VACATION OWNERSHIP
AND CONDOMINIUM HOTELS
Vacation owner ship hotel sometimes
referred to as timeshare or Vacation ownership properties typically attract
individual who purchase the ownership of accommodation for a specific period of
time usually one or two week a year. These owners then occupy the unit during
that time. Owners who cannot or choose not to occupy the unit during their time
period may have the unit rented or brokered by the management company that
operates the hotel.
One popular feature of vacation
ownership hotels is the ability to trade ownership time with another owner in
another location. These hotels have become popular in resort areas, but some
are also located in commercial areas and may be owned by area companies that
need to house visiting executives or consultants. Several major hotels
companies are also represented in this market, including Disney, Marriot and Hilton,
club Mahindra, fort Radisson royal resorts.
The number of system in use for buying
time is.
Fee simple you buy a portion of building out right and
own title to that portion.
Lease hold you own the property for a specific length of
time.
Right to use you don’t actually own the property but are
purchasing the right to use the property for a certain time and certain weeks
of the year.
Classification of time shares
Fixed week
The most basic
unit is a fixed week; the resort will have a calendar enumerating the weeks roughly
starting with the first calendar week of the year. An owner may own a deed to
use a unit for a single specified week. For example, week 26 normally includes
the Fourth of July holiday,
week 51, Christmas and so on. If an owner owned Week 26
at a resort he or she could use that week every year.
Floating weeks
Sometimes units
are sold as floating weeks. The ownership will be specific on how many weeks
the owner owns and from which weeks the owner may select for the owner's stay.
One can holiday with their family in various resorts owned by the timeshare
company for the specific period one has purchased the holiday for. An example
of this may be a floating summer week where the owner may request any week
during the summer season generally weeks 22 through 36. In this example there
would be competition for prime holidays such as the weeks of Memorial Day, Fourth of July and Labor Day. The weeks when schools may still be
in session would not be so high in demand. Some floating contracts exclude
major holidays so they may be sold as fixed weeks.
Rotating weeks
Some are sold as
rotating weeks, commonly referred to as
flex weeks. In an attempt to give all owners a chance for the
best weeks, the weeks are rotated forward or backward through the calendar, so
one year the owner may have use of week 25, then week 26 the next year and then
week 27 the year after that. This method does give each owner a fair
opportunity for prime weeks but it is not flexible.
Major international
hotel chains such as Hilton, Accor and Marriott have introduced their own
Vacation Ownership Programs which are based on point systems. The share of
membership sold is either deeded or with right to use the club's services for a
certain number of years
There are also
Vacation Clubs that may own units in multiple resorts in different locations,
offering services to a private customer base for exclusivity. Some clubs
consist only of individual weeks at other developer's resorts. Vacation clubs
cater to a wide range of economic backgrounds and income levels.
Types
and sizes of accommodations
Following are the types of
accommodation available for the timeshare guest.
1. Apartments
2. Castles
3. Ski lodges
4. Bungalows
5. Villas
6. Cottages
7. Restored farm houses
8. Private residence clubs
Studio for 3 adults or 2 adults +2 children
One
bed apartment for 4 adults and consist of
drawing room, dining room, bed rooms kitchen, balcony.
Double bed
room apartment for 6 adults
These
properties tend to be apartment-style units
ranging in size from studio units average size is
500 to 600 sq ft. (With room for
two) to three and four-bedroom units.
These larger units can comfortably house large families. Units normally include fully equipped kitchens with a dining area, dishwasher, televisions, DVD Players and more. It is not uncommon to have washers and dryers either in the unit or easily accessible on the resort.
Kitchens are equipped to the size of the unit, so that a unit that sleeps four
should have at least four glasses, plates, forks, knives, spoons, and bowls so that
all four guests can sit and eat at once.Units are usually listed by how many the unit will sleep and how many the unit will sleep privately.
- Sleeps 2/2 would normally be a one bedroom or studio
- Sleeps 6/4 would normally be a two bedroom with a sleeper
sofa
Your vacation
accommodations should be your home away from home. It should provide luxury and
comfort as well as privacy and a place to relax and unwind. Your lodgings
should be spacious and have many amenities to allow you and your family
versatility and options to make the most of your vacation time.
Kitchen
facilities including refrigerator, dishwasher, stove, microwave, flatware, pots
and pans, cooking utensils and more.
- Washer and
Dryer
- Living and
Dining area
- Private
bedrooms
- Multiple
bathrooms
- Multiple
TV's
How is it different from hotel
business?
Usually these
time share are at resort places and are patronized by the visitors for pleasure
purposes. They should be easily accessible by road, air, railhead, boat/
steamer etc. The timeshare gives you right to have yearly vacations with the
facility of worldwide exchange. The time share slot is sold for a particular
week of a year (Total 52 slots in a year).T he vacations can also be gifted or
sold to someone else and there is also an option to have lifetime membership
(25years) or one time holiday.
Exchange Companies
Timeshare Resorts are surprisingly
affordable when you buy a timeshare on the timeshare resale market. There are
maintenance fees to pay each year but you can pick up a timeshare resale for
thousands less than what timeshare developers sell timeshares for. Although you
typically buy into a specific resort, you're in no way restricted to visiting
the same resort year after year. With exchange companies such as RCI and
Interval International you can trade in your week to visit anywhere in the
world, all while receiving the same great accommodations you'll soon become
used to.
If you'd prefer all the luxury without
any of the commitment, you can rent timeshare units from current owners who
have decided not to use their timeshare themselves this year. You'll still get
the same great accommodation and the use of the best amenities and facilities,
and it will usually only cost the same as a standard hotel room or less.
Multi location
Some time share programs have further
expanded their offering with multiple locations, within the same timeshare
organization. The obvious advantage of such an arrangement is the additional flexibility to visit other
timeshares in other location, which belong within the group.
Referral groups
Referral groups consist of independent
hotels which have grouped together for some common purpose. Though the
properties in the referral group may be different from each other but there is
sufficient consistency in the quality of service to satisfy guest expectation.
The referral groups also extend benefit of more extensive reservation and
expanded advertising through pooled resources.
CONDOMINIUM HOTELSThese units in condominium hotels have only one owner instead of the multiple owners typical of vacation ownership hotels units an owner informs the management company of when he or she wants to occupy the unit. That way, the management company is free to rent the unit, for the remainder of the year. When the management company rents the unit a portion of the revenue goes to the owner. Each owner purchases’ and has full right of an unit has purchases and shares the cost common to the complex such as taxes, insurance, maintenance and upkeep of public areas.
An owner owns the individual unit, plus a certain percentage of the associated property to include any land or property amenities often referred to as “common areas” in fact, condominium is Latin for the term “common ownership”. In most cases, condo owners are part of an association that manages the costs of the common areas of a condominium complex. These costs are referred to as maintenance fees and are usually shared among all the owners, payable on a monthly basis. Each condominium complex has a single master deed of which all unit owners are listed on it with a percentage of ownership outlined for each owner. Example of condominium hotels is RCI (Resort condominium international)
