Planet Hollywood towers in Las Vegas

was in Las Vegas last month and happen to see the construction of new planet hollywood casino and towers opposite to Bellagio right on the heart of The strip. I was amazed by the photos of the Planet hollywood towers by Westgate. It seems this timeshare will be directly connected to the Casino and all amenitiea and its 1 billion dollar construction.

I also found this could be a great renting asset as a timeshare owner can rent it along with PH hotel inventory. Its standard seems to be the most luxury in the strip.

I was plannig to buy one. But was told it allowed to public later this month. I love Las Vegas and would also want to use it for renting.

I found lot more info: vegastodayandtomorrow.com

Do anyone have more insight in this?

Your response will be much appreciated.

It looks as though Las Vegas is getting over-saturated with timeshare resorts much like the Orlando area.

Vegas should be an easy trade in years to come with all the building that's going on. I would rethink buying from the developer and check out resales. When you buy from the developer your purchase instantly depreciates.

Jayjay: Thanks for your reply.

But PH towers in LV is a totally different from other timeshares. Just to tell you a comparison, the near by Venetian ( which is no way standard to PH towers) is charging $1200 for a night from Dec 26 to Jan 1. If owns that premium week 52, should be making atleast 7k per year. You can let PH towers ( managed by starwood) to rent as hotel inventory. You cannot expect this anywhere in timeshare world.

This created huge oppurtunity. Leave alone the resale. The renting will make huge. I came to know about this one of my friend who bought some 6 months back.

I checked for the resale market and found an Ad at sellmytimesharenow.com.

62k for week 52.But the develper is selling for 70k and they are going to release to the public sometime this month.

I believe you cannot compare this to any other timeshare. Also the total inventory is only 1200 suites.

JayJay:

I was totally stunned at the interior pictures displayed in sellmytimeharenow.com

Have a look and let me know

cath, just my opinion, but I would never pay 62K or 70K for one week of timeshare. And, even if you could rent it out some years, how many years would it take to break even? You have to think of yearly maintenance fees? How much are they?

As I have said before, Vegas is beginning to be overly saturated with timeshare resorts, much like Orlando, and will be an easy trade in years to come, even Planet Hollywood. Also, once you sign on the dotted line with a developer, your timeshare purchase has immediately depreciated much like a new car. You will never get your money back on a developer bought timeshare.

Just because you saw a week listed on a timeshare sales site for 62K does not mean the week is worth or will ever sell for that. The asking price really means nothing. The market (buyer) sets the price of what they will pay for a given week, not the seller.

Before you lay down that much money I would research timesharing backwards and forwards and inside and out. 62K to 70K is a more than major purchase.

I'm giving you this advice so that in years to come, after you have paid 62 to 70K for one week of timeshare, that you won't have desperate regrets concerning this purchase. As an owner, you are still liable for the mortgage payment and the yearly maintenance fees until it is sold, and even after you die your heirs are then responsible.

The internet is full of such sad and tragic stories of owners regretting buying their timeshare week. Some owners can't even give their timeshare away or they take a substantial loss via resale.

Please don't buy this as an emotional purchase. Cool down and learn and educate yourself on timesharing.

I finally found the website ... all I see is some slick advertising by Westgate, the developer. Planet Hollywood is just another new timeshare resort in Vegas, nothing more nothing less. If you really want to buy a timeshare in Vegas then I would check the resale sites for other timeshares. There are many ultra nice timeshare resorts there and you will save a bundle of money as opposed to buying from the developer.

My advice is 'don't bite' with Planet Hollywood and Westagte. Westagte is known to have the most persistent and 'won't take no for an answer' hard sell tactic timeshare salespeople in the industry.

Hi Jayjay

Almost all Time shares would depreciate in value. The main reason for this is : inbalance supply and demand equation. A person who bought a timeshare if wants to sell should be lucky to find a similar person who will be interested with same week/location/price.

The main and most important factor for a timeshare to hold or appreciate in value is it COMMERCIAL or in what it could rent. I know one of my friend makes a living just by renting his various timeshares. It that particulat time of the year and that particular location that matters.

Coming back to PH towers: You cant compare it to any other timeshare. Because its connected to a state of the art casino and a hotel inventory.

All I am concerned is WEEK 52. Dec 25 to Jan 1 every year.

In LV, most hotels in the strip are booked for the next 3 years for week 52. PH towers is the only timeshare where you club it with hotel inventory and rent it.

PH has a unique relationship with hollywood. The top 10 floors are pent houses and are already gone and owned by the celebs. The bottom 40 floors are timeshares ( only1200 inventory). Westgate whose is the developer for this has 400,000 customers ( the largest in the timeshare world). Last I heard, most westgate customers are upgrading their to PH. I dont think there will be lot week 52 available to the public ( may be less than 400 suites).

