DUES Info! - All resorts dues have been released

[Brian Noble]

The flexibiilty of booking as an owner is somewhere between a discounted cash booking (where if you cancel you get cash back that can be used for any possible other purchase) and renting from an owner (where bookings are typically non-refundable).

It's probably a litlte closer to the former than the latter, from where I sit.

 

[Mousemath]

I broke out the spreadsheet when I saw this awful dues increase. For those interested, I had done a DCF based on my own inputs that said with 4.5% dues inflation, 4% discount rate, and assuming a 2025 value/pt for SSR of $14 growing with inflation, the fair value of a SSR point was $90. This one ugly dues figure takes that value to $83, and that’s with assuming we go back to 4.5% next year. You can debate any of the inputs of course but this news really is awful for contract values IMO. Of course, the resale market will do what it will do.

 

[PlutoNotPlanet]

Resort	Total Dues	Operating	Cap. Reserves	Ad Valorem Tax
VGF	8.31	5.56	0.97	1.98
PVB	8.33	5.56	1.10	1.87
BLT	8.74	5.32	1.41	2.20
CCV	9.02	5.67	1.47	2.09
SSR	9.18	6.20	1.52	1.68
RIV	9.46	6.56	1.15	1.98
VGC	9.52	7.64	1.68	1.19
BWV	9.67	6.51	1.42	1.96
BRV	9.77	6.52	1.67	1.81
BCV	9.81	6.49	1.49	2.05
AKV	10.16	7.01	1.53	1.86
VDH	10.54	7.83	1.83	1.17
AUL	10.96	8.53	1.67	0.75
OKW	11.21	7.62	2.20	1.65
CFW	12.28	8.90	1.74	1.95
HHI	12.86	10.00	2.73	0.49
VB	14.89	11.42	2.90	0.57

Thanks for putting these together!!

Now I think BLT/CCV will remain SAP+ for a few more years (if you hide AULs).
Capital Reserve correlates with the age of the resorts (BPK definitely made VGF younger). I think those for VGF and PVB will definitely catch up over the years.
Operating cost (primarily driven by housekeeping and maintenance) will likely growth at similar speed across resorts within their own tiers (say <$7 and >$7).