Marriott BUYBACKS AND TAKEBACKS [2012 / Ongoing]

[ScubaKat]

Had to dig up this thread again.. called Marriott re-sale back.. they are offering $6300 - $500 for one of my weeks or the resale listing stands at $14,400 - 40%.. which offer would you take? I guess I can list first but worried they would not offer the same buy back amount later on. Now I just have to convinced the hubby since he is quite attached to those weeks and our vacations.

The resale department doesn't even list any Harbor Lake weeks for sale. I had thought they wouldn't list them but perhaps they just don't have any to list. I would list it in a heartbeat and hopefully they have a buyer already waiting.

 

[Saintsfanfl]

Had to dig up this thread again.. called Marriott re-sale back.. they are offering $6300 - $500 for one of my weeks or the resale listing stands at $14,400 - 40%.. which offer would you take? I guess I can list first but worried they would not offer the same buy back amount later on. Now I just have to convinced the hubby since he is quite attached to those weeks and our vacations.

As I was assuming, Marriott has upped the offers across the board. That is about a 50% increase over a January offer that they made.

Which one to take depends on how bad you want to sell. I would definitely go with the list first, but did they tell you how many are in front of you? I added my Ocean Pointe Silver ocean front units to the list and they said 56 people were listed in front of me.

 

[ScubaKat]

Thanks! I am going to send the paperwork back to list.. no one is in front of me.. We have fixed week 52s.. had so many great trips with them it's kinda hard to let go even though we've never actually stayed at Harbour Lake before.

As I was assuming, Marriott has upped the offers across the board. That is about a 50% increase over a January offer that they made.

Which one to take depends on how bad you want to sell. I would definitely go with the list first, but did they tell you how many are in front of you? I added my Ocean Pointe Silver ocean front units to the list and they said 56 people were listed in front of me.

 

[Saintsfanfl]

Thanks! I am going to send the paperwork back to list.. no one is in front of me.. We have fixed week 52s.. had so many great trips with them it's kinda hard to let go even though we've never actually stayed at Harbour Lake before.

Fixed week 52 might be different as I would think it is more valuable than the floating platinum, but netting $8,640 still sounds pretty good to me. Definitely do the list if you are wanting to sell, I doubt it will take long.

 

[dioxide45]

Had to dig up this thread again.. called Marriott re-sale back.. they are offering $6300 - $500 for one of my weeks or the resale listing stands at $14,400 - 40%.. which offer would you take? I guess I can list first but worried they would not offer the same buy back amount later on. Now I just have to convinced the hubby since he is quite attached to those weeks and our vacations.

If you could, add this to the Buyback Offer Database. Link in my signature. It is the best way that we have to identify trends in these offers. Thanks.

 

[Quadmaniac]

Thanks! I am going to send the paperwork back to list.. no one is in front of me.. We have fixed week 52s.. had so many great trips with them it's kinda hard to let go even though we've never actually stayed at Harbour Lake before.

Week 52 ? Damn, I would think people who have young kids would be climbing over each other to buy this to spend every New Year's in Florida. I'm not sure how much HL is worth as I don't follow it, but I would think it would be a hot hot commodity. I think Saintsfanfl is on the money, list it!

 

[m61376]

Week 52 ? Damn, I would think people who have young kids would be climbing over each other to buy this to spend every New Year's in Florida. I'm not sure how much HL is worth as I don't follow it, but I would think it would be a hot hot commodity. I think Saintsfanfl is on the money, list it!

Have you ever listed it for sale elsewhere as well? I, too, would think that week 52 would be an easier sale, since it's a great resort and so well situated wrt all the parks, and that's peak time there.

 

[MOXJO7282]

I know Redweek got me $3k more than Marriott was offering to buy back our Myrtle Beach July 4th week OS unit. The ad cost $60 or so I believe. To me for a plat plus week I would definitely list with Redweek and I would think you could get a couple grand more and probably sell it sooner.

 

[Saintsfanfl]

I know Redweek got me $3k more than Marriott was offering to buy back our Myrtle Beach July 4th week OS unit. The ad cost $60 or so I believe. To me for a plat plus week I would definitely list with Redweek and I would think you could get a couple grand more and probably sell it sooner.

