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What is being done with unsold Hyatt timeshare weeks?

cinco777

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Which Hyatt entity "owns" the unsold/undeeded timeshare weeks at a specific resort? What are they now doing to bring in some revenue with these unsold timeshare weeks?

For example, my review of the Monterey County Recorder public records for the Highlands Inn shows 2972 timeshare week deeds (about 2/3) of the total available (4500). Additionally, the deeds recorded by HVC Highlands LLC dropped to 0 starting in 2010 whereas they recorded 2972 deeds from Feb 2004 (first sale) through Dec 2009.

I'm curious who holds and is selling or renting/exchanging/... the remaining 1500 timeshare weeks. I suspect that the better weeks were sold and those remaining are not as desirable. Who is holding all these less desirable weeks and what are they now doing with them to generate revenue and minimize their ongoing holding costs?

My specific interest is learning more about the whereabouts and "doabouts" of the remaining Highlands Inn timeshare weeks so I better understand the likelihood of their waiving their Right of First Refusal (ROFR) on a resale.

I've used this specific resort as an example. However, undoubtedly other timeshare week resorts are dealing with the same issues re unsold less desirable timeshare weeks. If anyone needs more details before responding to my question(s), just ask as I can share additional Monterey County Recorder public data that I collected for the Highlands Inn.
 

rrlongwell

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... Who is holding all these less desirable weeks and what are they now doing with them to generate revenue and minimize their ongoing holding costs? I've used this specific resort as an example. However, undoubtedly other timeshare week resorts are dealing with the same issues re unsold less desirable timeshare weeks ...

Check the fine print in the Court House records. Go to the orginal plot map the Developer submitted for approval. Than compare that name with the name of the specific legal enity you are interested in. Without checking, I am guessing they are different. In real estate, it is not uncommon for a major project to technically be a seperate legal enity that can be bankrupted if the project fails. This minimizes the losses to the parent compay. You are also making an assumtion that the high value weeks were sold. Maybe it was the off seaon weeks where the developing company of record kept them. When Wyndham took over the Management of Towers on the Grove in Myrtle Beach, it is my understanding that they contracted to convert X numer of units into timeshares on the initial go. I do not think they took them all at once from the developer.
 
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cinco777

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The HI owner/developer is Highlands Inn Investors II LP

The owner/developer is the entity "Highlands Inn Investors II LP". They were established in 1995. They own the seven parcels recorded in Nov 2000 that make up the Highlands Inn Condo Common Area and Misc. Buildings, and Hotel and Motel. These seven parcels add to about 7 acres (the original property comprised 8.69 acres). The missing acres may be the Sewage Treatment Plant and associated land/buildings as the California Coastal Commission placed many restrictions on the developement (they initially denied timeshare development in 1998).

The Monterey County public records show numerous entities for the Highlands Inn. I've reviewed all the ones that I found (there could be others that I didn't find but I expect not).

The most deeds recorded were in the first year (799), the fewest in 2009 (82). The # of deeds recorded each year is a clear indication of the economic downturn and its effect on timeshare sales.

There are very few "Notice of Delinquent Assessment", "Notice of Default", "Notice of Trustee Sale", "Lien", "Notice Recission of Default" for this property. Additionally, there are even fewer transfers from deeded owners returning their property to the HI Resort Condominium Association and, for a few of them, from the HI Resort Condominium Association to HVC Highlands LLC.

I understand the general approaches used by developers/owners/vacation clubs/... to get some ROI for their investment(s). Thanks.
 

hcarman

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We were at Highlands last month and spoke to some owners and a sales person. Actually, the less expensive units are pretty much all gone, as are the two bedroom units as they only have five or six of these. Sometimes the least prime weeks or less expensive views get sold first - as many folks just want to get their foot in the door and figure they can always exchange.

Would be interested to know about Hyatt's Right of First Refusal on this particular property over the past year or so. They indicate this is one of the properties they are most likely to buy back - as they have so few units available. Can you see from the records if Hyatt bought back units - or was everything they got back from foreclosure, etc.
Curious because when we first spoke with someone we were told they were sold out of all garden view units. A couple of weeks later they indicated they had one come online that Hyatt got back. Question is - did they buy it back or get it through default.
 

MaryH

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Hyatt is offering Highland Inn to Gold Passport members for rent and redemption.

I heard from some people who are Hyatt Diamond (as I used to be) that they stayed at Hyatt on the hotel side and the timeshare sales people were pretty aggressive in calling the rooms i.e. 8am on Sunday morning :O
 
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