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Worldmark buys San Diego Hotel to convert to timeshares

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  • Worldmark buys San Diego Hotel to convert to timeshares

    This is courtesy of John Raymond of Timeshare Resales Worldwide who send out new bulletins.....thanks John

    News Bulletin

    Worldmark Trendwest Buys San Diego Hotel to Convert It To Timeshare
    Timeshare demand is high for locations in popular large cities, San Diego being one of the most high demand.

    It was just announced that a sale has been approved of the 68- room StayBridge Suites Hotel located in downtown San Diego, California. The hotel sold to Trendwest Resorts, Inc, a subsidiary of Cendant Timeshare Resort Group, Inc. Trendwest plans to convert the hotel into a timeshare property. The sale price was not disclosed.
    There is only one other timeshare in downtown San Diego, the Gas Lamp Suites.

    The StayBridge, which opened in early 2004, is actually a 78-year old building formerly known as the Riviera Apartments/Hotel. It was completely renovated and converted to a hotel in December 2003 with the façade remaining as it was. The seller, an affiliate of Shapery Enterprises, plans to build a 40-story high-rise condominium on what is now the parking lot. The two projects will eventually share parking and a few select amenities.




    Neptune Hospitality Advisors Arranges Sale
    of Downtown San Diego Hotel

    -
    SAN DIEGO, California - - May 15, 2006 - - Neptune Hospitality Advisors announced today that it has arranged the sale of the 68-room StayBridge Suites Hotel located in downtown San Diego, California. The hotel sold to Trendwest Resorts, Inc, a subsidiary of Cendant Timeshare Resort Group, Inc. Trendwest plans to convert the hotel into a timeshare property. The sale price was not disclosed.

    The StayBridge, which opened in early 2004, is actually a 78-year old building formerly known as the Riviera Apartments/Hotel. It was completely renovated and converted to a hotel in December 2003 with the façade remaining as it was. The seller, an affiliate of Shapery Enterprises, plans to build a 40-story high-rise condominium on what is now the parking lot. The two projects will eventually share parking and a few select amenities.

    “This transaction represents one of two recent downtown San Diego deals involving Neptune and Cendant,” noted Mike Armstrong, president of Neptune. In 2005, Neptune arranged the sale of Hotel Prava, a boutique, all-suite hotel, to Cendant which gave them a foothold into downtown for their vacationing customers. “Cendant had so much demand for downtown accommodations that they needed additional suites,” added Mr. Armstrong.

    Neptune Hospitality Advisors is a real estate investment bank dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales, capital raising services, and advisory services to the hospitality industry. Its principals have over $4 billion of real estate and finance experience collectively.

    For more information, contact Michael D. Armstrong at (858) 964-5678 or email mike@neptuneha.com or view the company website at www.neptuneha.com.

    Article Link
    "If a Nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.... If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed."
    -- Thomas Jefferson to Col. Yancey, 1816

  • #2
    Newa San Diego resort

    I read about this today on the Worldmark forum and they have posted pictures. http://www.worldmarktheclub.com/resorts/ws/ ...does anyone know anything about this place....I guess it was sold lock, stock, and barrel to WM...
    The credits needed is a little high but sometimes if you want to be in the middle of a wonderful place, ya gotta pay. It shoud be a very popular place like the San Francisco one.

    Comment


    • #3
      Let's look at this "objectively", shall we:
      1. Worldmark is owned by Cendant, who, of course owns RCI.
      2. Worldmark is a points system.
      3. Worldmark is a mini-system.
      4. Worldmark is also affiliated with RCI points.
      5. Worldmark breaks up units into less than one week increments.


      Now, we have it on very good authority from Carolinian, backed up numerous high quality, well designed, and unassailable studies and surveys (which he has shared with us on numerous occasions), that everyone of those features I have listed above is in disfavor among buyers and users of timeshares. (The studies Carollnian references, of course, contrast starkly with the corrupt, shoddy, and biased stuidies and reports that reach different conclusions, and in reliance upon which developers continue to risk mega-millions of capital to build and sell such projects.)

      Thus, if we are to believe everything that Carolinian has been telling us, we should expect that this project will go down in flames as Trendwest fails utterly in selling this shoddy product that people don't want. Just like Trendwest's conversion of the Camlin Hotel in Seattle was such a disaster. (NOT!)

      ****

      I'm not holding my breath, waiting for the collapse. But then I suppose there is an alternate explanation if the project succeeds. Given that the project does have those hideous aspects, clearly the only way it could ever succeed is by sleazily enabling owners to use RCI Points to loot and pillage the Weeks system using ridiculous crossover trade values.

      ****

      So there you have it. If the project fails, it's unassailable proof of the corruptness and idiocy of points programs, mini-systems, split weeks, and Cendant in general.