Keep in mind they are listing and not opting for the buyback. They are first in line and the list is $2,840 higher than the net buyback offer. Could it sell for $10K on redweek? It's possible, but I think it would take some time.

 

[ScubaKat]

Just added it!

If you could, add this to the Buyback Offer Database. Link in my signature. It is the best way that we have to identify trends in these offers. Thanks.

 

[ScubaKat]

Thanks! I think I will just list it with them.. Not in that much of a hurry to sell.. was sitting on the fence for a while but it would help since I found out one of our rental properties needs the whole house re-piped.. Oh the fun of grown up responsibilities! I don't think I would get more than $8600 selling myself since the platinum float weeks are going for the $5000 range at Grande Vista?

Have you ever listed it for sale elsewhere as well? I, too, would think that week 52 would be an easier sale, since it's a great resort and so well situated wrt all the parks, and that's peak time there.

I know Redweek got me $3k more than Marriott was offering to buy back our Myrtle Beach July 4th week OS unit. The ad cost $60 or so I believe. To me for a plat plus week I would definitely list with Redweek and I would think you could get a couple grand more and probably sell it sooner.

 

[Saintsfanfl]

Thanks! I think I will just list it with them.. Not in that much of a hurry to sell.. was sitting on the fence for a while but it would help since I found out one of our rental properties needs the whole house re-piped.. Oh the fun of grown up responsibilities! I don't think I would get more than $8600 selling myself since the platinum float weeks are going for the $5000 range at Grande Vista?

I do not disagree with your logic but I would not compare your week to a platinum at Grande Vista. The Marriott Resale list on your week is 62% higher than their list for a 2BR Plat Grande Vista. Applying that same mark-up to the going ebay rate would put your estimated resale market rate really close to your net from the resale department. I would still go with their department but if you went on your own it should be in the same ballpark.

 

[taffy19]

I was reading this very long thread over to the beginning and want to comment on these two posts below.

When we were staying at the Grand Residence at Lake Tahoe, we had an informal session with the Corporate Sales Manager there and he told us what Fletch mentioned in his post. He didn't say how this was possible but I assusme that Marriott has this possibility because they have the ROFR clause in most contracts.

Could this assumption be right, Greg?

What's your basis for this statement -- it conflicts with their public securities filings (Annual Report on Form 10-K).

If you are going to "LOL" at least get the facts straight while you are "LOL"ing.

Thanks

LOL, not exactly.... if they never bought another week back, they have enough points to sell for the next 5 years without running out. They might however need certain times of the year to meet booking requests.

I wonder if Customer Advocacy would be the right department to ask these questions to or the contract department or even the legal department.

Terry,

What is the deeded week? I know it's a floating unit, but I'm curious what the underlying week is for this unsolicited offer?

Thanks!

Greg

When they fold a buyback into the trust does it still float or does the trust view it as fixed?

My theory (totally unsubstantiated) is that when a week is put into the Trust, that week becomes like a fixed week to the Trust.

Accordingly, I believe Marriott will place a higher "value" on a Floating Week that has a good deeded week underneath it.

Conversely, the Floating pool (for that specific week) would get a little bit smaller for legacy week owner reservations.

I also believe that, for MOC, this is why Marriott has limited the weeks in the trust such that no specific week in the Trust contains more than 20% of the total floating weeks deeded for that week -- ie, currently 80% (or more) continues to reside for Legacy Owners, and 20% exist for Trust Owners.

Again....a theory at this point.

Best,

Greg

Greg, it would be very interesting if MVCI was treating deeded floating weeks as fixed when they fold them in to the trust.

It definitely would be very interesting to know how MVCI is allocating floating weeks among the different pools for reservation purposes.

 

[dioxide45]

Keep in mind they are listing and not opting for the buyback. They are first in line and the list is $2,840 higher than the net buyback offer. Could it sell for $10K on redweek? It's possible, but I think it would take some time.

I think $10K for an Orlando week, even a PP week is very high. Didn't someone on here buy a couple weeks resale a couple years back for only a couple thousand each?

I am rather surprised that MVCI is offering so much in their buyback offer. This is way over what I would expect current market prices to be even close to. Perhaps it is because the trust only has 16 PP week 52 conveyed to it. They must need that specific inventory.

