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Author	Topic: Morritts Tortuga Grand Cayman
Zac495 TUG Member Posts: 467 From: Limerick, Pa Registered: Jul 2004	posted 05-31-2005 18:27 How's 2400 for a one bedroom poolside? Is the resort okay now? I love the Caribbean and would love to purchase this unit (already own Marriott Aruba), but worry about airfare. The Marriott I'll use for trading if I can't get good air. This I would want to use (or trade to other Morritt's). THANKS ------------------ Cheers, Ellen IP: Logged
tmbrit TUG Member Posts: 209 From: Registered: Feb 2001	posted 05-31-2005 21:42 Are you talking of purchasing Morritts Tortuga or a Marriot? or trading a Marriot to get into Morritts if you don't buy. Your posting is confusing. Morritts is not open yet, insurance not settled yet. Poolside is scheduled to open Sept 05. Does your purchase price include the 05 assessment and 05 maintance and use of the 05 week? 2006 fees come due Dec. IP: Logged
reddiablosv TUG Member Posts: 294 From: Riverside, CA. USA Registered: Oct 2003	posted 05-31-2005 23:06 IMHO, any potential buyer of a Grand Cayman timeshare should be very cautious at this time. I do not know of any TS resort that has settled its insurance claims post hurricane Ivan. One resort has closed its doors for good, as apparently the insurance is inadequate to rebuild the resort. Best case scenario is that most of the owners of record will have to pay a steep special assessment to reopen the majority of Grand Cayman resorts. I hope time will prove me wrong, as I own at one of them, but caution should be exercised by any potential buyer. IMHO, Ben IP: Logged
Heron TUG Member Posts: 1568 From: Ont, Canada Registered: Mar 2003	posted 06-01-2005 04:35 The Reef Resort and Castaway Cove have settled their insurance claims and I understand that Morritt's has settled most (if not all) of theirs as well. The Reef has reopened and Morritt's is stating that they will be open in September. The Grand Caymanian must have settled their insurance as well because they are set to reopen I believe next week. 7 Mile Beach may already be reopened or will be shortly (they are saying June) and Plantation Village is apparently looking to late 2005 to reopen. Indies Suites sounds to be the one in the most trouble although I have no first hand knowledge of what is happening at that resort and there has been very little reported on Coral Sands. Edited to add this TUG thread which I hadn't seen prior to posting regarding Indies Suites www.tug1.net/tugbbs1/Forum15/HTML/003142.html and this one as well: www.tug1.net/tugbbs1/Forum1/HTML/008680.html [This message has been edited by Heron (edited 06-01-2005).] IP: Logged
Heron TUG Member Posts: 1568 From: Ont, Canada Registered: Mar 2003	posted 06-01-2005 04:42 Depends what it includes - if you have to pay all the assessments then $1,600-$1,800 has been what they've been going for recently. If you don't have to pay the assessments then $2,400 is a good price. Be careful though because some people claim to have a 1BR and in actual fact they are selling a studio. quote: Originally posted by Zac495: How's 2400 for a one bedroom poolside? Is the resort okay now? IP: Logged
caribbean TUG Member Posts: 1430 From: Goochland, VA OWN : Sandy Point Beach & Boambee Bay in RCI pts Australia; Sandpiper Beach Club 2BR FL; 2 weeks - Royal Holiday Club Registered: Dec 2001	posted 06-01-2005 08:06 It is my understanding from my many communications with a very knowledgeable owner, that NO portion of the insurance claim at Morritt's is settled. I would factor that into my thought process. JMHO Patty ------------------ It�s these changes in latitudes, changes in attitudes Nothing remains quite the same With all of our running and all of our cunning If we couldn�t laugh we would all go insane - Buffett IP: Logged
Zac495 TUG Member Posts: 467 From: Limerick, Pa Registered: Jul 2004	posted 06-01-2005 08:19 Sorry I was confusing! Yes, I'm talking about buying Grand Cayman. I already own Aruba Marriott. Thanks for the help! ------------------ Cheers, Ellen IP: Logged
Heron TUG Member Posts: 1568 From: Ont, Canada Registered: Mar 2003	posted 06-01-2005 16:29 Oh, bad assumption on my part then. I assumed (wrongly) that because repairs had commenced on the property that the insurance issue was coming to a close. quote: Originally posted by caribbean: It is my understanding from my many communications with a very knowledgeable owner, that NO portion of the insurance claim at Morritt's is settled. I would factor that into my thought process. JMHO Patty IP: Logged
