Inn season Resorts has now joined RCI’s Global Network of resorts in a new multi-year affiliation relationship that will allow eligible InnSeason owners to become RCI members. Inn Season Resorts are located in Maine with two properties, New Hampshire with two properties, and in Massachusetts with five properties all located on Cape Cod.
The CEO of Timeshares By Owner, Jeffrey Frantz, has been appointed to ARDA’s Chairman’s League. The Chairman’s League of the American Resort Development Association (ARDA) was started 12 years ago in response to members’ requests for a higher level at which professionals could showcase their commitment to the industry. Chairman’s League is an additional level of commitment beyond the corporate membership. It is designed for individuals who wish to become more active in the Association. The Chairman’s League represents a special form of membership that includes a variety of exclusive benefits in return for members’ additional financial support that focuses upon fulfilling the needs of companies to improve their networking capabilities and their industry profile. Chairman’s League members have direct contact with the Chairman and President of the Association. League members are called upon to provide insight into current industry issues and to help develop and guide association programs.
Timeshares By Owner attended the America Resort Development Association (ARDA) Convention in Las Vegas during the week of March 15th. Our radio show, Vacation Time on WDBO 580 am was privileged to conduct interviews with some of the leading figures in the timeshare industry.
They included Howard Nusbaum, President of ARDA, Franz Hanning, the President of Wyndham Vacation Ownership, and Rob Webb, Esq, Senior Partner of the Baker Hostettler Hospitality Group, and Jeffrey W. Frantz, CEO of Timeshares By Owner. These interviews provided valuable insight into the furure of the vacation ownership industry, and the ways for timeshare owners to deal with financial hardship.
A replay of the radio show, Vacation Time, can be heard on www.wdbo.com.
RCI has announced the extension of its strategic alliance with International Cruise and Excursions, Inc. (ICE), the worldwide industry leader for integrated cruise and leisure packages to the vacation ownership and travel industries.
As part of the agreement, ICE will provide cruise fulfillment including operations and technology for RCI global programs. ICE will also provide fulfillment for member loyalty, lead generation, and purchase incentives to provide value-added benefits to RCI’s affiliated developers. RCI will also become the exclusive exchange provider for ICE.
FRAUD ALERT
WE HAVE BEEN ALERTED TO A NEW FRAUD BEING PERPETRATED ON OUR CUSTOMERS.
COMPANIES ARE CALLING OUR CUSTOMERS AND ADVISING THEM THAT THEY WORK WITH TIMESHARES BY OWNER® AND THAT THEY HAVE A BUYER. THEY FURTHER STATE YOUR LISTING PRICE, THAT THEY ARE A FINANCE COMPANY, AND THAT THE BUYER HAS ALREADY DEPOSITED 20% OF THE PURCHASE PRICE. THEY REQUIRE THE PAYMENT OF A FEE FOR CLOSING AND FINANCE CHARGES.
THIS IS A FRAUD THAT IS BEING CONDUCTED WITHOUT OUR AUTHORIZATION. WE DO NOT WORK WITH ANY OTHER COMPANY TO SELL YOUR TIMESHARE. IF THE COMMUNICATIONS DOES NOT COME FROM US, IT IS FRAUDULENT.
IF YOU RECEIVE THIS CALL, PLEASE CALL BECKY GOMEZ OF TIMESHARES BY OWNER® IMMEDIATELY TO REPORT IT AT 888-707-8463.
THANK YOU FROM THE STAFF OF TIMESHARES BY OWNER
Experts continue to paint a bleak picture of the industry’s financing operations as discussed in recent meetings where timeshare executives gathered for the 11th Annual Vacation Ownership Investment Conference recently held at the Peabody Hotel in Orlando.
Not much has changed since the capital markets ceased last fall, making it difficult for timeshares to fund development and sales. The good news is that, after a year, developers have at least adapted to the new conditions. Because of a lack of financing, timeshare developers deliberately slowed sales this year. Total industry sales this year are likely to total between $6 billion and $8 billion, which is equivalent to sales in 2004.
Marriott International is cutting back on the high-demand home development business and is cutting prices at some of its fractional ownership resorts. Marriott is also planning to halt its timeshare development in Europe. However, according to a recent Orlando Sentinel story, Marriott officials report that their timeshare business run by Orlando based Marriott Vacation Club International is doing better than its high-end counterpart.
According to Marriott’s president and chief operating officer, Arne Sorenson, the significant decline in demand for luxury residential real estate is reflective of today’s economy. It also reflects the relative strength and deeper market of the traditional timeshare business, which while impacted by the weaker economy has proved to be more resilient.
Consolidated Resorts is a Las Vegas based timeshare operator and runs 14 properties that include the Tahiti Village, Tahiti and Club de Soleil timeshares in Las Vegas; as well as timeshare operations in Hawaii and Florida. The sales and marketing operations have at least temporarily closed, but the resorts have remained open for use by timeshare owners. According to a spokesman for Consolidated Resorts, the bankruptcy filing has nothing to do with the timeshare owners, and the owners are in fine shape.
Consolidated Resorts has 5,000 to 10,000 creditors, apparently including many timeshare owners as well as trade creditors and individuals and other parties involved in litigation with Consolidated. Consolidated Resorts listed assets of $50 million to $100 million and liabilities of $100 million to $500 million.
While the company has not spelled out any further financial details in their filings, a lack of financing for timeshare buyers and dwindling inventory contributed to the filings, a source involved in the case said. The filing has curtailed expansion of the Tahiti Village, once known as the fastest selling timeshare in the country.
Marriott’s Shadow Ridge resort in Palm Desert, California, has completed phase 7 of a 14-phase development plan. Phase 7 construction at the timeshare resort included two buildings and 73 two-bedroom Marriott timeshare villas. Currently, 19 buildings have been completed, housing 523 timeshare villas of the planned 972 timeshare villas. Phase I development of this California timeshare property began in 1999, when a timeshare sales office and maintenance facility were started.
Today the property includes a clubhouse, restaurant, spa, registration center, 2000 square foot pool with bar, grill and children’s beach, along with the timeshare units. The golf amenities are considered outstanding and include a golf pro shop with swing studio, lockers, club fitting, and golf admin center, which adds to the pleasure of play and practice at the on site Marriott’s Shadow Ridge Golf Club and the Faldo Golf Institute by Marriott. Phase 8 at the 300-acre resort is scheduled to begin in 2010
Disney takes more of the burden of troubled timeshare mortgages from Citigroup. With the growing number of timeshare buyers defaulting on their loans, the Walt Disney Company recently assumed more than $200 in liability to preserve a credit agreement between its timeshare subsidiary and banking giant Citigroup.
The maneuvering involves a 1999 agreement in which the Disney Vacation Club would bundle together timeshare mortgages it issued to individual buyers and sell them to Citigroup. It was a lucrative way for Disney to make money, but Citigroup has virtually stopped buying mortgages from Disney, so in order to maintain an agreement, Disney has assumed more liability and will reacquire trouble Vacation Club loans from Citibank.
