I toured this property this weekend and heard the standard sales pitch but some things did not make sense so I turned it down in order to do more research. People talk about buying Platinum points at resale for $1.50-$2.00 but this property was being offerred at close to $10.00 a point. When I asked about trading privileges for other HGVC members into this property, I was told that as a home resort you could trade from this to anywhere but not from other properties to this one. I could see from reading other forum entries that you could make reservations at your home resort a year in advance and only 9 months in advance at other properties. Nevertheless if platinum points are relatively comparable wherever you get them, why would it make sense to buy at this new property where 2 weeks requiring 5000 points each costs over $100K. I did look on ebay and saw only one resale at this home property for 3 weeks in a better room for $120K. Assuming your money tied up was worth 5% and the property could always be sold for what you paid (both big assumptions and the latter likely incorrect), your cost for a studio room (no kitchen at this property) was $500/night. The location is great and the room was lovely but $500/night can get you a room almost anywhere in Manhatten and with a 55% occupancy rate now you can likely do much better. Any HGVC members out there with cheaper Florida or Vegas memberships try to get into this West 57th street club yet? I would love to better understand how this makes sense if I was most likely to want to use this at the West 57th property or regular nights at Hilton properties in major cities.
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HGVC West 57th, NYC questions
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