New elite 5 star

[zinupe]

i have bought 4 properties in the last 4 months. in october my wife and i bought kauai princeville. at the time i paid 49,900 and got 80,000 points. after using the points i got so excited about the program that i purchased 3 cancun properties so that i could get 5 star elite and platinum for life.

after reading the threads, i don't know if i should feel stupid. i currently am now 5 star, but it cost me 170,000. was i really stupid for doing this. i thought since i was buying preconstruction that it was a good idea.

my biggest reason was because i wanted platinum status. i don't have to use the cancun weeks until 2010, but i will have close to 750,000 SPG points now. Was i really a fool for doing this? although, i hear so much about resale, there seems to be a lot of people i know who are upper middle class that puchase straight from the developer and have loved the program. unfortunately, i didn't find out about this site till yesterday.

I'm 32 so i thought that doing it this early in life was a good investment. I also thought starwood seemed to be the best and was here to stay.

I would appreciate any insight you all could give me on the following.

1. was i stupid and just wasted away our future retirement.
2. was spg platinum worth it
3. i heard that platinum status SPG for 5 star elite would be cut off after 2000 members through svo. after that only hotel clients would be eligible
4. is starwood the best program out there and is it here to stay

 

[DeniseM]

Welcome to TUG and the BEST board and NICEST group of people on TUG!

Most of us bought from the developer first and found TUG later. We just didn't know about resales. Sounds like you are in the same boat... Hope you'll hang around and talk timeshare with us.

 

[zinupe]

do you think 5 star elite SPG platinum is worth it?

 

[jerseygirl]

1. was i stupid and just wasted away our future retirement.

No, you weren't stupid -- you bought into a great program and will enjoy MANY great vacations as a result. But, you probably should have done a little more research before committing so much money. Think of it as a great learning experience. At 32, you have plenty of years to plan for a wonderful retirement. (Oh ... and don't forget about college if kids are in the picture/plan. What you just paid will cover about 3 years at most tier one/two private schools ... at today's prices. When my daughter was born, my wonderful Merrill Lynch broker gave me a beautiful, glossy, presentation that projected about $15K/year. He was off by about $30-$35K/year! )

2. was spg platinum worth it

Probably not worth the full premium you paid, but don't look back and just enjoy it. Learn to get the best out of it. Here's a recent post from another thread where someone most definitely made the best of SPG points:

I recently bought three 1st class transpacific tickets using StarPoints. These tickets typically cost $12-16k each (flatbed cabin from east coast to Asia). I transferred my StarPoints to BA miles (BA is currently offering 30% bonus) and then use the BA miles to buy those tickets on AA. These tickets end up costing 231k StarPoints. That's more than $0.15 per StarPoint! Even without the BA bonus, each SP would still be worth $0.12 in this case.

3. i heard that platinum status SPG for 5 star elite would be cut off after 2000 members through svo. after that only hotel clients would be eligible

Probably true ...or there will be a LOT of really mad people who "bought up" to get in on the deal. Having said that, they'll probably need to come up with some other pretty fantistic perk to get people to spend the big $ buying more.

4. is starwood the best program out there and is it here to stay

The Marriott people will say that Marriott is the best. The Hyatt people will say that Hyatt is the best. The Hilton people will say that Hilton is the best. They all have features that make them "the best" in someone's eyes, e.g., Marriott has the most locations; Hyatt has the best resorts and much greater flexibility than Starwood or Marriott; Hilton is short on locations, but really great flexibility. What matters is which one works best for YOU. And, they're probably all here to stay -- they're making way too much money off of us suckers, I mean owners!

 

[tomandrobin]

Congratulations on becoming 5 * elite, and welcome to Tug!

We all have to buy from the developer, one way or another. We bought our first unit from Westin. Five months later I found tug. Then I bought my second unit resale.

Starwood is a great system, has some great resorts in fantastic locations. Your purchases are done, so you might as well enjoy them. Having four 2 bdrm l/o units a year, looks like you have a lot of vacation planning to do.

I would highly sugeest you stick around here at Tug. I have found its the best place to learn the ins and outs of using and understanding the Starwood system.

 

[Henry M.]

1. was i stupid and just wasted away our future retirement.

The program obviously works for you. You enjoyed it and bought more already knowing that you like its benefits. You may have been able to spend a little less with the knowledge of TUG, but you're not stupid. Since the program works for you, just enjoy it and don't torture yourself as to whether you could have saved some money. Hindsight is always 20/20 and not a reflection of the circumstances at the time you did this.

For the money you paid here you could have bought a small vacation home/cabin somewhere. I know that I enjoy my timeshares more than I would a whole ownership of such a vacation home in a fixed location, no matter where that location was. For $170,000 you couldn't find that great of a spot for a second home.

