Is It Time for a Time-Share?
Baby-boomers with disposable income have fueled time-sharing into the fastest growing segment of the travel and tourism industry. Anticipating the family-oriented boomers' every need, developers furnish affordable units with spacious bedrooms; living rooms with sofa beds; whirlpools, laundry areas, fully-equipped kitchens and patios with views of the sea or a rolling golf course. Pools, clubhouses, fitness centers, restaurants and shops are accessible.
American Resort Development Association (ARDA) spokesman Chris Larson says that time-share's popularity is a direct result of the emergence of reputable exchange companies, who negotiate "swaps" between owners in different locations, and the entrance of hospitality industry giants like "Marriott," he says.
Marriott International Vacation Club mainstreamed in 1984 with the purchase of American Resorts and Monarch Resort on Hilton Head Island, S.C.
Membership exceeds 100,000 at 41 resorts at 20 destinations in the U.S., Aruba, the Bahamas and Spain. Villas cost between $8,600 and $49,000, with $17,500 the average. Maintenance fees range from $3,000 to $6,000. A property may be deeded and eventually passed on to heirs, or acquired on a right-to-use basis for 50 to 60 years while earning points for resort vacations.
Orlando, Fort Lauderdale, Miami, Palm Beach and Panama City, Fla.; Vail and Breckenridge, Colo.; Park City, Utah; Palm Desert and Newport Coast, Calif., and Hawaii are locations for the 900- to 1,600-square-foot villas.
Disney-philes find a home
The flamboyant Disney organization took a low-key promotional approach when it launched its time-share program in the early nineties. Information centers at the theme park and hotel TV infomercials have helped attract a membership ranging from couples with young children to empty nesters who purchase properties as a gathering place for the clan to corporations offering villa stays as an incentive.
The flexibility of Disney Vacation Club times-haring and access to theme parks appeals to 40,000 member families from 60 countries, according to spokeswoman Mariska Elia. Members with a deeded real estate interest may choose from vacation weeks throughout the year at an array of villas within Disney's 47-square-mile park in Orlando, Vero Beach, Fla., and Hilton Head Island, S.C.
In Orlando, a time-share at the new BoardWalk community starts at $9,700 (150 points) in the low season and reaches $130,000 ($2,000 points) for a three-bedroom grand villa that would be available for two weeks at Christmas or Easter. Maintenance is about three dollars per point.
Megaexchange companies
As the industry grew, Resort Condominiums International (RCI) and Interval International (II) emerged as major exchange companies for members who pay an annual fee. Vacation time owned at one of their affiliated resorts is deposited in a database to be swapped for a comparable resort. Quality, unit size and calendar time of occupancy determine availability.
From 236 exchanges at 35 resorts in 1975, RCI has seen exchanges grow in popularity to almost 2 million annually at 3,473 resorts in 90 countries. Embassy, Hampton, Hilton and Ramada are among RCI's resort affiliates
Interval debuted in 1976 and achieved steady growth that has reached nearly one million members. Links with Disney, Marriott, Hyatt, Four Seasons and Carlson Wagonlit are among its 1,800 affiliates in 70 countries.
Exchange companies also offer alternative vacations in hotel or motel rooms, houseboats and RVs. Cruises and safaris, using points accrued through ownership.
By Luanne Axt
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