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Marriott Grande Vista Annual Platinum Week sold for $4520!

ROFR

Marriott recently announced that it has drawn a large amount (I believe it was $900 million) on its line of credit. It also suspended its share buyback, despite the fact that its shares have fallen from $52 to $18. These things were done in anticipation of a very difficult business environment over the near-to-mid term. Given this, I'd be surprised if Marriott exercises any ROFRs at all. At a minimum they will be significantly dropping the price at which they exercise ROFRs. So anyone who is worried about losing units to Marriott probably needs to worry a lot less than they used to. Having said that, this price is low enough that they might just grab it up after all. Will be interesting to see.
 
I watched this auction to it's end. While I never intended to make a bid I was interested to see the final price. The price went up over $500 in the last couple of minutes. I was expecting to see it go higher and was suprised when it didn't. Makes me sad that we bought gold last year for $7500 :bawl:
 
After reading that Marriott was not exercising ROFR anymore, I was surprised to see in Dioxide45's ROFR database that an annual Platinum 2BR MGV failed at $12,000. This is the latest entry in the database dated 10-13-08.

D.
 
Dewnay said:
After reading that Marriott was not exercising ROFR anymore, I was surprised to see in Dioxide45's ROFR database that an annual Platinum 2BR MGV failed at $12,000. This is the latest entry in the database dated 10-13-08.

D.
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There have been some recent ROFR failures for the resorts in Orlando. So it is not an accross the board thing.
 
Personally, I don't think it is going to pass. I won another auction of this seller for a platinum annual week at Marriott Cypress Harbor for $2800 and it failed. However, I thought I would give it a shot and see what happens.
 
Hoping...

saturn28 said:
Personally, I don't think it is going to pass. I won another auction of this seller for a platinum annual week at Marriott Cypress Harbor for $2800 and it failed. However, I thought I would give it a shot and see what happens.
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I'm hoping it passes for you and if so, I'm going to be jealous as well as encouraged that there will be one out there for me that I can afford :)
 
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capjak said:
These were Platinum not Gold EOY.
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Thanks for pointing that out, I corrected my post. Even at platinum, I don't think these are a real steal like the 2BR annual plat was at $4500.
 
Recently a Summit Watch week platinum week sold through Holiday group for $11,800 and the agent told me Marriott did not exercise their ROFR on it. That, IMO, was the best deal I've ever seen and I'm sorry I missed out on it.

I think that with the current economy that Marriott will very rarely exercise their ROFR. Who knows how long this will last, but it may be a great time to pick up some really good steals with some bottom feeding.
 
I can now report that Marriott waived their right to purchase this week back. I got an annual platinum week at the Grand Vista for only $4520. I can't beleive the price for this resort has fallen so low. I would suggest anyone bidding on a Marriott Ebay auction to go as low as you can because Marriott doesn't appear to be exercising the ROFR.
 
saturn28 said:
I can now report that Marriott waived their right to purchase this week back. I got an annual platinum week at the Grand Vista for only $4520. I can't beleive the price for this resort has fallen so low. I would suggest anyone bidding on a Marriott Ebay auction to go as low as you can because Marriott doesn't appear to be exercising the ROFR.
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Thanks for letting us know and congratulations.
 
saturn28 said:
I can now report that Marriott waived their right to purchase this week back. I got an annual platinum week at the Grand Vista for only $4520. I can't beleive the price for this resort has fallen so low. I would suggest anyone bidding on a Marriott Ebay auction to go as low as you can because Marriott doesn't appear to be exercising the ROFR.
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I repeat UNBELIEVABLE!! While this is terrific for you, and I am really happy for you (no sour grapes here), I am hard put to understand Marriott deserting its owners like this. Disney is still doing ROFR so why isn't Marriott? I guess they are going the way of Fairfield.. Great properties going for pennies on the dollar..What a shame for us owners..
 
I agree with you. I have a friend who purchased an annual platinum week at the Marriott Horizons at Orlando for $2500. Marriott waived their right to purchase it back.
 
How much is this Grande Vista week retail? I'm closing on a Frenchman's Cove(Plat)week now, hope I didn't pay too much.
 
I am not sure. However, I believe Marriott was selling them for between $24,000 and $28,000. Can someone correct me if I am wrong. The fact is Marriott resale prices are dropping as fast as the stock market. What may have been a good deal 2 weeks ago is over priced today.

It may not be long before we see some Marriott Resorts selling for $1 on ebay. I saw a silver week at the Marriott Horizons at Branson sell for $350 on Ebay.
 
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Wow

That is terrific for you - awesome purchase and congrats. Although somewhat disheartening - I fully expected when we bought resale to be a money loser and not appreciator - just not at such an accelerated rate.

We love MGV - have only stayed there the 3 years we have owned so no sour grapes.
 
What Am I Missing?

Why doesn't Marriott buy a unit if it can sell it at retail for five times, or more, than the ROFR price? Has Marriott's retail sales come to a complete halt? Even so, at that price differential you would think Marriott could finance the purchase of the units and hold them until the market allows for their sale. A 5X profit is probably as great as what Marriott gets when it develops a project.

Marriott's stock is falling like a brick (along with everything else). Is Marriott in trouble?
 
saturn28 said:
I am not sure. However, I believe Marriott was selling them for between $24,000 and $28,000. Can someone correct me if I am wrong. The fact is Marriott resale prices are dropping as fast as the stock market. What may have been a good deal 2 weeks ago is over priced today.

It may not be long before we see some Marriott Resorts selling for $1 on ebay. I saw a silver week at the Marriott Horizons at Branson sell for $350 on Ebay.
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There are Marriott resorts on eBay that don't even get bid up to a dollar. Some don't get a bid at all (W. Vail even during ski season and Breckenridge anytime but ski season.)
 
Lawlar said:
Why doesn't Marriott buy a unit if it can sell it at retail for five times, or more, than the ROFR price? Has Marriott's retail sales come to a complete halt? Even so, at that price differential you would think Marriott could finance the purchase of the units and hold them until the market allows for their sale. A 5X profit is probably as great as what Marriott gets when it develops a project.

Marriott's stock is falling like a brick (along with everything else). Is Marriott in trouble?
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Good questions Lawlar. I was told by a Marriott Sales Supervisor(a month ago) that Marriott did not have any liquidity problems. He told me everything was full steam ahead(current construction) and that they looked at the current economy as a buying(real estate/development)opportunity. This brings me to your questions. If they have that much liquidity(buying land around the world,which I was told),in this economy, why wouldn't they enforce ROFR? If they have plenty of available cash, why wouldn't they be buying these type of weeks now(said Grande Vista,at a tremendous bargain),and selling them for a potential huge profit when the economy rebounds?
 
It's the economy. They don't have enough people to work the sales since they laid so many folks off. Then they don't have enough customers to buy the product. So they don't need an ROFR because they can't sell the product. I don't care what your salesman told you, Marriott is bleeding money (along with other timeshares for sure). It was down 33% from last year at the same time. DVC is still doing ROFRs. Why? Because people are still buying their product. But I'll bet you see a relaxation at SSR and at Vero Beach very quickly where there is so much inventory to sell already.
 
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