Many individuals who file for bankruptcy own vacation timeshares and can often be unsure what to do with those properties during a bankruptcy proceeding. Should they keep the timeshare or let it go? This is a question you should always ask your attorney!
While it’s usually possible to keep timeshares, it may not be something that your legal counsel advises you to do. Legally, the ownership of the timeshare itself is considered to be an asset. However, in reality- often the only true value of a timeshare lies in the memories and experiences of the vacations you take. Despite what the timeshare developer's sales weasel told you, your timeshare is probably worth very little on the resale market, and in many cases may be difficult to even give away. Regardless of how much it means to you, that timeshare is only worth what someone is willing to pay for it. The first step in your decision should always be to obtain a free valuation or comparative market analysis of the timeshare.
This will give you a realistic idea of what the timeshare can reasonably be expected to sell for on the secondary market. Share this valuation with your attorney, and listen to the advice he or she gives you!
The expected resale value of a timeshare may not be great, but it is legally considered to be an asset that must be disclosed in your bankruptcy. Given the low resale value of most timeshares, exempting a timeshare from the bankruptcy proceeding is usually not a problem. However, don't forget that if you decide to keep the timeshare you will be financially responsible for the maintenance fees and taxes that are normally due each year. Maintenance fees are charged whether you use the timeshare or not. And if you cannot afford to go on vacation or pay the next maintenance fee bill- or if you already owe past due fees on your timeshare, your attorney will likely advise you to let the timeshare go, discharge that debt, and then just pay for vacations in the future as you take them. If you attorney gives you this advice, just be sure that they follow through to ensure that you are released from any and all financial obligations of that particular timeshare ownership in the future.
When used consistently, a timeshare ownership can be a fantastic way to travel and can provide you with years of incredible vacations. But if you are currently having trouble paying your bills and are considering bankruptcy, your timeshare should be one of the first things you consider eliminating from your budget.If you need help selling a timeshare ownership- choose a respected resale brokerage that does not charge any type of upfront fee to sell a timeshare.
There are numerous organizations that are currently promising that they have the ability to represent timeshare owners and advocate on their behalf with the timeshare developer in order to have the ownership and obligations of ownership cancelled.
As in most instances of timeshare based fraud- there are generally upfront fees that are required (these may be hidden in a contract that requires you to "purchase" a vacation club membership from the company- a contract that normally forgets to mention anything about the cancellation of your existing ownership).
I was just told of such a group operating out of Myrtle Beach (the company is comprised of a few "former" Wyndham sales weasels who evidently have somehow kept access to their buyer and prospect lists). This group in particular just charged a 89 yr old man more than $40,000 for what he thought to be legal representation that would get his Florida timeshare mortgage cancelled. What he ended up with, is a vacation club membership- and another bill to pay..
The Florida Bar Association has the right to investigate the unlicensed practice of law in the state of Florida.
If you believe that you have been solicited by a con artist who illegally offered to provide you with "representation" against your Florida timeshare developer for breach or contract or misrepresentation during the sales presentation, you may want to file a complaint with the Florida Bar Association at the link below:http://www.floridabar.org/TFB/TFBResources.nsf/Attachments/FDCF085CFF9B805985256D720066A40E/$FILE/UPLComplaintForm.pdf?OpenElement
This link may also be used to report "timeshare closing companies" that illegally prepare deeds for timeshare resorts located in the state of Florida. If you believe that you have been victimized by an unlicensed closing agent who prepared a deed for a Florida property- the online complaint form for the Unlicensed Practice of Law may give you the ability to help shut them down.
Hopefully this will give timeshare owners another way to fight back against timeshare scams...
Early History of the Brand: Originally named WorldMark by Trendwest, this point-based vacation club was created in 1983 by Jeld-Wen Inc, a privately owned window and door manufacturer in Klamath Falls, Oregon. Jeld-Wen is a true American success story, incorporating in 1960 as a small millwork operation with just a handful of employees. In the early 1980's, annual sales numbers were nearing a Billion dollars and the company began to explore numerous investment and business opportunities. Executives for Jeld-Wen began making numerous investments in a variety of markets, including real estate. Their primary initial real estate development was the Eagle Crest golf resort located in Redmond, Oregon. By the late 80’s, timeshare sales at Eagle Crest began to soar- and Jeld-Wen assigned William F. Peare with the task of developing an expanded timeshare program. He conducted surveys of Eagle Crest timeshare owners, and discovered that many owners simply wanted more flexibility in their ownership. In late 1989, Jeld-Wen created a company called Trendwest that sold the timeshare product WorldMark the Club, which is regarded as the very first point based system in the industry! The unique system flourished, reaching annual sales in excess of $45 million by 1993, and eclipsing the $100 million mark in 1996! In 2002, Trendwest was acquired by the mammoth Cendant Corporation- which owned timeshare brands such as Fairfield, Wyndham, and RCI. Today, WorldMark is owned by the Wyndham Corporation (stock ticker WYN), and boasts more than 270,000 members. It's is widely regarded as one of the best values for any point based timeshare system in the world. The Timeshare Resorts: WorldMark offers resorts in both high traffic tourist markets such as Orlando, New Orleans, Las Vegas and Anaheim- as well as a tremendous selection of drive to locations within a few hours of urban areas. WorldMark has been very selective in the resorts they acquire, and as a result boast award winning Gold Crown and five star resorts throughout the system. Many resorts are shared development properties that can also be owned as deeded ownership at the individual resort, or as part of another affiliated point system such as Wyndham Vacation Club. Affiliation and reciprocal usage agreements are always subject to future change, but at the time of writing this article the WorldMark vacation destinations include the following properties: WorldMark the Club:
