The resort (there are two rooms actually) are pre-paid through Travelocity, but the reservation is fully refundable until December 19 of next year. I verified their policy a few times before booking, just because of the amount of $$ at stake. It is clearly stated as refundable on my confirmation.
The reservation totals $14K which I am not likely going to be able to spend in the next 31 days. I would most certainly spend more than that in the next 3 months before the airfares get released and I have to start making decisions on cancelling it or not. However, since it would be after 12/31, I am worried about the claw-back.