navatwal

Does anybody have any feedback on this property?

Also it seems that you cannot book award stays at this property, is this property exempt from Marriott Rewards?

Horace

No feedback. The Ritz-Carlton Residences brand is a collection of residential condominiums, which is different from regular Ritz-Carlton hotels and resorts. They can be available for nightly rental.

The Ritz-Carlton Destination Clubs and The Ritz-Carlton Residences do not participate in Marriott's loyalty programs.

For for about the Waikiki property, see http://www.ritzcarlton.com/en/hotels/hawaii/waikiki

The link above includes the following:

SacTownGuy

I am curious how this property does. It's several blocks from the beach if I recall correctly from our last visit there when they were building it.

hhoope01

Yes, it is a fractional ownership property (RC's version of MVCI yet more upscale and exclusive).

A few years back when I stayed at the Cayman RC (which has some RC Residences) I was talking to the GM about upgrades and asked him about using points at the Residences. He said that Residence owners' only interest in Marriott/RC points was that they NOT be included in any way with them. Supposedly they were worried they might have to rub elbows with the unwashed Marriott Rewards masses.

So I'm guessing we won't be seeing them show up on the award search lists anytime in the near future. But if you can afford to buy into the Residences, they come with some very nice benefits. There was a very fast looking speedboat the GM said was there exclusively for Residence owners to use as well as a few other nice extras.

Nagasaki Joe

[QUOTE=navatwal;27961782]Does anybody have any feedback on this property?

I visited this property in October 2016 to view model residences for sale. It was still under construction, but the lower cost residences had already been sold. They did not advise buying the units if you are looking to earn cash flow from them. At the prices they were asking, I thought I could find better value at a lower price on one of the other Hawaiian islands.

The units themselves come in various sizes, but I was not very impressed with the interior design, especially the furniture. The bathrooms are quite impressive, but the rest of the units less so. The kitchens in particular are small in the one-bedroom units, more like kitchenettes. The views from the lanais are quite nice and the shared spaces of the facility, such as the fitness center, pool, restaurants, etc. were all very attractive.

You can make reservations for these units at the Chase UR website. Initially, the per night rate was rather high at 40-50,000 UR points per night, but recently, the rate has dropped and you can find studio and one-bedroom units in the low 30,000 point range per night. I have thought about reserving a unit during a stay in Waikiki Beach, but I really prefer being right on the beach, though they are only a short 5-minute walk from the beach.

C17PSGR

[QUOTE=Nagasaki Joe;28801161]I spent a lot of time for work on Oahu when these were under construction. Someone at the property explained to me that almost all of the units were sold to individuals from mainland China and this had become their target segment. All timeshare sales will tell you that you should not buy timeshares for investment purposes. It's an industry wide thing.

Nagasaki Joe

[QUOTE=C17PSGR;28802841]These are not timeshares, where did you get that idea? It is outright ownership of the residences that they are selling. Ritz-Carlton Residences is no a timeshare program. I was told that the majority of residence buyers were from Japan.

DJ_Iceman

So what's the difference between fractional ownership and timeshare?

hhoope01

Fractional Ownership vs. Timeshare

DJ_Iceman

Thanks very much for the link, hhoope01. But after I read through the table, I'm left with the conclusion that they are in fact the same thing from a legal and financial sense. "Fractional ownership" sounds like an upscale timeshare, or in the worst case, just a timeshare wrapped in a fancy blanket to make it cost more. Am I missing something? (Not trying to be snarky--I really am just trying to understand.)

Nagasaki Joe

If you are referring to the Ritz-Carlton Waikiki Residences, they are neither fractional ownership nor timeshare. The units are sold to individual buyers who are then free to live in the unit full time, or live in the unit part time and rent it out when they are not there, or rent it out full time. It is the individual owners property. With fractional ownership or timeshare, you have other owners to consider, so you cannot decide on your own because it is not your own property.

hhoope01

Yes and No. Its like saying a square and a rectangle are the same things. Yes and no. While a square is a rectangle, it is a special "case" of a rectangle. From a mathematical perspective that means if I know I'm dealing with a square, I can make certain "assumptions" I can't if all I know is it is a rectangle. So Fractional owership is a niche sub-section of the wider Timeshare industry.

What I took from the article is that the Fractional market tends to have some traits that allow for specific marketing and possibly financial tailoring that might not work as well for a general timeshare sales/purchase.

While it sounds like the Waikiki RC Residences aren't fractional ownership, I know the Cayman RC Residences back in the day were sold as fractional ownership. I went through their "sales" pitch maybe 10 years or so ago. They had some really nice "add-ons" for owners like use of a speed boat when staying, but I didn't purchase.

C17PSGR

Regardless, they cannot market them as investment property.

And, in my discussions with one of the folks involved in marketing, they stated that they were primarily sold to Chinese, not Japanese, individuals and were surprised that it moved that way in light of the strong Japanese ties to Hawaii. All that being said, just conversations at a bar with a marketing guy who seemed like he knew what he was talking about but I certainly can't vouch for the accuracy of his info.

After all, they are out of my price range, don't give points or upgrades, and don't work for redemption

msp3

Incidentally, have a friend who is an owner, and a moneyed Chinese one at that. The mindset behind so many of the purchases by wealthy Chinese people isn't always rational or how we would typically think about vacation properties, the primary motive is to get as much money *out* of China as you can, ill-gotten or otherwise... This is no different then any other desirable location in North America where nouveau riche Chinese are setting up their bugout homes and evacuating their kids preparing for the day their relationship with The Party takes a turn for the worse

stvr

"
Please note - Free upgrade to suite and guaranteed 4pm check-out for suites not available for Marriott Rewards members at this hotel."

On the booking page.

...Fun!