      If the project succeeds, it's unassailable proof of the corruptness and idiocy it's unassailable proof of the corruptness and idiocy of points programs, mini-systems, split weeks, and Cendant in general.

      No matter what the fortunes of this project, it will prove the superiority of conventional weeks. The only way it wouldn't prove the superiority of conventional weeks is if Cendant did nothing.

      But wait, that would also prove the superiority of Weeks, because if the Points/mini-systems/split weeks programs were viable, they would be growing and expanding. So failing to develop resorts also demonstrates the superiority of weeks.

      *****

      That completely siews up the logic:

      If a Points/mini-systems/split weeks program takes on a project that isn't a success, that proves the superiority of conventional weeks, because buyers can't be duped.

      If a Points/mini-systems/split weeks program takes on a project that is a success, that proves the superiority of conventional weeks, because the only way those units could ever be sold is by enabling owners to pillage the Weeks system.

      If a Points/mini-systems/split weeks program does not take on any projects, that proves the superiority of conventional weeks, because if there were demand for Points/mini-systems/split weeks programs the developers would be building them.
      “Maybe you shouldn't dress like that.”

      “This is a blouse and skirt. I don't know what you're talking about.”

      “You shouldn't wear that body.”

      Comment


      • #4
        15,000 credits for a Staybridge Suites for a week? Ouch!

        Steve

        Comment


        • #5
          Originally posted by Steve
          15,000 credits for a Staybridge Suites for a week? Ouch!

          Steve
          Have you stayed there? Can you tell me about the area? I'm not concerned about the inside...I saw what they did to the old hotel in San Francisco and loved it.

          Comment


          • #6
            Originally posted by T. R. Oglodyte
            Let's look at this "objectively", shall we:
            1. Worldmark is owned by Cendant, who, of course owns RCI.
            2. Worldmark is a points system.
            3. Worldmark is a mini-system.
            4. Worldmark is also affiliated with RCI points.
            5. Worldmark breaks up units into less than one week increments.


            Now, we have it on very good authority from Carolinian, backed up numerous high quality, well designed, and unassailable studies and surveys (which he has shared with us on numerous occasions), that everyone of those features I have listed above is in disfavor among buyers and users of timeshares. (The studies Carollnian references, of course, contrast starkly with the corrupt, shoddy, and biased stuidies and reports that reach different conclusions, and in reliance upon which developers continue to risk mega-millions of capital to build and sell such projects.)

            Thus, if we are to believe everything that Carolinian has been telling us, we should expect that this project will go down in flames as Trendwest fails utterly in selling this shoddy product that people don't want. Just like Trendwest's conversion of the Camlin Hotel in Seattle was such a disaster. (NOT!)

            ****

            I'm not holding my breath, waiting for the collapse. But then I suppose there is an alternate explanation if the project succeeds. Given that the project does have those hideous aspects, clearly the only way it could ever succeed is by sleazily enabling owners to use RCI Points to loot and pillage the Weeks system using ridiculous crossover trade values.

            ****

            So there you have it. If the project fails, it's unassailable proof of the corruptness and idiocy of points programs, mini-systems, split weeks, and Cendant in general.

            If the project succeeds, it's unassailable proof of the corruptness and idiocy it's unassailable proof of the corruptness and idiocy of points programs, mini-systems, split weeks, and Cendant in general.

            No matter what the fortunes of this project, it will prove the superiority of conventional weeks. The only way it wouldn't prove the superiority of conventional weeks is if Cendant did nothing.

            But wait, that would also prove the superiority of Weeks, because if the Points/mini-systems/split weeks programs were viable, they would be growing and expanding. So failing to develop resorts also demonstrates the superiority of weeks.

            *****

            That completely siews up the logic:

            If a Points/mini-systems/split weeks program takes on a project that isn't a success, that proves the superiority of conventional weeks, because buyers can't be duped.

            If a Points/mini-systems/split weeks program takes on a project that is a success, that proves the superiority of conventional weeks, because the only way those units could ever be sold is by enabling owners to pillage the Weeks system.

            If a Points/mini-systems/split weeks program does not take on any projects, that proves the superiority of conventional weeks, because if there were demand for Points/mini-systems/split weeks programs the developers would be building them.
            Steve,

            I believe your characterization of Carolinian logic is spot on. Your caricature of his arguments will be viewed by others reading this thread as an attack on Carolinian and you will be viewed as a "Carolinian Basher." I think that what those people should know is that when Carolinian makes his arguments, it comes across to people like you and me exactly how your post is coming across to them. After all, that was the point of the post, right?
            My Rental Site
            My Resale Site

            Comment


            • #7
              This thread is not about Carolinian.....so next time don't hijack a thread of mine to do it. I am not arguing for or against what you say outside of commenting on the specific subject at hand....there is a time and place for it...just find the right place please....or start your own thread to attack Carolinian and his arguements.

