HYATT Siesta Key,Florida getting built NOW

[Carmel85]

Hyatt resort to replace Sea Castle

The OLD building just got torn down!

Hyatt resort to replace Sea Castle --
The former Sea Castle motel has been demolished, and construction will start in the spring on a new resort property.

The Hyatt Siesta Key Beach resort at 1002 Seaside Drive will front 300 linear feet of Crescent Beach, named last spring among the nation's top 10 beaches, according to Larry Shulman, senior vice president for Hyatt Vacation Ownership, Inc., a wholly-owned subsidiary of the Global Hyatt Corp.

"We think this is an extraordinarily unique situation, fantastic beach, beautiful water, sunsets, and you're a stone's throw from the culture available in Sarasota," Shulman said.

The company expects interest from local buyers who might enjoy trading ownership rights for access to other Hyatt residence club resorts or hotels, Shulman said.

"We have every reason to believe through an early survey we've done (that) they'll be a very significant local contingent of owners more likely to purchase in summertime rather than wintertime," he said.

The resort will offer 44 furnished residences, 1,600-2,600 square feet, with privileges at an adjoining beach club. The units will cost from $200,000 to $750,000.

The Hyatt Siesta Key will offer some hotel-like amenities, like valet parking, full-time front desk, concierge, pool, fitness center, locker room and spa and massage treatment rooms.

Occupancy is planned for 2009.

The first phase of the project will include 11 units to be sold as "fractional ownership" residences.

Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership, in this case one-eighth of the unit, with shared-use privileges. It eliminates the expense and hassle of a wholly-owned vacation residence, developers said.

"Effectively, there'll be eight owners of each residence," explained Shulman of the resort. Hyatt has similar properties nationwide in places like Bonita Springs, Aspen, Beaver Creek and Breckenridge, Colo., and Lake Tahoe, Nev. Global Hyatt Corp. also is developing one at Fifth Avenue in New York City.

 

[cookinmamma]

Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership, in this case one-eighth of the unit, with shared-use privileges. It eliminates the expense and hassle of a wholly-owned vacation residence, developers said.

"Effectively, there'll be eight owners of each residence," explained Shulman of the resort. Hyatt has similar properties nationwide in places like Bonita Springs, Aspen, Beaver Creek and Breckenridge, Colo., and Lake Tahoe, Nev. Global Hyatt Corp. also is developing one at Fifth Avenue in New York City.

Great!! But it seems to me that the Million Dollar Question is whether & how these fractional ownership "Residence Club" units will be accessible to us ordinary HVC owners. (I'll be asking the reps when we are in Carmel in March!) I'm hoping they will be defined as "Component Resorts" Or "Club Resorts" or "Affiliate Resorts" so HVC members can use them under the rules!! And am hoping for news of Hawaii too....

 

[mesamirage]

I speculate that they are... because many of these new resorts like Beaver Creek, New York, Northstar, etc... are being sold with a Peak week + 10 floating days.... but those still have points associated with them that allows the High $$$ owner to have access to all the Hyatts VC's. Hyatt uses access to our lower class units (just kidding) as an option for the big spenders to visit.

Will Siesta Keys be this same way? I think so since there are peak and non peak weeks in Florida... now I don't know how Hawaii will be setup... since I think every week there will be a peak week (2200 points). I think its a time to build up a few more points in Hyatt if you can afford it, and if Hyatt is right for you.

We think that 4400 points is a good level if your a big traveller and like the Hyatt product (we sold our Starwood timeshares to pick up additional Hyatt points)... In my opinion I think Hyatt resale values will go up as these additional High end Hyatts come online. I not sure how I see the pathetic housing market in the US effecting Timeshare resales over the next few years... I'm more concerned that Hyatt may decide to not build as many projects during the next couple years.

Opinions??

 

[Carmel85]

I speculate that they are... because many of these new resorts like Beaver Creek, New York, Northstar, etc... are being sold with a Peak week + 10 floating days.... but those still have points associated with them that allows the High $$$ owner to have access to all the Hyatts VC's. Hyatt uses access to our lower class units (just kidding) as an option for the big spenders to visit.

Will Siesta Keys be this same way? I think so since there are peak and non peak weeks in Florida... now I don't know how Hawaii will be setup... since I think every week there will be a peak week (2200 points). I think its a time to build up a few more points in Hyatt if you can afford it, and if Hyatt is right for you.

We think that 4400 points is a good level if your a big traveller and like the Hyatt product (we sold our Starwood timeshares to pick up additional Hyatt points)... In my opinion I think Hyatt resale values will go up as these additional High end Hyatts come online. I not sure how I see the pathetic housing market in the US effecting Timeshare resales over the next few years... I'm more concerned that Hyatt may decide to not build as many projects during the next couple years.

Opinions??

mesamirage,

I agree you on all fronts. I would like to buy a few more points also and I think the 4400 level is perfect for one family.

In regards to if Hyatt builds or not remember Hyatt take on partners like Siesta Key and Northstar so there is NOT a lot of risk for hyatt because they make it on sales and management of the resort for years and years to com.

