Recorded Trust Documents

[dioxide45]

I wish there was some way to figure out how many Weeks Marriott is holding that haven't been conveyed to the Trust yet, and why. But again, don't know what good it will do to know the answer. It's just another question.

It would have to be a lot. Based on information posted here we know MVCI has indicated that they have a lot of inventory, and those amounts are not based on retail pricing. 87MM points is a little under $1BB in inventory based on retail prices. My guess is that MVCI has 4-5 times more inventory they are not placing in the trust.

 

[TJCNewYork]

Avoiding information overload, am just jumping in to make a comment and have not followed the entire discussion. Recalling Larry Sisson's 1998 TUG article on Annual Budgets, inventory whether for legacy exchange or points program is subject to Florida statute:

"Annual assessments for Florida Timeshares are currently caculated by two statutory methods: Percentage of Ownership in the timeshare plan or square footage of the unit occupied. There is a proposed change in the Florida Senate in SB 626 that would modify this to include some subjective criteria, i.e. location of unit, ammenities, etc. The points system some resorts use will be adjusted to meet the statutory requirment of a (one-to-one) ratio that must be maintained at all times, else a violation will have occured. Resorts that offer an exchange program/reservation system must be careful of violating this part of the statute by over booking units."

Making a huge assumption that spinco will continue to comply with statutory requirements, maintaining a balance of legacy to trust inventory would seem to be in all our interests. That said, is anyone aware of pending legislation that the Florida legislature is considering that potentially impacts or will have an impact that would lessen the real and/or perceived protection that current statutes provide upon our respective inventory interests?

 

[hotcoffee]

It would have to be a lot. Based on information posted here we know MVCI has indicated that they have a lot of inventory, and those amounts are not based on retail pricing. 87MM points is a little under $1BB in inventory based on retail prices. My guess is that MVCI has 4-5 times more inventory they are not placing in the trust.

I know when I enrolled, the points salesman insisted tht Marriott had plenty of inventory. He claimed that Marriott had inventory at every resort.

However, if they have 4 to 5 times more inventory than is currently in the Trust, that seems to me to be pretty shocking. Poor sales combined with a large inventory combined with a high foreclosure rate translates to trouble for the timeshare industry. I would assume the whole industry is more-or-less in the same boat. I am glad there is a lot of inventory for DC exchanges, but not too optimistic about the future considering some of the troubling economic realities this country faces.

 

[dioxide45]

I know when I enrolled, the points salesman insisted tht Marriott had plenty of inventory. He claimed that Marriott had inventory at every resort.

However, if they have 4 to 5 times more inventory than is currently in the Trust, that seems to me to be pretty shocking. Poor sales combined with a large inventory combined with a high foreclosure rate translates to trouble for the timeshare industry. I would assume the whole industry is more-or-less in the same boat. I am glad there is a lot of inventory for DC exchanges, but not too optimistic about the future considering some of the troubling economic realities this country faces.

I agree that there is trouble in the TS industry, though I don't think other companies got caught with nearly as much excess inventory as MVCI did. Other companies, Hilton especially, are actively exercising ROFR. That is an indication to me that they have an inventory shortage and are replenishing it with ROFR weeks as they sell.

MCVI was aggressively developing new resorts up through the real estate crisis. Opening three new and large resorts, Marco Island, Lakeshore Reserve, and Oceana Palms, right before the crash. They got caught with their pants down holding on to a boat load of inventory. I hope they can turn it around for everyone's sake.

 

[GregT]

All,

For what it's worth (not much), I estimated the number of weeks that have been deposited for Ko Olina, because it is a property that I am interested in.

Using an inexact estimate (ie counting the number of weeks on one page, and then counting the number of pages with similar "deposits"), I estimate that there are approximately 2,000 Ko Olina weeks in the Trust. I believe there are 39,000 total weeks at Ko Olina, so the Trust has 5% of the total weeks.

No real point here, only that even Ko Olina, one of the deeper properties in the Trust, only has a single digit percentage of the property in the Trust.

Now, if they build out Building 4, all of those weeks would go to the Trust (and I'm not sure if that would be worth it to do).

Best,

Greg


Estimated weeks:

1425 weeks -- Initial deposit
50 weeks -- November first deposit
500 weeks -- November second deposit

 

[vacationtime1]

I know when I enrolled, the points salesman insisted tht Marriott had plenty of inventory. He claimed that Marriott had inventory at every resort.

