Spinnaker taking over management of King's Creek

[wackymother]

Just got an email from Spinnaker. Worried. Any thoughts?

Dear Spinnaker and King's Creek Owners,

We have some very exciting news to share with you. King's Creek (of Williamsburg, VA) is now part of the Spinnaker family of resorts.

We have listened when many of you have expressed a desire to travel and discover new destinations. Now, through your Ownership, you will be able to access more vacation destinations. Spinnaker now offers you resorts in Hilton Head Island, SC, Branson, MO, Ormond Beach, FL and Williamsburg, VA. These four exceptional destinations all afford rich and varied cultural, historical, and leisure experiences. Beach, island, mountain, lake and river settings all offer natural and beautiful backdrops that enhance these experiences. Spinnaker Resorts and King's Creek share similar values and always strive to place Owners first. You can be assured that you'll continue to experience consistent high quality accommodations, amenities and owner services at all resorts. We are excited to be able to provide you with the opportunity to discover these destinations for new vacation experiences.

The integration of our companies has begun and we will share more details with you soon.

Look for exciting NEW Owner Offers in the coming days.

 

[tschwa2]

The biggest downside is the $1500 for annual week pre paid fee, $750 for EOY weeks. The fee does go toward future MF's but it is rather high to get a new owner to put up in order to take a giveaway so it may end up as more out of pocket for the current owner looking to give away a week. If you time the giveaway to be in October or so with the new owner paying it before the transfer completes in November, you can sell it simply as prepaying MF's for the next year with a some left over for the following year.

 

[elaine]

If you time the giveaway to be in October or so with the new owner paying it before the transfer completes in November, you can sell it simply as prepaying MF's for the next year with a some left over for the following year.

good to know. The prepaid annual fees were designed to prevent defaults based upon exit companies putting deeds into defunct LLCs. so, it actually helps owners, IMHO.
I have been very happy with Spinnaker in HHI. Our 3BR Waterside is $200 lower in annual fees than our 2BR HHI managed by another company.

 

[wackymother]

The biggest downside is the $1500 for annual week pre paid fee, $750 for EOY weeks. The fee does go toward future MF's but it is rather high to get a new owner to put up in order to take a giveaway so it may end up as more out of pocket for the current owner looking to give away a week. If you time the giveaway to be in October or so with the new owner paying it before the transfer completes in November, you can sell it simply as prepaying MF's for the next year with a some left over for the following year.

You mean if a King's Creek owner is looking to deed back or give away their week? It's a $1500 transfer fee?

What if I just hold on to it?

King's Creek is mostly floating weeks, and I usually get a July or August week, then deposit it in RCI. I see from some old threads on TUG that Spinnaker will not let you deposit high-summer weeks for other resorts, and that floating weeks have to go into II. Is that right?

 

[tschwa2]

You mean if a King's Creek owner is looking to deed back or give away their week? It's a $1500 transfer fee?

What if I just hold on to it?

King's Creek is mostly floating weeks, and I usually get a July or August week, then deposit it in RCI. I see from some old threads on TUG that Spinnaker will not let you deposit high-summer weeks for other resorts, and that floating weeks have to go into II. Is that right?

It is true that they do not let you reserve and deposit prime summer weeks in HHI. I am not sure if that would be a change they could make for Kings creek. In terms of II vs RCI, that shouldn't apply. Spinnaker took fixed weeks and then created a trust which allowed owners to reserve float weeks. The Trust was affiliated only with II and the fixed weeks were only affiliated with RCI. Since Kings Creek is already dual affiliated, if you don't make any changes to your week -like enrolling in a Spinnaker trust, your usage shouldn't change and the transfer fee only affects you when you go to sell or give it away.

 

[wackymother]

It is true that they do not let you reserve and deposit prime summer weeks in HHI. I am not sure if that would be a change they could make for Kings creek. In terms of II vs RCI, that shouldn't apply. Spinnaker took fixed weeks and then created a trust which allowed owners to reserve float weeks. The Trust was affiliated only with II and the fixed weeks were only affiliated with RCI. Since Kings Creek is already dual affiliated, if you don't make any changes to your week -like enrolling in a Spinnaker trust, your usage shouldn't change and the transfer fee only affects you when you go to sell or give it away.

Thanks! I feel better. I was dreading having to switch everything over to II. I really hope they don't block off the summer weeks at King's Creek....

 

[elaine]

I don't think Spinnaker can/will change deposits for existing owners. Spinnaker's HHI floating weeks came from unsold weeks and owners trading up for Blue Water. They had an assortment of weeks at 4 properties and merged them into all flex weeks at all 4 resorts with deposits into II. Owners of fixed weeks kept their weeks and original RCI trading status--no II for old fixed week owners.
As an aside, I have a 4th of July week and was very skeptical of the Spinnaker flex system. However, I was pleasantly surprised-they sold it for a reasonable price (for direct sales)-maybe $15K for 2BR summer flex and upon query of persons around the pool for a few years, a number had actually reserved the prime week 26/27 from the flex system. Spinnaker was also giving 100% credit for purchase price to trade up to Blue Water. When the salesperson saw the low price that we had paid resale, he said "this is definitely not in your interest to consider trading up to Blue Water, just keep your Waterside week."
I'm no fan of developers or sales teams, but wouldn't be too concerned about Spinnaker.

 

[wackymother]

I don't think Spinnaker can/will change deposits for existing owners. Spinnaker's HHI floating weeks came from unsold weeks and owners trading up for Blue Water. They had an assortment of weeks at 4 properties and merged them into all flex weeks at all 4 resorts with deposits into II. Owners of fixed weeks kept their weeks and original RCI trading status--no II for old fixed week owners.
As an aside, I have a 4th of July week and was very skeptical of the Spinnaker flex system. However, I was pleasantly surprised-they sold it for a reasonable price (for direct sales)-maybe $15K for 2BR summer flex and upon query of persons around the pool for a few years, a number had actually reserved the prime week 26/27 from the flex system. Spinnaker was also giving 100 credit for purchase price to trade up to Blue Water, which for many, was a decent amount. When the salesperson saw the low price that we had paid resale, he said "this is definitely not in your interest to consider trading up to Blue Water, just keep your Waterside week."
I'm no fan of developers or sales teams, but wouldn't be too concerned about Spinnaker.

Thanks, Elaine! I feel reassured. I've been debating giving away the King's Creek week for a few years, but it's been good for us, and it's our last timeshare. You've given me hope that things will be mostly like they have been. It's a nice resort and a pretty good trader.

 

[elaine]

no guarantees as they don't consult me! Ha Ha
we're in the same boat with our HHI week-keeping it a few more years as it still gets us DVC, HGVC, etc. thru RCI.