WorldMark Resorts located in Arizona: · WorldMark Bison Ranch in Overgaard · WorldMark at Pinetop · WorldMark Rancho Vistoso in Oro Valley
WorldMark Resorts located in British Columbia, Canada: · WorldMark Cascade Lodge in Whistler · WorldMark Sundance in Whistler · WorldMark Canadian in Vancouver · WorldMark Victoria
WorldMark Resorts located in California:· WorldMark at Angel's Camp · WorldMark at Bass Lake · WorldMark at Big Bear in Big Bear Lake · WorldMark at Clear Lake in Nice · WorldMark Dolphins Cove in Anaheim · WorldMark Indio · WorldMark Marina Dunes in Marina · WorldMark Mission Valley in San Diego · WorldMark Oceanside Harbor in Oceanside · WorldMark Palm Springs · WorldMark Beachcomber in Pismo Beach · WorldMark San Diego · WorldMark San Francisco · WorldMark Solvang · WorldMark Windsor
WorldMark Resorts located in Colorado:· WorldMark Estes Park · WorldMark Steamboat Springs
WorldMark Resorts located in Florida: · WorldMark OceanWalk in Daytona Beach · WorldMark Kingstown Reef in Orlando
WorldMark Resorts located in Fiji: · WorldMark Denarau Island
WorldMark Resorts located in Hawaii: · WorldMark Kapaa Shores in Kauai · WorldMark Kihei in Maui · WorldMark Kona in Kailua · WorldMark Valley Isle in Maui
WorldMark Resorts located in Idaho: · WorldMark Arrow Point in Harrison · WorldMark McCall
WorldMark Resorts located in Illinois: · WorldMark Galena
WorldMark Resorts located in Louisiana: · WorldMark New Orleans at Avenue Plaza
WorldMark Resorts located in Mexico: · WorldMark Coral Baja in San Jose del Cabo · WorldMark La Paloma in Rosarito Beach
WorldMark Resorts located in Missouri: · WorldMark Branson · WorldMark Lake of the Ozarks in Osage Beach
WorldMark Resorts located in Montana: · WorldMark West Yellowstone
WorldMark Resorts located in Nevada: · WorldMark Las Vegas · WorldMark Las Vegas Spencer Street · WorldMark Las Vegas Tropicana · WorldMark Reno · WorldMark South Shore in Zephyr Cove · WorldMark Tahoe in Stateline
WorldMark Resorts located in Oklahoma: · WorldMark Grand Lake in Afton
WorldMark Resorts located in Oregon: · WorldMark Whale Pointe in Depoe Bay · WorldMark Eagle Crest in Redmond · WorldMark Gleneden in Gleneden Beach · WorldMark Running Y in Klamath Falls · WorldMark Schooners Landing in Newport · WorldMark Seaside
WorldMark Resorts located in Texas:· WorldMark New Braunfels
WorldMark Resorts located in Utah: · WorldMark Bear Lake in Garden City · WorldMark Midway · WorldMark St. George · WorldMark Wolf Creek in Eden WorldMark Resorts located in Washington: · WorldMark Deer Harbor · WorldMark Birch Bay in Blaine · WorldMark Camlin in Seattle · WorldMark Discovery Bay in Townsend · WorldMark Lake Chelan in Lake Chelan Shores · WorldMark Leavenworth · WorldMark Long Beach · WorldMark Mariner Village in Ocean Shores · WorldMark Surfside Inn in Ocean Park WorldMark Asia Pacific: · WorldMark Balarat in Sebastopol, Victoria · WorldMark Trinity Links in Cairns, Queensland · WorldMark Pacific Bay in Coffs Harbour, New South Wales · WorldMark Flynns Beach in Port Macquarie, New South Wales · WorldMark Golden Beach in Queensland · WorldMark Kirra Beach in Queensland · WorldMark Esplanade Waterfront in Lakes Entrance, Victoria · WorldMark Pokolbin Hill Chateau in Pokolbin, New South Wales · WorldMark Port Macquarie in New South Wales · WorldMark Port Stephens in Salamander Bay, New South Wales · WorldMark Marama in Rotorua, New Zealand · WorldMark Seven Mile Beach in Tasmania · WorldMark Trendwest Suites in Sydney, New South Wales · WorldMark Wanaka in Lake Wanaka, New Zealand WorldMark members also currently receive reciprocal usage at many Wyndham Vacation Club afiliated resorts as well as several Vacation Internationale destinations. For a complete list of available resorts, you can visit https://www.worldmarktheclub.com. Introduction to Ownership, System Rules, and Usage Strategies:The First Rule of Timeshare is that ownership should never be considered a financial investment in real estate. Timeshare properties do not generally appreciate over time. Often, the only true gauge of a timeshare's value is your usage and enjoyment of the property, and in the photos and memories of your incredible vacations! Ownership Types:WorldMark the Club and WorldMark Asia Pacific are two separate companies, but cooperate with a shared reservation system based on annual credit allotments. Owners in one system can access resorts in the other, but they do have a slightly smaller reservation window out of their home system. Both systems are non-deeded ownerships of a specific allotment of annual credits. (The only exception to this would be original owners of the Eagle Crest Resort, who may have an underlying deed.). Almost all ownerships are classified as Premier Memberships. These are owned in-perpetuity and do not expire. Premier Memberships receive access to bonus time usage. They can be sold and can be willed to your heirs (although TravelShare and Elite status do not transfer). There are a few Standard Memberships in existence which only give a 40 year right to use. I have never personally seen a Standard Membership, however, and I've processed hundreds of ownership transfers! Standard Memberships also do not get access to bonus time usage. Your WorldMark broker or closing agent should always verify the type of ownership being