How many times has someone said here on TUG that Marriott is running a business? Their business is now selling points and exchanging via their own internal exchange company.

Weeks owners have been, and continue to be, guaranteed reservations at their home resorts for the seasons they purchased. However, the DC program looks to be leaning more-and-more toward giving an exchange advantage to DC points members. In reality, that should not be too surprising to anyone since the DC program is now the program that Marriott is pushing.

That said, I doubt II would be too willing to trade Marriott quality for junk (unless they saw some benefit for themselves). II is also running a business.

This is scary, but probably correct. We know from the charts above that the Trust does not own much inventory at many popular resorts. We also know that the Trust will have to come up with inventory at these resorts in order to fulfill its implied obligations to owners of the Trust or the Trust will fail in the long term. It can acquire the necessary inventory by purchasing it on the open market (expensive), exercising ROFR (less expensive, but slow), or controlling exchange inventory (no capital cost, quick, and easy).

Many of us have commented about fewer exchange possibilities farther downstream. Most of us have recently observed a large number of last minute exchange possibilities at prime resorts.

I connect these dots by concluding that Marriott is manipulating exchanges through Interval for the benefit of points owners and the detriment of "traditional" Marriott-to-Marriott weeks exchanges. The last minute exchange possibilities are consistent with Marriott hoarding prime inventory for Trust owners and releasing it to "mere" weeks owners at the last minute.

If so, it is time to dump the silver and bronze Marriott weeks purchased with the intent to exchange.

 

[hotcoffee]

. . . I connect these dots by concluding that Marriott is manipulating exchanges through Interval for the benefit of points owners and the detriment of "traditional" Marriott-to-Marriott weeks exchanges. The last minute exchange possibilities are consistent with Marriott hoarding prime inventory for Trust owners and releasing it to "mere" weeks owners at the last minute. . . .

I am not sure it is fair to call it "manipulating". The DC program IS Marriott's program now. So, it is in their interest to ensure it is successful. So, yes, I think they will do what they have to do to make it successful. I have been told that DC members who elect points to exchange have access to all enrolled weeks that have been exchanged via either points election or II deposits. Moreover, given the amount of inventory that either Marriott or the Trust owns, or controls via MRP, it is evident that DC members have some significant exchange advantages. It is highly unlikely that I would have been able to exchange into a 2BR OceanFront MOC week in one of the new wings in the middle of July using the II weeks exchange system.

 

[dioxide45]

I am not sure it is fair to call it "manipulating". The DC program IS Marriott's program now. So, it is in their interest to ensure it is successful. So, yes, I think they will do what they have to do to make it successful. I have been told that DC members who elect points to exchange have access to all enrolled weeks that have been exchanged via either points election or II deposits. Moreover, given the amount of inventory that either Marriott or the Trust owns, or controls via MRP, it is evident that DC members have some significant exchange advantages. It is highly unlikely that I would have been able to exchange into a 2BR OceanFront MOC week in one of the new wings in the middle of July using the II weeks exchange system.

I think that it still needs to be pointed out that the DC program hasn't magically created new demand other than trust points sold. Even in weeks new sales would have soaked up some of that inventory. That said, it is true that if DC is hoarding weeks, DC point exchangers will have first crack at them. However, there will still be a lot left. There is no other place to put them. If they were there before DC, they will still exist after.

They will find their way to II, perhaps later than usual. We actually have seen some evidence of this with a lot of late bulk deposits to II.

 

[vacationtime1]

I am not sure it is fair to call it "manipulating". The DC program IS Marriott's program now. So, it is in their interest to ensure it is successful. So, yes, I think they will do what they have to do to make it successful. I have been told that DC members who elect points to exchange have access to all enrolled weeks that have been exchanged via either points election or II deposits. Moreover, given the amount of inventory that either Marriott or the Trust owns, or controls via MRP, it is evident that DC members have some significant exchange advantages. It is highly unlikely that I would have been able to exchange into a 2BR OceanFront MOC week in one of the new wings in the middle of July using the II weeks exchange system.

I used the somewhat inflammatory word "manipulating" intentionally.

