Worth it to buy Welk developer points to convert 'resale' status to 'developer purchased'? - in midst of Merger

[ajochung]

Introduction: I was lucky enough to find this website during a Welks presentation 3 years ago as they were trying to sell me a 180k point developer package with benefits for ~$24k. The resale market proved invaluable and I instead opted to buy a 780k point package for $8.5k instead . Since then, I have greatly enjoyed my membership as my family and I make regular trips to both the Northstar and Escondido locations - Northstar particularly as this whole process started as a means to make regular visits to the Tahoe area without buying the expensive real estate instead.

In the midst of this merger, I have been a little concerned with what may be a dilution of the Northstar property availability due to potential influx of HRC/HVC/HPP members (* I am not well-versed in the Hyatt/Marriott system yet so please excuse any improper terminology). As a resale owner, I am not entitled to the VIP booking windows that developer purchasers are entitled to, nor do I have access to the VIP inventory - they let me know that this is ~20%. During an owner's update/sales presentation, I was offered the opportunity to add 120k points to my package for $20k and convert the entirety of my points package off the 'resale' status to developer owned status - they considered my 780k point package as ~$105k worth of equity credit for a new total of $125k 'purchased' 900k point package. I took advantage of this as I was 'promised' that the VIP inventory would not change with the merger (trust bylaws?) and that Hyatt does not look favorably on resale owners and may instead have benefits for those with developer purchased points (perhaps no fee for HPP conversion?).

I know not to trust the sales reps and that there are no guarantees for their claims with the merger, but it was real nice to see that I had 'purchased' a 900k point package for $125k when in reality it only cost me $28.5k instead - I also considered some of the talking points valid during the presentation. Despite this, I have had second doubts about investing more money into a program that could potentially backfire after the merger is complete (not to mention I am sure Marriott will be pilfering owners for more money anyways with similar deals) and was looking for some comments/experience regarding the truth behind the presentation, if anyone has done something similar, and if this conversion is even worth it - I still have 1/2 a week to cancel.

 

[Patri]

All that matters is what is in writing. You might be better off renting than throwing $28K toward future vacations, plus all the associated fees.

 

[Welky guy]

Introduction: I was lucky enough to find this website during a Welks presentation 3 years ago as they were trying to sell me a 180k point developer package with benefits for ~$24k. The resale market proved invaluable and I instead opted to buy a 780k point package for $8.5k instead . Since then, I have greatly enjoyed my membership as my family and I make regular trips to both the Northstar and Escondido locations - Northstar particularly as this whole process started as a means to make regular visits to the Tahoe area without buying the expensive real estate instead.

In the midst of this merger, I have been a little concerned with what may be a dilution of the Northstar property availability due to potential influx of HRC/HVC/HPP members (* I am not well-versed in the Hyatt/Marriott system yet so please excuse any improper terminology). As a resale owner, I am not entitled to the VIP booking windows that developer purchasers are entitled to, nor do I have access to the VIP inventory - they let me know that this is ~20%. During an owner's update/sales presentation, I was offered the opportunity to add 120k points to my package for $20k and convert the entirety of my points package off the 'resale' status to developer owned status - they considered my 780k point package as ~$105k worth of equity credit for a new total of $125k 'purchased' 900k point package. I took advantage of this as I was 'promised' that the VIP inventory would not change with the merger (trust bylaws?) and that Hyatt does not look favorably on resale owners and may instead have benefits for those with developer purchased points (perhaps no fee for HPP conversion?).

I know not to trust the sales reps and that there are no guarantees for their claims with the merger, but it was real nice to see that I had 'purchased' a 900k point package for $125k when in reality it only cost me $28.5k instead - I also considered some of the talking points valid during the presentation. Despite this, I have had second doubts about investing more money into a program that could potentially backfire after the merger is complete (not to mention I am sure Marriott will be pilfering owners for more money anyways with similar deals) and was looking for some comments/experience regarding the truth behind the presentation, if anyone has done something similar, and if this conversion is even worth it - I still have 1/2 a week to cancel.