transferred! Seasons:WorldMark follows three simple season designations. These are red for high season, white for mid season, and blue for low demand season. Exchange Options: There are different ways to exchange your ownership week for another resort. The easiest way is using your WorldMark credits to reserve at another Club affiliate. To go outside the Club's affiliated resorts, a third party exchange system must be used such as RCI, Interval International, or a smaller system such as SFX Resorts. Fees:Maintenance fees are determined each year based on the overall operating budget of the Club. These assessments will vary from year to year, and you should expect these fees to increase over time. You should always consider annual fees before making a purchase. Generally, the annual allotment of credits or points determines the annual dues amount (the original deeded owner's at Eagles Crest are the exception. Fees are made up of a base amount, which is then adjusted by the number of credits owned. For 2010, the base amount is $142.57. If you own multiple contracts that have not been combined into a single account, you will pay this base amount for each contract that you own. Most buyers who are adding credits to their existing membership choose to combine the accounts to avoid this additional fee. Your broker or closing agent can provide you with information about the differences in the transfer process for a combination transfer, and a straight transfer without combining accounts. After the base amount assessment, owners pay a an additional amount for every 2,500 credits owned. For 2010, this assessment is $110.56. For dues calculation, you always round up to the next multiple of 2,500. The dues amount for WorldMark maintenance fees in 2010 were: 6,000 credits= $474.25
7,000 credits= $474.25
8,000 credits= $584.81
9,000 credits= $584.81
10,000 credits= $584.81
11,000 credits= $695.37
12,000 credits= $695.37
13,000 credits= $805.93
14,000 credits= $805.93
15,000 credits= $805.93
16,000 credits= $916.49
17,000 credits= $916.49
18,000 credits= $1,027.05
19,000 credits= $1,027.05
20,000 credits= $1,027.05
You can see that there are some point levels where it makes perfect sense to purchase a larger allotment, since the fees are the same as a lower point level. For example, buyers who determine that they will need 8,000 credits for their planned reservations might be wise to purchase a 10,000 credit contract- since the annual fees are exactly the same. The slight difference in the initial purchase price will be offset over the years by the annual dues savings! Plus you can always bank or sell the unused points from your account each year- either giving you more usage or further reducing your annual costs! Owners can also buy or sell one time usage credits or housekeeping tokens.
Housekeeping fees must also be paid with each reservation. Each owner receives at least one free housekeeping service each year (one free housekeeping token is given for every 10,000 credits owned). Once you are out of housekeeping tokens, a housekeeping fee will be charged for each reservation based on the unit reserved.
WorldMark housekeeping fee charges for 2010 were:
1 Bedroom Hotel= $58
2 Bedroom Hotel= $67
1 Bedroom= $67
2 Bedroom= $74
3 Bedroom= $80
2 BR Chalet= $80
3 Bedroom Chalet= $89
2 BR Penthouse= $95
3 BR Penthouse= $110
4 BR Penthouse= $125
3 BR Presidential= $110
4 BR Presidential= $125
Finally, point systems also may have incidental fees that may be charged for various services and transactions such as guest certificates and RCI exchange system deposits. It also is a good idea to ask about resort specific fees such as parking fees and tourist taxes prior to confirming a reservation.
Reservations: Red season reservations require a minimum seven night stay when booking from 91 days to 13 months in advance of the requested dates. This reservation may be split among two or more resorts as a Group Booking Reservation, but must still be at least seven consecutive days. The reservation may not be for more than 14 nights. The minimum stay requirement is removed (except for Weekend Only bookings) for reservations made 90 days or less from the requested usage dates.
White and Blue season reservations can be made from 48 hours prior up to 13 months in advance of the requested usage dates. There is no minimum stay requirement for these reservations, except for Weekend Only bookings.
Weekend Only reservations require that both Friday and Saturday be reserved when available. If another day of the week is reserved in combination with either Friday or Saturday it is not considered a Weekend Only booking (for example a Thursday & Friday reservation, or a Saturday, Sunday & Monday reservation are both acceptable!). Owners may only have one Weekend Only reservation pending on their account for every 5,000 credits owned. Once a Weekend Only reservation is used, however, another may be made immediately up to the maximum number allowed for your point allotment.
Saving and Borrowing Credits:Unused credits are automatically saved or banked on your account at your anniversary date. Once saved, credits will remain available for two years. Owners also have the ability to borrow credits from the next usage year. If you find that you have saved credits that are about to expire, you can also extend the life of those points even further by making a reservation up to 13 months out! WorldMark's policies for saving credits are among the most owner friendly in the industry, and give you an incredible amount of flexibility and protection from losing points due to non-usage! WorldMark also allows you to borrow future credits. If you are short credits for a reservation request, you can borrow from your future usage without having to prepay the next year's maintenance fees.
Bonus Time reservations: This is one of the most popular benefits of a WorldMark ownership for those who have the ability and flexibility to take advantage of last minute cancellations. This privilege is available only to Premier Memberships. These reservations are made with cash, and do not require housekeeping fees. For 2010, the rate for bonus time reservations is $.05 per credit, with a minimum charge of $30. per night.
