Hyatt now has a buy back program

[ResaleExpert]

All I can say is nothing since end of March through last week has been exercised.
Marriott Vacation Club stated in Sept. they are basing much of their buy back numbers on current developer sales, which have been extremely low. Still, it MIGHT be possible they COULD start with selective resales as prices are lower than prior to March for most (not all; summer in High Sierra Lodge saw significant increases in sales AND sales prices for example). No risk to buy now and timing the very bottom could result in Hyatt buying back a great deal by waiting. I also can say that if Hyatt sells Portfolio Points without a deed for $21.00 per point (list price) and the resale is even $3.00 or $4.00 per point that these are ALL fabulous ownerships when used and enjoyed; whether 80% or 90% discounts. Bill
Did they copy the letter? I'm sure it will happen some time...just when and 'how' aggressive?

 

[bdh]

Bill here; yes, Marriott HAD agreements with many of the HOA boards to buy back foreclosures for one year's dues however, it appears they unilaterally 'postponed' these. Of course, this is what experts are saying.

Hyatt had a buy back foreclosure agreement in place with the Beach House HOA. From what's been heard on the "coconut telegraph", Hyatt asked the HOA to put the agreement on hold for the time being - according to the coconut telegraph, the BH HOA voted to suspend the agreement.

 

[bdh]

All I can say is nothing since end of March through last week has been exercised.
Marriott Vacation Club stated in Sept. they are basing much of their buy back numbers on current developer sales, which have been extremely low. Still, it MIGHT be possible they COULD start with selective resales as prices are lower than prior to March for most (not all; summer in High Sierra Lodge saw significant increases in sales AND sales prices for example). No risk to buy now and timing the very bottom could result in Hyatt buying back a great deal by waiting. I also can say that if Hyatt sells Portfolio Points without a deed for $21.00 per point (list price) and the resale is even $3.00 or $4.00 per point that these are ALL fabulous ownerships when used and enjoyed; whether 80% or 90% discounts. Bill
Did they copy the letter? I'm sure it will happen some time...just when and 'how' aggressive?

Agree with Bill the RE. Combine CV-19 with Hyatt backing away from ROFR the past 4 months, if I was in the market for a Hyatt TS, NOW is the time to jump in!

 

[TravelTime]

I got an email today that the sale of my Hyatt week has closed and the check is being sent via FedEx. So glad to be out of that one. It has taken 6+ months to complete this sale through Marriott Resales.

 

[JanT]

TravelTime, what resort did you sell and do you mind if I ask why you're glad to be "out of that one?" I'm just curious.

I got an email today that the sale of my Hyatt week has closed and the check is being sent via FedEx. So glad to be out of that one. It has taken 6+ months to complete this sale through Marriott Resales.

 

[JanT]

We own at Sunset Harbor and I'd really like to pick up another Hyatt week somewhere. Not nuts about the higher maintenance fees but I can get at least a couple of weeks out of my one week, so, it makes it more palatable. I'd like to score a Hyatt week with decent points so am watching right now to see if I can't snag a pretty good deal somewhere.

Agree with Bill the RE. Combine CV-19 with Hyatt backing away from ROFR the past 4 months, if I was in the market for a Hyatt TS, NOW is the time to jump in!

 

[TravelTime]

TravelTime, what resort did you sell and do you mind if I ask why you're glad to be "out of that one?" I'm just curious.

It was Hyatt Windward Pointe. I am glad to be out of it because I never could understand the Hyatt points program.

 

[JanT]

Oh ok. I'm sorry you had difficulty understanding it.

It was Hyatt Windward Pointe. I am glad to be out of it because I never could understand the Hyatt points program.

 

[bradj]

I got an email today that the sale of my Hyatt week has closed and the check is being sent via FedEx. So glad to be out of that one. It has taken 6+ months to complete this sale through Marriott Resales.

Finally got my check via FedEx today for my March 10th Hyatt Exit Program agreement for the sale of my week 20 Beach House. A little over $7000 which included a complete refund for my prepaid Maintenance fees. That's a lot better than their current offer of zero proceeds to the seller. I also am glad to be finished with that transaction. My unit was a resale I bought several years ago. I was one of the lucky ones who took advantage of the Exit program before Marriott got greedy taking advantage of Covid.

 

[TravelTime]

Finally got my check via FedEx today for my March 10th Hyatt Exit Program agreement for the sale of my week 20 Beach House. A little over $7000 which included a complete refund for my prepaid Maintenance fees. That's a lot better than their current offer of zero proceeds to the seller. I also am glad to be finished with that transaction. My unit was a resale I bought several years ago. I was one of the lucky ones who took advantage of the Exit program before Marriott got greedy taking advantage of Covid.

We got our check today but it was only $5600 for week 14 at Windward Pointe.

 

[bogey21]

...before Marriott got greedy taking advantage of Covid.

I'm not sure the above is a fair statement. My guess is that Marriott's change in attitude reflects the diminishing value of TimeShares in the market...

George

 

[bradj]

I'm not sure the above is a fair statement. My guess is that Marriott's change in attitude reflects the diminishing value of TimeShares in the market...