 

[Saintsfanfl]

I think $10K for an Orlando week, even a PP week is very high. Didn't someone on here buy a couple weeks resale a couple years back for only a couple thousand each?

I am rather surprised that MVCI is offering so much in their buyback offer. This is way over what I would expect current market prices to be even close to. Perhaps it is because the trust only has 16 PP week 52 conveyed to it. They must need that specific inventory.

When you put it in the perspective of Willow Ridge platinum being $4,100, $6,300 for PP Harbour Lake doesn't seem all that high. Marriott has raised the bar across the board. It makes me wish I had waited on selling them my two OS Silver Ocean Pointe's. Right now it is $3k higher combined. One can never see the future though. I figured they would have put the brakes on buybacks by now.

 

[GregT]

I wonder if Customer Advocacy would be the right department to ask these questions to or the contract department or even the legal department.

Emmy, I can't quite follow the question here -- I don't believe they have five years worth of inventory because of the inventory they report in their 10-K (which are audited results) and it is a securities filing.

I don't know why the sales rep would say that, but that's an entirely different topic.

I may be missing the question????

Best,

Greg

 

[1965]

marriott grande vista Marriott buy back

does anyone know if marriott is purchasing back marriott grande vista
two bedrooms annual use lock offs platinimum season

I am referring to the program
where they offer you gross amount -$500 Adminstrative fee

 

[sb2313]

In June I was offered 3300-500 in fees. Declined the offer. Sold my week for $4500 and they excersised ROFR on it.

 

[dioxide45]

Emmy, I can't quite follow the question here -- I don't believe they have five years worth of inventory because of the inventory they report in their 10-K (which are audited results) and it is a securities filing.

I don't know why the sales rep would say that, but that's an entirely different topic.

I may be missing the question????

Best,

Greg

I think they were reporting 5 years of inventory at one time. Though that was probably around the time they launched DC, or it was when MI first announced the spin-off of MVW. Though they have been selling inventory now for several years. I think that inventory number perhaps also included undeveloped land. I think with the ramp up in ROFR and buybacks, it seems like they think they need inventory. I suspect they are expecting to be low on inventory soon. Otherwise, why else start reacquiring? Perhaps they just need to hold over until they get another big dump of inventory from Vegas.

 

[taffy19]

Emmy, I can't quite follow the question here -- I don't believe they have five years worth of inventory because of the inventory they report in their 10-K (which are audited results) and it is a securities filing.

I don't know why the sales rep would say that, but that's an entirely different topic.

I may be missing the question????

Best,

Greg

If a timeshare seller has sold his timeshare but the original contract has an ROFR clause doesn't that mean that the Marriott has the right to buy back anything they want that has this clause so the source is practically unlimited for them?

When they put the timeshare condo in the trust then that will give them a certain amount of points to sell again with a big profit? That is what I meant.

 

[GregT]

If a timeshare seller has sold his timeshare but the original contract has an ROFR clause doesn't that mean that the Marriott has the right to buy back anything they want that has this clause so the source is practically unlimited for them?

When they put the timeshare condo in the trust then that will give them a certain amount of points to sell again with a big profit? That is what I meant.

Emmy,

You are correct -- whenever Marriott has a need for saleable inventory, they could ROFR weeks and put those repurchased weeks into the Trust. We noted modest ROFR activity in 2010/2011/2012 because Marriott had lots of weeks already owned that could be deposited into the Trust (for sale as points).

However, we've started to see an uptick in repurchase/ROFR activity. Marriott still has a lot of inventory on hand (for future points sales) so they aren't ROFRing indiscriminately -- but it's interesting to start to see the change.

Best,

Greg

 

[m61376]

Customer Advocacy repeatedly assured people that Marriott was reserving their proportionate share of each available reservation date, and not just putting aside premium weeks from each season. The assumption was this would apply to both legacy weeks exchanged for DC points and their percentage of season ownership in the trust.

Stacking their share of prime weeks by ROFR'ing or buying back weeks having better underlying deeds, as Greg suggested, and then not treating them as floating weeks for allocation purposes would be a really unfair way of stacking the deck, allowing them to monopolize prime weeks in the season. I am glad that other posts indicate they are treating all weeks in a season equally, and hopefully are keeping their word wrt allocation.