Suppose three Marriott owners. One bought 5,000 shiny new DC trust points. The second enrolled legacy weeks into the DC, deposited one or more of those weeks, got skimmed, and now has 5,000 DC points to trade. The third owns a developer-purchased legacy week such as Waiohai or Ko Olina that would be worth 5,000 DC points, but did not enroll it; instead, that owner attempted a traditional week-for-week exchange through Interval. All three want the same prime Marriott legacy week that was deposited into Interval by its owner for an unrelated exchange (a week that would be worth 5,000 DC points if it were trust property, but it is not trust property).

Who gets the exchange? I don't think there is any doubt that Marriott will arrange matters so that the trust points owner will get the week before the enrolled week owner, and that the enrolled week owner will get the week before the legacy week owner.

The prized exchange week was not trust property and each owner deposited something of equal value. The fact that the week will nonetheless always go to the points owner amounts to manipulation. I "get it" that Marriott is in business to make a profit, but if it doesn't want to play fair, it has fallen to the level of RCI and I will be forced to take my exchange business elsewhere.

 

[OldPantry]

All,

For what it's worth (not much), I estimated the number of weeks that have been deposited for Ko Olina, because it is a property that I am interested in.

Using an inexact estimate (ie counting the number of weeks on one page, and then counting the number of pages with similar "deposits"), I estimate that there are approximately 2,000 Ko Olina weeks in the Trust. I believe there are 39,000 total weeks at Ko Olina, so the Trust has 5% of the total weeks.

No real point here, only that even Ko Olina, one of the deeper properties in the Trust, only has a single digit percentage of the property in the Trust.

Now, if they build out Building 4, all of those weeks would go to the Trust (and I'm not sure if that would be worth it to do).

Best,

Greg


Estimated weeks:

1425 weeks -- Initial deposit
50 weeks -- November first deposit
500 weeks -- November second deposit

I came up with similar results when I analyzed Ko Olina. The 2000 weeks would represent approximately 38 of the 750 total units at the resort, again, about 5%. This reflects one of the premium resorts with a large amount of inventory. I suspect (without having done the grunt work of going through all the deposits) that 5% is at the upper end of likely for all Marriott timeshare resorts.

That's not a big figure, and I too am not sure what it means. At a minimum though, the trust clearly must have enough inventory to meet the (theoretical) demand of points owners (otherwise, they'd be running a scam). It's safe to say, therefore, that new sales of points (as opposed to exchange points from legacy owners, which is a wash, inventory-wise) are hardly robust. Some portion of new points sales must be coming from legacy owners, who wish to flesh out their exchange points to maximize flexibility and overcome the skim. So, how many genuine "new" points owners are there?
If the numbers are as anemic as I suspect, the next sound we'll be hearing from Spinco might be a rousing "glub, glub."

 

[hotcoffee]

. . . Suppose three Marriott owners. One bought 5,000 shiny new DC trust points. The second enrolled legacy weeks into the DC, deposited one or more of those weeks, got skimmed, and now has 5,000 DC points to trade. The third owns a developer-purchased legacy week such as Waiohai or Ko Olina that would be worth 5,000 DC points, but did not enroll it; instead, that owner attempted a traditional week-for-week exchange through Interval. All three want the same prime Marriott legacy week that was deposited into Interval by its owner for an unrelated exchange (a week that would be worth 5,000 DC points if it were trust property, but it is not trust property).

Who gets the exchange? I don't think there is any doubt that Marriott will arrange matters so that the trust points owner will get the week before the enrolled week owner, and that the enrolled week owner will get the week before the legacy week owner. . . .

The II search will get the week if the II search is the only thing running when the week is deposited.

If, however, a DC member already has a waitlist request for that week running when the deposit request is made, the DC member will get the exchange prior to the week hitting the II inventory. That is based upon my interpretation of an e-mail exchange I had with someone at Marriott. My interpretation could be wrong, but I think I understood the process as a deposited Marriott week will first check for a DC waitlist request. If a waitlist request wants the week, Marriott will use the week to satisfy the waitlist request and deposit into II a week of equal value that will in turn satisfy some ongoing II request.

New DC exchange requests can "see" enrolled weeks that have been deposited into II in the same way as they can "see" the internal exchange inventory. If a deposited enrolled week is used to satisfy the DC request, Marriott will deposit a week of equal value into II.

New DC exchange requests cannot, of course, see non-enrolled weeks in the II inventory. But Marriott can submit a II request for the desired week and deposit a week of equal value if it hits.

However, what really gives DC members the advantage is that they have more pots of inventory from which to get an exchange. Non-members only have II. DC members have any inventory available to Marriott (which includes II).

