof that they received and they do have 30 BUSINESS days after they receive the certified copy of the deed. I've used many different escrow companies who all provide proof of the date Hyatt received via FedEx or proof of Hyatt's receipt. In no case does Hyatt receive ANY funds if they Exercise Their Right of First Refusal (ROFR). In fact one of the escrow companies does not even charge the buyer's credit card until Hyatt waives. Hyatt has waived almost all of my many resales this year after buying back SOME last year. I am very proud to be one of only 3 or 4 Brokers that Hyatt refers to when they are contacted by owners wanting to sell. Hope that helps to clarify.
 

WalnutBaron

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I am a prior Hyatt Residence Club Sales Executive (last on site at High Sierra Lodge) and as a licensed Broker I have specialized in Hyatt resales for over 13 years with almost 700 Hyatt weeks sold. They have always (MAYBE 1 or 2 were a day or two late but that was years ago) replied within 30 days from the date proof that they received and they do have 30 BUSINESS days after they receive the certified copy of the deed. I've used many different escrow companies who all provide proof of the date Hyatt received via FedEx or proof of Hyatt's receipt. In no case does Hyatt receive ANY funds if they Exercise Their Right of First Refusal (ROFR). In fact one of the escrow companies does not even charge the buyer's credit card until Hyatt waives. Hyatt has waived almost all of my many resales this year after buying back SOME last year. I am very proud to be one of only 3 or 4 Brokers that Hyatt refers to when they are contacted by owners wanting to sell. Hope that helps to clarify.
I can personally vouch for ResaleExpert's professionalism and expertise, having been one of his past clients. I definitely plan to utilize his services again the next time I buy or sell a Hyatt timeshare property.
 

ResaleExpert

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Thank you: BillGabrielli@me.com Hyatt, Marriott, Westin Hilton and other premium timeshares; 15th year
 

davidvel

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They have always (MAYBE 1 or 2 were a day or two late but that was years ago) replied within 30 days from the date proof that they received and they do have 30 BUSINESS days after they receive the certified copy of the deed.
How can they exercise ROFR AFTER a deed has been recorded? Does anyone actually have the ROFR language in a recorded document (as opposed to the Hyatt FAQ?)
 
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Sapper

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How can they exercise ROFR AFTER a deed has been recorded? Does anyone actually have the ROFR language in a recorded document (as opposed to the Hyatt FAQ?)
I think ResaleExpert means that the deed / proof of sale go to Hyatt first. They have thirty days (which they take every minute of to make a decision) to decide whether to exercise ROFR. If they do not exercise ROFR, then the deed is sent for recording. NOT that they can exercise ROFR AFTER recording of the new deed.
 

Pathways

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How can they exercise ROFR AFTER a deed has been recorded? Does anyone actually have the ROFR language in a recorded document (as opposed to the Hyatt FAQ?)
I knew of a family member who transfered a deed once. The deed was recorded and then sent to Hyatt (It was never submitted for ROFR). Hyatt had a 'fit' over it - said they wouldn't accept the transfer at the resort level. They required the full transfer fee and eventually completed the transfer, but that was in the day that they were not excercising anyway (or at least very few)

So can they exercise after? My answer would be technically no, you can always tranfer the deed, but practically yes, as they can withhold acceptance into the club and probably not allow you to check in even to your deeded week.
 

Pathways

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I think ResaleExpert means that the deed / proof of sale go to Hyatt first. They have thirty days (which they take every minute of to make a decision) to decide whether to exercise ROFR. If they do not exercise ROFR, then the deed is sent for recording. NOT that they can exercise ROFR AFTER recording of the new deed.
The only thing that goes to Hyatt for ROFR is the purchase agreement. No deed is even prepared until after ROFR is completed. The deed is submitted to Hyatt AFTER recording for them to do the transfer at the resort level.

I've not seen any timeshare deed that you can't just transfer the deed on your own. (Not saying there aren't exceptions, I just haven't seen any in my limited experience)

The issue is getting the new deed accepted by the resort if you didn't follow their process.
 

ResaleExpert

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Hi Jan,
I've sold about 50 Hyatt weeks this year (almost 700 total) and VERY few have been exercised this year; especially the past couple months while they are waiting for the Interval (HRC) acquisition from Marriott Vacation Ownership. They are taking about 3 weeks lately to review but most every one has been waived. Bill
 

mjm1

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Hyatt waived their ROFR on a Highlands Inn 1BR Platinum week with full ocean view for $4,995. I was going to buy it, but decided to cancel the purchase. However, I wanted to share this information so others have a sense of their ROFR activity.

Edit: we received their response within about two weeks and before the acquisition by Marriott was closed on Sept. 1. Also, the week was a Platinum week.
 
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ResaleExpert

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Hyatt was not buying back any resales prior to Marriott closing on their acquisition of parent company ILG. Now that this is complete as of last Friday it will be interesting to see if Hyatt starts buying some back again like they were a year ago.
 

dsmrp

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Maybe I missed the boat on ROFR, I was toying with the idea of a Pinion point unit :)
 

ResaleExpert

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Hyatt may or may not start back up or just buy back random ones. I have an escrow company that does not charge a deposit until Hyatt waives so only 'cost' is a couple weeks to wait and see! For highest two seasons I suggest Beach House or Windward Pointe as there are many more options and sales prices are much lower than most Pinon Pointe Diamond or Platinum weeks and dues are only a little higher at these two = initial and many years of savings far above the slightly lower dues at Pinon.
 

pacman777

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Hyatt may or may not start back up or just buy back random ones. I have an escrow company that does not charge a deposit until Hyatt waives so only 'cost' is a couple weeks to wait and see! For highest two seasons I suggest Beach House or Windward Pointe as there are many more options and sales prices are much lower than most Pinon Pointe Diamond or Platinum weeks and dues are only a little higher at these two = initial and many years of savings far above the slightly lower dues at Pinon.
What are the avg resale prices of annual 2BR Diamond and Platinum units here?
 

ResaleExpert

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Prices for BEACH HOUSE Diamond weeks are averaging $8,000 and Platinum weeks about $6,000; a very few may sell for a little less and some will sell for a little more. Similar pricing for Windward Pointe. There are 19 Diamond weeks at these resorts so far more than all other resorts (except Maui where all are Diamond).
 

dagger1

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We just passed ROFR today, a 2/2L 2000 Point Week 23 at HWOR for $4000. So they are waiving some deals at least.
 

pacman777

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We just passed ROFR today, a 2/2L 2000 Point Week 23 at HWOR for $4000. So they are waiving some deals at least.
That’s a great deal for Platinum week. It seems a lot of low prices passing ROFR recently. I guess a lot of these don’t go for anywhere near the asking prices of sellers on places like redweek. Do you mind me asking what your source was for you HWOR week at that price? I would definitely consider it at that price.
 
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