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Update: Fairmont 'deal' re: moving to RCI and points

coolcat said:
If Fairmont is trying to get everyone to convert shouldn't they also let you have access to the points system within RCI to actually see what you CAN book?.....
Click to expand...

Thanks for you information ...
 
I just received an e-mail from Fairmont advising that the fee to convert is now $9500 a week, plus tax of course, but they'll give me a 25% discount if I act quickly! They couldn't sell them at $5,000 a week so they almost double the cost, then offer a discount. Marketing! Hurry - this deal is only good to-day.
 
What a bunch of crooks. You can buy a resale at a points resort for a fraction of that. Maintenance fees through the roof and now this. It makes you wonder what's next.
 
The End of an Era

It is sad how Fairmont has degenerated. I'm sure that Lloyd Wilder is turning in his grave now. He would be very disappointed to see how the project he started in 1957 has fallen into the hands of con artists and fly-by-nighters. When we first bought into Fairmont it was a first class resort, run by reputable people. Greed has replaced business integrity. But I believe it is a disease that has infected the overall timeshare business. The lack of business ethics as practiced by RCI is now the norm for the timeshare business.
The offer on the table for current Fairmont leaseholders is an opportunity to repurchase their timeshares. The package includes a membership in the RCI points system and a conversion from lease to fee simple title. Your cash goes to a newby called Northwynd. Are they a White Knight that has come along to rescue Fairmont or just opportunists that will disappear once they have scooped enough cash from willing timeshare owners? Your guess is as good as mine. But for me, I'll just hang on to my cash.
 
That's our feeling as well. We don't have usage again until our 2012 week at LOR and it looks like we won't be staying in the new villas ever again based upon what we heard. We heard from another owner while we were there, the new villas by the lake (2 buildings-one which was totally empty of all furniture) will be sold as private condos for a starting price of $400 thousand each. I guess we'll see if that happens. There were real estate signs in the villas facing the lake so it looks like that may be the case. We won't be buying into the points system, or renewing our vacation club ownership either. Any news about this situation in the coming weeks/months would be greatly appreciated. I trust other owners far more than I do these guys.
 
Well I doubt they'll have much luck selling condo's at $400 in this valley now. Nothing has sold for around 2 years. THe condos in Invermere very close to the main beach have had 2 auction selling times and are now 40% off. SOme 2 bedrooms are under $200 and they still don't seem to be going. THis valley (I have a trailer in a park here) has been building and building but people are afraid to buy recreational property. Our RV park is redesigning and he is going to try and get 150-200 thousand per lot plus 30-40 for a boat stall. Our friends bought into Kimberly and that development stalled. Until the economy (oil mainly) picks up I think they'll just be sitting.

Joan
 
We just returned from Fairmont and I totally agree that this place is gone down hill. We went to the presentation about converting and were interested but with certain concerns. Not once did they explain anything about maintenance fees skyrocketing other than mismanagement by previous owners and that 25% was not beong put away for future upgrades as we were told. we opted not to join RCI or convert to deeded because I don't know what kind of debt I will be saddling my kids with. It could be astronomical in a short time since these units are getting very run down.
I don't know much about the new ownership group but I am reading mixed reviews and warnings.
The biggest red flag we had was we made an appointment over our week there to get information from sales staff about converting and we met with her Tuesday and a follow up appointment on Friday. The sales office called once to reschedule saying the sales team was called in to Calgary for a meeting and then Saturday morning a new salesperson called saying they reduced their sales team and that our agent was released with many others.
We did not sink anymore money into this sinking ship.
 
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