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Marriott Actively Purchasing More Units at Crystal Shores on Marco Island

According to Collier County property records, Marriott Vacations Worldwide has been adding to its current ownership portfolio at the Crystal Shores resort on Marco Island. During May, it appears that the timeshare developer spent more than $33 million dollars to acquire thirty-eight units in the condo regime.  This continues the effort to obtain and consolidate ownership rights at the resort. Marriott has been actively purchasing interests either through direct buys or via foreclosure sales. Marriott's initial purchase into the resort was $58 million, so all the new acquisitions come close to doubling the timeshare developers ownership in the property.

Hawaii Timeshare Owners Should Expect Yet Another Tax Increase

Maui County Council Budget and Finance Committee Chairman Riki Hokama has submitted his proposal for the fiscal 2018 budget. The proposal will be reviewed by council members, who have until June 10th to finalize. The new budget will take effect beginning July 1. As expected, the proposal includes yet another property tax increase for consumers who own timeshare interests.

Under Hokama's proposal, timeshare owners would again see the highest rate of tax increase. The chart below shows the category of property, the proposed rate, the current rate, and the tax increase.

• Homeowner: $2.86 proposal, $2.70 current rate- approx 6% increase

• Apartment: $6.32 proposal, $6.00 current rate- approx 5% increase

• Hotel and Resort: $9.37 proposal, $8.71 current rate- approx 7.5% increase

• Time Share. $15.43 proposal, $14.31 current rate- approx 7.8% increase

Looking at the numbers, you'll notice that the timeshare owners pay a tax rate in excess of 500% higher than a homeowner. And, times…