George

Marriott's timing in March at the beginning of the Covid panic, went from offering a fair exit price to ZERO is at best dubious.

 

[TravelTime]

Did Marriott actually change their policy? Did anyone else try to sell their Hyatt Windward Pointe or Beach House back to MVC after March and did they offer nothing for it?

 

[bogey21]

Marriott's timing in March at the beginning of the Covid panic, went from offering a fair exit price to ZERO is at best dubious.

Why should Marriott pay for Weeks they can't sell...

George

 

[bradj]

Did Marriott actually change their policy? Did anyone else try to sell their Hyatt Windward Pointe or Beach House back to MVC after March and did they offer nothing for it?

Yes, and yes. Marriott/Hyatt did change their Exit Program policy. I believe from another post earlier on this this thread the policy changed on March 25th. Deed back only. No proceeds. I tried to sell my Beach House weeks 5 & 9 post March 25th. I was told that the offers that they had made me earlier were no longer valid since I hadn't accepted them at that time and the program had changed. I was out of luck for those 2. I was also told that they were only taking deeds back, no proceeds, from people that HAD to sell!

 

[bdh]

Yes, and yes. Marriott/Hyatt did change their Exit Program policy. I believe from another post earlier on this this thread the policy changed on March 25th. Deed back only. No proceeds. I tried to sell my Beach House weeks 5 & 9 post March 25th. I was told that the offers that they had made me earlier were no longer valid since I hadn't accepted them at that time and the program had changed. I was out of luck for those 2. I was also told that they were only taking deeds back, no proceeds, from people that HAD to sell!

With the emergence of Covid 19 in March, the game wildly changed! Hyatt went into money conservation mode and ended their Buy Back Program, they suspended ROFR at all properties and they suspended their agreement to buy foreclosure units at selected properties.

 

[worldtraveler903]

Has anyone heard anything more about Hyatt's plans for their portfolio program? I have been unhappy since I was told lies during their sales pitch to me on the portfolio program. I already had a silver week with 1400 points and thought it would be good to buy 880 portfolio points so that I could book make reservations into the gold week (i.e. at the Maui location). The seller said he did not own any Hyatt Residence time shares (which was suspicious to me) but they offered me 880 points its for $11k back in 2017. It seemed like a good thing at the time but when I went online to try to book, I realized the Maui property was not included in HPP (even though I was told I could book ANY Hyatt property with my HPP). I was also not advised I'd have to pay all these fees (i.e. annual club member fee (even though I'm already a HRC member), conversion of HRC 1400 points to HPP (which is now free) so I could use the 2280 points together, and annual maintenance fee almost as much as my HRC week). Its turned into a money pit. I reached out to the Hyatt exit team and they are offering to buy back both my HRC and HPP. I only want to sell my HPP but am wondering what type of restrictions/fees I'll have to deal with if I just keep my HRC. Has anyone had any similar experience? Do you know if you can convert HRC points to HPP points (without having an HPP account)? Are there any fees to do this conversion if you don't have an HPP account? I have 7 days to consider Hyatts offer to buy back my HRC and HPP. Not sure whether to give up both or just the HPP. Any thoughts would be appreciated! Thanks!

 

[ResaleExpert]

As a licensed broker with over 900 Hyatt weeks sold in 18 years ( I own 3 weeks at 3 different Hyatt resorts)
I would add a few comments:\
*Is Hyatt offering you $0 for these?
*Is Hyatt requiring you to have paid the dues for 2021 and then you can use these points?
You can sell or gift the Portfolio points separately which I have done for many clients in a similar position.
NOTE: Hyatt Portfolio Resales are names "UNAUTHORIZED RESALES" by Hyatt and do not include elite levels qualification, or WORLD of Hyatt (Hyatt Residence Club resales do not include World of Hyatt as the only difference)
There are various terms and restrictions in using HPP for HRC inventory and for the ways you can combine; I BELIEVE you have the ability to combine less than 6 months ahead so much of the better inventory will be gone by then. Not 100% positive as I've tried getting through their 85 page rules a few times and it seems that not every aspect is in this.
IF you are using your 1,400 points or all/part of that week to occupy OR getting more value than the dues for this then I would keep it.
IF not then perhaps you should consider selling though most 1,400 points weeks have litte to zero net value on the resale market depending on which resort and week (and even unit at some locations.
If I can be of further help in answering your questions please let me know, Bill

 

[Mongoose]

Has anyone heard anything more about Hyatt's plans for their portfolio program? I have been unhappy since I was told lies during their sales pitch to me on the portfolio program. I already had a silver week with 1400 points and thought it would be good to buy 880 portfolio points so that I could book make reservations into the gold week (i.e. at the Maui location). The seller said he did not own any Hyatt Residence time shares (which was suspicious to me) but they offered me 880 points its for $11k back in 2017. It seemed like a good thing at the time but when I went online to try to book, I realized the Maui property was not included in HPP (even though I was told I could book ANY Hyatt property with my HPP). I was also not advised I'd have to pay all these fees (i.e. annual club member fee (even though I'm already a HRC member), conversion of HRC 1400 points to HPP (which is now free) so I could use the 2280 points together, and annual maintenance fee almost as much as my HRC week). Its turned into a money pit. I reached out to the Hyatt exit team and they are offering to buy back both my HRC and HPP. I only want to sell my HPP but am wondering what type of restrictions/fees I'll have to deal with if I just keep my HRC. Has anyone had any similar experience? Do you know if you can convert HRC points to HPP points (without having an HPP account)? Are there any fees to do this conversion if you don't have an HPP account? I have 7 days to consider Hyatts offer to buy back my HRC and HPP. Not sure whether to give up both or just the HPP. Any thoughts would be appreciated! Thanks!

