The Royal Mayan after 2013 ?

[JBRES1]

Any word as to what will become of the Royal Mayan in 2013 ?
Will the Mayan still be a Royal Resort or not ?
When I spoke to a reservation person earlier this week, she told me not to worry, all will be fine.

Jim Breslin

 

[pjrose]

The story keeps changing and as far as I know, nobody here knows.

 

[craigchams]

I am at the Sands this week and at the orientation last Sunday someone asked if the Royal Mayan is going to be sold. Jorge Lopez, Guest Relations manager answerd the question and said yes it would be sold. I guess there is still time for Royal Resorts to change their position, but after what happened at Royal Cancun (VCI), I doubt it.

 

[pjrose]

I am at the Sands this week and at the orientation last Sunday someone asked if the Royal Mayan is going to be sold. Jorge Lopez, Guest Relations manager answerd the question and said yes it would be sold. I guess there is still time for Royal Resorts to change their position, but after what happened at Royal Cancun (VCI), I doubt it.

Technically according to the contract it has to be sold for the best price, doesn't it? But I don't think that prohibits the Royals from offering the best price to re-buy it if there are other offers, or if there are no other offers, keeping it.

 

[craigchams]

I hope the Royal Mayan stays in the family, wouldn't be the same without it.

 

[pjrose]

I hope the Royal Mayan stays in the family, wouldn't be the same without it.

Would you buy in if they offered that opportunity? I would.

 

[craigchams]

I don't own at the Mayan anymore. Purchased at the Mayan during construction in 1985 and was an owner for 8 years and left Royal resorts for a number of years after that. Bought at the Sands and then VCI in last few years. If I still owned M547 at the Mayan and was offered another 30 years, I would be interested.

 

[KarenLK]

Craig - which weeks at VCI?

 

[craigchams]

Craig - which weeks at VCI?

Only 1 week, 47.

 

[dennisokey]

Gone, gone gone

I asked that question today at RC. Latest news is only 20 percent of current members are willing to renew according to survey. So they are now saying it will be sold at auction.

 

[islander222]

I own two weeks at the Royal Mayan and have never been asked if I would renew. I think there are a lot of rumors going around.

 

[dennisokey]

Yes perplexing as no one I have talked to were in the survey!

 

[alfie]

I received the survey several months ago. It was entitled..Re: The Royal Mayan...What will happen after the 30 year Membership..It was long, involved and very confusing. Seemingly the same questions where asked over and over again with subtle changes. But, basically they were asking if you would buy again for 30 more years, would you buy again for 10 more years, would you buy a unit outright (like a condo ownership) or would you simply take the residual and run. They floated some numbers, which gave the impression that hardly any residual would be available. Apparently yet another survey is in the works. I received an e-mail indicating that it should arrive any day now.

 

[Carolyn]

A lot of these surveys went to spam folders.

 

[alfie]

Yes, they did go to spam, so this time they are warning us to look for the following e-mail address and add it to your address book so that it does not go to spam. It is royal.resorts@confirmit.mrops.net Then again, who knows what the survey is all about, it simply could be a food and service item.

 

[Jennie]

I previously owned weeks at VCI and "cashed out" rather than re-up when the RTU expired in, I think, 2007. Through the years I owned, I was told that the initial purchase price was being held in escrow in a secure, interest bearing bank account in Mexico. This, combined with some monies withheld from the annual maintenance fees paid, was supposed to insure that there would be enough funds available to return the original purchase price to owners who chose not to renew their ownership. It worked out fine for me when VCI's date arrived when the original contract expired.. I was surprised at how many people purchased new memberships rather than "take the money and run".

Is there not sufficient escrow funds to pay the owners who wish to bail out?

 

[moonlightgraham]

When we had lunch with our Host on our recent Thanksgiving week trip the status of the Mayan was one question I asked. He stated in unequivocal terms that they would not be bidding on the Mayan. He said they are completely focused (staff and financially) on marketing the Grand Residences, and selling out the Hacienda. He seemed to imply, without saying it, that the decision to re-up the VCI was not the most financially astute corporate decision and they were not going to repeat the mistake.

I, like most others here, love the Tri's and will hate to see the Mayan leave, but it really looks like that will be the case. I left the lunch with the distinct feeling that there would be no 11th hour change of heart on this one. Kinda sad, really.

 

[pjrose]

Is there not sufficient escrow funds to pay the owners who wish to bail out?

My understanding is that the funds to repay the original interval owners at VCI came from reselling the units, rather than from escrow

As far as the Mayan and other Royals go, I never heard that the money was in escrow, but that the actual amount of return to the owners would depend on the actual selling price minus taxes, legal and sales fees, and so forth. They would get the original purchase price IF the selling price minus fees was sufficient.

The assumption at the time was that of course real estate would continue to skyrocket....but it doesn't seem to have done so.

 

[tonyg]

The sale, if it happens, will be in January 2014 according to my old membership agreement. I tend to think that a decision is not solid, but rather that sales personnel would say it was since they have other properties to sell.

