ROFR Exercised/Passed

[brp]

I found the answer I expected in the Hilton Club Disclosure statement. Can do Guest Certificate for family/friends (for a fee), but not for rental or commercial use; failure to comply can forfeit membership, yada yada. So, I guess that just means we have to find a renter who will suddenly become part of the family .
Sean

Or one that is a "friend." And the definition is up to you

Cheers.

 

[seagila]

The Hilton Club New York (HCNY)
9,000 deeded interest points for $9,650 listed with RedWeek Full-Service Listing
First year of use and MF payment in 2020
ROFR submitted 11/25/19 and passed 12/20/2019
Closing cost is $1,972 with Grand Vacations Title, which also includes resort transfer fee, recording fees and title insurance.

It's too late to edit my post above, so doing this follow-up. Apparently, the data point I reported earlier in this thread and on rofr.net is for an RTU ownership.

As it turns out, the HCNY deed being sold to us was in fact RTU that expires in 2032. I'm a bit disappointed that a RedWeek Full-Service Listing missed this important criterion for a real estate property. We were clear at the outset that we were not interested in an RTU ownership at HCNY. It may have been misreported by the seller, but as the broker I would think RW confirms what it is they're selling before advertising it. If I bought a house that I thought I would own in perpetuity and then was told, after signing a contract, that in fact I would only own it for 12 years ... anyway. Contract will be cancelled and deposit refunded, so no harm done.

What irks me more is that I was the one who had to bring it to their attention. Every time I've bought a deeded week, I've always done my own preliminary title search - partly out of curiosity, mostly out of due diligence. I usually check the property's history after signing the purchase agreement and get the seller's information. This gives me ten days to cancel the contract if something was not right. I didn't do it sooner this time because it was a RW Full-Service Listing - a trusted source. When I did check ACRIS (New York's online record of deeds) after hearing we passed ROFR, that's when I saw the original contract sold by HGV was RTU. The original owner of the contract defaulted on dues, so the HOA auctioned it off which the current owner/seller bought and is now looking to sell. I would like to think that RW would have caught it before we got too deep into the process or worse yet before the deed was recorded in our names, but who knows? Semper caveat emptor!

 

[brp]

This is quite disappointing. The Full-Service listings on RedWeek are definitely supposed to do the due diligence to check things like this. Definitely a Fail on their part.

Cheers.

 

[tombanjo]

What did the current owner pay? It was a pretty good price if you are ok with it going poof in 12 years. I would have thought HGVC would have bought and converted to perpetual and sold off in two pieces.

 

[seagila]

This is quite disappointing. The Full-Service listings on RedWeek are definitely supposed to do the due diligence to check things like this. Definitely a Fail on their part.

I agree.

What did the current owner pay? It was a pretty good price if you are ok with it going poof in 12 years. I would have thought HGVC would have bought and converted to perpetual and sold off in two pieces.

According to records, original owners of the HCNY 9,000-point contract paid $33,850 in 2006. The current owner/seller bought it for $22,942 in 2018. Maybe HGV would have waived ROFR at an even lower selling price given that it only has twelve years left on the contract. Some party might be interested in usage expiring in 2032, but I was looking for something longer term.

 

[skibikegokf]

I own a Lagoon Tower 2br plus. We have 8400 platinum HGVC points per year.

What are bHC points?

 

[tombanjo]

bHC stands for "By Hilton Club" which is a subsection of HGVC. W57th is sort of a bHC and The District (Washington DC) and The Residences (NYC) are official bHC. Points are more expensive, but have owners lounges with breakfast and appetizers and drinks in the evenings. A better booking window as well. The "AI" feature means you don't pay reservation fees, which is nice if you book several short stays instead of a single 1 week home week,

 

[SteelerGal]

ROFR waived. 1bdrm The Blvd Platinum Season, 4800pts. $1500 price w/ Transfer fee included in price. Will post

 

[dayooper]

ROFR waived. 1bdrm The Blvd Platinum Season, 4800pts. $1500 price w/ Transfer fee included in price. Will post

Nice purchase!

