The possible trust?

[MarkNC2Disney]

While I am still learning about how this works, I think that they will start with units that are added to the resorts to be sold as part of a trust, and those units will be different than the current ones that have already been declared.

Very tactical question here… would specific rooms be added to the Trust (e.g., 8633 2BR at Riviera)? So you would have Trust rooms vs non-Trust rooms?

 

[dioxide45]

Very tactical question here… would specific rooms be added to the Trust (e.g., 8633 2BR at Riviera)? So you would have Trust rooms vs non-Trust rooms?

Within the association the units mostly float. So while a specific unit might be conveyed to the trust, they could put you into any room at the resort when you stay as long as it is the room type booked.

 

[DonMacGregor]

So it seems that the Palmetto Trust Association Inc was simply setup to facilitate the Cabins at Fort Wilderness and isn't some type of multi site trust timeshare program. Not that they couldn't add other units into said trust, but reading through the documentation, it seems that Palmetto is just for the Cabins and nothing more. Perhaps given that the cabins may be considered more like manufactured or modular homes requires or warrants a different type of arrangement than a built out DVC resort. So Palmetto in relation to a multisite timeshare trust was a big nothing-burger IMO.

That's not how @Sandisw was reading it...

 

[Chuck S]

Very tactical question here… would specific rooms be added to the Trust (e.g., 8633 2BR at Riviera)? So you would have Trust rooms vs non-Trust rooms?

IMO, it would not be legal for a trust to remove specific rooms from DVC Inventory that has already been declared iinto a DVC Association, as that would illegally oversell the resort. If there is undeclared inventory at a resort, then something like that may be possible.

As far as Aulani, I'm surprised it didn't sell better, Hawaii has traditionally been a big vacation destination for those on the West Coast.

 

[DonMacGregor]

IMO, it would not be legal for a trust to remove specific rooms from DVC Inventory that has already been declared iinto a DVC Association, as that would illegally oversell the resort. If there is undeclared inventory at a resort, then something like that may be possible.

Plus, each of those declared rooms comprises a legally defined portion of their specific Unit, which is, in turn, identified on the sales contract. Now, if I own .0005% of Unit A at PVB, for example, yes the description doesn't identify which room that .0005% can be found in (because it's not room-specific), but cumulatively, 100% (or close thereto) of each Unit will be sold in a "sold-out" resort, so no matter how you slice it, portions of each room within the Unit will have been sold and are part of the ownership interest of some number of members.

 

[Sandisw]

Very tactical question here… would specific rooms be added to the Trust (e.g., 8633 2BR at Riviera)? So you would have Trust rooms vs non-Trust rooms?

Based on what is currently there…and my reading of it…just like all the DVc resorts….which specific units are in the trust or out of the trust, there is the reciprocal use.

For example, when we stay at RIV, we can be put in any room, whether it is declared or not as both DVD and owners have a reciprocal agreement.

So, I do not see partial interests from units…which can be more than one room…being put into a trust use plan, which would prevent them from taking specific rooms from current resorts.

I’ll go so far as to say that I see this now, becoming one that is for moving forward…and not back.

What they may decide to do is take some of the undeclared inventory at RIV or VDH or Poly tower, create a new resort use plan for those units, add them to the trust.

People choose to buy an interest in one of the individual trust plans, but things are set up to give access to all the newer units after the one month advantage…

This way, when sold resale, you have a home resort RTU…I have to read more, but I am more confident that they will not be adding access to sold out resorts via a trust product until they have enough ownership interest in them to add full units…

 

[DonMacGregor]

@Sandisw this seems to be in conflict with the documents you had reviewed, specific to the trust filing (and not specific to VFW). @dioxide45's interpretation seems pretty definitive, and extremely significant WRT the trust moving forward.

So it seems that the Palmetto Trust Association Inc was simply setup to facilitate the Cabins at Fort Wilderness and isn't some type of multi site trust timeshare program. Not that they couldn't add other units into said trust, but reading through the documentation, it seems that Palmetto is just for the Cabins and nothing more. Perhaps given that the cabins may be considered more like manufactured or modular homes requires or warrants a different type of arrangement than a built out DVC resort. So Palmetto in relation to a multisite timeshare trust was a big nothing-burger IMO.

 

[Sandisw]

@Sandisw this seems to be in conflict with the documents you had reviewed, specific to the trust filing (and not specific to VFW). @dioxide45's interpretation seems pretty definitive, and extremely significant WRT the trust moving forward.

I think that the documents are written in such a way that this is the first one…just like when RIV came out regarding restrictions…it starts with what is there.

It says they can create future ones, but right now, it’s just CFW…which makes sense..but, I don’t think this means that they won’t be creating more plans like this.

It mentions that it can create different trust plans moving forward as well…but I don’t read anything that says this is going to be only used for CFW…because the terms future resort plans is also there…

So, in one way, yes…this is just about CFW being a trust product and not a deeded ownership interest one…but I think it’s being set up to add future units at other component sites, which may have similar rules and rights.

 

[Sandisw]

Going on another speculative whim…maybe the idea of having home resort advantage, trust resort advantage, and BVTC resort advantage isn’t off the table.

I can see it that they sell all new resorts in a trust fashion. You pick your home resort for 11 month bookings, but then all properties in the trust….new units not yet declared if the resort exists…get to book at 10 months, and then the trading for BVTC stays 7 months…but eventually goes down to 6 or 5, as more and more resorts enter the trust..

Just happy we have more info to discuss! Now to keep an eye for Poly tower documents,

 

[MarkNC2Disney]

Going on another speculative whim…maybe the idea of having home resort advantage, trust resort advantage, and BVTC resort advantage isn’t off the table.

I can see it that they sell all new resorts in a trust fashion. You pick your home resort for 11 month bookings, but then all properties in the trust….new units not yet declared if the resort exists…get to book at 10 months, and then the trading for BVTC stays 7 months…but eventually goes down to 6 or 5, as more and more resorts enter the trust..

Just happy we have more info to discuss! Now to keep an eye for Poly tower documents,

This occurred to me as well. I think people generally prefer “buy where you want to stay” over “buy into a pool of points that may leave you slightly disappointed in the end.”

Home resort booking + all other trust booking before it opens to BVTC seems like the sweet spot.