 

[alfie]

The assumption at the time was that of course real estate would continue to skyrocket....but it doesn't seem to have done so.[/QUOTE]

The prices listed at the Grand Residences, $ 800,000 USD and up (and you have no say as to the color of the drapes) seem to imply that Royals management does indeed believe that real estate in Mexico has skyrocketed... my investment of $10,000 at the Royal Mayan must have increased somewhat in 30 years if you follow any logic...but, they seem unwilling to pay..there seems to be a contradiction here.

 

[geoffb]

Through the years I owned, I was told that the initial purchase price was being held in escrow in a secure, interest bearing bank account in Mexico.

Read the contracts, the residual rights were always based on a future sale of the resort at market value. There is no mention of funds in escrow.

 

[pjrose]

The assumption at the time was that of course real estate would continue to skyrocket....but it doesn't seem to have done so.

The prices listed at the Grand Residences, $ 800,000 USD and up (and you have no say as to the color of the drapes) seem to imply that Royals management does indeed believe that real estate in Mexico has skyrocketed... my investment of $10,000 at the Royal Mayan must have increased somewhat in 30 years if you follow any logic...but, they seem unwilling to pay..there seems to be a contradiction here.[/QUOTE]

True, but then why couldn't they sell VCI at the expected profit? They couldn't pay back the original owners without reselling intervals to others and even then repaying over a multi-year period.

 

[andycancun]

Re Mayan

There are no easy answers to the Mayan situation...as an owner at several Royals properties (the Mayan is one), I´d also love to buy back if given the opportunity. Of course i´m not naive enough to think that if it were re-sold it would be for the same $ I originally paid or anything close.

In the end, I believe the company will honor its contract, I´ll eventually get my residuals and I´ll remember I had a bunch of years of great vacations at a great resort to show for it. I didn't buy to make money, and I feel I got my money's worth. I have two other weeks (one at Haciendas), and inasmuch as we love the feel of the three resorts together, if the Mayan sells, it sells. Time will tell, right?

 

[papeterie]

RM Trust expiration

Some close friends were at RM last week and were told that it will be sold to the highest bidder. No new news there. There has been a lot of conversation as to the trust ending date. I was told by ISCO a few weeks ago that the actual ending date of the trust is 12/28/2013. According to them, that means I can use my week 51 but not 52. ISCO also indicated that we will find out nothing until mid-2012, so, once again, it's anyone's guess.

 

[Ellis2ca]

Absolutely Confident that it will remain a Royal Resort

Some close friends were at RM last week and were told that it will be sold to the highest bidder. No new news there. There has been a lot of conversation as to the trust ending date. I was told by ISCO a few weeks ago that the actual ending date of the trust is 12/28/2013. According to them, that means I can use my week 51 but not 52. ISCO also indicated that we will find out nothing until mid-2012, so, once again, it's anyone's guess.

I have never been mistaken in my predictions and in my absolute confidence in the honesty of the Royal Resorts Developers to do what is right to the members... (eg, what would happen at V.C.I....) so here is what I say:

It doesn't make ECONOMIC SENSE to sell the Royal Mayan to a third party.

The BEST OPTION for the DEVELOPERS is to make sure that everybody gets their residuals if they want to opt out, or to rebuy if they want to re-buy.

Their most economically sensible plan would be to refix the Royal Mayan, and resell it as timeshares of the Royal Resorts again.

The Royal Mayan is on prime property: it is on the best beach in CanCun, and it has many many thousands of fans who ALREADY KNOW IT and who will be HAPPY to buy. It should sell much better and faster than V.C.I. because it is on the best beach in CanCun, and because the Royal Mayan is truly beautiful, and many people know it.

Nobody will be scammed... If you want your money back, it will come from the next person who will buy, with a profit to the developers.

So everybody will get their residual value back, as expected, and similar to what they did at V.C.I....

Whoever said that the developers LOST at V.C.I.? They haven't LOST money. It is a great property, and it is selling out, slowly but surely. The best weeks are always the easiest part to sell, and the end is always the slowest and most difficult part to sell... but it will surely sell out 100% eventually, without any doubt. And the same will be true of the Royal Mayan, without any doubt.

The Royal Mayan will NOT be sold to anybody else, and it will continue to be a Royal Resort. Scratch whatever the salesmen tell you. That is all ridiculous sales talk and I am sure it is NOT the official word.

And I will bet that we will be able to use week 51, and also week 52... Why? Because it is LOGICAL... and the Royal Resort Developers are known to be astute and LOGICAL businessmen. They certainly won't want to RENT all the Villas to tourists (but if they want to and if they can do it, they have the right to do it... if the contract ends on Dec. 27... they will have to pay all the maintainance fees, too... They make a PROFIT when we pay maintainance fees, in which case they will LOSE THAT PROFIT.)

I think we might even be able to use our weeks again in 2014, if we pay our maintainance fee, and if that particular Villa-week has not already been resold.

But... it might be closed for extensive repairs, as occurred at V.C.I. The swimming pools will surely have heating installed, and the Villas will be revamped and redecorated extensively, with more luxurious furniture... The price of renewal might be a lot higher than at V.C.I., but on the other hand, if the price is too high, many who would have decided to renew might decide to receive the residual value...

I have spoken. - Ellis