 

[Panina]

ROFR waived. 1bdrm The Blvd Platinum Season, 4800pts. $1500 price w/ Transfer fee included in price. Will post

Congratulations

 

[SteelerGal]

Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.

 

[Panina]

Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.

You thought it out and figured out what would work best for you. Love it!

 

[TheTimeTraveler]

Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.

Nice move!



.

 

[GT75]

Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.

Congratulations on figuring it out and making it work for you.

 

[huddyka]

Looks like Anderson is aggressive on the ROFR. Didn't you have a 1 BR Platinum EOY bought also back last month?

I'm looking to transfer my Anderson Ocean unit - have there been other cases of them exercising ROFR?

 

[natarajanv]

I'm looking to transfer my Anderson Ocean unit - have there been other cases of them exercising ROFR?

If I remember correctly, you are trying to give away a 2 BR Gold EOY 5000 point unit, right? I don't think you will have a problem with ROFR on that unit.
To see the ROFR activity which TUG users have posted please check rofr.net

 

[fabro001]

W 57th. 3750points. Points available to
Use in 2021. $1682 inclusive of closing costs and transfer fee. Offer placed in October 2019. ROFR waived at the end of December 2019. Just submitted final closing docs.


Sent from my iPhone using Tapatalk

 

[brp]

W 57th. 3750points. Points available to
Use in 2021. $1682 inclusive of closing costs and transfer fee. Offer placed in October 2019. ROFR waived at the end of December 2019. Just submitted final closing docs.

Very nice price for a great location. Congrats!

Cheers.

 

[tombanjo]

they're giving it away. I'm surprised as NY is still a very much in demand and salable (retail) location. Perhaps the fact the points for 2020 were gone made it possible to get it so cheap

 

[alyap]

ROFR waived 3bdrm The Blvd Las Vegas, Gold Season, 7000pts. $1000 price plus all other fees

 

[mrharris03]

I was advised today by our closing company that ROFR was waived on our purchase of an 11,600 point 1BR penthouse (Gold) week at the Residences by Hilton Club. Purchase price is $9,000 (a 90% discount off the original purchase price based on the deed consideration data in ACRIS) with first use in 2021 and with us paying closing costs. I'm assuming the timing of our deal (just before the coronavirus pandemic shuttered NY) together and the resulting economic uncertainty contributed to the waiver. I'll hold off on putting this into ROFR.net until I have the waiver in hand, but this may bode well for other transactions during this time period.

 

[Smclaugh99]

I was advised today by our closing company that ROFR was waived on our purchase of an 11,600 point 1BR penthouse (Gold) week at the Residences by Hilton Club. Purchase price is $9,000 (a 90% discount off the original purchase price based on the deed consideration data in ACRIS) with first use in 2021 and with us paying closing costs. I'm assuming the timing of our deal (just before the coronavirus pandemic shuttered NY) together and the resulting economic uncertainty contributed to the waiver. I'll hold off on putting this into ROFR.net until I have the waiver in hand, but this may bode well for other transactions during this time period.

Congratulations! That’s a great price for that number of bHC points. Too bad it’s gold week because maintenance fees are pretty pricey there. I concur that anything coming through our ROFR is more likely to be waived given the economic situation. I think they just want to guarantee customers will be paying maintenance fees. We shall see.

Sean

 

[MrPipman]

I was the winning bidder on 25,200 points, platinum, for a mere $10,000. I am assuming Hilton will exercise ROR, this deal is too good. But given the Covid 19 pandemic Hilton may be conserving cash.

 

[dayooper]

I was the winning bidder on 25,200 points, platinum, for a mere $10,000. I am assuming Hilton will exercise ROR, this deal is too good. But given the Covid 19 pandemic Hilton may be conserving cash.

Which resort?

 

[MrPipman]

King's Land Big Island and the points are annual.