NEWH - April 2004 - (Page 48)

a look back in history… by: Pamela Temples McMullen From humble beginnings to global popularity somewhere within lies the history (and mystery) of timeshare. Timesharing in the U.S. In the early 1970’s Timeshare made its entrance into the U.S. market, mostly in the south, and were developed by independent developers who capitalized on their marginal motel and hotel properties and converted them into one bedroom and efficiency timeshare units. Thus Timeshare was popularized in condominiums and resorts throughout the country and, by 1974, exchanging or swapping an ownership week first began. Although timeshare gained an early popularity, the fact remained that consumers often complained about the low-quality construction and high-pressure sales tactics. Management standards were often non-regulated and early developers struggled with the upkeep and repair of condominiums and clubhouses. As a result, the timeshare industry suffered from many negative perceptions during its adolescent years. In the early 1980’s, the prospect of timesharing began to attract financially sound and respected companies, some of which had only previously developed traditional hotels and resorts. The first major hospitality corporation to enter the timeshare game was Marriott, and since then, a new and extensive crop of hospitality leaders have added timeshare to their repertoire of holdings, among them: Hilton, Hyatt, and Starwood. The result of the entry of these hospitality “giants” gave timeshare a new tier of quality resorts and resort standards, thus attracting a new gen- 48 Photos courtesy of Pamela Temples McMullen Growth of the Industry Since its introduction into the U.S. market, the timeshare industry has grown exponentially and it is presently the fastest growing segment of the hospitality industry. Since 1990 alone, the industry has grown 75% in terms of timeshare resorts being developed and the households purchasing timeshare. Over 4 million households worldwide in more than 190 countries own timeshare. Big Cedar Wilderness Club, Ridgedale, MO eration of consumers to the evolving timeshare (or vacation ownership) market. Today, timeshare stands strong with more than 3 million households owning some type of timeshare in the US. Right now, there are 6.7 million people worldwide that own a vacation interval, at 5,400 Resorts in over 200 countries and territories. In addition, 43.8 percent of U.S. households say they have some chance of purchasing an interval property

Table of Contents for the Digital Edition of NEWH - April 2004

NEWH - April 2004
President’s Letter
Calendar of Events
Contents
From the Editor
Hospitality News
In Memory - Thomas R. Durkan, Sr.
Top Hotel Developers - John Q. Hammons
On the Road Again
HD Expo at a Glance
Surviving HD
Did You Know
Exclusive Lifestyle by Design
If It Were Easy
The Best of Time
Talk About Fast Track
What to Expect From the Vacation Ownership Industry
A Look Back in History
The New Direction for Timeshares in Europe
Confronting the Disabilities Myth
Furnishing Today’s Timeshare
Art - The Final Piece of the Puzzle
Showcase Projects
Design Education Today
Designer Profile: Esther Dunbar-Cullum
Oh Canada, Oh Canada
Top Awards
From Across the Pond
Spotlight On...
Tips on Specs
Window Treatments 101
Hot New Products
We Want Your Projects
Bios

NEWH - April 2004