              Originally posted by BocaBum99
              Steve,

              I believe your characterization of Carolinian logic is spot on. Your caricature of his arguments will be viewed by others reading this thread as an attack on Carolinian and you will be viewed as a "Carolinian Basher." I think that what those people should know is that when Carolinian makes his arguments, it comes across to people like you and me exactly how your post is coming across to them. After all, that was the point of the post, right?
              "If a Nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.... If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed."
              -- Thomas Jefferson to Col. Yancey, 1816

              Comment


              • #8
                Originally posted by 4ARedOctober
                This thread is not about Carolinian.....so next time don't hijack a thread of mine to do it. I am not arguing for or against what you say outside of commenting on the specific subject at hand....there is a time and place for it...just find the right place please....or start your own thread to attack Carolinian and his arguements.
                As you wish. Fair enough.
                My Rental Site
                My Resale Site

                Comment


                • #9
                  Originally posted by Steve
                  15,000 credits for a Staybridge Suites for a week? Ouch!

                  Steve
                  This is extremely high for a 1 bedroom unit. It must be the highest in all of WorldMark. I wonder if they will also have a very high TOT (transient occupancy tax). If they do, this could be problematic.
                  My Rental Site
                  My Resale Site

                  Comment


                  • #10
                    I am not so sure the demand is so high for downtown San Diego timeshares.....Gaslamp Plaza always seems to be available for exchange and on the last minute rental sites....and it can be relatively pretty cheap to buy a unit there.....but obviously rci/cendant/wm seem to think the demand is there.
                    "If a Nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.... If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed."
                    -- Thomas Jefferson to Col. Yancey, 1816

                    Comment


                    • #11
                      getting back to the post - with apoloiges for the Carolinian diversion - I previously criticized TW for building resorts in areas where development costs were lower. It looked to me as if TW was finding a way to create points inventory to sell at the cheapest possible price, rather than focusing on building resorts in places where people want to visit.

                      So doing a conversion project such as this in a place such as San Diego is laudable.

                      But it dies raise the issue of who determines what point values will be assigned to units in newly created projects? is that set by TW or WM? Can the assigned point values change after a project is built? If so, who determines that?
                      “Maybe you shouldn't dress like that.”

                      “This is a blouse and skirt. I don't know what you're talking about.”

                      “You shouldn't wear that body.”

                      Comment


                      • #12
                        I am not as familiar with the WorldMark rules as I am with Bluegreen. But, I seem to recall that once a resort has its credit values set, it can adjust but only in a zero sum fashion. So, the total credits required for booking a specific unit at a resort for the entire year must be the same.

                        I am not sure how the values can be changed across resorts.

                        Also, I believe that Trendwest makes the call on the credit values. It may require WorldMark board approval as well, but that board is dominated by Trendwest, so the answer would be the same either way.

                        One legitimate issue raised with point systems is this exact issue. There is definitely a need to adjust point values at resorts over time. It doesn't have to be every year, but there must be a mechanism in place to make price adjustments to ensure that supply and demand can be met more effectively.
                        My Rental Site
                        My Resale Site

                        Comment


                        • #13
                          Originally posted by BocaBum99
                          ... One legitimate issue raised with point systems is this exact issue. There is definitely a need to adjust point values at resorts over time. It doesn't have to be every year, but there must be a mechanism in place to make price adjustments to ensure that supply and demand can be met more effectively.
                          Or you could go to an auction system.
                          “Maybe you shouldn't dress like that.”

                          “This is a blouse and skirt. I don't know what you're talking about.”

                          “You shouldn't wear that body.”

                          Comment


                          • #14
                            Originally posted by 4ARedOctober
                            I am not so sure the demand is so high for downtown San Diego timeshares.....Gaslamp Plaza always seems to be available for exchange and on the last minute rental sites....and it can be relatively pretty cheap to buy a unit there.....but obviously rci/cendant/wm seem to think the demand is there.
                            We like to go to San Diego but prefer staying on Shelter Island not too far from Point Loma. We prefer the marina atmosphere.

                            Short stays are good enough in a hotel as I would rather keep a timeshare week for a longer stay as it is more comfortable in a condo but packing and unpacking is always a pain no matter if the trip is long or short.

                            Comment


                            • #15
                              Originally posted by T. R. Oglodyte
                              Or you could go to an auction system.
                              I guess if I tell you my opinion on this subject that it will once again be hijacking the thread, so I won't do it.

                              Rather than do that, I'll say that this San Diego resort will probably create a ton of discussion on wmowners.com. I think I'll go there to check it out.
                              My Rental Site
                              My Resale Site

                              Comment

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