 

[vacationtime1]

The II search will get the week if the II search is the only thing running when the week is deposited.

If, however, a DC member already has a waitlist request for that week running when the deposit request is made, the DC member will get the exchange prior to the week hitting the II inventory.

. . . .

However, what really gives DC members the advantage is that they have more pots of inventory from which to get an exchange. Non-members only have II. DC members have any inventory available to Marriott (which includes II).

Your first point is a fair one and well taken: a legacy week for legacy week exchange will still happen if there is no DC points owner requesting the same exchange.

I'm pretty sure that we agree on the remainder as well: a DC trust points owner's request will always take precedence over an enrolled owner's request and the enrolled owner's request will always take precedence over a legacy week owner's request for the same exchange.

If I had purchased my Marriott weeks directly from Marriott with the promise of being treated as a valued Marriott customer (as contrasted to those nasty resale buyers), I would find this to be very shabby treatment indeed.

This is sort of what happened in the Starwood world a couple of years back, so I guess I shouldn't be surprised; I am, however, disappointed.

 

[dioxide45]

However, what really gives DC members the advantage is that they have more pots of inventory from which to get an exchange. Non-members only have II. DC members have any inventory available to Marriott (which includes II).

The important thing to point out however is that only DC members trading in or using points have more pots of inventory. Those enrolled legacy owners still exchanging in the weeks model on still on par with non-enrolled legacy owners.

 

[dioxide45]

I am not sure it is fair to call it "manipulating".

I used the somewhat inflammatory word "manipulating" intentionally.

Manipulate Definition
1. To move, arrange, operate, or control by the hands or by mechanical means, especially in a skillful manner.
2. To influence or manage shrewdly or deviously.

I think what Marriott is doing. Right or wrong, fair or unfair. It is manipulation.

This manipulation isn't good for legacy owners wanting to exchange in weeks, it doesn't matter if you are enrolled or not enrolled. Legacy weeks exchangers are at the back of the line it seems.

I think we have seen some reduced inventory of prime weeks in II; however, the weeks still appear to get dumped in as late bulk deposits. I think this is because MVCI still doesn't have a handle on usage and redemption patterns. Once they have a couple years under their belt, those weeks will find their way to the II pool a lot sooner, perhaps still not at 11 and 12 months out, but far sooner than 4-6 weeks.

 

[hotcoffee]

Manipulate Definition
1. To move, arrange, operate, or control by the hands or by mechanical means, especially in a skillful manner.
2. To influence or manage shrewdly or deviously.

I think what Marriott is doing. Right or wrong, fair or unfair. It is manipulation.

This manipulation isn't good for legacy owners wanting to exchange in weeks, it doesn't matter if you are enrolled or not enrolled. Legacy weeks exchangers are at the back of the line it seems.

I think we have seen some reduced inventory of prime weeks in II; however, the weeks still appear to get dumped in as late bulk deposits. I think this is because MVCI still doesn't have a handle on usage and redemption patterns. Once they have a couple years under their belt, those weeks will find their way to the II pool a lot sooner, perhaps still not at 11 and 12 months out, but far sooner than 4-6 weeks.

I believe that the economy will come into play here. If somehow, miraculously, the price of oil starts a downward trend, the U.S. stops its deficit spending, the U.S. debt actually starts going down instead of up, the job market heats up, and terrorism goes away, timesharing will once again become hot. Otherwise, I think the Marriott spinoff company will have to think of creative ways to make the program profitable. Changes to the program will likely come at the expense of those legacy owners who refuse to enroll. Marriott will almost certainly have to give incentives for purchasing and using points.

Not sure which way Marriott inventory in II will go if points sales go up significantly.

 

[GregT]

Dioxide,

They look like they've added 7 new documents -- but they are different from before -- no points are allocated to the weeks deposited?????? Properties appear to be Grand Vista, Cypress Harbour and Imperial Palm Villas. What do you make of it?

Thanks!

 

[dioxide45]

Dioxide,

They look like they've added 7 new documents -- but they are different from before -- no points are allocated to the weeks deposited?????? Properties appear to be Grand Vista, Cypress Harbour and Imperial Palm Villas. What do you make of it?

Thanks!

These appear to be deeds where they are actually conveying physical weeks to the trust. They will allocate points for those weeks to the trust in a future notice. There are several of these mixed in with the points notices. Any Orlando weeks they need to convey will have deeds recorded in Orange County FL.

