Good afternoon everyone,
I recently upgraded my West 57th Studio Plus Plat. to their new development (under construction): The Residences which is essentially an exclusive 29 units penthouse conversion in the Hilton Hotel, Ave. of the Americas. I have a few days left to rescind my purchase (apparently it's doable by FAX) and I would like your opinion on what's best to do.
Now here is my dilemma:
I bought my West 57th St. timeshare direct from Hilton 2 years ago: $58,900 with 54,000 bonus points. Apparently I did well for the bonus points, but not so good overall for buying direct; I only learnt this too late...
I am paying roughly ~ 1500 MF/year for 5250 points (conv at 50:1 HH => 262,500 HH points). I know the resale value is not so good, about ~ $25,000, correct?
I bought last friday a week in The Residences, in a Studio Deluxe Penthouse (or something like this), which sells for $108,000. They agreed to use the West 57th St. timeshare as a downpayment of $58,900 (full money back), and gave me 45,000 bonus points. Overall, with the discount, I need to pay an extra $49,000.
I will be paying about $1,800 MF/year for 14,400 points, which convert to 720,000 HH points at 50:1.
I have 3 options:
1) Rescind and keep my West 57th St., carry on paying $1,500 per year for 5250 points. Maybe sell later and feel raped as the value of my TS has dropped sooo much.
2) Do nothing and keep my new TS in The Residences, end up paying $49,000 extra and get many more points for roughly the same MF every year.
3) Rescind and sell my West 57th TS and buy another TS at resale price to get 14,000+ points. I convert to HH points a lot; the conversion would be only 25:1, which is not great.
As I mentioned previously, I convert to HH, but I am worried that what I can get today with 720,000 points might drop drastically over the years with the upcoming devaluations. I know there was a massive devaluation in 2013, but I do not have enough historical data to make an educated guess over what the devaluation would look like in the coming years.
I also used the Anantara resorts in the past and loved them, but I noticed the points chart has changed; the numbers used to be round; it seems it's gone up.
Please help, I'm pretty lost.
What would you guys do?
Thanks,
Alex
I recently upgraded my West 57th Studio Plus Plat. to their new development (under construction): The Residences which is essentially an exclusive 29 units penthouse conversion in the Hilton Hotel, Ave. of the Americas. I have a few days left to rescind my purchase (apparently it's doable by FAX) and I would like your opinion on what's best to do.
Now here is my dilemma:
I bought my West 57th St. timeshare direct from Hilton 2 years ago: $58,900 with 54,000 bonus points. Apparently I did well for the bonus points, but not so good overall for buying direct; I only learnt this too late...
I am paying roughly ~ 1500 MF/year for 5250 points (conv at 50:1 HH => 262,500 HH points). I know the resale value is not so good, about ~ $25,000, correct?
I bought last friday a week in The Residences, in a Studio Deluxe Penthouse (or something like this), which sells for $108,000. They agreed to use the West 57th St. timeshare as a downpayment of $58,900 (full money back), and gave me 45,000 bonus points. Overall, with the discount, I need to pay an extra $49,000.
I will be paying about $1,800 MF/year for 14,400 points, which convert to 720,000 HH points at 50:1.
I have 3 options:
1) Rescind and keep my West 57th St., carry on paying $1,500 per year for 5250 points. Maybe sell later and feel raped as the value of my TS has dropped sooo much.
2) Do nothing and keep my new TS in The Residences, end up paying $49,000 extra and get many more points for roughly the same MF every year.
3) Rescind and sell my West 57th TS and buy another TS at resale price to get 14,000+ points. I convert to HH points a lot; the conversion would be only 25:1, which is not great.
As I mentioned previously, I convert to HH, but I am worried that what I can get today with 720,000 points might drop drastically over the years with the upcoming devaluations. I know there was a massive devaluation in 2013, but I do not have enough historical data to make an educated guess over what the devaluation would look like in the coming years.
I also used the Anantara resorts in the past and loved them, but I noticed the points chart has changed; the numbers used to be round; it seems it's gone up.
Please help, I'm pretty lost.
What would you guys do?
Thanks,
Alex