Westin Puerto Vallarta officially sold

[cubigbird]

BLACK CREEK MEXICO COMPLETES ACQUISITION OF THE WESTIN RESORT & SPA, PUERTO VALLARTA

/PRNewswire/ -- Black Creek Mexico ("BCM") is pleased to announce that Grupo Alojica has completed the acquisition of the Westin Resort & Spa, Puerto Vallarta...

www.prnewswire.com

 

[daviator]

Disappointing but not surprising. I had hoped they'd change their mind and convert the hotel to villas, I'd love to have PV as a Vistana destination. But it seems we are unlikely to see any investment in new properties on the Vistana side in the foreseeable future. We're lucky we got Cabo and, to a lesser extent, the second Cancun property.

 

[VacationForever]

This is still showing on Vistana website about converting the hotel to timeshare villas. It is certainly disappointing.

Timeshare Vacation Rentals | Vistana

Exploring timeshare rental options? Vistana offers various vacation opportunities at resorts all over the world. Explore your options now.

www.vistana.com

 

[dioxide45]

I am starting to wonder about the second Cancun property. It has been there for several years and I don't think they have yet to convey any of the inventory to Westin Aventuras. I know that Aventuras owners can book it at 12-8 months using HomeOptions, but are they actually selling any of the inventory there as Aventuras yet? If they still have a bunch of unsold HomeOptions from Los Cabos, they may not want to add to it so they can stop selling Aventuras and transition to Abound Points. Though I am not sure they can sell Abound in Mexico as Marriott doesn't sell DC at any of their international sales offices.

I would actually be okay if Cancun Resort was never added to Aventuras, all it will do is put more pressure on the resort people who buy really want to book; and that is Lagunamar.

 

[Mulege]

Sorry for everyone who bought Adventuras. Only 2 properties in the system. Sure you can use the points at 8 months out elsewhere. Westin Flex has a nice assortment of properties.

 

[daviator]

I am starting to wonder about the second Cancun property. It has been there for several years and I don't think they have yet to convey any of the inventory to Westin Aventuras. I know that Aventuras owners can book it at 12-8 months using HomeOptions, but are they actually selling any of the inventory there as Aventuras yet? If they still have a bunch of unsold HomeOptions from Los Cabos, they may not want to add to it so they can stop selling Aventuras and transition to Abound Points. Though I am not sure they can sell Abound in Mexico as Marriott doesn't sell DC at any of their international sales offices.

I would actually be okay if Cancun Resort was never added to Aventuras, all it will do is put more pressure on the resort people who buy really want to book; and that is Lagunamar.

They did convert a good chunk of the Westin Cancun to villas, I believe, so it is sort of in this weird, half-converted place where it isn't fully a timeshare and isn't fully a hotel. Have they sold VOIs in that property at all? It's not in Aventuras, but it is (I think) in VSN. Have they sold weeks there? I feel like they don't know what they want to do with that one, but at one time they were confident enough to convert a big chunk of the property to villa-type units.

 

[T_R_Oglodyte]

I assume that units involved in this transaction do not include any of the units at the neighboring Club Regina/Raintree Vacation property. Is there any info on how this might have spill over effects for that property?

 

[Eric B]

I assume that units involved in this transaction do not include any of the units at the neighboring Club Regina/Raintree Vacation property. Is there any info on how this might have spill over effects for that property?

There were some threads in the Mexican Timesharing forum a year or so ago about there no longer being access for Regina/Raintree guests at the Westin PV facilities due to a major hike in fees. IIRC, it wound up being less expensive for them to build there own facilities instead.

 

[CPNY]

Shame that MVW sold this off. This would have been a nice addition to the portfolio.

 

[Mulege]

Beach is not very good. Right near the cruise port. Often polluted. The grounds are nice.

 

[timsi]

Sorry for everyone who bought Adventuras. Only 2 properties in the system. Sure you can use the points at 8 months out elsewhere. Westin Flex has a nice assortment of properties.

Both resorts are great and Aventuras has lower fees than the other flex programs.

 

[cubigbird]

This is definitely a blow to the Aventuras program as it means no new inventory or priority location. I wonder how this will influence it, if any. Hopefully they can add more Cancún to balance it out more.

 

[Ulrichdl]

Was at Lagunamar presentation today and presenter said Westin Cancun villa conversion was way more expensive than they anticipated and they wouldn’t be converting any more of it to villas. Also, she worked before in PV selling Aventuras and said that they gave up on that project because building was too old and expensive to fix. She said they have a piece of land in Nuevo Vallarta and will build ground up villa building to be added to Aventuras. This was not part of the sales meeting. Chatting later. Who knows if it’s true but interesting.

 

[T-Dot-Traveller]

Hi @Ulrichdl ,
Thanks for your info.

I believe your source is correct - cost of conversion is / was a big factor.

However - I don't think it was because of the age - I think it was because these buildings were too well built ; with probably foot thick concrete walls.

We are currently at Raintree - Club Regina
in Puerto Vallarta .You hear no noise at all from adjacent units.
Club Regina was built at the same time and in the same style as the Westin Hotel next door.

It is a excellent exchange through RCI

 

[HankW]

This is definitely a blow to the Aventuras program as it means no new inventory or priority location. I wonder how this will influence it, if any. Hopefully they can add more Cancún to balance it out more.

It was mentioned to me as a "rumor" that MVC was selling the Westin in PV and as part of Aventiras, MVC was working/planning to build a new resort in New PV. Not sure if anyone knew about the same rumor. For sure, I am not waiting, and I will believe it when I see it. what is the future of New PV?

 

[cubigbird]

The Westin in PV has long been sold unfortunately. I haven't heard any rumors of anything new coming down the pipe.

