HomeMy WebLinkAboutExhibit 4Exhibit No. 4
TIMESHARE OPERATIONS PLAN
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OPERATIONAL CHARACTERISTICS
OF THE
HYATT REGENCY NEWPORT BEACH TIME SHARES
Overnight Visitor Accommodations Involving Ownership
There are a variety of overnight visitor accommodations which involve some form of
ownership: condominium hotels, fractional ownership hotels, limited use ovemight
visitor accommodations, and time shares. These are frequently confused, for clarification
purposes, time share development shall be defined as: a facility wherein a purchaser
receives ownership rights in, or the right to use, accommodations for a specific interval
on a recurring basis for more than one year.
Operational Characteristics
Hyatt Vacation Ownership Inc. (HVOI), or an affiliate, would operate the time shares
pursuant to an agreement with the time share association. Ownership in the Hyatt time
shares would be granted through a deed, subject to a lease. The minimum time frame that
could be purchased would be for one week, with a maximum consecutive stay allowed of
up to four weeks.
No portion of the project would be converted to full -time occupancy such as
condominiums, apartments, or any other type of project that differed from the approved
limited term occupancy time share resort without approvals from the City of Newport
Beach and an approved amendment to the Coastal Development Permit.
There will be reciprocal easement agreements between the hotel and the time shares for
all roads and utilities. In addition, the timeshare clubhouse will have access to additional
parking spaces in the vicinity of the clubhouse, through an irrevocable agreement. There
will be a revocable easement for use of all pools by both hotel and time share visitors.
Purchasers of time share interests ( "Owners ") may reserve their inventory by contacting
Hyatt at 1- 800 - GOHYATT or by making reservations on line. Owners may choose to
use, trade, rent or allow a friend to use their inventory. Time share owners would check -
in at a separate desk to be located in the Time Share Clubhouse, time share owners would
have use of all amenities and be able to use the hotel's room service. The Time Share
Clubhouse would not be available for use by a time share owner if that time share owner
was not in residence. The general public would have access to the spa and the fitness
center, as part of the spa.
CC &Rs will be developed specifically for the time share development.
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Maintenance
The time share development would be maintained and operated separately from the hotel.
The time share association will contract with a Hyatt affiliate to provide management
services. Hyatt will have a fiduciary responsibility to manage the association's interest
on an efficient basis consistent with the Covenants, Conditions, and Restrictions (CCRs)
to which the property has been submitted. This may or may not include contract services
provided by entities other than the Hyatt Regency Newport Beach. However, the CCR's
will require that the property be maintained in a first class manner consistent with the
quality of the Hyatt Regency Newport Beach.
Rental of Units
Developed, unsold time share inventory will be available for rent by the public.
If time share owners choose to offer their respective unit for rent, they may enter into a
rental agreement with an affiliate of HVOI to make their inventory available for rent.
If time share owners choose to offer to rent their respective units through a parry other
than HVOI, the time share owner and HVOI must comply with the following restrictions:
Time share owners will not discourage rental of their unit or create disincentives
meant to discourage rental of their unit.
The unit owner shall inform HVOI of all rental reservations made independent of
HVOI. HVOI shall book all unit reservations, including reservations solicited by
unit owners who offer to rent their respective units through a party other than the
HVOI in the reservation database, a service for which HVOI may charge the unit
owner a reasonable fee.
In the event, a time share owner chooses not to rent their unit, but rather invite a guest to
use the time share free of charge during the period of time the owner would use the time
share, HVOI must be notified and a guest fee assessed.