Kal
TUG Member
For an undefined period of time the three Key West properties cannot be occupied. The maintenance fees have been paid for all those unit-weeks, therefore the owners/renters have suffered a loss through no fault of their own. Those funds have been taken by Hyatt.
So what options are available to those owners? The best option would be for Hyatt to refund those maintenance fees. In that case, do those funds come from the HOA or Hyatt? I can't see a situation where insurance would cover the loss.
The likely option would be where Hyatt instructs the owner to "get over it".
We can also explore the impact to the Portfolio Program. That program has a serious problem where many deposited weeks have no value and the inventory has an unanticipated loss.
So what options are available to those owners? The best option would be for Hyatt to refund those maintenance fees. In that case, do those funds come from the HOA or Hyatt? I can't see a situation where insurance would cover the loss.
The likely option would be where Hyatt instructs the owner to "get over it".
We can also explore the impact to the Portfolio Program. That program has a serious problem where many deposited weeks have no value and the inventory has an unanticipated loss.