Marriott resale sold back to marriott directly

[1965]

i sold all of my Marriotts this week
just in case this is accurate. I want to share with others.

The Marriott Resale department head told me, that only so much $ was alloted to this Marriott Resale Department directly purchase from owners program and it will be coming to an end, when those allocated monies are gone.

If this is true and anyone is interested, you may want to contact
marriott resale department asap
or you can private message me and I will try to help you!

 

[dioxide45]

My guess is that they will probably allocate more money over time as deemed necessary. They didn't allocate the money in a goodwill gesture to owners, they did it because they needed some inventory. If/when they need inventory in the future, they will allocate more money to either acquire weeks through ROFR or through the resale department.

Even with Marriott buying back certain weeks, I wouldn't sell them our two gold Orlando weeks. They are worth more to us in use than the paltry amounts they would be willing to offer.

 

[davidn247]

The fact that Marriott resale is buying weeks is good news in general.

When they created the Trust, they surely dumped all weeks they had on hands in the Trust, but now they seem to realise that folks want something more tangible than trusted points (ie. deeded weeks).

It could (I said could!) sustain the resale prices on high demand resorts, once this "pig finally goes through the python". At this point, supply and demand are still dislocated. Could be the start of the rebalancing...

 

[SueDonJ]

The fact that Marriott resale is buying weeks is good news in general.

When they created the Trust, they surely dumped all weeks they had on hands in the Trust, but now they seem to realise that folks want something more tangible than trusted points (ie. deeded weeks).

It could (I said could!) sustain the resale prices on high demand resorts, once this "pig finally goes through the python". At this point, supply and demand are still dislocated. Could be the start of the rebalancing...

While I agree that it's a good thing for the Marriott Resales office to be buying back Weeks, I'm not sure that your analysis (the way I'm reading it, anyway) is correct. Marriott isn't turning around and selling these Weeks that they're buying back - none of the Weeks at US resorts have been available from any direct Marriott source since the DC was introduced on 6/20/10.

Also, when they created the Trust they did not dump every week on hand into it. Weeks inventory being conveyed to the Trust has been an ongoing process (which is being chronicled in TUGger dioxide's thread here) and we have no way of knowing if at any point they didn't/don't have more Weeks to convey.

Like I said, them buying back Weeks is a good thing, and it's great that the practice is being reported by several TUGgers recently. But I think their reason for it is what's been speculated by others - they need certain inventory to satisfy the demands of DC Points users and one way they can get it is to stock the DC Trust and Exchange Company by way of buybacks. ROFR has also been used recently on a fairly consistent basis at only a couple resorts - that's another way they're getting what they need to shore up their DC business. I really don't think it has anything to do with re-invigorating the resale value for existing Weeks owners, but the reason it's a good thing is that at least it might give existing owners a possible way to rid themselves of unwanted Weeks.

 

[KathyPet]

Well I wish they would show some interested in buying back my MMC. It has been on their "wait list" for three years now.

 

[icydog]

While I agree that it's a good thing for the Marriott Resales office to be buying back Weeks, I'm not sure that your analysis (the way I'm reading it, anyway) is correct. Marriott isn't turning around and selling these Weeks that they're buying back - none of the Weeks at US resorts have been available from any direct Marriott source since the DC was introduced on 6/20/10.

Also, when they created the Trust they did not dump every week on hand into it. Weeks inventory being conveyed to the Trust has been an ongoing process (which is being chronicled in TUGger dioxide's thread here) and we have no way of knowing if at any point they didn't/don't have more Weeks to convey.

Like I said, them buying back Weeks is a good thing, and it's great that the practice is being reported by several TUGgers recently. But I think their reason for it is what's been speculated by others - they need certain inventory to satisfy the demands of DC Points users and one way they can get it is to stock the DC Trust and Exchange Company by way of buybacks. ROFR has also been used recently on a fairly consistent basis at only a couple resorts - that's another way they're getting what they need to shore up their DC business. I really don't think it has anything to do with re-invigorating the resale value for existing Weeks owners, but the reason it's a good thing is that at least it might give existing owners a possible way to rid themselves of unwanted Weeks.

