Early purchasers of the Aulani timeshare resort in Hawai'i are poised to receive a 50-year reduction in their annual dues payments as a result of the internal bookkeeping error.
Late last week three Disney executives were fired including long-time Disney Vacation Club President Jim Lewis. The terminations were linked to errors made in the annual dues calculations for Aulani, a Disney Resort & Spa and the subsequent halt in resort sales.
Annual dues are currently being recalcuated with new figures earmarked for state regulators by the end of the week. Disney had previously committed to providing a credit to early buyers to compensate for the difference between the original and revised estimates. However, the exact nature and duration of the credit was unclear in initial reports.
In speaking with Hawai'i TV station KITV, Disney spokeswoman Rena Langley clarified that Disney intends to subsidize the dues of initial buyers for the length of the contract:
The Disney spokeswoman said anyone who already purchased time share units at Aulani for the lower rate will not see a dues increase over the life of the 50-year contract that expires in 2062.
"It's the right thing to do," said Langley.
DVCNews.com contacted Rena Langley to clarify the above quote from KITV. Langley stated that dues for early buyers will not be permanently fixed at the $4.3071 level as suggested in the passage above. Disney plans to calculate a subsidy based upon the difference between the initial projection and the final dues figures.
The 2011 subsidy will be applied to all subsequent years through 2062 for buyers who purchased before July 9. All Aulani owners--including those who purchased before July 9--will remain subject to future increases in the resort budgets.
Source: KITV.COM