One thing I wouldn't do is mortgage myself to the hilt to do this. This is a luxury, but if you have the money, it is a nice way to enjoy your financial success.

2. was spg platinum worth it

I think you should buy a timeshare because you like the timeshare experience, not just a side benefit like SPG Platinum. This benefit is nice, and you certainly do get great upgrades on rooms, but you could also outright pay for a lot of top end hotel stays with $170,000.

I find that owning several weeks of timeshares makes it easier for me to just go on vacation. Since I have the time I just use it without having to think much about the cost. I probably wouldn't take as much time off if I didn't have my timeshares. I wish /i would have bought them when I was your age.

Having said that, I am SPG Platinum and I do get suite upgrades and the like over half the time. It all depends on just how busy the property is. I've gotten very nice rooms and suites in Maui, Kauai, Oahu, Disney World, Germany and France. SPG Platinum is a very nice perk.

3. i heard that platinum status SPG for 5 star elite would be cut off after 2000 members through svo. after that only hotel clients would be eligible

That what the salesmen say. Somewhere I read they were starting to get close to that number. They probably shouldn't increase it because it would damage the Platinum program to have too many people eligible for it. What they'll actually do nobody knows.

4. is starwood the best program out there and is it here to stay

Starwood is the best program for me. They have very nice properties in the places that matter to me and the tie in with their hotel program is very good, especially because I travel internationally and their overseas properties tend to be very nice. Other programs have their benefits too. Marriott has many more locations, for example, but the hotel tie-in is not as good. Hyatt properties are wonderful, although there are fewer of them and there are less hotels.

The Starwood program is as strong as any of the other major hotel programs. I think it is definitely here to stay.

Don't beat yourself up. You purchased something that you really like and that you know you will enjoy for a long time to come. There's nothing you can change at this point anyhow, short of selling at a terrible loss.

 

[zinupe]

thanks so much guys. your input is priceless. i feel much better. i've always loved starwood brand hotels, and the newer timeshares seem to be of equal quality to the hotels. i look forward to using the weeks in the future and renting it out if i can't go myself.

it seems i probably spent 30-40k more than i probably needed to to get 5 star, but it did save me the hassle of trying to buy a resale and upgrade. something that would have required a fair amt of time-something i don't have right now.

also, it sounds like the younger you are, the more value you'll be able to get out of it. i'm glad to hear that you think starwood is in it for the long haul.

i kind of figured i ultimately made the right decision, but its good to hear everyone's input.

thanks again!!!

 

[arlene22]

Congratulations on your 5*! As the others have said, you are not stupid. If you had known about this site first (as most of us did not), then yes, you could have saved some money, for sure. But you are very young and if you amortize the difference over the rest of your life, it is not that significant.

Plat for Life: I think that's great and you will definitely enjoy it. We are only Gold, but we have gotten nice upgrades from being Gold. There is a big difference between Platinum and Gold, and I'm sure you will notice the special treatment when you stay in Starwood hotels.

Bottom line is: you have bought into the top tier level of what many of us consider to be the best system out there. I could only have one week, it would be my SVN Harborside. Enjoy your fantastic vacations and the wonderful memories that go along with them. I know our membership in SVN and the trips we have taken because of it have resulted in wonderful family bonding times. We have taken almost all of my siblings/families with us on vacations and that has really enhanced our enjoyment of our trips. To us, it is worth every penny we paid. I wish you the same joy.

Welcome to TUG! We look forward to hearing your trip reports!

 

[Negma]

I bought most of my properties prior to finding TUG. Yes you can worry about paying too much, you can wory about was it a good investment (note-never use this word in regards to timeshares), but at the end of the day you are going to go to some great spots and have some great memories. The other thing is that you are young and can make more money so not a bad deal.

The great thing is now you can use TUG to leverage what you own and find different tips. Take your time and take it all in because you will find we all have opinions and are willing to share. I am not always right but I am never misunderstood.

Welcome and I am wishing that could have owned what you own at that age.

 

[myip]

1. was i stupid and just wasted away our future retirement.

If you pay cash then enjoy your purchase. If you finance it with Starwood, you better figure out how to pay it off as soon as possible.

 

[pointsjunkie]

congratulations, i think you made a very wise decsion. starwood has fabulous resorts and you will never have to pay for a hotel again.we will be staying at a starwood resort in a few weeks as a platinum for the first time, can't wait to see the difference. thewhole way i think about travel has changed.

welcome to TUG, they are a great group of people and very helpful.

 

[CMF]

Totally inappropriate question.