Im not sure if you have seen but the Ritz at Northstar is having a big party tent out here in Pebble Beach,Ca for the big golf tournament coming up in Early February great marketing plan...Where is Hyatt????

Also on the Southshore of Lake Tahoe across the street from the Marriott the new condos are starting to be sold at 700k 1 bed 1.3m 2bed and 3bed 1.9m this is full ownership...Many new developments coming on line late 2008 and 2009 in Tahoe.

 

[mesamirage]

Not to be optimistic just because I own multiple weeks... but don't you think with the cost of ownership going up everywhere combined with Hyatt bringing more great locations online PLUS almost all the new locations are high high $$$... elite status really... that the exisiting Hyatt timeshare resales will start to tick up in value?? It may take 3, 4, or 5+ years but at some point (unless they screw up our ownership with overpriced MFs) I think we will start to see a move up in the resale prices of Hyatt VC's. I didn't buy as an investment and don't pretend to believe that a timeshare is.... my may point is I think these next couple years may be the best time to pick up extra point weeks before prices trend up.

 

[cookinmamma]

We think that 4400 points is a good level if your a big traveller and like the Hyatt product

So far (being an owner for all of a couple months) I LOVE the Hyatt product, and can't wait to start maximizing use of our points. But I'm not sure yet about the value. We were just in Kauai and rented a fabulous 2BR oceanfront condo for $330/nt Christmas/NY week ($2300). Owning 4400 points would mean spending at least another $15-20K, plus maintenance fees of at least $2000 - $3000/year.... Assuming I could afford it, would I get my monies worth?

About how many weeks do you get out of your 4400 points, Mesa?

 

[mesamirage]

We have just built up to 4400 points, 4580 to be exact, and because the last unit we purchased is an EOY 1400 point unit in Sedona we will have the 4580 points only on odd years... which we feel is going to work better for us... I work in the Tech sector and we get an 8 week sabbatical every 7 years and I'm overdue, so we will "have" to take 8 weeks off either this year or next. So we hope we have aligned ourselves with point amounts that we can realistically use.

Last year for an example we stayed in Hyatt VC's 28 nights.

Dec 31st- Jan 2nd 2 nights at Hyatt Pinon Pointe in Sedona for New Years
March 11th- March 15th 4 nights Spring Break at Hyatt Highlands Inn in Carmel, CA
May 29th thru June 2nd 4 nights at Hyatt High Sierra Lodge at Lake Tahoe for Memorial Day week
Oct 27th thru Nov 3rd 7x2=14 nights (friends family and stayed also at the same time) at Residences at Park Hyatt Beaver Creek in Beaver Creek, Colorado... 3 bedroom
Nov 3-7th (I think) PLUS 4 additional nights (also 3 bedroom) at Hyatt Aspen


Whatever those points add up too but I think we did all that with only 1880 points since I think we had sold our other Beach House at that point (later to rebuy only a few months back)

So really 4 weeks with 1880 points... however I think going forward we anticipate that the weeks will cost more points... so even 4580 total points may still only mean 4-5 weeks worth of Hyatt time, but full weeks instead of midweek stays like we have done when it makes sense.

I do think you have to be careful to not purchase more time than you can realistically use since the value part of resale timeshares starts to drop off if your unable to use the weeks in a way that really is a good vacation.

My out is that we have rented many times successfully and I have that "reputation" at work (6000 employees) as the "Timeshare" guy... who knows how to get good vacations at good prices... so I rent out to co-workers as well. Thats why I'm excited about Oceanside if it comes online for Hyatt... since it would be another Hyatt withing decent driving distance... so we can go for short stays or I could rent 4 night midweeks (best profit) to coworkers.

 

[Pit]

... Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership ...

:hysterical:

 

[Kal]

The entire Hyatt program is based on deeded (or RTU) ownership of a specific week and a specific unit. Except for the purchase price and the owned period, there's no difference between fractional ownership and timeshare ownership.

 

[ral]

Siesta Key

Any word as to when sales will begin? Will Hyatt owners have an opportunity to purchase before the general public?

 

[Carmel85]

Any word as to when sales will begin? Will Hyatt owners have an opportunity to purchase before the general public?

Im not sure but I would think Hyatt owners would have a early shot at this resort. Northstar in Lake Tahoe Hyatt owners hot a couple of weeks notice before the general public and some hyatt owners bought already at Northstar.
I would thnk sales would begin in summer or fall but you never know with Hyatt they might open it up even sooner.

 

[Carmel85]

Any word as to when sales will begin? Will Hyatt owners have an opportunity to purchase before the general public?

Hyatt is going to start selling Siesta Key next month. I will get the prices very soon.

 

[bdh]

Hyatt is going to start selling Siesta Key next month. I will get the prices very soon.

They will be selling 2 types of packages - a winter package and a summer package. Winter is an 1/8 fractional containing 4 fixed and 2 float weeks. Summer is a 1/16 fractional with 2 fixed and 1 float week. Depending on the unit size, prices for a winter package is $395K - $695K, summer price range is $140K - $310K. The float weeks are 18-21 and 34-49.