 

[Ckhawaii]

Im currently in Guadalajara and PV did not excite me, even though I could actually drive there. Nuevo Vallarta is where all the new development is. I’m a Aventuras owner and perfectly content with the portfolio
If you want to go that area just use Bonvoy or grab a getaway.
I really don’t think that MVW has any desire to build in the area. PV glory days are way behind us, the acquisition was not done by MVW but SVO and they were handed a project they never really wanted.

 

[dioxide45]

I really don’t think that MVW has any desire to build in the area. PV glory days are way behind us, the acquisition was not done by MVW but SVO and they were handed a project they never really wanted.

I don't really understand how Vistana/ILG ended up with these three properties (Westin Cancun, Westin PV and Westin Kauai). I suspect they were owned by Starwood and when they Starwood Hotels merged with Marriott International (hotel company), Marriott didn't want any actual real estate with the deal, so they figured they would spin off Starwood as Vistana and it would take with it these three properties to deal with. Marriott International doesn't want to own real estate, all or most of the hotels in the portfolio are just managed or franchised out with the name and the properties are owned by a REIT or some other investment company. It seems that Vistana still has to operate the hotel side of Sheraton Kauai and Westin Cancun with no real option to unload them as the colocation with timeshare may not be appealing to a hotel investment company.

 

[daviator]

the acquisition was not done by MVW but SVO and they were handed a project they never really wanted.

I wouldn’t even call it an acquisition. As I recall, the Westin PV property was one the small portfolio of cast-offs that Starwood “gave” to SVO as part of their spinoff from the mothership. I say “cast-offs” because they were all pretty much run-out properties in need of huge investments. The Cabo property had just been wiped out by a hurricane! But they were all sort of “diamonds in the rough” and I wish SVO had been able to invest in turning them all into jewels. At least we got Cabo. And Princeville.

I will be surprised if we see any more México properties from MVW but maybe I’ll be proven wrong.

 

[bizaro86]

I don't really understand how Vistana/ILG ended up with these three properties (Westin Cancun, Westin PV and Westin Kauai). I suspect they were owned by Starwood and when they Starwood Hotels merged with Marriott International (hotel company), Marriott didn't want any actual real estate with the deal, so they figured they would spin off Starwood as Vistana and it would take with it these three properties to deal with. Marriott International doesn't want to own real estate, all or most of the hotels in the portfolio are just managed or franchised out with the name and the properties are owned by a REIT or some other investment company. It seems that Vistana still has to operate the hotel side of Sheraton Kauai and Westin Cancun with no real option to unload them as the colocation with timeshare may not be appealing to a hotel investment company.

You have the intent correct here but the order wrong. The Starwood hotel firm had its origin in a REIT with special tax status, and owned lots of hotel real estate. When they spun off Vistana in the transaction with ILG they included the ownership of those hotels. Starwood shareholders received ILG shares.

VAC subsequently bought ILG and inherited the ownership of the hotels, but that was after VAC had also been spun off by its hotel arm, so the Marriott Hotel firm never owned those properties.

 

[dioxide45]

You have the intent correct here but the order wrong. The Starwood hotel firm had its origin in a REIT with special tax status, and owned lots of hotel real estate. When they spun off Vistana in the transaction with ILG they included the ownership of those hotels. Starwood shareholders received ILG shares.

VAC subsequently bought ILG and inherited the ownership of the hotels, but that was after VAC had also been spun off by its hotel arm, so the Marriott Hotel firm never owned those properties.

Not sure I had the order wrong per se, but rather didn't bring in the acquisition of Vistana by ILG or later by VAC. Were these three properties held in a REIT? Or were they owned by Starwood at the time of the spinoff? While the hotel companies have pared down, and in many cases eliminated their real estate holdings, there are times they come into possession of these things. It seems they just wanted to saddle Vistana with these albatrosses rather than find a buyer themselves because they wanted to further get out of owning real estate.

 

[bizaro86]

Not sure I had the order wrong per se, but rather didn't bring in the acquisition of Vistana by ILG or later by VAC. Were these three properties held in a REIT? Or were they owned by Starwood at the time of the spinoff? While the hotel companies have pared down, and in many cases eliminated their real estate holdings, there are times they come into possession of these things. It seems they just wanted to saddle Vistana with these albatrosses rather than find a buyer themselves because they wanted to further get out of owning real estate.

Starwood the hotel company used to be a REIT, and they owned those hotels (and many others) at the time they spun off Vistana. That was before Marriott bought the Starwood hotel side, so Marriott was never involved in the decision to spin off those assets.

I brought in the spin because of this sentence from your previous post:

Marriott didn't want any actual real estate with the deal, so they figured they would spin off Starwood as Vistana and it would take with it these three properties to deal with.

No Marriott entity was involved in the decision to spin these hotels to Vistana, because at the time the decision was made neither Marriott entity owned Starwood/Vistana, they bought them in two separate transactions later.

 

[dioxide45]

No Marriott entity was involved in the decision to spin these hotels to Vistana, because at the time the decision was made neither Marriott entity owned Starwood/Vistana, they bought them in two separate transactions later.

Marriott International agreed to purchase Starwood in November 2015 and ILG agreed to purchase Starwood Vacation Ownership in October of the same year. Those two are too close together to not think that there were some behind the scenes wranglings in the agreements that indicated that Marriott didn't want those hotels to come along with the acquisition of Starwood Hotels. Marriott also didn't want the vacation ownership portion of Starwood and thus necessitated the agreement to the spinoff and sale of Starwood as Vistana before any official deal was announced. Starwood had announced the planned spinoff of Starwood Vacation Ownership in February 2015. Sending those hotels with Vistana obviously made Starwood (hotels) worth more to a perspecitve buyer like Marriott International.