Reservations can be made up to 14 days in advance of the dates of travel (five days or less if you are booking the reservation in a guest's name) and you can stay up to a maximum of four consecutive days. The weekend only booking requirement does apply to bonus time, so if you reserve a Friday night via bonus time- you must also reserve Saturday night if it is available.
Owners are allowed to have only one bonus time reservation pending at a time. However, you can use Group Booking to make reservations at multiple resorts as long as the reservations are for consecutive days. There are no restrictions on the total number of bonus time reservations you can use each year, but members are only allowed to make a single weekend only bonus time reservation each quarter for each 10,000 credits owned.
Exotic Bonus Time reservations:This includes bonus time usage for resorts in Hawaii, Fiji, and San Jose del Cabo. The guidelines for these reservations are slightly different, but actually allow for even more flexibility and usage for owners at some of the Club's most popular resort affiliates! The cost per credit is the same as standard bonus time reservations.
Reservations can be made up to 30 days in advance of the dates of travel and there are no restrictions for guest reservations. You can stay up to a maximum of thirty consecutive days, and can use the Group Booking principle to stay at multiple resorts during that time (this is a fantastic benefit for the resorts in Hawaii, as it allows owners to island hop and explore all the breathtaking islands!). The weekend only booking requirement does apply to bonus time, so if you reserve a Friday night via bonus time- you must also reserve Saturday night if it is available.
Owners are allowed to have only one bonus time reservation pending at a time. However, you can use Group Booking to make reservations at multiple resorts as long as the reservations are for consecutive days. There are no restrictions on the total number of bonus time reservations you can use each year, but members are only allowed to make a single weekend only bonus time reservation each quarter for each 10,000 credits owned.
WorldMark Owner Education Program:This is another aspect of WorldMark ownership that truly impresses me! The Club frequently offers free Owners Education Workshops at many of their resorts. These workshops provide members with strategies and personal assistance in order for owners to learn to maximize their usage and enjoyment. WorldMark demonstrates a consistent belief that educating members is the best way to ensure owner satisfaction, and these workshops are a great way to stay up to date with developer programs and usage opportunities.
Point Charts: Please review the Member's Guide at https://www.worldmarktheclub.com/education/pdfs/basic_owner_ed_handbook.pdf for the latest point charts and season calendars.
Selling or Renting Your WorldMark by Wyndham Credits:
To sell your WorldMark by Wyndham ownership or to rent your WorldMark credits without any type of upfront fee, please consider utilizing the services of the Progressive Real Estate Agency. PREA is a Florida licensed real estate broker that specializes in timeshare properties and that never charges any type of advance or upfront fee to sell or rent a timeshare. You can download a non-exclusive listing application for WorldMark by Wyndham owners below.
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- RM Vacation-Times LLCThe following document was created to provide training information and a general overview of the Hilton Grand Vacation Club timeshare system for real estate agents in the timeshare resale industry . It contains information about the history of Hilton's vacation ownership program, profiles of HGVC resorts, point usage by owners, a history of maintenance fees, plus usage and reservation strategies for owners.
Hilton Grand Vacations Company, LLC markets and operates the Club, which is a points-based vacation ownership and exchange system that is a wholly owned subsidiary of Hilton Worldwide, formerly known as Hilton Hotels Corp. HGVC also provides property management services to Club and Affiliate resorts. At the date of publish, there are 50 HGVC affiliated resorts worldwide!
Hilton Worldwide was purchased in July 2007 by the Blackstone Group LP (stock ticker symbol BX) in a deal valued at $26 Billion. Blackstone also owns a number of other well known companies including Universal Studios Parks, Legoland, Madame Tussauds, Houghton Mifflin Harcourt Publishing, Allied Waste, Pinnacle Foods, and even the Weather Channel!
Early History of the Brand:
In 1919 Conrad Hilton went to Texas to take advantage of the oil boom. When he arrived, he found the local hotels so overbooked that he could not secure a room! One hotel owner told him that he wanted to sell. Within a week, Conrad had put together an investment group and purchased the Mobley Hotel in Cisco, Texas. Business continued to boom and the next year Conrad purchased two more Texas properties, the Melba Hotel in Fort Worth and a hotel in Dallas named after the famous Waldorf. Thirty years later, Conrad came full circle when he purchased the lease on the actual Waldorf-Astoria!
Conrad's ambition and business savvy created an empire of wealth so vast that even the legendary spending of
his second wife Zsa Zsa Gabor and great granddaughter Paris Hilton haven't made a dent in the family fortune! Today, this behemoth brand owns, manages, and franchises thousands of hotels and the Hilton name continues to be one of the most recognizable in the world.
The Timeshare Resorts:
HGVC destinations offer both developed and affiliated resorts. Most people don't realize, but only a few timeshare resorts have actually been built and developed by the Hilton brand. The majority of Hilton Grand Vacation Club properties are actually affiliate resorts. These resorts were developed by other companies, and then later entered into an affiliation agreement to participate in the Club. HGVC manages many of the affiliated resorts, but not all of them. Regardless of the original developer, you can be assured that all affiliated resorts conform to the high standards and renowned luxury of the Hilton brand, earning numerous award designations such as RCI's coveted Gold Crown rating!
