ROFR metric / Ongoing ROFR Activity

[GregT]

Yes, it definitely was. Closing agent had it queued last week and delays in the ROFR office had it not getting reviewed until today. I expect that will be a $35K week shortly, with even fewer buyers, similar to 2009+.

Yes, I agree with you -- I think ROFR will disappear for awhile and prices will settle. Strange times -- stay safe TUGgers....

Best,

Greg

 

[chuckie50]

From today's Wall Street Journal
Marriott International Inc. plans to furlough thousands of corporate employees at its headquarters and other cities around the world, the company confirmed to The Wall Street Journal, continuing a massive shrinking of payroll this week.

I wonder what will be happening at MVC's ROFR department. Perhaps if one has cash now is the time to try to slip a good deal by them.

 

[TheTimeTraveler]

From today's Wall Street Journal
Marriott International Inc. plans to furlough thousands of corporate employees at its headquarters and other cities around the world, the company confirmed to The Wall Street Journal, continuing a massive shrinking of payroll this week.

I wonder what will be happening at MVC's ROFR department. Perhaps if one has cash now is the time to try to slip a good deal by them.

Fully agree! Marriott needs to conserve every nickel in the Bank. Now is not the time for them to be buying weeks.



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[dioxide45]

From today's Wall Street Journal
Marriott International Inc. plans to furlough thousands of corporate employees at its headquarters and other cities around the world, the company confirmed to The Wall Street Journal, continuing a massive shrinking of payroll this week.

I wonder what will be happening at MVC's ROFR department. Perhaps if one has cash now is the time to try to slip a good deal by them.

Marriott International and Marriott Vacation Club are separate companies, so people working in the ROFR department don't work for Marriott International. No word on furloughs by Marriott Vacations Worldwide. My guess though as to your final question, I suspect we will see a complete stoppage of them exercising ROFR.

 

[CourtShorr]

Hear

Any response yet?

Cleared ROFR Today!

 

[JanT]

We got in under the wire, I think. About 10 days ago I contacted them about buying back our EOY Kauai week and they wanted to buy it back. I'm also deeded back our EOY Silver SDO week. Hopefully, it still goes through. But, I'm pretty sure Marriott isn't going to be buying back a bunch of weeks now.

Fully agree! Marriott needs to conserve every nickel in the Bank. Now is not the time for them to be buying weeks.



.

 

[TXTortoise]

As of today, I've been told the ROFR team said nothing has changed other than staffing issues, so may be a bit until we get new data points. A reduction in sales will also reduce reports.

 

[mkahanek]

Why would you want to pull it? They will give you the same sale price as the contract.

The idea is a friend of mine selling to a family member at a fair price and not have Marriott take it.

 

[Jsmooth969]

I won a bid for a one bedroom at Aruba Ocean Club, gold season back in September for $1126. It just closed recently and booked a reservation for August.

 

[Marathoner]

I tried to bid low on a Marriott prime week yesterday. I was told by the agent that Marriott had taken weeks via ROFR in the past 3 weeks. So, ROFR is still active for now, until they run out of funds. Clearly, MVC is optimistic about their cash funding position at the moment.

 

[echino]

I would not believe it until I see the actual document from Marriott exercising ROFR.

 

[michael49]

So, ROFR is still active for now, until they run out of funds. Clearly, MVC is optimistic about their cash funding position at the moment.

Maybe for some locations but not for all. Marriott has waived ROFR for our purchase of a 2 bedroom platinum week at Manor Club (not the Sequel). More importantly, our purchase price is $200 less than the price we offered in February and to which Marriott exercised ROFR!
So at least anecdotally, Marriott appears to be exercising ROFR somewhat sparingly.

 

[Dean]

I would not believe it until I see the actual document from Marriott exercising ROFR.

Maybe for some locations but not for all. Marriott has waived ROFR for our purchase of a 2 bedroom platinum week at Manor Club (not the Sequel). More importantly, our purchase price is $200 less than the price we offered in February and to which Marriott exercised ROFR!
So at least anecdotally, Marriott appears to be exercising ROFR somewhat sparingly.

I suspect we'll see 2008-2010 type of approach (for far more than just timeshares) but it may take a few months to reach that point. I wouldn't take a salesperson's word on the issue and even if accurate, it's a different time now that even a month ago. If I wanted to purchase I'd do so even more selectively than before and only if I had a strong cash position.

 

[Olienh]

Marriott just waived ROFR on Maui Ocean Club (Molokai, Maui & Lanai) Annual 2BR Oceanview for $14,500. Updating ROFR.net now.

 

[GregT]

Marriott just waived ROFR on Maui Ocean Club (Molokai, Maui & Lanai) Annual 2BR Oceanview for $14,500. Updating ROFR.net now.

Wow -- that's a good price......thanks for posting that!!

 

[jef3680]

Marriott waved ROFR on a $1.00/point offer on April 10th, it was submitted on April 9th. I updated ROFR.net

 

[mjm1]

Marriott waved ROFR on a $1.00/point offer on April 10th, it was submitted on April 9th. I updated ROFR.net

That’s amazing even in these times. That’s a great deal for you as the buyer. Congratulations!

 

[Wahoo]

Marriott waved ROFR on a $1.00/point offer on April 10th, it was submitted on April 9th. I updated ROFR.net

Nice pickup! I am not entirely surprised, though -- in this economic downturn, it makes sense for Marriott to allow points purchases to pass through. They get a swift infusion of cash with each of these transactions from their hefty required fees (initiation fee, owner education fee, etc). While previously they might have exercised ROFR with the intent to sell the points for a much greater profit, at this particular moment I'm sure they are happy to take the guaranteed cash fees since retail points are probably not flying off the shelves right now.

 

[Dean]

That’s amazing even in these times. That’s a great deal for you as the buyer. Congratulations!

I think we'll see lower before this is done. I think free and seller paying closing is not out of the question thus just the junk fees. And I wouldn't be surprised to see sellers paying a portion of those fees in some cases.

 

[tmhcars]

I think we'll see lower before this is done. I think free and seller paying closing is not out of the question thus just the junk fees. And I wouldn't be surprised to see sellers paying a portion of those fees in some cases.

Marriott waived ROFR on 2 platinum weeks at BeachPlace for $4,500 each.

 

[jmhpsu93]

Marriott waived ROFR for 1,000 DC points at $0.76/point with free 2020 usage and seller-paid closing costs. Adding to ROFR.net.

 

[GregT]

Marriott waived ROFR for 1,000 DC points at $0.76/point with free 2020 usage and seller-paid closing costs. Adding to ROFR.net.

Wow.....

 

[qlaval]

I think this confirm that Marriott isn't using any ROFR for the moment being.

 

[jmhpsu93]

Wow.....

Yeah - if I didn't want to commit to more MFs I'd be all over this at a much higher scale right now.

 

[qlaval]

Made an offer yesterday on Redweek for a week, offer already accepted and signed today...
I have a good feeling regarding the ROFR...