Urban Timeshare: A Rising Market
The financial crisis that occurred during the past years has had major negative effects on the timeshare contracts. Because of the economic slump experienced by countries all over the world, more and more owners have wanted to get out of their fractional contracts. However, 2010 is seeing a recovering timeshare industry. With signs of expansions for a number of companies, the business is back on track to making millions again out of holidaymakers.
One of the rising industry in-demands this year are urban resorts. Although the sect represents the smallest division of the timeshare pie, demands for this specialized niche is rapidly growing, with more and more city dwellers choosing to find closer destinations for their getaways. Because of this, developers now may find opportunities to build urban timeshare projects that are in demand by new sets of travelers and in a market with very little competition.
According to the latest Future Timeshare Buyers survey developed by Ypartnership/Yankelovich for Interval International, urban locations factor highly into the most desired domestic destinations of potential buyers. 1st-class cities like San Francisco and New York ranked fifth and sixth on the survey, while Chicago, Los Angeles, Phoenix, Miami and New Orleans all ranked in the top 20.
Often cited as an example of urban timeshare done right, Marriott’s Custom House in Boston offers a unique product that matches its owners’ needs. According to Marriott Vacation Club International’s Vice President of Corporate Affairs and Brand Awareness, Ed Kinney, prior to opening The Custom House in 1997, MVCI had been searching for a good urban timeshare candidate. A renovation of one of Boston’s most historic buildings proved to be the best option, as the property now leads the urban timeshare division. Kinney added that Marriott knew their owners had interest in the property because it had more metropolitan experience.
Appealing to timeshare owners then and now who are looking for a different vacation experience, most of The Custom House’s current owners have their primary residence within driving distance of the timeshare property. This proximity allows owners to drop unused time into Marriott’s central reservations system, permitting suites to be booked for shorter stays as well.
Short URL: http://www.timesharepages.com/?p=4410
