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What is a Timeshare

History of Timeshare Industry

A $10 billion industry servicing hundreds of thousands of owners worldwide, thetimeshare industry has a relatively short, but very productive history. Timeshares first began in the early 1960's at a ski resort in the French Alps. At this time there were two timeshare companies who began purchasing otherresort properties around Europe giving their owners a choice of multiplevacation destinations. By the late 1960's, timesharing appeared in the UnitedStates in Hawaii, and by the early 1970's, timeshare quickly gained popularityin Florida when existing condo developments turned to the timeshare resortmodel. Read More..
 
Hyatt was the first major brand to offer deeded ownership. As the timeshare industry continued to expand in Florida, Resort Condominiums International (RCI)was founded in 1974, giving timeshare owners the flexibility to exchange weeksbetween different resorts across the U.S.
 
In the late 1970's and throughout the 80's, the timeshare industry continued togrow at leaps and bounds. Timeshare was seen as an affordable way to enjoy alifetime of great vacations...at incredible destinations across the country andworld. In the early 1990's, timesharing was a common word in vacation travelwith major brands such as Marriott, Sheraton, Ramada and Hilton all offeringsome form of timeshare ownership.
 
Today, the timeshare industry is a multi-billion dollar industry spread allacross the world. Seeing unprecedented growth year over year for the last tenyears, timesharing is poised to grow even more in the years to come. [ Close ]

Timeshare Terminology

The following is a list of commonly used terms within the timeshare industry. To help you gain a better understanding of the many features and benefits ofvacation ownership, please read through the following terms and correspondingdefinitions. Read More..
Banking or Deposit - Depositing a week of timeshare into an exchangesystem or inventory pool.
 
Biennial - Use of a timeshare week every other year. Owners are oftenreferred to as either 'odd' or 'even' year owners. This purchase option iscurrently not available through Gold Key Resorts.
 
Developer - the Company owning the resort, responsible for constructingthe accommodations on-site and selling the product. Gold Key Resorts is theDeveloper for all the properties that we currently sell.
 
Exchange Company - The system that allows timeshare owners to trade theaccommodations they own for comparable accommodations or travel-relatedservices. For our exchange company, Gold Key Resorts is affiliated withInterval International.
 
Fixed Week - A type of timeshare ownership in which usage rights attachedto a specific week of the year in perpetuity. This is the product that Gold KeyResorts currently sells.
 
Floating Week - a type of timeshare ownership where the use rights aresubject to the owner reserving his or her week within a season purchased orsometimes throughout the year. This purchase option is currently not availablethrough Gold Key Resorts.
 
Fractional Ownership - Leisure real estate sold in intervals of more thanone week and less than whole ownership. This purchase option is currently notavailable through Gold Key Resorts.
 
Home Owners Association (HOA) - The group of owners that administer therules and regulations of a resort. Creation of an HOA is often required bystate laws.
 
Home Resort - The resort location where a new purchaser owns his or herweek or designated as the home resort in a club or points based program. Ownership is usually tied to this home resort and generally involves priorityreservation rights in that location.
 
Lock-Off - A type of timeshare unit consisting of multiple living andsleeping quarters designed to function as two discrete units for purposes ofoccupancy and exchange. The unit can be combined to form one large unit or canbe split or 'locked-off' into two or more separate units, allowing the owner tosplit the vacation into multiple stays or bank all or a portion of exchangepurposes.
 
Maintenance Fee - A fee that timeshare owners are required to pay,usually on an annual basis, to cover the costs of running the resort, includingdaily management, upkeep and improvements. Gold Key Resorts offers OwnersRewards, an easy option for you to pay your resort maintenance fees withouthaving to put money from your pocket.
 
Points - A 'currency' that represents timeshare ownership and is used toestablish value for seasons, unit sizes, and resort locations. Points are usedby some developers for both internal and external exchanges.
 
Right to Use - A timeshare owner's right to occupy a unit at a resort fora specified number of years and having no real estate interest conveyed.
 
Trading Power - A term used for the value assigned for exchange purposesto a member's deposited vacation time.
 
Vacation Ownership - A term often interchanged with the term timesharing,described as a method of use and/or shared ownership of vacation real estatewhere purchasers acquire a period of time (usually a week) in a condominium,apartment or other type of vacation accommodation.
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Industry Facts & Stats

Vacation ownership has seen some of the fastest and most consistent growth inthe entire travel industry over the past 10 years. Realizing double digitgrowth year over year, vacation ownership shows no signs of slowing down in theyears to come. Read More..

Number of Timeshare Units: 1,543 in United States.

Number of Timeshare Units Owned: 8.1 million

Sales Volume: In 2010, there were nearly 329,000 active sales intervals sold, at an average price of $19,300. Total sales volume was $6.4 billion, a 2% increase over 2009. [ Close ]

How Timeshare Works

Vacation ownership takes the hassle out of second home and vacation homeownership. You purchase your future vacations at today's price and for just thetime you need. Read More..

You make a one-time purchase of furnished resort accommodations at a fraction ofwhole ownership costs and only pay an annual maintenance fee. Each unit of aGold Key timeshare resort is divided into weekly intervals, with your vacationownership including a deeded interest in real estate. The accommodations arepriced accordingly to a variety of factors, including size of the unit, resortamenities, location and season of use. You own the vacation accommodations butonly for the number of weeks that you purchase.
 
This traditional one week interval purchase offers the owners the use of theirhome resort for one specified week out of the year. Or, through our affiliationwith Interval International, your purchase allows you the option of vacationexchange.
 
Vacation exchange offers you a lifetime of exciting travel adventures andluxurious services all across the world. From ski slopes to beaches, spas toluxury cruise ships, modern cities to quaint villages, championship golf coursesto dude ranches, exchange offers a variety of experiences and accommodationchoices abound, with villas, efficiencies, condominiums, cabins and more.
 
Vacation exchange works in the following way. Through Interval International,you place your week into a pool of available resort weeks. You then choose anavailable resort and week from that pool. An exchange fee is typically chargedby Interval International.
 
As a Gold Key timeshare owner you will be required to pay annual maintenancefees. These maintenance fees help maintain the quality and future value of theresort. Yearly maintenance fees pay for onsite management, unit upkeep andrefurbishing, and utilities and maintenance of the resort's common areas andamenities. The amount of the yearly maintenance fee typically varies by resortand size of unit and is paid by the owner in proportion to the amount of timeand / or unit owned.
 
To learn even more about timesharing and its many benefits, please visit VacationBetter.org [ Close ]

 
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