Sounds like there will be 2 bd std unit, 2bd with studio and 2 bd studio and den - it seems they are not calling them 3 and 4 bd units as the "studio" and "den" are interior "sleeping" rooms that do not have windows. The smallest winter package (2 bd std) will contain over 11,000 points - that some serious traveling.

While this is a residence club property, it will still trade within the HVC and works on the same season (diamond. platinum, gold) and point values (2200, 2000 and 1880) that the Hyatt TS program is based on.

 

[jjlovecub]

They will be selling 2 types of packages - a winter package and a summer package. Winter is an 1/8 fractional containing 4 fixed and 2 float weeks. Summer is a 1/16 fractional with 2 fixed and 1 float week. Depending on the unit size, prices for a winter package is $395K - $695K, summer price range is $140K - $310K. The float weeks are 18-21 and 34-49.

Sounds like there will be 2 bd std unit, 2bd with studio and 2 bd studio and den - it seems they are not calling them 3 and 4 bd units as the "studio" and "den" are interior "sleeping" rooms that do not have windows. The smallest winter package (2 bd std) will contain over 11,000 points - that some serious traveling.

While this is a residence club property, it will still trade within the HVC and works on the same season (diamond. platinum, gold) and point values (2200, 2000 and 1880) that the Hyatt TS program is based on.

Why would the winter units cost more then the summer units at a beach resort? Or am I just not reading your post correctly?

 

[seatrout]

Why would the winter units cost more then the summer units at a beach resort? Or am I just not reading your post correctly?

Summer = huricaine

Winter = 75 degrees while the rest of the US is frozen

 

[Carmel85]

NOT all units will have a ocean view. You cant even pay more and get a ocean view unit ever year. Hyatt I feel is making a big mistake, Hyatt should charge more and then you get a ocean view every year.

 

[jjlovecub]

Summer = huricaine

Winter = 75 degrees while the rest of the US is frozen

That is ridiculous. I live here. Hurricane "peak season" is September and October. The temperature most of the year is in the high 80s to 90s. Today - in January it is 48 degrees. Now granted that isn't all the time but it isn't beach weather those times either. Spend less - you'll be happier.

 

[seatrout]

Yes, I agree with you on that. We go to FL almost every summer in July.
I find the water too cold during the "peak" season to swim.
I have a beach house in Galveston, Eventhough July/august is not peak huricaine season- historically we can get huricaine at this time.

But for lack of choice- There are many beach to choose from in the Summer-
The weather in the North are also quite beautiful as well.

In the winter, southern FL is one of the few place in the continental US that you can wear a bikini.

IMHO- to really swim- you need to head near the equator-- ie costa rica
even Hawaii is kind of cold in Dec/Jan to swim

I was down there last xmas-Does the water ever turn BLUE as in the picture ?? What is so special about Siesta Keys that would command such price ?? compared to say Palm Beach (Atlantic side where the water is bluer)

Triet

 

[Kal]

Why would the winter units cost more then the summer units at a beach resort? Or am I just not reading your post correctly?

Humidity, bugs and hot sun with no breeze in the summer.

 

[seatrout]

yes, there are bugs in the Summer in Texas.
Is there bugs in the Siesta Keys and key west as well in the Summer ??

In the Atlantic side, there is usually good breeze and few bugs in the summer.

 

[jjlovecub]

Yes, I agree with you on that. We go to FL almost every summer in July.
I find the water too cold during the "peak" season to swim.
I have a beach house in Galveston, Eventhough July/august is not peak huricaine season- historically we can get huricaine at this time.

But for lack of choice- There are many beach to choose from in the Summer-
The weather in the North are also quite beautiful as well.

In the winter, southern FL is one of the few place in the continental US that you can wear a bikini.

IMHO- to really swim- you need to head near the equator-- ie costa rica
even Hawaii is kind of cold in Dec/Jan to swim

I was down there last xmas-Does the water ever turn BLUE as in the picture ?? What is so special about Siesta Keys that would command such price ?? compared to say Palm Beach (Atlantic side where the water is bluer)

Triet

Blue water??? Not here. The sand is what most people and my wife say. It is often like powder. For me, I'm not so much a beach person but I think those pictures of blue water have a little food coloring in them.

 

[Carmel85]

YIKES BUGS!!! At least here in Carmel Highlands we have no bugs except for the whales traveling to Mexico in the pacific ocean.

 

[mesamirage]

There are no bugs in Carmel because the CANT AFFORD TO LIVE THERE!!

 

[seatrout]

Blue water??? Not here. The sand is what most people and my wife say. It is often like powder. For me, I'm not so much a beach person but I think those pictures of blue water have a little food coloring in them.

hum-- that's what I thought. I asked several people why the water don't look like the picture. i think if you put a polarized lens and wear a polarized sunglass -- then it look bluer. but I think they photoshop the picture

Personally, I don't like the powder sand- hard to clean off. The best sand is the black sand in hawaii- It is real big and easily clean off.

 

[normalrog]

Oh oh - Calini right next door?

I traded into Calini for December 2008, sounds like the relaxing sound of construction next door...