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Marriott right of first refusal
So I am interested in buying Surf Club and I am told by a Marriott Rep that if you see a price that is to low that Marriott will enforce their right of first refusal. Thus blocking god sale . So if this is the case that Marriott will most likely block a sale if a price is to low--then all "sellers" should just contact Marriott first and would buy pass Redweek. I'm missing something here and would appreciate any help as to how I can buy from Redweek and avoid all the red tape. Someone must know how to do this and avoid all the red tape. By the way I don't care about Destination Points and just want to come to Aruba every year. Any help and how you do this .Thanks
Charles M.
Charles M.: Keep in mind the salesperson does not want you to purchase resale. In our experience, Marriott may purchase the timeshare if they need more inventory at a particular resort. We never know when Marriott will exercise their right of first refusal, but we see many resales go through on Marriott properties. You can go to this page to view resale history for Aruba Surf Club: Surf Club Resales
(https://www.redweek.com/whats-my-timeshare-worth/P4872-marriotts-aruba-surf-club/sale-historical)
You can see quite a few weeks have been sold, and many for under $10,000. If you have further questions, please use the "Contact Us" link at the bottom of any page. Thanks!
RedWeek Support
RedWeek.com
Last edited by phyl21 on May 07, 2019 10:17 AM
Thank you for quick response. I have follow up question. I am seeing the letters RTU . My current Surf Club is for Life and I confirmed with Marriott they do not have an expiration date Many of the listing have a 2061 date . Why is that ? Also has anything changed with regards to buying these. Some say DEED many say RTU. I also want to buy GOLD season and I understand that is a floating time span. Sometimes I see a fixed week. Is that because the owner is also including a week reserved for this year, Sorry about all the questions but want to ensure I have everything covered and understand Thank You
Charles M.
Hello Charles,
Thank you for contacting us. In regards to Marriott's Right of First Refusal, the resort will exercise their right for any two reasons: Price too low and OR if they need the inventory. There is no way to know if they will buy it back for sure. We can only find out once an offer has been presented and the contract has been sent to Marriott to find out if they will waive or exercise their right. Most sellers would prefer to sell through RedWeek because they would save money in commissions. Hope this Helps! Thanks, Lorna.
Lorna Q.
RedWeek.com
Thank you for response can you help me regarding the other questions involving the 2061 date in the "RTU" listing vs the " DEED" listing. Also my other questions on floating weeks which I understand.....why do some listing have a "fixed" week listed ?
Charles M.
Hello Charles, Marriott's Aruba Surf is a Right to Use property, not deeded. Marriott leased the land until 2061. It is up to the Aruba Government to decide if they wish to extend the lease after 2061. As far as some postings with a fixed week, the Platinum Plus ownership offers fixed weeks. Thanks, Lorna.
Lorna Q.
RedWeek.com
Hi Charles, Marriott has a land lease so it is a Right To Use. Unfortunately, some postings are DIY (not verified) and owners are under the impression is deeded. This is why you will see some DIY postings advertised as Deeded. The property is not deeded. In regards to the floating week, as per my previous email, the Platinum Plus ownership offers fixed weeks The Platinum Plus fixed weeks are Week 7 which is Presidents week, Week 14 which is Spring Break Week, Week 51 which is considered Holiday Week and Week 52 which is New Years Week.. The rest of the ownership is floating. Gold season consists of weeks 18-50. Thanks, Lorna
Lorna Q.
RedWeek.com
jamese602 wrote:What does passed or failed mean on Redweek rofr
"Passing" ROFR (right of first refusal) simply means that the developer (Marriott, in this case) agrees to let a sale take place between seller and buyer at a price agreed to between buyer and seller, with Marriott offering no objection.
"Failing" ROFR would mean that Marriott refuses (as is their right) to let the sale proceed between seller and buyer at a price Marriot perceives as too low, with Marriott then opting to buy that week themselves from the seller at that same price. For the seller, there is no really difference in money ultimately received for the sale. For the buyer however, if the agreed price "fails" ROFR, then the buyer is out of luck and essentially gets "aced out" of the transaction entirely.
It is worth pointing out that ROFR exists only if clearly identified and stated in the resort / developer original organizing documents. If the ROFR option is not specifically provided in those underlying legal documents, ROFR does not exist and therefore cannot be exercised. Some chains have ROFR, some don't. Independent timeshare properties (i.e., those not associated with any "chain) do not have any such ROFR provisions in their underlying legal (CC&R) documents.
KC
Last edited by ken1193 on May 04, 2022 02:08 PM
leslied111 wrote:I have a Marriott timeshare which has been deposited with Interval International. Can I rent it through Redweek, if I handle it myself?
Your question is completely unrelated to the actual topic of this thread (ROFR), but is nonetheless easily answered.
Once a week is deposited with any exchange company, that week is immediately no longer yours to use or to rent out. Short answer --- NO.
KC
Last edited by ken1193 on May 18, 2022 04:03 AM
jims1410 wrote:Would anyone know if Marriott takes a different stance when it comes to ROFR when the Seller is a foreign seller (ie. from the UK or Canada)? I'm wondering if they waive ROFR for sellers who are not from the US due to FIRPTA laws.
What are FIRPTA laws?
But to answer your question, it's doubtful where the owner/seller resides. Any chain that exercises ROFR is usually for the purpose of keeping resale values from plummeting. It does not matter where the potential seller resides.
Lance C.
I recently had a Marriott Sales presentation as an owner and was told that Marriott spent $65m repurchasing resales. I was looking at purchasing one of your Ko Olina offers but now wonder if any of them are likely to be successful? There seems to be a lot of internet chatter expressing dissatisfaction with the new Marriott Points scheme hence why I was looking to purchase via Redweek Welcome any feedback or thoughts Ps I am a Marriott owner but becoming disgruntled
Richard F.
I have a 2/2 Ocean View every other year for sale and I currently own two of them. I have never had Marriott use the ROFR on a secondary purchase. Maybe it would happen, but not likely from what I have seen. It cost nothing to make an offer and to have it go thru the process. The prices for Marriott Ko Olina are holding steady and I have seen several go thru so I am not sure your information is right, but that's just my experience. Great success to you Ko Olina is amazing!
Todd and Tracy Thompson
Have you directly asked Marriott about processes, rules and applicable procedures regarding intra-family transfers of ownership?
Marriott itself is surely a far more reliable source than comments offered from unknown people on a Internet discussion forum.
KC
Last edited by ken1193 on Oct 12, 2023 05:23 AM