Attention: Summer Bay Owners

[krlorenz Junior Member Find all posts View Profile Close krlorenz]

Anyone heard the latest on the deed count in Vegas?

[Roadtriper Junior Member Find all posts View Profile Close Roadtriper]

Things are going very well, Thanks for Asking! RT

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

Info on Summer Bay:

Owners at the Summer Bay resort in LV are being asked to give up/sign over their deeds at the current resort and instead get a deed at the bigger & new remodeled resort across the street. The new resort will be much nicer than the current resort and most owners are getting an upgraded unit as well. The HOA board has agreed to this conversion, but there are a few owners who feel that they are not receiving anywhere near enough compensation due to the current resorts location next to the LV strip. And they are also upset that a new developer will be given the right to sell the additional units that will be available at the new resort.

Currently, about 1/2 of all owners have signed over their deeds but ~70% will need to sign over their deeds for this to go thru. No one knows what will happen if the resort doesn't get the 70% sign-over. And those owners who feel they are not getting enough compensation, have been told that they are out of luck since the HOA board has the right to make this deal.

Do I have this right?

[Roadtriper Junior Member Find all posts View Profile Close Roadtriper]

Info on Summer Bay:

Owners at the Summer Bay resort in LV are being asked to give up/sign over their deeds at the current resort and instead get a deed at the bigger & new remodeled resort across the street. The new resort will be much nicer than the current resort and most owners are getting an upgraded unit as well. The HOA board has agreed to this conversion, but there are a few owners who feel that they are not receiving anywhere near enough compensation due to the current resorts location next to the LV strip. And they are also upset that a new developer will be given the right to sell the additional units that will be available at the new resort.

Currently, about 1/2 of all owners have signed over their deeds but ~70% will need to sign over their deeds for this to go thru. No one knows what will happen if the resort doesn't get the 70% sign-over. And those owners who feel they are not getting enough compensation, have been told that they are out of luck since the HOA board has the right to make this deal.

Do I have this right?

Yes Bill, that is accurate.

a few points that need to be mentioned
1. Harrah's Entertainment owns the "Redevelopment Rights" to the current resort. these were purchased at the Bankruptcy Auction when Liesure went belly up and the assetts were sold off by the Bankruptcy court. these "redevelopment rights" aren't specific plans for anything.

Worst case scenario... Harrah's could have done nothing with the redevelopment rights. and we would all own the same timeshare intervals at the same worn out 1960's complex

2. The Desert Club deal was agreed to by all parties involved after many other proposals were rejected.
Harrah's Purchased the 19.5 acre Desert Club Apartment complex for 164.4 million dollars and has offered it in exchange for the current 18 acre Summer bay and they are kicking in 29 million to competely refurbish the complex and bring it up to RCI Gold crown standards. plus they are absorbing all the costs for the transfer. RCI has already issued a conditional Gold Crown rating. the new complex has 160 more units than SB has now.
the disposition of these extra units has been part of the contravercy. as it stands they are owned by the HOA who made a deal with Summer bay to purchase the extra inventory and Summer bay will pay to refurbish these units, market and sell them. while they are in Summer Bay's inventory they will Pay the HOA Maint fees on the units. (Summer bay stands to make millions on the sales)

3. The latest figures were about 55% of the deeds have been submited for transfer. latest figures mentioned is 80% to seal the deal. again I don't think that is cast in stone anywhere. I think it's a matter of all parties involved seeing enough momentum to where it can't fall through.

4. Bottom line is, Harrah's want's the land we sit on. and I think harrah's can pretty much get anything they want. from a Timesharing standpoint I think the Desert club deal is Historic. as an owner at SB I'm happy as can be!
the folks who are holding out unhappy with the deal seem to be few. some of them I have listened to have legitimate complaints and concerns. but IMHO they all have unrealistic expectations.

5. I don't think anyone is going to get left out in the cold, (unless they stop paying their maint fees and go into forclosure). the worst they will end up with is an larger newly refurbished Gold Crown Timeshare in Las Vegas. (which is what they bought in the first place) RT

[jackio Gold Contributor Find all posts View Profile Close jackio]

I just came back from Las Vegas, where I stopped in at Summer Bay and asked to see the model of the new complex. They are actively marketing, trying to get current owners to convert to RCI points at a cost of approx. $8000/unit, and to sell to new owners. Since I already signed my deed over in Feb., no one was willing to take us over to the model (you need to be let in). There was no money to be made on me. I had to firmly insist that I was an owner and had a right to see the new property. We were shown (finally) a 2BR unit and it was very nice. Granite and stainless steel kitchen, full size washer and dryer in a laundry room, remote control fireplace, nice furnishings. There is a huge tub in the master bath but it is not jetted. I was told by an employee (who was not a salesperson) that they are telling customers that 60% of the deeds are signed, but in actuality it is closer to 40%. They are now offering incentives for owners to come and complete the transfer.
I own 2 weeks in a studio unit. The new deal gives me an upgrade to a 1BR. The current 1BR owners will be put in a lottery to be upgraded to 2BR units. I, for one, am thrilled with this deal with Harrah's. The current complex needs so many renovations that maintenance fees would have had to rise considerably to cover the costs. The new complex has already been awarded provisional Gold Crown status from RCI.
We were told that the tentative date for the completion of the move is June 8, 2008. If Harrah's pushes, it could be earlier. This is good news for the exchangers who got an easy trade into Summer Bay for after that date, as they will enjoy being in the new complex.