 

[GregT]

These appear to be deeds where they are actually conveying physical weeks to the trust. They will allocate points for those weeks to the trust in a future notice. There are several of these mixed in with the points notices. Any Orlando weeks they need to convey will have deeds recorded in Orange County FL.

Thank you --- does this mean that there are similar notices being recorded in other recorder offices (Maui, Oahu?) for the additional/new weeks that will have points allocated to them in a separate filing?

Interesting.....thanks very much!

 

[dioxide45]

Thank you --- does this mean that there are similar notices being recorded in other recorder offices (Maui, Oahu?) for the additional/new weeks that will have points allocated to them in a separate filing?

Interesting.....thanks very much!

Yes, for every week conveyed to the trust there are corresponding deeds recorded in those resorts jurisdictions.

 

[GregT]

All,

Marriott loaded some more points into the Trust yesterday -- now there are approx 111M points in the Trust.

The bulk of the increase in points came from Ritz Carlton Vail (~4M), Kauai Lagoons (~6.5M) and more Newport Coast (12M). There were numerous other properties with mostly small additions.

The Trust was already deep in Kauai Lagoons and Newport Coast. The addition of the Ritz Carlton to the Trust is significant because access previously was through Explorer Collection (which presumably could be taken away). Now that Ritz Carlton Vail is in the Trust, that is permanent access to that property for Trust owners. I'll be curious if other Ritz Carlton properties get added to the Trust.

I'll update the list as soon as possible. Thanks

Best,

Greg



Edited: More properties today -- so now ~114M points in the Trust -- see next post

 

[GregT]

TUGgers,

They loaded more properties this morning -- so this is all points in the Trust Pool as of September 29th, 2011.

Best to all,

Greg


Updated through September 29 2011:



PROPERTY...................TRUST POINTS

Newport Coast Villas........22,532,750
Timberlodge.................12,465,250
Kalanipu'u..................10,615,500 ......... (Kauai Lagoons)
Crystal Shores...............9,259,250
Ko Olina.....................9,208,750
Oceana Palms.................6,574,500
Grande Chateau...............5,873,000
MOC-Sequel...................5,675,750
Ritz Carlton Vail............4,255,500
MOC..........................4,132,000
Canyon Villas................3,823,750
Grand Vista..................3,133,750
Willow Ridge.................2,946,750
Grande Residence Club........2,564,000
Shadow Ridge II..............2,267,500
Ocean Watch..................2,019,750
Harbour Lake.................1,219,750
Lakeshore Reserve..............690,000
DSV II.........................612,000
Fairway Villas.................525,250
Ocean Point....................466,750
Shadow Ridge...................417,500
Kauai Beach Club...............364,500
DSV I..........................229,250
SurfWatch......................215,750
Cypress Harbour................153,250
Waiohai........................151,750
Sabal Palms....................150,000
Barony Beach Club..............144,000
BeachPlace Towers..............142,250
Royal Palms....................141,750
Mountain Side..................121,000
Legends Edge...................101,500
Harbour Pointe..................99,000
Manor Club Sequel...............87,750
Grande Ocean....................87,250
Manor Club......................68,000
Summit Watch....................68,000
Imperial Palm Villas............54,500
Doral...........................51,000
Sunset Point....................47,000
Monarch at Sea Pines............38,250
Harbour Club....................30,500
Heritage Club...................13,000

.......Total...............113,838,250

 

[dioxide45]

All,

Marriott loaded some more points into the Trust yesterday -- now there are approx 111M points in the Trust.

The bulk of the increase in points came from Ritz Carlton Vail (~4M), Kauai Lagoons (~6.5M) and more Newport Coast (12M). There were numerous other properties with mostly small additions.

The Trust was already deep in Kauai Lagoons and Newport Coast. The addition of the Ritz Carlton to the Trust is significant because access previously was through Explorer Collection (which presumably could be taken away). Now that Ritz Carlton Vail is in the Trust, that is permanent access to that property for Trust owners. I'll be curious if other Ritz Carlton properties get added to the Trust.

I'll update the list as soon as possible. Thanks

Best,

Greg



Edited: More properties today -- so now ~114M points in the Trust -- see next post

I find it interesting that they placed Ritz Carlton Vail and Grande Residence Tahoe to the trust. Booking the Ritz resorts is a perk of premier and premier plus owners. However with them in the trust, doesn't that make them available to any trust points owner that wants to book them at any time they are permitted to do so? They are both on the 2012/2013 points chart.

