Timeshare News – What You Need to Know
Timeshare news is important to know about if you’re thinking of purchasing or owning a timeshare. It can help you make an informed decision about your vacation property and keep you informed about how the industry is changing.
The Times Shares Report and The Colebrook Chronicle are two of the most prominent sources of timeshare information available online. They feature interviews and articles from industry leaders, as well as reports on new developments and changes in the industry.
In the Summer 2019 issue of The Colebrook Chronicle, a number of timeshare-related stories were highlighted in depth, including the rise of misleading timeshare exit companies and how they affect owners, resorts, lenders, attorneys and developers. In addition, the publication provided insight into how the industry is moving forward and towards a more experiential focus on travel.
John Oliver skewered the $8.1bn predatory timeshare industry on last week’s “Last Week Tonight” and called the sector a “predatorship” that deceives people into buying an annual subscription to a vacation destination they might not otherwise visit. The British comedian highlighted three things that buyers should be aware of upfront to protect themselves against potential scams.
1. The term “vacation ownership” is misleading because it implies that you’re buying the right to use the property for a specific period of time each year. This is not true, and you won’t have the same rights as when you own real estate or a vacation home.
2. Buying a timeshare also requires you to pay special assessments that are often not covered by the reserve funds from your annual dues. These assessments can be costly, and can cause the quality of a resort to drop.
3. During recessions, timeshare sales may be harder to attract.
During an economic slowdown, the price of travel and accommodation is typically higher than during a boom, so attracting new owners may become a challenge. However, some companies are able to rely on their wealthier customer base to weather a downturn, such as Marriott Vacations Worldwide. The company’s Interval program, for instance, has more wealthy owners than the average in the timeshare industry.
4. Several large timeshare companies have entered the subscription club market, such as Hilton Grand Vacations and Starwood Resorts.
This type of club can be a good way for a timeshare company to generate revenue. It can also help a resort to increase its appeal by offering members a variety of amenities at its properties.
5. Some timeshare companies are expanding their portfolios by buying other properties, such as hotels and condos.
This trend has been seen in the recent past, and it’s one that could continue as timeshare companies look for ways to expand their product lines and diversify their businesses. For example, Hilton Grand Vacations recently announced that it was buying a timeshare hotel in Midtown Manhattan from a private equity firm that was previously involved with the project.