I think this issue is different than how aggressively they will look to buy back (whether through direct buy back offers or ROFR) those few weeks that were sold either as premium fixed weeks or, as in the case of Greg's beloved Maui unit, fixed unit/week. There I'd expect to see a more aggressive buy back for the more requested weeks- summer and school vacation periods. And since they were sold as fixed intervals, Marriott logically would have those periods allocated to usage by trust and/or exchange pool use.

I don't think they can consider the underlying deeded week of a float season week to be the week they are entitled to- or at least I hope they can't- because that would enable them to cherry pick prime weeks. So far, week reservations for legacy owners seem to be generally as accessible as they were before the DC- at least from what has been reported here. Has anyone noted any different trend?

I hope that continues to be the case- although I have noticed that the 3BR Surf Club availability appears to be much more limited this summer. It is the first year that by Wed. afternoon every summer check in is gone. I have never had any issue getting my first choice of weeks and arrival day, even though there are only a limited number of units. Hopefully that won't change when I try to reserve a late August week for next year.

 

[m61376]

On another note-whether or not the lack of ROFR had any impact on prices or not, everyone can agree that resale prices plummeted with the economy, even on the more premium units that at one time were only about a third off on the resale market.

While we are certainly seeing an economic recovery of sorts, I think it is somewhat languishing, and I wouldn't expect that to really have a positive effect on resale prices, especially as we head into the MF season, when prices historically fall (or at least many people have reported better deals in the Fall going into the Winter). IF Marriott aggressively exercises ROFR, it will be interesting to see if we can discern any real upward trend in resale prices, over and above trends both in the overall economy and perhaps trends in Starwood or other similar products.

Don't get me wrong- I am not starting a ROFR debate of any kind- just mentioning that it might be an interesting opportunity to really see if there is a perceived impact, since there seems to be a big change as Marriott looks to feed the Trust with properties. After all, as pointed out by others, it's the cheapest way for them to get inventory.

VAC stock has been a good investment, even if monetarily timeshares may not be. And their buying inventory cheap via ROFR and selling it as trust points is good for their profit margin, that's for sure!

 

[GregT]

Customer Advocacy repeatedly assured people that Marriott was reserving their proportionate share of each available reservation date, and not just putting aside premium weeks from each season. The assumption was this would apply to both legacy weeks exchanged for DC points and their percentage of season ownership in the trust.

Stacking their share of prime weeks by ROFR'ing or buying back weeks having better underlying deeds, as Greg suggested, and then not treating them as floating weeks for allocation purposes would be a really unfair way of stacking the deck, allowing them to monopolize prime weeks in the season. I am glad that other posts indicate they are treating all weeks in a season equally, and hopefully are keeping their word wrt allocation.

I completely agree -- I am very happy that we do not see a correlation between ROFR/buy-back activity and the underlying deed of the week. I still do not know how they determine how many of each weeks Floating weeks they decide to make available for Legacy Week reservations, and how many they make available for points (as represented in the Trust) but it is definitely a positive for Legacy Week owners that are not stacking the Trust.

Best,

Greg

 

[m61376]

I completely agree -- I am very happy that we do not see a correlation between ROFR/buy-back activity and the underlying deed of the week. I still do not know how they determine how many of each weeks Floating weeks they decide to make available for Legacy Week reservations, and how many they make available for points (as represented in the Trust) but it is definitely a positive for Legacy Week owners that are not stacking the Trust.

Best,

Greg

Well- IF we take them at their word- they take a proportionate share of each reservation group and place it into their respective pools- so if there is, for argument's sake, 10% of the units in the Trust and another 10% of the legacy weeks exchanged for points, they will take 20% of each available reservation period- week and day of arrival. That's how Customer Advocacy represented the split at any extent- and that was from the former and current heads, so hopefully we were being given the straight scoop there. I was told that and several other people posted similarly.

Of course, where there are very limited numbers of units (OF in some resorts, 3BR's, etc.) where there may be a dozen or two such units, spread out over 3, 4 or 5 arrival days, obviously the math doesn't always work, but hopefully they round it fairly.