If Mexican timeshare sells building what happens to contracts?

[jules54]

I own many contracts 13 at Sunset Fishermens Resort and Spa. This is a RTU with some contracts having the worthless perpetual 100 yr contracts. This timeshare also belongs to the Sunset group which has 4 other resorts in Cancun and near Playa Del Carmen. The buildings that are Sunset Fishermens also has full time private owners(not timeshare) these folks either live there full time or rent their condos privately.

Recently there has been a rumor that Sunset is trying to or has sold the building that houses our timeshare. Question is if property is sold what will happen to our contracts? What will happen to the weeks for 2021 owners could not use and rolled over to 2022? Many of us have already paid several of our maintenance fees for 2021 so we could book 2022 365 days out. What happens to all that money?

I don’t really care about the loss of the contracts as all mine were bought resale or given to me over that last 16 years. What I do care about is the loss of over $16,000.00 in maintenance fees I have paid to book 2022.
Most owners of course paid between 15,000 to 35,000 dollars for their memberships. And they care about losing the money they paid for their contracts and their weeks for 2022.

If anyone has any information or somewhere to read information about the process please post it.
TIA

 

[T-Dot-Traveller]

I own many contracts 13 at Sunset Fishermens Resort and Spa. This is a RTU .....This timeshare also belongs to the Sunset group which has 4 other resorts in Cancun and near Playa del Carmen......The buildings that are Sunset Fishermens also has full time private owners(not timeshare) .......Recently there has been a rumor that Sunset is trying to or has sold the building that houses our timeshare.

If anyone has any information or somewhere to read information about the process please post it.
TIA

What I have is anecdotal info related to : Vidanta - Grupo Mayan - Vidafel

chances are even if your RTU contract can no longer book that location ; the Sunset Group will want to
honor the RTU at another of their properties - so that they continue to get cash flow in 2022 and beyond.

I have met a couple of owners of Sea Garden contracts for the Puerto Vallarta Marina location that was damaged in a earthquake and eventually torn down (close to 20 years ago) / they were staying at the Mayan Palace PV..

Vidanta contracts have always had RTU registered weeks. Our 2006 Mayan Palace has one every year & renewable as a registered week at 25 years for 5x MF . Newer contracts have a registered week for only 10 years& renew was a residence week for a payment of 1 extra MF.
My point on this is that someone (likely Profico) has regulatory control over this in the same way airlines are regulated on overselling seats or taking payment for a flight ,cancelling it , and not offering an alternative flight.

I would think that as long as Sunset Group is in business you will have access to accommodations .
For 2022 - i would assume you will be offered an alternative location if a sale does occur. I would think getting a refund could be difficult , since current business conditions suggest that conserving operating cash is a prudent move for most companies in tourism.

Once details develop you can decide your 2023 options since no cash has been given.

 

[oldbuyer]

Jules, as you know in the case of Cabo Villas when they tore down 1 1/2 buildings to build the Cache Hotel they said they would honor their remaining contracts in "comparable properties" which according to Adam their VLO is anywhere they want to put you including a Holiday Inn.
They also raised the MF the maximum every year to encourage you to surrender your contracts. It worked!
Viva la Mexico
Maybe try to get something in writing from someone that might represent the old/new owners that you requested a full refund but would accept gauranteed reservations in an accomidation that meets your comparable standard. Then hope it turns out.

 

[jules54]

Thank you both for your replies. As of now the Sale of Fishermens is only rumors. I’m just trying to get ahead of the possibility. If given the choice I would give up my contracts before I would move them to one of the other resorts they own. Just not until after the 2022 season. That was kind of my exit plan anyway for the future. I already have 18 units reserved for Jan.-Mar. This year 2021 Fishermens closed on Feb.6. Which wasn’t a total shock as the resort was closed from mid March to November in 2020. I so pity the employees. They closed they said because of the low occupancy which was obviously was true. We came to Playa for 8 weeks this winter. All owners that were on site and those who were still confirmed to come or had additional weeks got to choose either moving to Royal Sunset in Cancun or Hacienda Tres Ríos which is right outside of Playa Del Carmen. You could also roll your week over to 2022. At first I became undone as in Feb. I have 8 condos rented at Fishermens. Surprisingly only one couple cancelled. They live in Canada and that was the weekend Canada fully enforce the airline travel ban. Fishermens has a ton of Canadian owners. All my other renters choose Haciendas Tres Ríos for their stays. The clinch here was Tres Ríos is an All Inclusive resort. Sunset came up with owner pricing for the all inclusive of 80.00 pp which isnt a bad price. Or you could go optional all inclusive. Unfortunately most of the units only have a coffee pot and tiny bar frig. There is a higher level of ownership(isn’t there always) La Hernica which the condos do have kitchens. I bitched and whined and cried until myself and my renters got placed in those rooms. Truly I believe the only reason it happened was because I knew the former member services manager from Tres Ríos and he also was the member services manager at Fishermens. I contacted him privately and I’m pretty sure he made things happen. The rooms are gorgeous with roof top patios and private 6 people JacuzzI. Everyone so far is very happy. My renters this week took the AI so the room is really wasted on them. I understand as they are only here for a week. Even with the gorgeous rooms I still miss my beloved Fishermens it is my favorite place on the planet. Tres Ríos is running several shuttles per day to use the pool and beach club at Fishermens. The property still has to be maintained because there are full time private owners at the complex. There is my story. Fishermens was originally built to be a private condo complex in 1998( I think) it has less than 100 rooms. It didn’t sell like the developers thought it would. The Sunset organization came in and purchased it. I know Sunset will sell Fishermens before they close either of their other resorts because they are huge, no private full time owners.

Oldbuyer I never really knew what happened with the Cabo Villas owners. In 2012 I changed my Cabo Villa membership
to a different type of contract. I traded in my 4 weeks and 8,000.00 and got 14 days per year in any size unit that I wanted to book of course the fees that went with that size unit. The best part was no required yearly fees. If I want something I book and if I don’t I forget about it. I have easily recouped my money from not have to pay the 4 weeks yearly escalating maintenance fees. The resort has been very decent about letting me roll over my paid fees if I decided not to use the week I booked and paid for. Just this month I booked Thanksgiving of 2021 with fees I paid for 2019. We visited Cabo Villas Thanksgiving week of 2020, but I used an Interval bonus week for 359.00 for a 2 bedroom. They put us in Bayview section and we did get a pretty decent view but not without bitching about it. We actually booked a 2 bedroom 3 bathroom exchange which does not exsist. The new building was just getting ready to open. We didn’t tour it mainly because of Covid.

OB I’m sending you a private message. Thanks again I can always count on Tuggers and especially you when it comes to answers about Mexico Timeshare.

 

[Patricia9]

Interesting, we also have Fisherman's and have always enjoyed staying there. Never took the All Inclusive for our whole trip (usually just a few days), to many places to eat in town. Tres Rios is lovely but the All Inclusive is not optional and it is expensive. I've stayed at Sunset Royale in Cancun and have no desire to ever stay in Cancun again. However we are now at a point in our lives where we prefer to stay in the States for our vacations (health and age) and want to end our membership with Sunset. If Fisherman's is sold that is another reason for us to no longer stay with them as their other resorts do not interest us. Please keep me in the loop on what you hear.