reddiablosv TUG Member Posts: 294 From: Riverside, CA. USA Registered: Oct 2003	posted 06-01-2005 16:35 quote: Originally posted by Heron: The Reef Resort and Castaway Cove have settled their insurance claims and I understand that Morritt's has settled most (if not all) of theirs as well. The Reef has reopened and Morritt's is stating that they will be open in September. The Grand Caymanian must have settled their insurance as well because they are set to reopen I believe next week. 7 Mile Beach may already be reopened or will be shortly (they are saying June) and Plantation Village is apparently looking to late 2005 to reopen. Indies Suites sounds to be the one in the most trouble although I have no first hand knowledge of what is happening at that resort and there has been very little reported on Coral Sands. Edited to add this TUG thread which I hadn't seen prior to posting regarding Indies Suites www.tug1.net/tugbbs1/Forum15/HTML/003142.html and this one as well: www.tug1.net/tugbbs1/Forum1/HTML/008680.html [This message has been edited by Heron (edited 06-01-2005).] Because a resort is scheduled to partially reopen does not mean that the insurance claims have been settled and no special assesment will be due from the owners. It means only that some units are ready for occupancy. If you are able to purchase a unit for a firesale price, then it may make sense to go ahead with the deal. I just suggest caution in that other fees may still become due that have not yet been disclosed. Ben IP: Logged
ralphd TUG Member Posts: 437 From: Stone Mountain, GA Registered: Dec 2000	posted 06-02-2005 08:25 The insurance claim on the Tortuga Club poolside units and the Grand are close to settlement. The Tortuga Club oceanfront units are holding up the final settlement. Management has asked for advances based on the numbers that have been agreed on by both sides. IP: Logged
ralphd TUG Member Posts: 437 From: Stone Mountain, GA Registered: Dec 2000	posted 06-03-2005 04:52 The Cayman recovery numbers may be distorted/confusing, read the link below from the Minister of Tourism: ' http://www.caymannetnews.com/2005/06/849/room.shtml ' IP: Logged
TomCayman TUG Member Posts: 674 From: Cayman Islands Registered: Jan 2001	posted 06-03-2005 09:42 Following on from the link kindly provided by ralphd : In the months immediately following Ivan (Sep 04), it was indeed very difficult to get a handle on recovery of room stock. I was closely involved in this through working on the CITA board, and our CITA staff worked very hard in getting these numbers. The first stayover tourists came in Nov 20th, at which time there were only three hotels open (Westin, Courtyard, Cobalt Coast), representing about 550 rooms. Since that time, other hotels have steadily come back on stream, the latest (and largest) being the Marriott Beach Resort, which re-opened June 1st. This was a soft opening, but they will have all 300+ rooms open by August. At this time then, ALL hotels are now open (although the 200+ rooms at the Hyatt across the road from the beach will not open until 2006). Prior to Ivan, about half of all rooms in Cayman were in hotels, the other half in condos and timeshare resorts. Although the hotel side is very positive, the condo and timeshare side is much less so. Only a small proportion of condos and timeshare resorts in Cayman are yet back in business. Many will re-open in time for the next high season, but some may take longer and some may never re-open for various reasons, but two frequently cited ones are a) underinsurance and other insurance settlement problems and b) lack of strong management to pull them through tough times. In summary, Cayman is short of room stock right now, but from a point of view of marketing to stayover tourists, the hotels are now open, and (in the summer/fall at least) those hotels consistently represent where a large majority of those customers stay. Capacity is just one part of the story though, demand is another, and it seems that many people in the US are running scared from visiting the Caribbean in general this Hurricane season... so there are great deals to be had if you can "brave" a Caribbean vacation from Jun through November ------------------ www.thereef.com.ky IP: Logged
ralphd TUG Member Posts: 437 From: Stone Mountain, GA Registered: Dec 2000	posted 06-03-2005 12:13 Tom, thanks for the additional info IP: Logged

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