Affiliation and reciprocal usage agreements are always subject to future change, but at the time of writing this article the HGVC vacation destinations include:
Grand Pacific Marbrisa
Grand Pacific Palisades
Carlsbad SeaPointe Resort
Palm Desert, California:
Club Intrawest Palm Desert
Valdoro Mountain Lodge
HGV Club at SeaWorld International Center
HGV Club on International Drive
Parc Soleil by Hilton Grand Vacations
Miami Beach, Florida:
HGV Club at South Beach
Plantation Beach Club at Indian River Plantation Resort
Captiva Island, Florida:
The Cottages at South Seas Island Resort
Harbourview Villas at South Seas Island Resort
Plantation Bay Villas at South Seas Island Resort
Plantation Beach Club at South Seas Island Resort
Plantation House at South Seas Island Resort
South Seas Club at South Seas Island Resort
Fort Myers, Florida:
SeaWatch on the Beach Resort
Marco Island, Florida:
The Charter Club of Marco Beach
Club Regency of Marco Island
Eagle's Nest Beach Resort
Sunset Cove Resort
The Surf Club of Marco
Sanibel Island, Florida:
Casa Ybel Resort
Hurricane House Resort
Sanibel Cottages Resort
Shell Island Beach Club Resort
Tortuga Beach Club Resort
Club Intrawest Sandestin
Island of Oahu, Hawaii:
Hilton Hawaiian Village- Kalia Tower
Hilton Hawaiian Village- Lagoon Tower
Big Island of Hawaii, Hawaii:
HGV Club at Waikoloa Beach Resort
King's Land by Hilton Grand Vacations
Bay Club at Waikoloa Beach Resort
Las Vegas, Nevada:
HGVC at the Flamingo
Hilton Grand Vacations Club Las Vegas
HGVC on the Las Vegas Strip
New York City, New York:
The Hilton Club New York
West 57th Street by Hilton Club
British Columbia, Canada:
Club Intrawest Whistler
Club Intrawest Tremblant
Fiesta Americana Villas Cancun
Fiesta Americana Villas Acapulco
Los Cabos, Mexico:
Fiesta Americana Villas Los Cabos
Yucatan Peninsula, Mexico:
The Explorean Kohunlich
Club Intrawest Zihuatanejo
Hilton Vilamoura Vacation Club
Introduction to Ownership, System Rules, and Usage Strategies:
The First Rule of Timeshare is that ownership should never be considered a financial investment in real estate. Timeshare properties do not generally appreciate over time. Often, the only true gauge of a timeshare's value is your usage and enjoyment of the property, and in the photos and memories of your incredible vacations!
The Club is in reality just a point based reservation system. Club members receive a point allotment based on the villa type and season they own (or have reserved in some cases) at their home resort. As with any point system, proper planning can greatly enhance your usage and satisfaction. It's important to understand the different ownership types available, the benefits of ownership, the basic rules of the system, as well as some strategies that current owners utilize to maximize their usage and enjoyment.
When learning about this system, the distinction between HGVC developed resorts and HGVC affiliated resorts becomes important. The ownership and usage rules may be quite different depending on which home resort you own. For example, some of the affiliated resorts located in the southwest region of Florida were originally sold as fixed week timeshares. For fixed and event week ownerships, the home week is automatically reserved each year unless the owner cancels the reservation. Most HGVC developed and built resorts are all sold as floating week timeshares. The underlying ownership is always based on the home resort. Because of this, usage strategies will vary slightly based on your home resort.
The deed itself may also vary from resort to resort. Some ownership documents show a specific week and unit, even if they are just used for inventory purposes. HGVC at Seaworld is an example of this type of deed. Other ownership deeds don't have an assigned week and unit, but instead show a usage type in a specific villa size. HGVC on International Drive uses this second type of deed format.
Finally, when you consider the international affiliates Fiesta Americana resorts in Mexico- these properties are sold as non-deeded right to use leaseholds with a specific expiration date when your usage will end.
Also, it's very important to understand that Elite Status designation cannot be obtained via resale purchases and that not all affiliate resorts allow the Club membership rights to transfer on the resale market. For example, the Carlsbad affiliates do not allow the HGVC point usage to transfer to a buyer but the Fiesta Americana contracts do allow the point usage to transfer. Another distinction is that some affiliates require a $399. reconversion fee be paid to Hilton after the transfer deed is recorded, in order for the new owner to be enrolled into the Club and have the ability to convert their week into Club points. If you are not sure what type of ownership exists at a specific resort, consulting with an experienced real estate broker or associate is something that you need to do before you buy!
This is another area which can often be confusing to newbies! Generally, there are four main season names that are used by HGVC: Platinum, Gold, Silver and Bronze. The particular weeks that fall within these seasons will vary depending on the resort. Some locations will have all four seasons, while others may only be divided into two or three seasons. The real confusion begins with a few of the affiliates. Some affiliate resorts were originally sold with different season designations than those used by Hilton. Also, a few of these resorts may have a float season that encompasses weeks which fall into different HGVC season designations. It's possible that an owner may have the ability to reserve a week in part of the platinum and also the gold season. For these ownerships, the amount of Club points the owner receives may actually vary from year to year depending on the actual week that is reserved.
The good news is that this example is the exception rather than the rule.
The Club Point values for the weeks, seasons, and unit sizes for each Club resort can be found in the published Member's Guide.
Most resale buyers tend to focus on the Hilton built properties, to avoid confusion and ensure they receive a consistent number of Club points each year.
