Ok so going through governing documents I would love some clarification on this stuff and to hear your thoughts. I see vistana East vacation club consists of Bella/Key West, HRA, and WSJ. Each of these has their own verbiage of being part of the club. Here is what it says for Key West SVV: I assume this is just the “mandatory” aspect.
“Key West. Key West will be sold on a fee title basis. The fee simple title to the Key West property will be submitted to the condominium form of ownership. Units in Key West are being sold subject to a vacation ownership plan. Under the Club Resort vacation ownership plan for Key West, fee title to a VOI, consisting of an undivided 1/52nd interest in the Owner's Unit as tenant in common with the other Owners of VOIs in that Unit, is conveyed to a Purchaser. A Unit is committed to the Club Resort vacation ownership plan on the recording by the Developer of the first deed to a VOI in such Unit, which first deed will also designate the specific VOI being conveyed in that Unit. Title to VOIs will be transferred to Purchasers by a special warranty deed pursuant to the terms of a purchase agreement.
As described above and as set forth in the Club Resort Affiliation Agreement for Key West, membership in the Club is an inseparable part of each Club Resort VOI in Key West. Therefore, when a Purchaser acquires a Club Resort VOI in Key West, the Purchaser automatically becomes a Club Member.”
Here is what is said regarding the Club, which is different than the network. The network which is the VSN is just an exchange. Now that there will be another exchange I assume that mandatory club members must have access to that exchange as well? Here is what it says:
“The Club currently is affiliated with the Vistana Signature Network, an exchange program under Florida law, pursuant to a Network Affiliation Agreement. Not all of the Network Resorts are Club Resorts. At Club Resorts, all owners are required to be Club Members. Only the Club Resorts are component sites of the Club multisite vacation ownership plan under Florida law. Subject to availability and pursuant to the Network Rules for the Vistana East Vacation Club, all Network Members will have the opportunity to reserve accommodations and related facilities located at their Home Resort and other Network Resorts, if any, that are affiliated with the Network from time to time.
Pursuant to the Network Affiliation Agreement for the Club, Club Operator also has contracted with Network Operator for Network Operator to perform certain obligations and duties of Club Operator under each Club Affiliation Agreement, including the operation of the reservation system for the Club.”
Last but not least, Does this give MVW the right to take units from the VSN to place into the DC exchange? does this silence the “MVW can’t take inventory from the VSN and put it into the DCE” crowd? Or is this for interval bulk deposits? It could be a case for funding the DCE considering the DCE is an external exchange. ITS about to get real if that’s the case. If the DCE is not considered an external exchange and is a network exchange like the VSN, how could they keep club members out of converting?
“d. Network Float Period. The Network Float Period begins eight (8) months prior to the Check-in Day for a given Vacation Period and ends sixty (60) days prior to the Check-in Day. It follows the Home Resort Reservation Period for a given Vacation Period and precedes the Network Options Period. During the Network Float Period, all Network Members must compete with other Network Members for reservations on a first-come, first-served basis for a reservation for any available Vacation Period that the Network Member has sufficient StarOptions to reserve. Due to the automatic reservation of Reserved Periods as described in Section 4.2.a(2), the availability of such Vacation Periods may be limited.
Network Members also will compete with Network Operator for reservations during the Network Float Period with respect to Network Operator's rights to make reservations for bulk banking for external exchange and anticipating Network Member demand to access the Starwood Preferred Guest Program as discussed above.”