Which resorts are they buying back? How about Lakeshore Reserve?

 

[dioxide45]

Which resorts are they buying back? How about Lakeshore Reserve?

The only way to find out is to give Marriott a call. Hopefully someone can post a contact phone number.

 

[thunderbolt]

Marriott resale department = 866-682-4547
I asked about our 3 Grande Vista Platinum weeks, we were put on the waiting list because MGV has enough resale weeks, in their internal listings, to sell for now.
They sell for $8,900 and keep 40%, netting the seller $5,300.
If purchased through Marriott, the buyers can enter the pts. prog. If private sale, no. If transferred to your child's name, they carry the same benefits that the parents had.
There is no estimate of when we might make the list, and they won't disclose the ROFR level they are exercising.
We love the MGV, but have just bought a place of our own in Florida, so must let them go, even though the market is slow. The resale department contact did say "it does look as if there is more activity in the market lately".
Doug

 

[Steve]

Marriott isn't turning around and selling these Weeks that they're buying back - none of the Weeks at US resorts have been available from any direct Marriott source since the DC was introduced on 6/20/10.

Sue,

Your statement isn't accurate. Marriott is still selling resale weeks at some US Resorts. Check out this website:

https://marriottvacationclub.com/resales/index.shtml

Steve

 

[dioxide45]

While I agree that it's a good thing for the Marriott Resales office to be buying back Weeks, I'm not sure that your analysis (the way I'm reading it, anyway) is correct. Marriott isn't turning around and selling these Weeks that they're buying back - none of the Weeks at US resorts have been available from any direct Marriott source since the DC was introduced on 6/20/10.

Also, when they created the Trust they did not dump every week on hand into it. Weeks inventory being conveyed to the Trust has been an ongoing process (which is being chronicled in TUGger dioxide's thread here) and we have no way of knowing if at any point they didn't/don't have more Weeks to convey.

Like I said, them buying back Weeks is a good thing, and it's great that the practice is being reported by several TUGgers recently. But I think their reason for it is what's been speculated by others - they need certain inventory to satisfy the demands of DC Points users and one way they can get it is to stock the DC Trust and Exchange Company by way of buybacks. ROFR has also been used recently on a fairly consistent basis at only a couple resorts - that's another way they're getting what they need to shore up their DC business. I really don't think it has anything to do with re-invigorating the resale value for existing Weeks owners, but the reason it's a good thing is that at least it might give existing owners a possible way to rid themselves of unwanted Weeks.

I think a lot depends on what resort and season. I am sure that they are likely reaquiring weeks in order to furhter seed the trust. Though I think there are other weeks they are buying back in order to flip a quick sale. Those super prime weeks (peak ski, week 52 in Hawaii) may be bought back to turn around and sell. However, I think the regular plain jane platinum weeks are being used to see the trust.

 

[dioxide45]

Sue,

Your statement isn't accurate. Marriott is still selling resale weeks at some US Resorts. Check out this website:

https://marriottvacationclub.com/resales/index.shtml

Steve

Not sure that these are weeks that Marriott actually owns but is rather listing for owners that are looking to sell their weeks and are on a waiting list. It is likely a mix of both, but more likely weeks currently owned by owners that Marriott is listing for them through this site. I wouldn't expect them to be buying weeks back to hold while they wait to sell them through their resale program. Better chance they are putting them in the trust.

 

[SueDonJ]

Sue,

Your statement isn't accurate. Marriott is still selling resale weeks at some US Resorts. Check out this website:

https://marriottvacationclub.com/resales/index.shtml

Steve

Not sure that these are weeks that Marriott actually owns but is rather listing for owners that are looking to sell their weeks and are on a waiting list. It is likely a mix of both, but more likely weeks currently owned by owners that Marriott is listing for them through this site. I wouldn't expect them to be buying weeks back to hold while they wait to sell them through their resale program. Better chance they are putting them in the trust.

