With everything going on, is HGVC still expanding?

[dayooper]

I wonder with everything going with the Covid-19 Pandemic and the sagging economy, is HGVC still working on their expansion projects? Last I heard, there were several resorts in the process of being sold/built and one that was announced. The process of being built/sold or announced dates of being booked/sold properties include (if I remember them all): Maui, The Quin, Central on 5th, Liberty Square (Charleston), Los Cabo’s and Okinawa. Pigeon Forge/Gatlinburg TN was announced as an upcoming Fee-for-Service resort in the 2019 2nd and 3rd Quarter investor calls.

Has anybody heard of updates on these?

 

[holdaer]

There is another tower going up in Honolulu called Ka Haku

Soon to Come Waikiki Resort - Hilton Grand Vacations – Honolulu

Hilton Grand Vacations newest property on Honolulu will be situated in Waikiki. Featuring ocean view studios and suites, pool, fitness center and more.

hgvkahaku.com

 

[dayooper]

There is another tower going up in Honolulu called Ka Haku

Soon to Come Waikiki Resort - Hilton Grand Vacations – Honolulu

Hilton Grand Vacations newest property on Honolulu will be situated in Waikiki. Featuring ocean view studios and suites, pool, fitness center and more.

hgvkahaku.com

Yeah, I knew that. It’s going to be bHC, correct?

 

[holdaer]

Yes, that is correct. By Hilton Club destination.

 

[escanoe]

It has been a slow roll out of information on what they are doing at Pigeon Forge/Gatlinburg. My impression is that their communications on new properties seemed to slow down considerably last summer when merger discussions were happening. And no doubt COVID-19 will take the wind out of things for a while. Hopefully the new NYC properties come online soon.

 

[1Kflyerguy]

I just listened to the latest HGV quarterly investment Update. They provided updates on a few of the resorts:

Work continues on Maui and Ocean Tower, but they have slowed down the development on both these.​

The Central in NYC has been impacted by the situation in the city, they now expect to begin sales in 2021 instead of late 2020.​

KaHaku on Oahu has been paused, they have all the ground permits, but they have now stopped all construction and removed the equipment.​

Cabo - they have completed most of the renovations, but the remaining development has been paused.​

They expect all of these to come back online quickly once things improve...

No mention of Gatlinburg, Charleston or Okinawa, though that may because they were mostly talking about capital allocation and i think all these are 3rd party development locations.

 

[CalGalTraveler]

Thanks @1Kflyerguy for the update. Not surprised they slowed these down but of course would like to see sooner.

Interesting The Central delay to 2021 because they tried to sell us during Spring 2019 with pricing. They showed us units that they claimed had sold out. Two years is a long time to hang up your money on pre-construction.

 

[tombanjo]

They tried to sell me earlier this year. But the unit I would trade in would still be mine until the other site opened.

 

[1Kflyerguy]

Thanks @1Kflyerguy for the update. Not surprised they slowed these down but of course would like to see sooner.

Interesting The Central delay to 2021 because they tried to sell us during Spring 2019 with pricing. They showed us units that they claimed had sold out. Two years is a long time to hang up your money on pre-construction.

I listened to the recording again, and it turns out i misunderstand what they said about the Central.

They stated that due to construction delays due to NYC situation, HGV won't have to make any payments for the building until 2021, not that sales were postponed until 2021.

That is what happens when you try to multitask by doing work and listening to audio recordings... you get the facts wrong...

 

[CalGalTraveler]

@1Kflyerguy Thanks for clarifying. Do appreciate the update.