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- Letter to the Board to covert Westin...
Letter to the Board to covert Westin Princeville to mandatory
Dear Board of Directors,
As you are aware, our property has been classified as nonmandatory, which removes the option for a seller of their units to be able to also have points for the exchange transfer for a future owner to have the same privileges as the original owners.Westin Ka'anapali does have a mandatory designation. This restriction for the Princeville makes our units far less marketable and in fact impacts the resale pricing of our units.
As a Board of Directors, of course you have a fiduciary obligation to maximize the value of our units. Reclassifying the Westin a Princeville to mandatory status will enhance the value of our units. It is no secret that owning units in a timeshare, especially even units as gorgeous as the Westin Princeville, has been for lack of a better portrayal a financial disaster. There is fundamentally no resale market, and the Association at this time is refusing to accept unit surrenders, which restricts current owners from even getting a tax loss without undergoing an encumbering financially penalizing foreclosure process, which can damage an owner's credit rating.
I am thereby requesting this motion for shareholder approval to reclassify the Westin Princeville as a mandatory designation to enhance the resale value of our units, and thereby provide an outlet for current owners to sell their units in the resale market.
Please keep me informed of the status of this motion.
Very best regards,
Hoyt Connell
Westin Princeville owner of multiple units
301-509-3447 Hoytc55@gmail.com
Hoyt C.