With the objective of honoring our commitment to complete the resort in the shortest time possible, we have continued our review of alternatives to achieve this goal. One of them is the configuration of Deluxe Suites for Phases 3 and 4, which we believe will have a higher demand among new buyers. On May 28, another new product was launched within Grand Residences by Royal Resorts®, a Points-based membership backed up by Grand Residences inventory and offering the benefits of the new Royal Resorts Signature Club Elite Membership.
Royal Resorts started selling Points-based memberships at The Royal Sands®, The Royal Cancun® and The Royal Haciendas® in January 2015 and they have proved very popular with guests visiting the resorts and existing Royal Resorts members because of the flexibility that points offer to tailor vacation time. We decided to introduce a Points-based product at Grand Residences.
New Points members will be able to buy a yearly allotment of points to use at Grand Residences based on availability. They will pay a yearly Club Service Fee based on the amount of points they own and will follow the same rules and regulations when staying at the resort.
The Points-based Memberships will not have the same benefits as a fractional membership. These are some of the differences:
• Points members will not have guaranteed use of a specific unit or season. They are able to request reservations based on availability.
• Points-based Memberships will not include residual rights.
• Points-based Memberships have duration of 40 years.
• Points-based memberships have a Signature Club Elite membership attached to them with different benefits to those of President’s Circle
The launch of the Points membership and the new Deluxe Suites configuration of phases 3 and 4 will not affect you when you stay at Grand Residences or your President’s Circle benefits.
In order to create a points-based product that is consistent with Royal Resorts Vacation Ownership products, it was necessary to adjust the current credit values for Grand Residences in the Signature Club. This adjustment will not affect your transactions within Grand Residences, as you will keep the same exchange power that you had before. This means that you will still be able to reserve the same types of unit, lengths of stay and seasons that you had access to before the adjustment was made. However, when you request a reservation to stay at other Royal Resorts Vacation Ownership resorts, your exchange power will appear to be reduced. In order to compensate for this, we have put a discount in points in place that will come into effect whenever you wish to make a reservation. This discount will improve your exchange power for reservations at our other Vacation Ownership properties.
We will provide additional details about this rule in the updated Guide to Use of your President’s Circle Membership, along with the new credit schedule and news about some more adjustments that we have made to the program to give you even more flexibility when planning your vacations.
For more information on the new Grand Residences points-based membership, please read the FAQs.