There are 5 theaters where hollywood stars will be performing plays every month (esp. week 52). Beauty contest, boxing champs will be held. The lastest plan is to have hollywood stars doing a count down for new year.

One of my friend bought week 52 during the pre construction phase for just 50k. I came to know abt PH thorugh him . I did a lot reasearch and found the above and lot more.

He has agreed to give me one for 52k which I think is good value for me. The developer is selling for around 70k. It will be open for the public by the end of this month.

Most importantly, I am buying this timeshare not for resale purposes. But for vacation and renting purposes. I bet I will never miss a week 52 rent in LV strip ( in PH)

Also, there not many timeshare in LV strip to the clase of PH. I know jockey club is there some where behind the strip which is no way comparable to PH.

Its all abt location, time of the year. I cannot expect to rent a week 22 ( not even $50/night).

Jayjay:

visit the below links:

http://www.vegastodayandtomorrow.com/planeth.htm#const

The below is link is the 4 billion dollar city center (with condos and malls by MGM)

http://www.vegastodayandtomorrow.com/citycenter.htm#underconstruction

City center will be opposite to PH towers and atleast 10 bridges will be connected between city center and PH towers.

I saw some of the cool pictures of a PH 2 bed room deluxe from:

http://www.sellmytimesharenow.com/details.php?idadd=239965

I found the photos under view all photos. I have never seen something like that before. But the price to the high end.

cath, if you do buy a timeshare at PH, I wish you luck and many years of wonderful memories, and hopefully, no regrets.

Hi Jayjay

Thanks for the wishes.

What do you think is the fair price for a 2 bed room deluxe (8 to 10 sleeper, 1400 sq. feet, 3 plasma 52 inch wall attched TV's, Water show of bellagio can be watched from Bedroom, attahced to the world class casino (first and only in timeshare), 2 jagguzi w/spa, lights, all amenities, TV postions all remote controlled, equatorial sandy beach in the towers, direct bridge link to city center) for week 52?

Its more than a 5 star resort on the heart of the strip? I would like to get your opinion on the pricing for week 52?

What do you think on the renting propects from Dec 26 to Jan 1 ( for week 52)?

I would really like to get your opinion from you.

Thanks in Advance.

cathc, I haven't the foggiest idea what such a week would be worth since the resort hasn't even been built yet, but the main issue of importance is what it's worth to you. It's not a given your week would be rented when you don't choose to go to Vegas week 52 of every year.

The resort hasn't even been built yet, that's why I think you are taking a chance in even considering paying such cash on something that won't even be finished until 2009.

From what I've gathered, reading the links you provided, they have rethought the idea of doing the glass exterior (too expensive). What other changes are in the future AFTER you have signed on the dotted line?

These kinds of projects need your money (buyer of a timeshare week or whole ownership of a condo) to continue their work. That's how developers do.

Whether to buy or not is something you'll have to decide yourself ... is it worth that kind of invesment for one week of timeshare a year when it's not a given your unit could be rented when you are not using it? That's the main question.

There are thousands of people that own timeshares where the developer salesperson told them they could make a lot of money by renting. If that was the case then you wouldn't see thousands upon thousands of timeshares for rent and for sale in the market place if it was a profit making venture.

cathc2 wrote:

Hi Jayjay

Thanks for the wishes.

What do you think is the fair price for a 2 bed room deluxe (8 to 10 sleeper, 1400 sq. feet, 3 plasma 52 inch wall attched TV's, Water show of bellagio can be watched from Bedroom, attahced to the world class casino (first and only in timeshare), 2 jagguzi w/spa, lights, all amenities, TV postions all remote controlled, equatorial sandy beach in the towers, direct bridge link to city center) for week 52?

Its more than a 5 star resort on the heart of the strip? I would like to get your opinion on the pricing for week 52?

What do you think on the renting propects from Dec 26 to Jan 1 ( for week 52)?

I would really like to get your opinion from you.

Thanks in Advance.

JayJay: I visited vegas 3 times personally in the last 9 months. I enquired about this to all sorts of people ( excluding sales person but including even cab drivers).

You have your point towards timeshare in general and I dont believe this can be applied to PH.

Buddy, Aladdin casino and resort is will be totally transformed into PH casino and resort in the next 3 to 4 months. The towers and the beach will all be in BIG indoor complex attached to the PH casino and resort. Just and ring the PH resort or any top hotel in the strip, you will delighted to see no rooms available from 28 dec 2007 to Jan 1 2008.

