When you buy resale, you don't get the option to convert to hotel points. The conversion value is low, but on occasion it can make sense. I've gotten some good value at some hotels in Europe. Not so much in the US.
I don't know if you can convert to Club Points either. You had to own before the merger of Vistana and MVC to get that privilege.
At WKORV and WKORVN, you get to convert to Staroptions, which can be exchanged for other Marriott locations. As others have said, the maintenance fees at these properties are so high that exchanging is not a good value.
I just don’t want to be locked into one resort every year.
This was a big consideration when we bought into the Starwood program back in 2002, before the resort was built. However, we have gone back every year anyway! We just like Maui so much. We still go elsewhere on vacation, but return to Maui too.
At the time, the hotel conversion gave reasonable value. For example, you could stay at the Sheraton in Maui for a week. Same for other nice hotels around the world. Since then, however, conversion rates to hotel points have remained unchanged while the points required for hotel reservations have gone up significantly. The other issue is that maintenance fees go up significantly every year (for all properties).
We are still happy with our ownership. We couldn't stay two weeks in Maui (locking off the unit - staying one week on each side) in a resort like this for what we pay in maintenance fees. We've built many great memories with our children, who were young when we first got into this. At the time, there were no resales yet. If I were doing this again today, I'd buy resale in Maui. In fact, I may still buy a couple more weeks to be able to stay there a few months a year. It is cheaper than buying a house up the hill from the resort. We were able to stay 3 months at WKORVN during COVID times and loved living on the island, especially without many tourists around. I like to own where I want to go. Resort management can change over time. At the end of the day, the only thing you are guaranteed is that you can go to where you bought.
I would not buy at Nanea, as it is voluntary. You also don't own an actual week, just points, which you may not be able to use. For example, you could buy points enough for a 1BR, but there are so few 1BR units that they are hard to reserve. You can't lock off the 2BR, so you can only reserve dedicated 1BR units.
If I don't want to use a week, it is easier for me to rent my units out and get an Airbnb or VRBO somewhere, than to try to exchange to a property of the same caliber as the Westins in Maui. This is not the case with some of the other timeshare properties. The exchange into other Vistana/Marriott properties is not as big a draw for me as I thought it would be when I first bought.