Would the answers differ if Zinupe financed the purchases??


Charles

 

[zinupe]

you guys are awesome. its like family on the web. thanks for all the kind words. i definitely feel better. i look forward to years of interaction with all of you going forward. with owners like you guys, i know i made the right decision.

 

[zinupe]

btw, i didn't finance. and i agree, it would have been a very bad decision to do so.

 

[Henry M.]

By the way, the 750,000 points you got as incentives are worth at least $15,000 and maybe a lot more (5-7x that amount) if you use them at the right locations. You need to take that into account when comparing to buying resale. Also, carefully consider the conversion to Starpoints. It is not as worthless as some people think.

 

[Denise L]

Congrats on 5* Elite!

Welcome to the family of Starwood owners ! You should feel good about your purchases and start planning all the great vacations you can take and how to use your large cache of Starpoints! I wish I had found Starwood when I was 32 years old! It's great that you didn't finance and I'm sure that you will have a great time with your Platinum for life status. I am jealous of all of the hotel upgrades I've read about for Plats!

We bought our Starwood from the developer and have enjoyed it very much! Congratulations!

 

[duke]

my biggest reason was because i wanted platinum status.

I'm 32 so i thought that doing it this early in life was a good investment. I also thought starwood seemed to be the best and was here to stay.

Congrat!

SPG Platinum For Life is a great benefit and YOU GOT IT!

These SPG Platinums are running out so you made a good decision to get it NOW.

 

[tomandrobin]

Congrat!

SPG Platinum For Life is a great benefit and YOU GOT IT!

These SPG Platinums are running out so you made a good decision to get it NOW.

Sigh, I need to work harder on convincing the wife to go 5*! If we had not started buying Disney, I would have been there already.

 

[CMF]

Glad to hear it and jealous.

btw, i didn't finance. and i agree, it would have been a very bad decision to do so.

I was just starting to grow up at 32 and didn't have 2 cents to rub together. I can't imagine what it would have felt like to have $170K of dispossable income at that age . . . I don't believe I'll be able to imagine what it feels like at any age for that matter - without putting a serious hurt on my retirement plans.

Congrats and enjoy your purchases in good health!

Charles

 

[Transit]

Congrats and welcome to Tug .Instant 5* is a pretty nice place to be..enjoy

 

[DeniseM]

btw, i didn't finance. and i agree, it would have been a very bad decision to do so.

I was afraid to ask that question - that makes a HUGE difference! Smart move!

 

[spuppy]

By the way, the 750,000 points you got as incentives are worth at least $15,000 and maybe a lot more (5-7x that amount) if you use them at the right locations. You need to take that into account when comparing to buying resale. Also, carefully consider the conversion to Starpoints. It is not as worthless as some people think.

I find the best way to maximize spg points is to book expensive hotels over the holidays, when otherwise the price would be very expensive.

For example, last christmas I used 4*12000 spg points to book 5 days (4 days + 1 bonus day) at the St. Regis in Aspen. On spg.com, the room was going for $1700 per night! I haven't checked recently, but I never saw it below $900 per night during prime ski season. Personally I would never pay that much, but it seemed like a better way to splurge than first-class airline tickets, since you get to enjoy a hotel room for your entire vacation. On top of that, I was upgraded to a suite, which goes for god knows how much. In any case, assuming $1700 per night x 5 nights for 48K points comes to almost 18 cents per point. Though hard to find deals that good, at that rate, your 750K points would be worth almost $133K!

By the way, I just checked spg.com for christmas 08, and the same room is going for $1740 + tax. Unfortunately, they have gotten wise and are now charging 25K points per night...

 

[zinupe]

[By the way, I just checked spg.com for christmas 08, and the same room is going for $1740 + tax. Unfortunately, they have gotten wise and are now charging 25K points per night...[/QUOTE]


i know. i saw that aspen was 25k. all the NYC W hotels are also now 20k points - a significant increase fromt he past the question that i have is if they will increase the spg points given for conversion of our weeks as pts required for desirable hotels continue to go up. if not, then conversion will eventually become obsolete. afterall, why trade in the points if you can't stay in the hotels you'd like to

do you think that eventually our weeks will also be worth more spg points?

 

[califgal]

Congrats to you! If you don't have kids yet, use your starpoints in Europe during off peak times and live it up!!

I would be very surprised if Starwood would ever give us more starpoints for our conversions...they already have our $$$!

 

[Henry M.]

I don't know what SVN will do. There was a major devaluation in 2007. They came back and gave a certain level of Elites and extra 10% of points in their Starpoint conversion. However, that didn't make up for the increase in points at the majority of hotels.