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

I think, as time goes by and more people/owners post about this, I can see why the OP, who has posted OY has his doubts about this. There is a lot of misinformation that seems to be coming out of Summer Bay and, considering the history of lies from the previous developers, I'd be more than a little aprrenhensive that everything was going to go as planned.

I believe this is going to come back to get-it-in-writing. Things promised but not written will never be delivered.

The other side of this sword is the pickle this developement finds itself in since Leasure Resorts ran the developement into bankruptcy and has compromised the owners position by allowing HET in the door via their purchase of developement rights to the land.

The more information that comes out about what people are being told plus what little I've seen in writing makes for an uneasy situation for anyone that has doubts about the honesty and integrity of those pushing for the move. The fact that they have to be forced to show an owner the new units after the deed is signed over and there's not money to be made via a VERY expensive conversion to RCI points would make anyone suspect. $8,000 to convert to RCI points when it's been published that RCI only charges resorts $199 really makes one suspect of the developers motives.

I also remember reading that the HOA had told owners that the additional units would be sold by the HOA and the profits from those sales would offset the MF's for the next several years. Now I'm reading that Summer Bay will be selling those units. So my question is will Summer Bay be the only one to profit from those sales or will the profits be passed on to the HOA to keep MF's lower for the next several years?

There's a lot of conflicting things I've read or at least believe that I've read since this all started. Perhaps my memory isn't as good as I thought and maybe the things I thought I had read/heard I really hadn't.

I still think this move my be the best option for owners but the additional information I'm reading makes me think that there's more to this than meets the eye or is out in the public.

Missing from these discussion are HOA members comments who are also forum members. Maybe because it would be a conflict of interest but it would be nice to hear from someone directly involved and not just the bits, pieces and rumors that can often run wild.

[Roadtriper Junior Member Find all posts View Profile Close Roadtriper]

I think, as time goes by and more people/owners post about this, I can see why the OP, who has posted OY has his doubts about this. There is a lot of misinformation that seems to be coming out of Summer Bay and, considering the history of lies from the previous developers, I'd be more than a little aprrenhensive that everything was going to go as planned.

I believe this is going to come back to get-it-in-writing. Things promised but not written will never be delivered.

The other side of this sword is the pickle this developement finds itself in since Leasure Resorts ran the developement into bankruptcy and has compromised the owners position by allowing HET in the door via their purchase of developement rights to the land.

The more information that comes out about what people are being told plus what little I've seen in writing makes for an uneasy situation for anyone that has doubts about the honesty and integrity of those pushing for the move. The fact that they have to be forced to show an owner the new units after the deed is signed over and there's not money to be made via a VERY expensive conversion to RCI points would make anyone suspect. $8,000 to convert to RCI points when it's been published that RCI only charges resorts $199 really makes one suspect of the developers motives.

I also remember reading that the HOA had told owners that the additional units would be sold by the HOA and the profits from those sales would offset the MF's for the next several years. Now I'm reading that Summer Bay will be selling those units. So my question is will Summer Bay be the only one to profit from those sales or will the profits be passed on to the HOA to keep MF's lower for the next several years?

There's a lot of conflicting things I've read or at least believe that I've read since this all started. Perhaps my memory isn't as good as I thought and maybe the things I thought I had read/heard I really hadn't.

I still think this move my be the best option for owners but the additional information I'm reading makes me think that there's more to this than meets the eye or is out in the public.

Missing from these discussion are HOA members comments who are also forum members. Maybe because it would be a conflict of interest but it would be nice to hear from someone directly involved and not just the bits, pieces and rumors that can often run wild.

Good Points Doug! I think we are all guilty of repeating info as we remember it, and the more a story gets told the more it changes.

As I remember it... the extra 160 units (8300 +/- intervals) are being sold by the HOA but they are being sold to Summer bay at the wholesale level. ( 11 Mil. is a figure I remember) I believe it's over a period from 1-10 years. Summer Bay will pay for the upgrades/renovations for these units. they will do all the marketing and sales and will realize the Retail Income/profits from the sales. RT

[jackio Gold Contributor Find all posts View Profile Close jackio]

Good points, both of you. I remember being told that the HOA would own all the extra units and the income generated from the sales would be used to hold down maintenance fees for years to come.
I am hoping that James Reach will chime in on the discussion OY.