ROFR metric / Ongoing ROFR Activity

[bazzap]

Thanks Barry, previously for Spanish resort it had been suggested this was not a problem but sounds like it is now albeit in a smaller scale but not the option for up to 7 weeks. Good to know that there are other potential options.

I have left a counter offer on the table with them, to just give them a pile of cash to enrol our 4x ineligible weeks without any additional weeks purchases.
I can’t imagine they will go for it, as it doesn’t fit their corporate model, but who knows they may decide they want the money for effectively nothing in return?

 

[frank808]

I have left a counter offer on the table with them, to just give them a pile of cash to enrol our 4x ineligible weeks without any additional weeks purchases.
I can’t imagine they will go for it, as it doesn’t fit their corporate model, but who knows they may decide they want the money for effectively nothing in return?

Would think that to enroll weeks it would run $20K-$25K. Agree with your assesment that MVC would not do it without a purchase.

You can buy a St. Kitts or Aruba week to enroll those 4 external weeks.

Sent from my SM-T290 using Tapatalk

 

[bazzap]

Would think that to enroll weeks it would run $20K-$25K. Agree with your assesment that MVC would do it without a purchase.

You can buy a St. Kitts or Aruba week to enroll those 4 external weeks.

Sent from my SM-T290 using Tapatalk

We already own 2x St Kitts weeks. We haven’t visited recently, as although I love it there my wife is somewhat less enthusiastic.
So I also suggested to MVC a deal which would include giving back those weeks (or trading them plus a cash top up for more Club Son Antem weeks) as part of a package to enrol our ineligible weeks.
No current interest though, perhaps too complicated a deal for their business model?

 

[frank808]

What did she not like about St. Kitts besides being on the other side of island from airport? Loved looking for the monkeys.

Sent from my SM-T290 using Tapatalk

 

[bazzap]

What did she not like about St. Kitts besides being on the other side of island from airport? Loved looking for the monkeys.

Sent from my SM-T290 using Tapatalk

Nothing major.
I guess it is just that we are spoiled by the beautiful landscaping at Phuket Beach Club and Club Son Antem where we spend most of our time.
By comparison, Sue just finds that the St Kitts resort seems more concrete less garden, especially with the small MVC section rather over powered by the huge Marriott hotel, although when open (it has been closed to regular guests) this does guarantee a wide choice of restaurants and facilities.
We both love the friendly, never too busy undeveloped island feel though compared to most of the Caribbean.

 

[hulagrandma]

Just posted, our offer for $5500 Marriott Ko Olina 2 BR Oceanview EOY Even just passed ROFR.
It was sent 6/22 passed 6/24

 

[WestCoast_03]

First post on these forums.

We just passed ROFR for Ko Olina Beach Club, 2BR annual, Ocean View, Week 52 fixed for $33K. Not exactly cheap but we're happy with it. Sent 6/28, passed 7/2.

 

[HudsHut]

@WestCoast_03
Congratulations! Ko Olina is a gem. Welcome to TUG, and I hope you enjoy your ownership.

 

[Trooperal]

Just received a ROFR from Marriott on a sale of Desert Springs Villas II red week that was offered at $1000.00.

 

[TXTortoise]

Just received a ROFR from Marriott on a sale of Desert Springs Villas II red week that was offered at $1000.00.

Marriott exercised or waived ROFR?

 

[TXTortoise]

Not mine, but just loaded three ROFR fails to ROFR.net. Some folks just don't know value of these weeks, but points owners should be happy.

Marriott Maui Ocean Club Lahaina/Napili

Week 15 - 2BR OF @ $31K
Week 16 - 2BR OF @ $31K These were a single closing at $62K. Kinda surprised they didn't clear, as a floating week would have cleared at this value pre-COVID.

Week 37 - 3BR OF $31K With only 22 3BR units there was no way this was going to pass. During 2020 COVID two 3BRs passed at $60K and one at $48K.

 

[jwalk03]

Marriott just ROFR my Legends Edge Platinum for $1.

 

[jwalk03]

DAMN IT! They ROFR my other week I was trying to buy too! Gold Grande Vista 2BR $421.00

 

[frank808]

Wow gold grand vistas used to pass ROFR for $1. Seems like MVC is on a buying spree if it is cheap. Probably need more inventory for the trust. What better way to get inventory for essentially free to resale at $15 a point.

Sent from my SM-T290 using Tapatalk

 

[jwalk03]

Wow gold grand vistas used to pass ROFR for $. Seems like MVC is on a buying spree if it is cheap. Probably need more inventory for the trust. What better way to get inventory for essentially free to resale at $15.

Sent from my SM-T290 using Tapatalk

I am not surprised by the Legends Edge- I was just hopeful it would slip through. I am shocked by the Gold Grande Vista and really disappointed! Guess I will just keep trying...

 

[jont]

I am not surprised by the Legends Edge- I was just hopeful it would slip through. I am shocked by the Gold Grande Vista and really disappointed! Guess I will just keep trying...

Assuming the week is worth around 2000 pts. Buy it for next to nothing, add it to the trust and sell those points for around 24k. Not a bad deal for Marriott

 

[Dean]

Assuming the week is worth around 2000 pts. Buy it for next to nothing, add it to the trust and sell those points for around 24k. Not a bad deal for Marriott

For Platinum it should be 2250 points. Assuming the system would have to pay the fees on that week (or pass it on to the trust members), that's not a great return right now with the even higher than normal maintenance fees there plus this pending issue.