I am currently following a similar approach to yours currently buying points on the second hand market but I am also being told by Welk that after the merger my points purchased as non developer could end up "stuck" and I could not use them and that "developer" points are key. But they put nothing in writing. The have offered to roll all my points into one developer account if I agree to buy some amount of developer points from them. Of course those points are 20X to 50x the cost of the second hand market. I am hesitant to spend any more money until I see what happens after the merger. What is funny is the sales people love to say they they have first right of refusal when points are being sold on any secondary market to "protect the value" - yet they are letting people sell 180,000 points for $500.

 

[bogey21]

I still have 1/2 a week to cancel.

Personally, I'd cancel. You can't believe anything you are being told. It is either lies or the blind leading the blind...

George

 

[schaef9]

My wife & I own Westin and attended a Marriott presentation today. Marriott bought Westin years ago. We were told that our Westin weeks are not transferrable into the Marriott system other than the hotel program. No villas. Marriott is no longer selling timeshares and is now selling Marriot Destination Club "Destination Points" which they claim are shares in a Real Estate Investment Trust (REIT) and are deeded property. No more weeks assigned but still maintenance fees (MF's) at .61 on the dollar. And even though you have deeded property and can deed it to your children you cannot sell it to anyone other than Marriott. Marriott's offer was that if we bought 1,000 points at $14,720 that they would give us 6,000 points for our two Westin weeks for a total of 7,000 points. They would not take the Westin weeks from us and we would still pay the exorbitant Westin MF's.
As to your question, I do not think that Marriott will respect your points based on how they treated and continue to treat Westin Owners, like second-class citizens.

 

[Bill4728]

Hyatt has a history of treating resale buyers OK So NO do not give Welk any more money because Hyatt is likely to treat all Welk owners in a similar way

 

[Mongoose]

Hyatt has a history of treating resale buyers OK So NO do not give Welk any more money because Hyatt is likely to treat all Welk owners in a similar way

All my timeshares are resale. I paid $1 for my Hyatt 1440 point unit and they treat me great!

 

[RunCat]

What is funny is the sales people love to say they they have first right of refusal when points are being sold on any secondary market to "protect the value" - yet they are letting people sell 180,000 points for $500.

In a perfect world, they are correct. However, based on the Owner's call in Nov, Welk had 3-4 years of inventory. With that amount of inventory, Welk had no reason to buy anything.

 

[Guitarmom]

I was a long-time resale owner at Welk, and I saw no significant difference in the way I was treated compared to retail owners. The only difference (which I considered insignificant) was that retail owners got discounts at the restaurant and the golf course. I figured that I could buy a lot of meals and play a huge number of rounds before the discounts would even come close to the additional cost of buying retail. Quite frankly, I don't think that Owner's Services can even see that you're a resale owner. I'm almost certain that Hyatt will not know which of us were resale and which were retail buyers.

We eventually converted our deeded ownership to Platinum Points, so I am now considered a retail owner. Yes, there are perks to this that I fully utilize; that's why we converted. But I continue to see no difference in the way I am treated by Owner's Services, the front desk, or any other person at Welk. I still think that they cannot see whether I'm retail or resale. (The lone exception to this is the Sales Staff. They can see that I was resale and that I paid relatively little to convert to retail. It seems to get them a bit angry when they figure all this out. I think they realize that we're using up 90 minutes that they could be spending with someone who might generate a commission! But I've never enjoyed the so-called Owner's Updates, so there's still really no difference.)

Regarding the Hyatt conversion, I'm worried that I'll lose my Priority perks. But I believe that point for point, I'll still be able to stay at Welk, which is what I really care about. If the Hyatt properties open up at no additional cost, I'll consider that a very positive development. I suspect, however, that we'll have to pay to access non-Welk inventory.