Steve is right and I am wrong - you can buy certain Weeks direct from Marriott (despite the fact that dioxide is correct as well, and these are actually for-sale-by-owner Weeks with the sale being facilitated by Marriott.) We actually talked about these resales in a few threads recently so I don't know why they didn't cross my mind in this thread. Maybe I was thinking strictly of being able to buy Weeks at full Marriott pricing with full benefits including MR-exchange and DC-enrollment options, such as the Weeks you can still purchase at the Aruba resorts. With these Marriott Resales you pay reduced pricing and get the MR benefit but not the DC-enrollment option (unless you also purchase DC Points at the same time you purchase the Week.)

Regardless, five minutes in the penalty box for me. Thanks for the correction, Steve.

But I still say Marriott's recent buy-back and ROFR activity isn't being done for the benefit of re-invigorating resale values of existing Weeks. They're doing it selectively when it suits their business needs, which right now is the success of the DC. It's great that some Weeks owners who want to sell will be able to take advantage of it, but that's not Marriott's focus here.

 

[dioxide45]

I would still agree that Marriott isn't buying these back because they figured out that people want to buy tangible deeded weeks. Marriott has laid out their future business model, and that is based on the new DC program. There isn't any going back now and they will only very selectively offer to sell weeks to a new buyer, and that is if someone specifically asks for them.

 

[SueDonJ]

Not sure that these are weeks that Marriott actually owns but is rather listing for owners that are looking to sell their weeks and are on a waiting list. It is likely a mix of both, but more likely weeks currently owned by owners that Marriott is listing for them through this site. I wouldn't expect them to be buying weeks back to hold while they wait to sell them through their resale program. Better chance they are putting them in the trust.

Another thought - we've seen some evidence of certain resort HOA's/BOD's taking advantage of last year's elections to allow non-judicial foreclosures for non-performing Weeks. TUGgers posted about the related auctions held onsite at Custom House Tower and at several Hawaii locations. What are the chances that the Resale Operations office has expanded to facilitate sales of foreclosures for certain resorts where the HOA's/BOD's are not utilizing onsite/local auctions?

 

[dioxide45]

Another thought - we've seen some evidence of certain resort HOA's/BOD's taking advantage of last year's elections to allow non-judicial foreclosures for non-performing Weeks. TUGgers posted about the related auctions held onsite at Custom House Tower and at several Hawaii locations. What are the chances that the Resale Operations office has expanded to facilitate sales of foreclosures for certain resorts where the HOA's/BOD's are not utilizing onsite/local auctions?

It is possible, but there have also been a large number of "reacquired" weeks conveyed to the trust. They can only reacquire through a limited number of channels. I would think foreclosure is a big percentage of those.

 

[davidn247]

I would still agree that Marriott isn't buying these back because they figured out that people want to buy tangible deeded weeks. Marriott has laid out their future business model, and that is based on the new DC program. There isn't any going back now and they will only very selectively offer to sell weeks to a new buyer, and that is if someone specifically asks for them.

I think that this is correct. A lot of people want tangible deeded weeks, not only existing owners that maybe want to add one or two weeks, but also new buyers (that cannot go over the lack of clarity about what you really own with Trust points).

If a new buyer wants a week + a couple of days more, they surely start bundling a deeded week and a couple of thousand of trust points. At the end of the day, they will have to sell what the customers want to buy.

 

[davidn247]

Another point that I wanted to add: dioxide seems to be right regarding the resales inventory. They are the middleman and hold limited inventory, otherwise they will be going through ROFR more consistently.

Also, MVCI is a big company and, by experience, I know that big companies are not coherent in their action when you look at them from the outside (why not going through ROFR instead of buying resale weeks?). This is not only due to the lack of coordination but also surely driven by the different incentives scheme of the various departments/sales teams in MVCI itself.

 

[Cyndy]

I just thought I would let anyone know who might own at Ko Olina that might be interested in having Marriott buy back, I just called them and they are NOT buying units for Ko Olina.

 

[gblotter]

I just thought I would let anyone know who might own at Ko Olina that might be interested in having Marriott buy back, I just called them and they are NOT buying units for Ko Olina.

Not surprising at all. The DC trust already has more Ko Olina inventory than they know what to do with, and they will be adding even more when the third tower is finished later this year.