To Legends Edge Owners;
In 2018, Legends Edge sustained property damage during Hurricane Michael, and in 2019, Legends Edge through its management company Marriott Resorts Hospitality Corporation (d/b/a Marriott Vacation Club International) – entered a contract with Centimark to make necessary repairs. The contract included a “not-to- exceed” contract sum of $980,706.
Centimark appears to have completed the contracted repairs to the property. However, Centimark and Legends Edge disagree as to the contractual requirements for payment and and Centimark’s compliance with the requirements, including documentation of work performed and costs incurred. Legends Edge has paid Centimark $939,000. An independent adjuster evaluated the work performed by Centimark and valued the work at $939,000. Centimark claims it is entitled to additional compensation, recorded a lien to secure payment, and filed a lawsuit against Legends Edge to recover additional compensation and to foreclose the lien. Although no specific amount is provided, the documents filed in the lawsuit by Centimark reflect claims owed exceeding $100,000.
All documents filed in the lawsuit are publicly available with the Bay County Clerk of Court and can be located by searching the case name [Centimark Corporation v. Legends Edge Condominium Association, Inc., et al. Case No. 2021-CA-000520 (Bay County, Florida)] in the following
website: https://baycoclerk.com/court-records/case-search/.
The lawsuit potentially exposes Legends Edge and its members to liability exceeding its insurance coverage.
If Centimark prevails and is not paid, Centimark may potentially be able to force a sale of individual unit interests. Individual members are not required to intervene in the lawsuit but have the right to intervene if they so choose. Florida law requires notice to be given to all members, see Florida Statute 718.119, and the purpose of this letter is to be disseminated by the Board to give all members notice of the lawsuit and of their right to intervene.

 

[jont]

For Platinum it should be 2250 points. Assuming the system would have to pay the fees on that week (or pass it on to the trust members), that's not a great return right now with the even higher than normal maintenance fees there plus this pending issue.

I was speaking in generalities , not resort specific.The buyer of the trust points will be required to pay mf’s of around .65 cents per point. As you pointed out there will be some instances where the trust point mfs will not be sufficient to cover the underlying resort mf’sbut in most instances they probably do.
My point was that generally, Marriott is making boatloads of cash in recycling these weeks into points.

 

[Dean]

I was speaking in generalities , not resort specific.The buyer of the trust points will be required to pay mf’s of around .65 cents per point. As you pointed out there will be some instances where the trust point mfs will not be sufficient to cover the underlying resort mf’sbut in most instances they probably do.
My point was that generally, Marriott is making boatloads of cash in recycling these weeks into points.

Actually I'd say that for many if not most weeks overall the fees on those points won't cover the underlying fees of the week. I'm sure they're cherry picking for that reason and they should if this is their goal. It's why I'm surprised they would take LE under ROFR given that the current fees are almost $2K and that the resort is current under a lawsuit that in their own words, could force the sale of the property.

 

[dioxide45]

For Platinum it should be 2250 points. Assuming the system would have to pay the fees on that week (or pass it on to the trust members), that's not a great return right now with the even higher than normal maintenance fees there plus this pending issue.

Not to derail this thread, but looking at the complaint, the platintivv (Centimark) claims they have only been paid $507,000. Yet the HOA claims to have paid them the full amount?

 

[paxlin]

Marriott Summit Watch ROFR exercised at $12300.
Added the result to rofr.net

 

[6scoops]

Marriott's Oceana Palms, Gold Ocean Front 2 bd. $6500, Sent 6/24 - Passed 7/1
I've added it to ROFR.net

 

[GraceR]

We had an Aruba Surf Club Platinum 2 BR OV pass ROFR at $14,000 and now title has changed. This included the former owners booking a week for us contiguous with reservations we already had using our existing weeks. This is not a low amount, but the sale was with the Redweek confirmed listings, which made us feel secure against scammers, and the price is a fraction of what we paid for our previous weeks. It is getting harder to book with points in that season and we like to go for at least 3 weeks at a time, so we are happy.

 

[Squan66]

*** 5/1/16 - This link to the current, active ROFR database is added with the OP's permission: ROFR Experiences (www.rofr.net) ***

All,

I have had a few PMs asking me to compute ROFR metrics for various offers, which I am happy to do, and also asking for the history of this unofficial metric. The following thread is where we collected the data (such as it is).

I've taken the Points Value spreadsheet that TUGgers helped compile a couple of years back, and computed the ROFR metric for all weeks.

Accordingly, the attached is a hypothetical price of what should clear ROFR, if the metric can predict a ROFR exercise.

Please note, this approach is imperfect and I would hate to see a TUGger increase their bid based solely on this -- please make an offer price of what the week is worth to you. And please consult with a broker on what has been passing ROFR lately, they will have the most current information.

Anyone can compute their own ROFR metric:

1) Start with the DC Points that the underlying week is worth (example: 3,000 DC Points)
2) Multiply #1 by $10 per point (representing how much Marriott can sell the related points for if they ROFR it and deposit to the Trust -- example: 3,000 * $10/point = $30,000)
3) Take your Offer Price ($5,000?) and divide it by the result of #2 (example: $5,000 / $30,000 = 16.6%)
4) The resulting percentage will likely be between 5% - 35%.

My theory is that weeks where #4 is less than 23% have a greater probability of not passing ROFR than if #4 is greater than 23%. It is based on the linked thread up above.

I welcome comments, corrections and more recent data. Good luck!

Best,

Greg

Greg,
How do I add to the database?
I tried to buy a one bedroom at Marriott Aruba Ocean Club (Platinum season) for $8000. I was alerted this week that Marriott exercised the first right of refusal.

 

[TXTortoise]

ROFR.net

Greg,
How do I add to the database?
I tried to buy a one bedroom at Marriott Aruba Ocean Club (Platinum season) for $8000. I was alerted this week that Marriott exercised the first right of refusal.