From Dec 26 to Dec 28 or 29, you will find a 2 bed room deluxe ( par below the standard I described earlier) for renting around 600/night. That is 1 year in advance.

I totally disagree with you that : I CANT RENT DEC 26 TO JAN 1 in LV strip.

Secondly, The resort will be open in early to middle 2008. I cant believe you said westgate is trying to raise 1billion dollars in the next 1 year to built the whole 50 stories. They will not be even able to sell atleast 20% of suites for the next 1 year. They MAYBE able to sell all suites may be in next 5 to 8 years.

And I am not going to pay full in cash. I am putting 10% down only around early 2008 and want to see how much its renting for. If I fail I will be out (with 10% loss). Thats the condition I have it with my friend.

Some of the people I know also have bought pretty early around 44k (week 52). Of course they are the luckiest and no one will be able to get a week 52 for 44k again. I am trying to compromise and find a price around 50k range.

Anyways, just because all timeshares depriciate in value, you cant blindly club everything ignoring week 52, location.

Thanks for your reply jayjay

You are also talking about a city where 2/3's of the hotel rooms are given away each night for free. I am by no means a high roller but I have never paid to stay at a casino in Vegas or elsewhere.

timothy115 wrote:

You are also talking about a city where 2/3's of the hotel rooms are given away each night for free. I am by no means a high roller but I have never paid to stay at a casino in Vegas or elsewhere.

Remember: I am buying only week 52. Can you point me to any hotel in LV strip that give a night free for week 52 (Dec 26 to Jan 2)? Even if the world revolves other way I dont think you will it for free.

As to compare ask for the price of Venetian or bellagio that is adjacent and opposite to PH towers how much they renting a 1500 sq ft 2B/2B unit from Dec 26 to Jan 2?

That is the comparison you want to take and not any other hotel in any other time of the year.

Cath2,

Did you buy the time share? I laughed at the guy when they told me 99,000 for a time share. He then got all the way down to $10,000 dollars. I thought man that is a dramatic difference. Either way, I see people are renting the timeshares out for 500 or 600 a week right now. Just wondering how your experience has been.

cathc2 wrote:

Some of the people I know also have bought pretty early around 44k (week 52). Of course they are the luckiest and no one will be able to get a week 52 for 44k again. I am trying to compromise and find a price around 50k range.

Anyways, just because all timeshares depriciate in value, you cant blindly club everything ignoring week 52, location.

IMO, I would never buy a timeshare just for renting. Do the math. How many years will you have to rent it out to cover your MFs and the initial purchase plus the interest costs). That's not to mention the loss of earnings on the initial $50K outlay. You just assume people flock to Vegas for Christmas. I believe many people flock to Vegas when the prices drop. I was able to get a TS from RCI for one week for around $200. I was able to get a couple Southwest tickets for around $200 each. There are too many deals out there to pay thousands to rent a unit for a week. On top of that, there are not too many people enamored with the way Westgate manages timeshares. If you really want to buy, just wait a few years. All those people buyinga pre-construction prices will soon become disenchanted and will be willing to sell them for pennies on the dollar.

Here's a thread on the TUG Forum that provides some more insight.

Good Luck

There's not one week of timeshare on the face of this earth that's worth $50K and those who have bought into this myth of owning week 52 at Planet Hollwyood will be sorely disappointed in that puchase in the future.

jayjay wrote:

... and those who have bought into this myth of owning week 52 at Planet Hollwyood will be sorely disappointed in that puchase in the future.

That's when it will be a great time to buy. Either that or wait until the PCCs start getting them and dumping them on eBay for $1.

We should start a pool to determine when the first PH owner starts complaining about how he was scammed into buying it and not being able to sell his unit. If a person wants to own a TS on the LV Strip, there are plenty of places that can be had for less $$. Hilton has one or two.

Have you seen all the timeshare resell forums? It has already started happening. I have found people selling their Planet Hollywood TS for as low as $6500. It is kind of funny though that on the same website I see people trying to rent out their unit for $8000 or even more if it is for the famed "week 52" unit. I am a real estate investor on the side and couldn't understand even contemplating spending this kind of money on a TS, for investment purposes. I had to work the numbers out for the planet hollywood salesperson to show him even if he sold it to me for $9500 it wouldn't be worth it as an investment. Now, that was even using his $500.00 a night number. Also, to note for anybody thinking that they will just turn around and resell it for a profit (highly unlikely either way) Westgate has added a clause limiting your resell price to what you paid for it. They also have limited the use of the floating week option, as well as access to their other properties if you resell. Meaning if you were to resell they can hold whoever buys your TS to just the week you arbitrarily picked. That may have been October 2 of every year. I sure hope that is convenient for the rest of your life.