Disney’s Hilton Head Island resort was damaged by Hurricane Matthew over the weekend of October 8, 2016. When DVC released the 2017 annual dues on November 7, 2016, the dues for Hilton Head Island were not released. We had suggested at that time that the delay might be related to Hurricane Matthew.
Well, DVC has released the 2017 annual dues for Hilton Head Island, and they rose from $6.8153 to $7.2728, an increase of $0.4575 per point, which is a 6.7128% increase.
The impact of Hurricane Matthew on the annual dues can be seen in two line items on the 2017 budget for Hilton Head Island.
First, you will notice a new Developer Loan line item for 2017. Disney Vacation Development has made a loan to the Hilton Head Island Condominium Association to fund repairs related to Hurricane Matthew in the amount of $750,000, which is the estimated amount not covered under its insurance policy due to the deductible.
This loan will accrue interest at 1.33% per year compounded monthly and will be repaid by the Condominium Association in monthly installments over the next five years beginning January 1, 2017. The Association will make approximately $155,126 in payments on this loan in 2017.
Secondly, the Capital Reserves line item increased over 20% from last year (1.4352 a point to 1.6677 per point – an increase of $0.2325 per point).
2017 Budget for HHI
The complete 2017 budget for Hilton Head Island can be viewed here.