There are different ways to exchange your ownership week for another resort. The easiest way is often simply using the Club points to reserve at another Club affiliate. To go outside the Club, a third party exchange system must be used such as RCI, Interval International, or a smaller system such as SFX Resorts. Your home resort will determine which exchange systems you have access to as an owner.
Maintenance fees are determined each year based on the overall operating budget of the home resort. Fees can vary widely from one resort to another, and these assessments will vary from year to year. Maintenance fees will increase over the years. You should always consider maintenance fees before making a decision to purchase, and should compare fees between several resorts as part of your research. In some cases, the annual fee can actually be more important over time that the negotiated purchase price!
Generally, the unit type and size determines the base maintenance fee amount, not the point allotment. A one bedroom villa in the platinum season will be assessed the same base maintenance fee as a one bedroom in the silver season. Only the property tax is likely to vary because of the season, so the tax assessment does create a slight difference between the one bedroom platinum and the one bedroom silver. It's often a good buyer strategy to purchase a 1 bedroom platinum season ownership rather than a 2 bedroom lower season week, even if the 1br villa has a higher purchase price! Your brokerage can help you compare different scenarios to determine which property best meets your needs and your budget.
There can also be some differences in when fees are paid from resort to resort. A good example of this is can be seen in ownerships at the Bay Club at Waikoloa. For a Bay Club owner to borrow points from a future usage year, they will have to prepay an estimated amount for the next year's maintenance fees (any difference from the estimate is paid or credited at the time the fees are actually billed). International owners at Craigendarroch cannot prepay, so are unable to borrow from a future allotment. An owner at HGVC at SeaWorld can borrow next year's points without paying the equivalent annual dues as long as their account is current at the time of reservation.
Club dues must also be paid each year. For most resort, members living in the US and Canada are currently charged $99.
while members living outside the US or Canada are currently charged $139. (West 57th owners are charged $197. and $232. respectively). Members who own a US resort and also an international resort may be required to pay Club dues for each account as the two systems may not be able to be combined into a single billing account. This is very rare and seems to be a system glitch rather than intentional.
Finally, point systems also have incidental fees that may be charged for various services and transactions such as making club reservations, point rescue, changeable option reservations, guest certificates, and RCI exchange system deposits. It also is a good idea to ask about resort specific fees such as parking fees and tourist taxes prior to confirming a reservation. If
you aren't aware prior to arrival, parking fees at destinations like New York and South Beach can be quite a surprise!
Hilton Grand Vacations Club has five reservation types.
Home Week Reservations are a full seven night stay in the exact unit type and season owned at your home resort. Reservation can be from nine months up to one year out of your check in day. The required check in day varies from resort to resort. Because owners get a longer reservation window at their home resort, it's often a good idea to buy at the resort you believe you will use most often, in the unit and season that best meets your future plans. Home week reservations have the greatest opportunity at finding availability, other than fixed and event week ownerships.
Home Resort Reservations are currently only available to owners of the West 57th by Hilton Club resort in New York City. There is no minimum stay requirement for these reservations, but the reservation must be made at the West 57th resort. These reservations may be made from 45 days up to nine months in advance of the check out date.
Club Reservations can be made up to nine months prior to the requested check out date at most resorts. Club reservations must be for three days or greater in duration. Reservations can be made at most resorts during this period (West 57th in New York for example, only allows Club Reservations to be made up to 44 days prior to the check out date)
and all points owners have an equal opportunity to get reservations. You can reserve any type of villa, and in any season- only being restricted by the number of points that you own!
Open Season Reservations can be made at most resorts (West 57th is excluded)
up to 30 days prior to your date of check out and require only a two day minimum stay. These reservations are paid for with cash, but at rates that are heavily discounted! Currently, the 1br open season reservation rate is
$80/night for Sun-Thurs and $100/night for Fri-Sat reservations.
Hilton Honors Reservations are reservations made via the Hilton Honors system. All HGVC members are given Silver VIP privileges in the Hilton Honors program. Owners can choose to deposit their ownership week into the Honors program in return for Honors points which can be used for a variety of services and hotel accommodations into affiliated Hilton brands. These deposits must be made more no later than December 31st of the year prior to receiving the points. (In other words, the points for the 2010 use year would have to be deposited prior to Dec. 31, 2009). Trading your timeshare ownership week for hotel stays is not generally a strategy that is recommended, but a few owners find this perk to be beneficial.
Please review the Member's Guide http://www.hiltongrandvacations.com/mg/
for the latest point charts and season calendars.
Copyright 2004-2011 - RM Vacation-Times LLC
The following document was created to provide training information and a general overview of the Disney Vacation Club timeshare points system for real estate agents in the timeshare resale industry . It contains information about the history of Disney's vacation ownership program, profiles of DVC resorts, point usage by owners, a history of maintenance fees, plus usage and reservation strategies for owners.
Disney Vacation Development, Inc. markets and operates the Disney Vacation Club, which is a points-based vacation
ownership and exchange system of timeshare resorts. The first DVC resort opened in late 1991 in Orlando, Florida.
Since that date, Disney Vacation Club has grown to become a respected leader in the vacation ownership industry- now
offering eleven DVC resorts throughout the United States and boasting more than 350,000 DVC owners! Ownerships are
a deeded interest in real estate, and each interest equates to a specific number of Disney Vacation Club points, which
are awarded each year on the first day of the anniversary month. These points are used as your vacation currency to
book reservations in any DVC resort. Each reservation will require a certain number of points as defined by the
published point charts.