 

[gblotter]

Also, MVCI is a big company and, by experience, I know that big companies are not coherent in their action when you look at them from the outside (why not going through ROFR instead of buying resale weeks?). This is not only due to the lack of coordination but also surely driven by the different incentives scheme of the various departments/sales teams in MVCI itself.

Strangely enough, it is the Marriott resale department that issues the ROFR letters, so one would think the right hand knows what the left hand is doing regarding buybacks (at least within the same department).

Recently I had to obtain a copy of my ROFR letter from Marriott to complete a transaction, and I was directed to the resale department who promptly responded.

 

[richardm]

Marriott has so many resale listings it's almost disgusting- especially since they don't really offer legacy weeks in their presentations any longer. I always wonder why owners would list with Marriott since there appears to be almost no chance to sell.

You can see some of the inventory at https://www.marriottvacationclub.com/resales/buy-weeks.shtml

 

[BocaBoy]

Marriott has so many resale listings it's almost disgusting- especially since they don't really offer legacy weeks in their presentations any longer. I always wonder why owners would list with Marriott since there appears to be almost no chance to sell.

MVCI actually has a lot fewer resale listings now than they did a year or two ago. A lot fewer than on Redweek.com, for example. I sold my Waiohai week in 2010 to a third party through Marriott Resales within three or four months after it was listed. Their prices, even at their current reduced levels, are better than almost anywhere else for a seller. I actually sold my Waiohai week for more than I paid for it (and I bought at developer prices), although that would not be possible today. And the closing is seamless and efficient. I also sold my Sabal Palms week back to Marriott near the start of their current buy back program. At that time they were only buying back selected units at certain resorts from owners who had listed with them. I don't know why more owners don't try selling through Marriott, especially since their listings are non-exclusive and you can sell it through another channel to someone else while it is listed with Marriott without paying a commission to Marriott.

 

[richardm]

Things were quite different before Destination Club, when Marriott frontline sales were still selling weeks ownerships. At the end of 2010, I think you'll find that legacy resales became stagnant.

The reason a developer creates a points system is to enable them to package and sell off season weeks and low demand resorts. With a weeks system, the specific week and resort matter- which created a demand for resales within Marriott's sales presentations at a number of resorts.

At this point, Marriott is simply adding inventory to the trust at target resorts as needed- and is not actively selling weeks. If the front line sales are not pushing legacy weeks, where exactly do you think this inventory will be sold? I know Marriott is trying to establish relationships with resale brokers similar to how Hilton internal resales operate, but it's way too soon to determine if they will actually be willing to work with brokers in good faith to create a system that works. In the mean time, the stockpile of resale listings keeps getting bigger and bigger..

And I'm not sure where you are getting your info on how many listings there are- I hope it's not based on what they actually load into the website...

I hope that in time they'll have a working model, since it could establish a consistent market that will be good for everyone- but until and if that actually happens I'll continue to have doubts about the integrity of the program. Most timeshare developers don't have a track record of caring about owners or the need for a viable secondary market, although all will generally pay lip service for PR purposes..

 

[BocaBoy]

I am not saying that the Marriott resale program is as effective as it was a few years ago. I am just questioning why you would say that a seller should not try this channel. Some of us have been quite successful. And now that the Marriott brokered sales are at reduced prices, the prospects should improve. My success was after the DC introduction, although I concur that sales have slowed since DC for the reasons you state.

 

[KCI]

Here's the latest on the Marriott resale department. Yesterday Marriott agreed to buy back our Harbour Club (HHI) sport week and both our Grande Vista weeks, one gold, one platinum. Harbour Club $2250-$750 for closing. Grande Vista (2 bed) gold $2500-$500 for closing and Grande Vista (2 bed) platinum $$3000-$500 closing. I'm not going to debate the wisdom of our move, we just wanted out. We tried selling them ourselves, but in today's world it's just too hard. We're just relieved to get them off the books. Marriott was not interested in listing these for us. They said we could get on a waiting list to get on waiting list. They want the buy backs for 2013 use. This is an easy way out with no scams.