Hyatt now has a buy back program

[HappyRon]

Sent in our paperwork today, they had actually sent it through EMAIL a few weeks ago, fingers crossed.

 

[flowerpower86]

Interesting. Maintenance fees are raising like crazy.

 

[Maryfella]

It doesn't really say that it's a "buyback." I read it as an offer to help you sell your unit-probably for a fee. It is pretty short on details! You can be sure that it will benefit Marriott.

I am working with that program right now. They accepted me because my points were totally paid in full so they are just remove me from the obligation to pay annual maintenance fees and all. No, there is no reimbursement of the purchase price. For me, I’m willing to do this to get out of the obligation of annual fees. We bought into this under false sales tactics- that this program would help reduce increasing maintenance fees on our Maui property. So we bought in thinking we were prepaying some of the fees while also getting as a bonus lots of points to use at other resorts. Long story —but I just want OUT of this obligation. So… the program through Hyatt takes about 120 days, notarized papers etc. I’ll let you know if it actually works.

 

[Maryfella]

They bought Beach House and a Windward Pointe weeks back - and now they say a deed back program. Sounds like they pick and choose when to do a buy back just the way they pick and choose when to do a ROFR - expect it's some formula of how much money they have to spend and how many points they need to dump into HPP. When they don't have money in their check book, they don't buy and say they're only accepting deed backs.

Yes, I think they accepted me because deed was paid in full- then they can resell them. Good scheme. They have my $24000 Then they can resell it. And for me? I’m free of the annual maintenance fees but I’m out the cash. Lesson learned late in life

 

[calgal]

FedEx'd my signed and notarized deedback paperwork yesterday. We had a good run with our Hyatt High Sierra lodge, but with the Hyatt beach closed and Incline Village not releasing public beach access to timeshare owners, we will stay elsewhere.

 

[skimeup]

I started the buyback process in February, March or April? HIghlands Inn, Carmel. Received initial paperwork by email and immediately returned. Got documents from an escrow company in mid-May. Failed to note them and got a "hurry up" notice from escrow company. Filled out the forms pronto and didn't hear anything. Just logged into my account and it shows that I have one ownership left - Pinon Point. And it still shows the reservations I made on the points I had paid for as well as my points in II. Highland Inn has returned to its developer!

I purchased HIghlands Inn as resale (for$500) and was enjoying the use of the points (1880) mostly in II but also in Aspen and Vail. Two things happened to sour me. One is that maintenance fee on HI went up to over $2700 last year and the other is that Marriott - which owns II - raised the points cost of a one bedroom unit to 1500. It had been at 870 with 430 for a studio - studio has gone up as high as 700. Thus I previously could trade for two one bedrooms per year and every other now and then a studio. Or some combo thereof. Since they chose to charge me higher mf for a devalued property I chose to depart.

I was eligible because a) the unit was fully paid off and b) I had paid the mf for HIghland Inn on time. There was no charge for the transaction. I guess they want to take back weeks so they can put them into portfolio?

We'll see how much use I can get out of the 1300 points I have left at Pinon Point!

 

[trwellerjr]

Help, how do I get out of my Hyatt Portfolio? Maintenance fees are now higher than my deeded annual at Highlands Inn. Marriott is raising points cost again.