Disney Vacation Club Management Corp provides property management services to all DVC resorts. At the date of
publish, DVC resorts located in Florida, South Carolina, California, and Hawaii and are marketed across the United
States, in the United Kingdom, and also in parts of Asia. All DVC related companies are wholly owned by the Walt Disney Company (stock ticker DIS). Other well known brands owned by Disney include Miramax Films, ABC television group,
ESPN, Pixar Animation Studios, Muppets Studios, Marvel Comics, and Hyperion Books. Disney is perhaps the most well
known brand in existence, and DVC has quickly become one of the fastest growing timeshare programs in the world!
Introduction to DVC Ownership, System Rules, and Usage Strategies:
As always, the First Rule of Timeshare is that ownership should never be considered a financial investment in real estate. Timeshare properties do not generally appreciate over time. Often, the only true gauge of timeshare value lies in the personal usage and enjoyment of the property.
Disney Vacation Club Ownership Types:
All DVC ownerships are a deeded interest in real estate, and each interest equates to a specific number of Disney Vacation Club points, which are awarded each year on the first day of the anniversary month . A percentage of ownerships at Disney's Aulani Resort are also being sold as a guaranteed fixed week and unit. For these fixed intervals at Aulani, the owner will have the right to use their deeded week and unit, or to exchange that usage week for the equivalent allotment of Disney Vacation Club points.
Disney Vacation Club is a Deeded Leasehold which Expires:
All Disney Vacation Club resorts have been established on either a ground lease, or as a term-for-years. This means that the timeshare ownerships have a specific expiration date, at which point the usage rights will revert back to Disney Vacation Development, Inc.
Disney Vacation Club Seasons:
The calendar year is divided by Disney into distinct season categories: Premier, Magic, Dream, Choice, and Adventure. The particular dates that fall within these seasons will vary depending on the resort, and some resort calendars will not include all five seasons. Some locations will have only four season designations.
These DVC season designations should not be confused with other terminology used by external usage systems such as RCI to denote demand values. For example, RCI considers Beach Club Villas to be red season usage all year long because of the traditional high exchange demand for the property- regardless of the calendar date or the specific Disney season in which a reservation will fall.
Disney Vacation Club Exchange Options:
There are different ways to exchange your Home Resort for another resort stay. Internal exchange for another DVC resort-. The easiest way is simply using your DVC points to make a reservation at another DVC resort. If you own multiple DVC contracts at different home resorts, your points may be combined as DVC Vacation Points for reservations made less than seven months in advance.
Internal exchange for a non-DVC resort:
To do this, your Home Resort Vacation Points are converted to Reservation Points, which are then used to reserve accommodations at non-DVC Resorts, except for accommodations available through the affiliated exchange company, which at this time is RCI.
Disney Vacation Club Reservation Points cannot be banked, borrowed, transferred or used to reserve accommodations through RCI or another third-party exchange system. Nor can they be used to reserve accommodations at DVC Resorts. Reservation Points must be used to reserve a non-DVC resort through the Central Reservations System. These points will expire at the end of the Use Year in which they are converted. This privilege does not transfer via a resale transaction, so the only way for a consumer to receive these benefits is to purchase a Disney Vacation Club interest directly from the developer at full developer price.
Owners may also use a third party exchange system such as RCI, or a smaller independent system such as SFX Resorts, Donitas, Dial an Exchange, Hawaii Timeshare Exchange, Timeshare Juice, and many others.
Disney Vacation Club Use Year:
A Use Year is a 12-month period beginning on the first day of a month. This is also sometimes referred to as the anniversary date. Each unit in a resort has a specific use year assigned to it. All ownership interests deeded from that unit will be assigned the same use year, which is shown on the purchase agreement and on the DVC Member Card. Because the Use Year is tied to the individual ownership interest, it cannot be changed.
Disney Vacation Club Reservation Windows:
Home Resort Priority Period: Owners may make reservations at their home resort up to eleven months in advance of their desired check in day by using their Home Resort Vacation Points.
Club Reservation Period:
Owners may make reservations at other DVC Resorts up to seven months in advance of their desired check in date. At this point, their points are no longer considered Home Resort Vacation Points, but rather are considered to be Club Points. During this period, all DVC owners will be able to request reservations at all DVC resorts.
Disney Vacation Club Special Season Reservations:
Because of very high demand at DVC Resorts during certain periods, Disney may establish a Special Season Preference List to try to ensure that all owners have an equal opportunity to make reservations. Owners are added to a Special Season Preference List on a first come/first served basis- but owners cannot be on a particular list more than once at a time. For these situations, Member Services may begin contacting owners from the Preference List up to fifteen months in advance of the high demand period. It is not unusual for an owner to be on a list for more
than a year, therefore additional reservation windows apply to these requests. Home resort owners may request to be placed on a Special Season Preference List up to thirteen months prior to their desired check-in date. DVC Owners may request to be placed on a Special Season List for a resort other than their home resort up to twelve months in advance of their desired check-in date.
If you are called from the list and offered a Special Season Reservation, and you choose to decline it your name will remain on the list for one additional year. If you decline a Special Season Reservation more than once, your name will be automatically removed from the list. If you call to have your name added again, it will be entered as a brand new request and placed at the bottom of the list. When you choose to accept a Special Season reservation, you name is removed from the list. Member Services can tell you if a Special Season list has been established for a resort.
