Timeshare Trends Blog

Economic Impact – Westgate Resorts and Wyndham Vacation Ownership, both Orlando-based vacation ownership companies have recently been caught in the nation’s credit crunch and have had to lay-off employees because of what they consider the “turbulent financial sector”.

Both Wyndham and Westgate employ thousands in the Orlando area. According to recent reports in the Orlando Sentinel newspaper, both companies are refocusing sales and marketing efforts on more credit-worthy consumers and will be decreasing timeshare developments in the fourth quarter.

Westgate Resorts is the seventh largest employer in central Florida with over 8,000 employees. Wyndham Vacation Ownership has about 3,000 employees in the Orlando area.

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Bluegreen Corporation has announced that it has agreed to extend until November 15, 2008 the period during which Diamond Resorts International has an exclusive right of negotiation to acquire all of the Bluegreen common stock at a price of $15 per share.

The parties have agreed to continue to work to reach a definitive agreement for the acquisition of Bluegreen at the earliest possible time.

According to Alan B. Levan, Chairman of the Board of Bluegreen commented, “Diamond Resorts has advised us that it is continuing to move forward with the acquisition of the company at a price of $15 per share, but needs the additional period to finalize due diligence and its financing arrangements. Diamond Resorts has also agreed to pay us an amount approximating Bluegreen’s expenses in connection with the transaction.”

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WorldMark by Wyndham adds another property in New Zealand with its first ski destination vacation ownership property. The newly developed WorldMark Wanaka is on New Zealand’s South Island.

The resort is purpose built for WorldMark and adjacent to the Mt. Aspiring Hotel. The Wanaka resort is only 40 minutes from the world-class ski resorts of Treble Cone and Cardrona and provides WorldMark South Pacific with access to the company’s first ski destination. It is also only a short walk from the pristine shores of Lake Wanaka and only two minutes from Lake Wanaka village.

The resort offers a range of luxury apartments as well as a gymnasium, heated pool with water slide, spa pool, steam room and the fully refurbished Rafters Restaurant and Bar.

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RCI announces two new affiliated resorts in the Orlando area.

The Vista Royale resort and Encantada resort in Kissimmee are now part of the RCI Points program. The strategic locations of the resorts allow for easy access to Disney World and the nightly fireworks shows.

The world-class Vista Royale resort has 248 units in two 16-story towers. The two and three-bedroom fully furnished suites feature Jacuzzi tubs, flat-screen televisions, and comfortable balconies. The resort includes pool facilities, a clubhouse with fitness equipment, a stocked bar, and a game room for the kids.

The two and three-bedroom townhouses at Encantada are furnished and have fully-equipped kitchens. Each unit has its own private, screened-in pool facility with patio and lounge chairs. The Mediterranean-style resort also has an outdoor pool, a clubhouse, a spa tub, and a playground. A gazebo behind the clubhouse overlooks the resort’s private lake.

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Festiva Resorts adds Maine to its portfolio. Festiva Resorts has acquired the remaining unsold inventory at Rangeley Lake Resort in Rangeley, Maine.

Less than two hours from the Canadian border and about an hour from New Hampshire, Rangeley is a four season destination with various year-round activities both at the resort and nearby including hiking, skiing, snowmobiling, fishing and more.

The Rangeley Lake Resort has approximately 2800 owners and boasts 39 log cabin units; a clubhouse complete with a heated indoor pool, jetted hot tubs and cedar saunas; there’s a 120 foot dock on Rangeley Lake for swimming, boating, fishing and other lake activities. Several famous ski areas are also nearby, including Saddleback and Sugarloaf.

Festiva Resorts was founded in 2000 and now has 24 vacation ownership resorts and four sailing vacation destinations under its moniker.

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Disney Vacation Club continues unprecedented growth with two new development projects in Disney World.

Two highly anticipated resort developments announced today will expand the Disney World experience and continue the rapid growth of Disney Vacation Club, Disney’s vacation-ownership program. The 15-story Bay Lake Tower at Disney’s Contemporary Resort is scheduled to open in the Fall of 2009, and the Treehouse Villas at Disney’s Saratoga Springs Resort & Spa, is scheduled to open in summer 2009.

Bay Lake Tower sales began in September 21 for Disney Vacation Club Members. Disney’s Saratoga Springs Resort & Spa sales will begin at a later date.

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Slovakia’s first timeshare resort is now an Interval International affiliate. The Greenhill Skiing & Wellness Club now joins the exchange network. This is Interval International’s first resort in Slovakia and the fifth affiliation in Eastern Europe in the past 12 months.

Located in the popular Slovakian vacation destination of Donovaly, the stylish new timeshare resort with spa facilities is scheduled to open in December 2009. The resort is being developed by Greenhill Investment, a Slovakian development company and will have 40 timeshare apartments upon completion.

Donovaly is a part of Low Tatras National Park, and is one of the biggest ski resorts in Slovakia. It is also renowned for its annual dogsled racing championships.

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Interval International expands in Italy with the new affiliation of Villaggio Cala La Luna situated on the small island of Favignana just off the west coast of Sicily.

The development which was completed in May 2008 is comprised of 70 units with a mix of studios, one and two-bedroom units out of which 58 are allocated to the timeshare portion of the resort.

The property features an outdoor pool, restaurant, live entertainment, and it is within walking distance of a harbor where fresh lobster and octopus can be bought every morning. The property is situated in the fishing village of Favignana, which is admired for its beauty and crystal clear waters.

The island offers a wide range of leisure activities including diving, deep-sea fishing, shopping, nightlife and good food. Sailing is also a major attraction and Favignana hosted the America’s Cup in 2008. The Villagio Cala La Luna is the fifth Interval International affiliation in Italy since July 2007.

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The Villa Group has started construction on the new Villa del Palmar Loreto.

This latest project encompasses hotel, timeshare, fractional ownership, and whole ownership real estate. The new five-star resort is to be built as part of an 1800-acre resort development in Loreto, Baja Sur, Mexico.

Loreto is located on the east coast of the Baja California Peninsula facing the Sea of Cortez in the largest protected sea park in the world. With practically no rain and a source of pure water coming from underground springs, Loreto is becoming one of Mexico’s prime vacation and second home destinations. It is surrounded by the Sierra La Giganta, one of Baja’s highest mountain ranges.

The resort will feature 161 villas with views of the Sea of Cortez and the five islands. The first phase is slated to open in January 2010. Each villa will be decorated with elegant furniture and will include a living room, dining room, full kitchen with granite countertops, modern appliances and electronic equipment, and a 10’ wide spacious terrace.

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Westgate Resorts has eliminated its telemarketing program and laid off at least 600 people in one office in the Orlando area according to a recent report in the Orlando Sentinel newspaper.

According to the report, the telemarketing program has been eliminated for the time being, as the continuing worldwide credit crunch has forced the timeshare industry to evaluate programs and cut less profitable ventures to conserve cash.

The same Orlando Sentinel story also states that Westgate Resorts has also been hit with $1 million in punitive damages related to a marketing campaign that promised potential timeshare buyers a free vacation.

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