The Concepts And History Of Timeshare
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The Concepts and History of Timeshare
Introduction
Timeshares, or vacation ownership, have evolved significantly since their inception in the 1960s. Originating in Europe, the first known vacation ownership program started at the "Superdevoluy" ski resort in the French Alps. Since then, timeshares have grown into a global industry embraced by millions of travelers.
The Growth of Timeshares
Early Success and Expansion
The concept of owning a specific week at a resort proved immediately popular. By the 1970s, struggling condominium projects in locales like St. Thomas, Fort Lauderdale, and Puerto Rico converted to vacation ownership models. The U.S. soon adopted this concept, leading to widespread public acceptance. Sales skyrocketed to over $50 million in the 1970s, and today the industry generates more than $2 billion annually. With about 3.3 million timeshares sold since 1980, there are now over 5,000 resorts in 75 countries.
Introducing Flexibility
In 1974, the idea of exchanging weeks between different resorts was introduced, adding flexibility to the timeshare experience. Leading exchange companies, such as Resort Condominiums International (RCI) and Interval International (II), facilitate millions of exchanges each year, offering wide variety to timeshare owners.
Industry Evolution
Over the decades, the timeshare industry has transformed from small hotel conversions to high-quality condominium resorts. This evolution led to improved standards, ethics, and management practices, spearheaded by organizations like the American Resort Development Association (ARDA). Major hospitality brands like Disney, Hilton, and Marriott have entered the market, enhancing the industry's quality and image.
Understanding Vacation Ownership
Types of Ownership
Timeshares are the right to use a resort for a specific week annually. They come in various ownership forms:
- Deeded Ownership: Owned outright forever, it can be sold or inherited.
- Leased Interest: Similar to an apartment lease, lasting a specific term, usually culminating in the return of usage rights to the resort.
- License: Often a club membership granting usage rights, provided the member remains in good standing.
Fixed vs. Floating Time
Ownership time can be:
- Fixed: A designated week each year.
- Floating: Selection of any available week within a designated season. The latter can face competition for prime weeks, making it important to choose according to travel needs.
Additional Resort Benefits
Many resorts offer benefits such as reduced rental rates for extra nights or access to other properties owned by the developer, adding flexibility and potential cost savings. Considering your vacation habits is crucial in determining where to buy and what to trade.
Important Facts About Vacation Ownership
- Timeshares are a fast-growing segment of the travel industry, with owners in over 200 countries.
- Major brands involved include Hilton, Hyatt, Four Seasons, and Sheraton.
- The industry is valued at over $6 billion annually, with significant sales reported by the top companies.
- RCI, a leading exchange organization, facilitated vacations for around seven million people in 2000.
Timeshare Today and Future Prospects
The timeshare industry continues to expand, especially in Asia and Eastern Europe, while maintaining robust markets in Western Europe and North America. The industry now includes prominent hospitality brands and enjoys strong regulation and consumer protections through organizations like ARDA and the Organisation for Timeshare in Europe (OTE).
Looking ahead, timeshares are poised for further growth, supported by social trends favoring travel. With enhanced protection measures and innovations like points-based systems, the industry is positioned as a mainstream option in travel and tourism.
Conclusion
From its origins in the French Alps to its current global reach, the timeshare industry has transformed dramatically. Now, with nearly 6,000 resorts worldwide, it offers a luxurious, flexible vacation experience to millions of satisfied owners. As social and economic trends continue to evolve, the future of timeshares looks promising for both new buyers and long-time owners alike.
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