Royal Resorts - Voluntary Turnover

[jnrgault]

We are owners of two weeks at The Royal Resorts, Royal Islander in Cancun Mexico, and are considering opting for their Voluntary Turnover as a means of terminating our ownership. Has any of you Tuggers had experience with this method of terminating your ownership. And if so, were you satisfied with the result?
Thanks

 

[urban5]

Sent you an email

 

[buceo]

What is this program, thanks ?

 

[urban5]

It is a program the Royals instituted recently to accept voluntary return of your unit to the Royal Resorts. There is no cost to either the member or the Royals for this process. The Royals would now be responsible for the MF and would receive any rental income plus (I believe) the residual value when the trust is turned over.

I wonder if this accumulation of units by the Royals will be detrimental to members who place their units in the rental program, as the Royals I think would be placing their units for rent immediately after occupancy date and therefore be first in line for rental opportunities out competing the members for available demand.

 

[buceo]

Thanks. I can only see it mentioned in their on line magazine "Life", but never did locate it within the 84 pages. I don't see the program on their web site. If there is a link to it somewhere, please post.
I only rent out my units myself so have a different customer base, most typically those that don't want the AI and the Royals rent theirs to those that do. To date renting out myself is still working well. I hope they are trying to resell some their weeks under their new points program too, but I agree they'd get them listed early as rentals.

 

[urban5]

A paragraph from the Advisory Council Meeting Minutes was all I could find.

As an alternative, the Voluntary Relinquishment Turnover
program has been implemented to recover units from
Members who are not in good standing with their
Club Service Fees and villa payments. They receive a
repossession letter that they sign and their unit goes
into company inventory. The Developer pays the Club
Service Fees for company units.

The same paragraph was in the minutes for each resort except Royal Cancun. I could find nothing on the Royals or ISCO website. I wonder if you are in good standing you cannot use this program?

 

[buceo]

... I wonder if you are in good standing you cannot use this program?

Thanks, yes that is how I'd read it. With that in mind, a better deal for the owner if in arrears already. The term voluntary is maybe a bit of a marketing term, softens it a bit. Hard enough to sell if everything is up to date, pretty impossible otherwise, so this would be an avenue out I guess. If people were just walking away this would make the transfer back to the company more efficient I would think.