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WKORV 2015 annual HOA Board meeting Resort Manager report

Syed

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I attended the annual meeting yesterday. The Board members, officials from Starwood's office in Orlando, Angela Nolan (Area Manager for Hawaii villas) and directors/managers from the various departments at the resort were present. There were approx 20 owners in attendance.
The financial report was presented first, then each department manager spoke about what was done this year followed by a Question and Answer period.
It lasted approx 3 hours and 45 minutes and I will touch upon the major points:

Refurbishment of South villa rooms:
New carpets, sofa sleeper, dining room table and chairs, living room lounge chairs, black out curtains, heavenly bed, lamps, light fixtures, bedroom chairs, kitchen appliances, washer/dryers. New hallway carpets

Building 2 is completed and will start on Building 3 in April and then Building 4.


2015 2016

Resort Operations $1,089 $1,119
Reserves $420 $420
Taxes $277 $322
Bad Debt $16 $18
All others $470 $468
Total $2,272 $2,347

Rate of increase is 3.3%. Biggest portion is for taxes.

Micro turbine generators will be installed starting in April 2016, which will provide 90% of the energy.

Majority of the questions brought up by owners was concern about the annual fee increases since the resort opened. They stated the annual fees were approx $1,200 when they purchased about 12 years ago and were told the rate increases would be modest. Some owners expressed with the annual fees and higher cost of airline tickets was putting a strain on their budget. Starwood acknowledged they had underestimated the upkeep cost in their budget, along with the annual fees being partially subsidized initially by Starwood, higher energy costs and maintenance fee delinquencies, led to the increases we saw in the last decade. They stated, however, the annual fees are now under control have gone up on an average of 2% per year from 2011-2016.

Since I am not a WKORV owner, I asked an owner/client/friend to ask the following 3 questions on my behalf.
1. Will the WKORV and WKORVN inventory that Starwood has bought back through ROFR and foreclosures go with the sale to Marriott or ILG? The response was it will go with timeshare portfolio sale to ILG. I have a strong feeling Starwood still owns quite a bit of this inventory and if it went with the hotel sale, then the resort would get more guests through SPG and booking, especially during peak travel periods, would become even more competitive.
2. Will WKORV and WKORVN still be able to use the Westin brand name? Yes, there will be a 80 year license agreement.
3. Will the ROFR option still continue after the sale to ILG? Yes.
The timeshare portfolio will be a wholly owned subsidiary of ILG

After the meeting, I had an opportunity to speak with the Finance person about the current litigation with the County of Maui regarding property taxes. He explained there are two components to the increase- assessed valuations of property values and the millage rate. While property values in Maui have gone up, the argument is the timeshare owners are being unfairly taxed on the millage rate.

The people from Starwood's office in Orlando, the resort staff and Board members were respectful of owners questions and concerns. I was pleased to see the effort they are making to maintain the quality and service at the resort.
I am relieved about the reacquired inventory staying with the timeshare portfolio and the Westin brand name can be used for 80 years.
 

DeniseM

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Hi Syed - Thank you so much for your report!

Question: Did any of the board members physically attend?
 

Syed

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Yes.All five board members were there.
 

DeniseM

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That's good - at the one meeting that I attended, none of them were there.
 

Ken555

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FWIW, they did have the agenda and a notice of the meeting at the front desk for all to see during checkin, as normal.


Sent from my iPad
 

DavidnRobin

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FWIW, they did have the agenda and a notice of the meeting at the front desk for all to see during checkin, as normal.


Sent from my iPad

Ken - How could you not go? ;)

Syed - thanks.

Great info - good to hear that they were responsive.

I posted about the WKORV MF increase a couple of weeks ago - I think it was 92% increase from 2006 until now, and questioned that how could it cost that much more to operate from 10 years ago. (Giving the benefit of doubt for 2003-2006). The subsidy was only a minor part of that increase - and they (SVO) actually get the benefit of a villa obtained due to delinquency since appears it did not benefit the HOA since the MFs continued to increase. So really the increase comes from underestimation of operating costs ???
Hmmmm.... I guess the undersestimation is the Owners fault who are not truly represented on the HOA ???
{sarcasm alert}

Going late next year to WKORV - celebrating our 10th anniversary - recall we got married during our 1st stay in our OFD. Look forward to seeing the updates - and those fabulous sunsets.

Happy Holidays.
 

Ken555

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Ken - How could you not go? ;)


I'm not an owner here. I just visit often (and currently enjoying my sixth floor OV on the lanai reading and relaxing after a great brunch at The Plantation House). :)

On a related topic, when I finally remembered to get my owners discount card the "concierge" acted surprised when I said I don't go to updates any longer, after she asked when I want to schedule it, and she actually asked why. I replied "because I've learned to buy my weeks on the resale market and save tens of thousands." Unfortunately, I actually think some of the staff are completely oblivious that there is a resale market at all, but that's only to their advantage.


Sent from my iPad
 

DavidnRobin

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I know you are not an Owner... was joking (heck... even added ones of those emoticons you like so much).

You are totally right - it is a minor %, and %Tuggers even less. They are surprised because they consider it free money, and how can you not buy from SVO considering all the perks.

Have you been in the water in front of Nanea? Going to be a good walk down to the reef in front of B3-B8 for those Nanea folks.
 

sgtdesi

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I'm not an owner here. I just visit often (and currently enjoying my sixth floor OV on the lanai reading and relaxing after a great brunch at The Plantation House).

What's your strategy for scoring the OV? We were just there, got inner courtyard, but looked like lots of rooms were available last week. We had to come down to Honua Kai for OV. Going to Plantation House in the morning! Hoping to see some of the meteors tonight.
 

Helios

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I'm not an owner here. I just visit often (and currently enjoying my sixth floor OV on the lanai reading and relaxing after a great brunch at The Plantation House). :)

On a related topic, when I finally remembered to get my owners discount card the "concierge" acted surprised when I said I don't go to updates any longer, after she asked when I want to schedule it, and she actually asked why. I replied "because I've learned to buy my weeks on the resale market and save tens of thousands." Unfortunately, I actually think some of the staff are completely oblivious that there is a resale market at all, but that's only to their advantage.


Sent from my iPad

Ken - I have read many of your Maui posts and I really have to ask, how did you manage getting a 6 floor OV unit? Did you rent a unit from an owner who reserved early or was it luck?

In 2014, I scored an OF at WKORVN on a second floor unit. That was with a two week time stamp resie. I was 4* at the time. I thought I did pretty good.

* sorry, just saw the repeated post above.
 
Last edited:

Ken555

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Seems I should stop posting where I am a WKORV. There is no "trick". Why do some get OF on an II reservation?


Sent from my iPad
 

Helios

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Seems I should stop posting where I am a WKORV. There is no "trick". Why do some get OF on an II reservation?


Sent from my iPad

Knowing there is no "trick" and that II resies can score OF would make be pissed off if I was an owner there paying $3k MFs (or whatever the MFs are) and I did no get it with a 12 month time stamp. I guess their room assignment system needs to be improved extensively.
 

Helios

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Seems I should stop posting where I am a WKORV. There is no "trick". Why do some get OF on an II reservation?


Sent from my iPad

BTW - I didn't mean to sound like I was creeping on you. I enjoy your posts a lot right after David's...
 
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