Sorry you had that experience. There is a place way down below for people that take advantage and lie like your salesperson did. I purchased HRC on resale and have 1400 points. I love it, but really see no advantage to HPP. I went to an owner update two weeks ago and they made a pitch for me to add 1100 HPP for like $16K. I said no thank you. I might be interested in pickup up the right 1880 HRC on resale. Your 1400 point unit has some value on resale depending on location and fixed week.

 

[worldtraveler903]

As a licensed broker with over 900 Hyatt weeks sold in 18 years ( I own 3 weeks at 3 different Hyatt resorts)
I would add a few comments:\
*Is Hyatt offering you $0 for these?
*Is Hyatt requiring you to have paid the dues for 2021 and then you can use these points?
You can sell or gift the Portfolio points separately which I have done for many clients in a similar position.
NOTE: Hyatt Portfolio Resales are names "UNAUTHORIZED RESALES" by Hyatt and do not include elite levels qualification, or WORLD of Hyatt (Hyatt Residence Club resales do not include World of Hyatt as the only difference)
There are various terms and restrictions in using HPP for HRC inventory and for the ways you can combine; I BELIEVE you have the ability to combine less than 6 months ahead so much of the better inventory will be gone by then. Not 100% positive as I've tried getting through their 85 page rules a few times and it seems that not every aspect is in this.
IF you are using your 1,400 points or all/part of that week to occupy OR getting more value than the dues for this then I would keep it.
IF not then perhaps you should consider selling though most 1,400 points weeks have litte to zero net value on the resale market depending on which resort and week (and even unit at some locations.
If I can be of further help in answering your questions please let me know, Bill

Thanks for the advice Bill! Yes, they are offering me $0 for the direct deed back for both HPP and HRC. Below is the email they sent when I inquired with them about exiting. After reading other users' posts about other time shares not offering to take the deed back for free and having to pay someone to do the work to get rid of the timeshare, I'm grateful I even have this opportunity to unload the HPP and/or HRC without incurring any additional costs. As the economy worsens, I anticipate association fees to continue to rise to cover the portion of owners that are delinquent and could not pay their fees in 2020 or 2021. Thankfully I still have some time to think about it (unless the offer is rescinded within the 7 days they gave me). I appreciate your help!

At this time, Hyatt Residence Club is offering an opportunity for you to relinquish your ownership, a direct deed back, at no cost to you. While this transaction will not result in any financial proceeds, it is a quick way to exit the program and eliminate your ongoing annual maintenance fee commitment. The anticipated time to complete the ownership transfer is 120 days.

Requirements to Qualify for this Offer:

· No outstanding loans or maintenance fees.

· Members must continue paying maintenance fees throughout the contracting period and until closing/transfer is complete, to avoid delays or termination of the ownership transfer.

· Members who pay maintenance fees that are for Hyatt Residence Club’s agreed upon first year of usage, will be reimbursed after closing/transfer is complete.

· As applicable, you may be responsible for the payment of a future year maintenance fee to cover your final year of usage, before closing/transfer can complete.

· First-year occupancy to Hyatt Residence Club must be available

The offer to deed back your ownership is valid for the next 7 business days and is subject to change at any time with or without notice.

 

[ResaleExpert]

My pleasure ; IF sold / gifted then it takes about 5-6 weeks NOT 120 days and also someone who wants and can enjoy gets it vs. Hyatt.
I've handled MANY of these and zero costs to you; perhaps I can even get you some return especially if you have points from this year.
Which resort / week is your 1,400 points at?

 

[worldtraveler903]

My pleasure ; IF sold / gifted then it takes about 5-6 weeks NOT 120 days and also someone who wants and can enjoy gets it vs. Hyatt.
I've handled MANY of these and zero costs to you; perhaps I can even get you some return especially if you have points from this year.
Which resort / week is your 1,400 points at?

My week is at the Sedona property which I like so I think I will keep that week. The HPP is crap though so I'm going to let that go.

 

[ResaleExpert]

Good idea;
I may be able to get you a net return on your 880 portfolio; let me know
Bill

 

[Bobbin9060]

I don't know the details of the program, but here's the link to their website on the topic.

Exit Specialists Are Here to Help

Hyatt Residence Club is doling out some serious #VacationEnvy. Check it out!

www.hyattresidenceclub.com

We deeded back our timeshares to Hyatt and Sheraton this past Fall. We got no money for them but they paid closing fees.

 

[Sapper]

We deeded back our timeshares to Hyatt and Sheraton this past Fall. We got no money for them but they paid closing fees.

If you don’t mind sharing, what did you deed back?