Disney Vacation Club Fixed Week Reservations:
Exclusive to the Aulani Villas in Hawaii, Disney began selling a limited number of fixed week and fixed unit ownerships. These owners have the exclusive right to their deeded week and unit each year. If they choose not to use their deeded week, they have the option of converting the usage into an equivalent number of DVC points to be used for reservations throughout the Disney Vacation Club system.
Banking and Borrowing Disney Vacation Club Points:
DVC owners have the ability to move DVC points from one Use Year into an adjacent Use Year. If a member needs more points for a reservation, they may borrow points from the next succeeding Use Year to secure their desired reservation. If a member does not plan on using all of their current use year allotment, they can save these points by banking them into the next usage year. In order to Bank points, the member must make the request during the first eight calendar months of their use year. In other words, for a member with a February anniversary- the banking request must be made by the end of September. Any or all of a members annual point allotment may be banked. Once banked, the points cannot be returned to the original use year. However, there is a strategy that is commonly used if a member has banked points and later needs additional points in the current use year. They will simply borrow the needed points from the future usage year (basically reaching into their other pocket so to speak!).
In order to Borrow points, a member must be making an immediate reservation that requires more points than are available in the current use year. A member may borrow up to 100% of their next year's point allotment. Just like with banking, once borrowed the points cannot be returned to their original use year, and if they are not used by the end of the current use year they will expire and be forfeit. It is possible for a member to have up to three times their annual point allotment available for reservations in a single use year. This is a strategy used by members who purchase a smaller point allotment, with the intention of manipulating points so they receive their desired vacation every third
year. This is also a common strategy used to take advantage of additional vacation options such as Disney Cruise Line reservations and the Disney Concierge Collection. Again, conversion to reservation points is not available to DVC members who purchase their interest via the resale market.
If you cancel a reservation that was made with banked or borrowed points, those points still remain in the current use year and will expire at the next anniversary unless used. Disney reserves the right to suspend banking and borrowing privileges if necessary to maintain the integrity of the reservation system and ensure that there is enough availability in a use year for the available points.
Cancelling a Disney Vacation Club Reservation:
If a member cancels a reservation made at a DVC resort more than thirty days prior to the reservation, those points are returned to the current use year. If a reservation is cancelled thirty days or less from the expected usage date those points are still returned to the current use year, but are now classified as Holding Points. Holding Account Points can only be used to make reservation requests within a sixty day window of the desired check in date. Also, Holding points cannot be banked.
Likewise, if a member cancels a reservation made for a non DVC resort or activity (remember that these points became Reservation Points), those points are returned to the current use year with limitations on their future use. Again, Reservation Points can only be used for reservations at non DVC resorts.
Transferring Points to Another Disney Vacation Club Member:
A member may choose to transfer some or all of their DVC points from a use year to another Disney Vacation Club member. For this to occur, both accounts must be in good financial standing, and the points being transferred must be from the current use year. Banked or borrowed points may not be transferred. Once the transfer is complete, the recipient may choose to bank them into a future use year, or may use them for a reservation. Members can only transfer or receive points once in a use year. Therefore, just like the banking policy- points cannot be moved back and forth!
Finally, Disney's policies restrict the commercial rental of DVC points or reservations. Because of this policy, members may not receive compensation for the transfer of points from their account. The member giving points is still responsible for the applicable maintenance fees and taxes.
Disney Vacation Club Maintenance Fees and Taxes:
At the beginning of each calendar year, DVC owners will receive a statement of Annual Dues for their share of the common expenses, reserves and ad valorem taxes at their Home Resort. Annual Dues are based on calendar years, not on Use Years so they are always considered to be due in January. Dues may be paid in full as a lump sum payment on or before January 15th. Due are considered to be late on February 15th, or on the check-in date if there is a reservation made for earlier in the year. Members may also choose to pay for their dues with a monthly payment plan. This option is only available as a direct debit from a US checking account. Member services can provide you with details about the monthly debit option. If a member does not maintain an account in good financial standing, Disney retains the right to restrict that members usage and may also cancel any reservations made from the account.
Disney Vacation Club Breakage Policy:
Disney considers the "Breakage Period" to be sixty days prior to a given use day. If a unit has not been reserved prior to the breakage period, Disney retains the right to rent that unit to non-members. Because of this, all members should attempt to make reservations as early as possible in order to receive the best chance for availability.
Contact Information for Disney Vacation Club Member Services:
All owners reservations for DVC Resorts are taken by Member Services. Current operating hours are Sunday through Saturday, 9:00am to 5:30pm EST. Member Services is closed on holidays.
Member Services Reservation Lines:
(800) 800-9800 United States, Puerto Rico, Virgin Islands and parts of Canada
(407) 566-3800 All Other Areas
Reservation requests and member correspondence can also be faxed to Member Services at (407) 938-4151
Reservation requests can be emailed to email@example.com
Telecommunications Device for the Deaf (TDD):
Hearing-impaired Club Members with access to a (TDD) Telecommunications Device for the Deaf (TDD) may use the following numbers.
(800) 800-9837 United States, Puerto Rico, Virgin Islands and part of Canada
(407) 566-3320 All Other Areas
Selling or Renting Your Disney Vacation Club Points
To sell your Disney Vacation Club ownership or to rent your DVC points without any type of upfront fee, please consider utilizing the services of the Progressive Real Estate Agency. PREA is a Florida licensed real estate broker that specializes in timeshare properties and that never charges any type of advance or upfront fee to sell or rent a timeshare. You can download a non-exclusive listing application for Disney Vacation Club owners below.
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