 

[GregT]

I find it interesting that they placed Ritz Carlton Vail and Grande Residence Tahoe to the trust. Booking the Ritz resorts is a perk of premier and premier plus owners. However with them in the trust, doesn't that make them available to any trust points owner that wants to book them at any time they are permitted to do so? They are both on the 2012/2013 points chart.

Dioxide,

I had the exact same reaction -- I think it is interesting that Ritz Carlton Vail is in the Trust -- I would think any Trust Points owner should be able to book there if they have the points, irrespective of Premier or Premier Plus (and which is appropriate for a Trust Point owner, I'm not suggesting otherwise). We may find that the "non-Trust" Ritz's are the ones that are restricted to Premier/Premier Plus.

I pulled up the property filing (and also called the RC Vail) and deduced that Marriott has deposited 9 full 2BR units and 7 full 3BR units -- 16 units for the entire year. When you do the math on the points for these units (which I did), it would require 4.7M points to book the entirety of those units for a year -- but Marriott only deposited 4.2M points into the Trust for the RC units.

So Marriott skimmed themselves when permanently depositing these units into the Trust.

I respect that (and I'm serious) I am glad to see that the treatment is consistent for Marriott's own Trust units and our Legacy units. 500K points skimmed is $5M less in Trust Points for Marriott to sell. I'd noted this pattern before when they deposited units but it was never as easy to "prove" that the skimming was equally applied to their own deposits.

In any event -- the Trust has a new toy -- the Ritz Carlton in Vail. I'll be curious if any others get permanently added -- its a good way for Marriott to liquidate that inventory, but depositing modest quantities of units into the Trust. I believe there are 71 units at Ritz Carlton Vail (from their website), and now 16 of them are in the DC Trust permanently.

Best to all,

Greg

 

[windje2000]

Dioxide,

I had the exact same reaction -- I think it is interesting that Ritz Carlton Vail is in the Trust -- I would think any Trust Points owner should be able to book there if they have the points, irrespective of Premier or Premier Plus (and which is appropriate for a Trust Point owner, I'm not suggesting otherwise). We may find that the "non-Trust" Ritz's are the ones that are restricted to Premier/Premier Plus.

I pulled up the property filing (and also called the RC Vail) and deduced that Marriott has deposited 9 full 2BR units and 7 full 3BR units -- 16 units for the entire year. When you do the math on the points for these units (which I did), it would require 4.7M points to book the entirety of those units for a year -- but Marriott only deposited 4.2M points into the Trust for the RC units.

So Marriott skimmed themselves when permanently depositing these units into the Trust.

I respect that (and I'm serious) I am glad to see that the treatment is consistent for Marriott's own Trust units and our Legacy units. 500K points skimmed is $5M less in Trust Points for Marriott to sell. I'd noted this pattern before when they deposited units but it was never as easy to "prove" that the skimming was equally applied to their own deposits.

In any event -- the Trust has a new toy -- the Ritz Carlton in Vail. I'll be curious if any others get permanently added -- its a good way for Marriott to liquidate that inventory, but depositing modest quantities of units into the Trust. I believe there are 71 units at Ritz Carlton Vail (from their website), and now 16 of them are in the DC Trust permanently.

Best to all,

Greg

Hi Greg

Just a thought - some of that 500k delta may attributable to scheduled maintenance/rehabs (Does M sell 52 weeks for every physical unit?) and the remainder may be for expected 'breakage' which they may be forecasting to be more material for RC than MVCI.

 

[gblotter]

They loaded more properties this morning -- so this is all points in the Trust Pool as of September 29th, 2011.

First of all, thank you GregT for taking the time to compile this information.

What continues to amaze me is the amount of Timber Lodge inventory in the trust. The points assignment for Timber Lodge is generally much lower than Ko Olina, and Timber Lodge is a much smaller resort than Ko Olina. Yet Timber Lodge comprises a much greater share of the overall trust inventory than Ko Olina. This must mean that relatively few sales of legacy weeks occurred at Timber Lodge in the pre-DC era. It could also be a reflection of the fact that only a small percentage of the overall Ko Olina inventory has been deposited in the trust (as pointed out previously).