Hotel & Resort

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Vacation ownership

A term used to describe a method of use and ownership of vacation property in common interests subdivisions including timeshare resorts, second homes, fractional interest resorts, membership campground interests, and recreational subdivision lots.

Vacation exchange history

The history and evolution of Vacation Exchange is directly tied to the history and evolution of the timeshare industry, which dates back to the 1960s in the French Alps. Demand for the vacation pleasures of a ‘second home’ was extremely limited, prices were high and consumers didn’t want the financial burdens of year round second property ownership. In order to expand the potential customer base, companies began marketing a concept that involved buying only specific weeks of time in a resort condominium unit.

Use period

A use period is the generic name given to the defined period of time in a timeshare plan during which an accommodation in a timeshare property is subject to reservation and use by the time share owner. Use periods can be as short as a single day or as long as a larger fractional interest that commonly refers to more than one week of timeshare interest.

Urban timeshare

An urban timeshare at a fundamental level is a high rise condominium with a penthouse expo sure that is located in thriving business districts within major cities. Timeshare resort developers have been successful in certain demographic markets by pricing the urban timeshare product against other vacation long term stay alternatives such as high end condominiums and high end hotels to a limited degree. To cater to this upscale, long term, business consumer, urban timeshares must be located in an area that has access to a high volume to tourists and business clientele.

Unit week

The unit week is the traditional use period that is conveyed to and used by the purchaser of a timeshare interest. It consists of 7 days in a particular accommodation in a timeshare property. A unit week generally begins and ends on the same day of the week, but that day may vary from accommodation to accommodation in the time share property, especially in larger resort proper ties where there is a need to stagger check in times to avoid overloading the front desk.

Timeshare resales

Simply defined a resale is a legal timeshare interest that is sold by a purchaser to a third party, sometimes referred to as a secondary sale. If the timeshare interest is fee simple property, an owner can dispose of it by sale, lease, or in a will within the limits set forth by applicable laws or in the purchase documents. If the product is not sold as a fee simple interest, such as a right to use or vacation club products, the owner may not have a right to resell his or her timeshare interest.

Timeshare industry

Timeshare ownership has continued to expand as a mainstream travel product. The amount of units sold has climbed in recent years as more companies enter the segment and vacationers are considering timeshare as a viable option in their vacation plans. The downturn in the economy and the banking crisis may cause the numbers to change direction however at this point the most recent figures reported by the timeshare industry have shown an upward trend in sales (State of the Timeshare Industry, 2008).

Timeshare financing

The development of a timeshare resort, otherwise known as vacation ownership resort, is a capital intensive operation from the outset that requires calculated and structured financing. The three predominant types of financing that are available to a timeshare developer are hypothecation, sales of receivables, and securitization.

Types of rooms

It is important for the front desk staff to know the different characteristics of each of their room types when assigning a room to a guest. The receptionist has to make sure that the guest’s needs and preferences are satisfied. Guest needs and preferences are usually indicated at the reservations stage. Walk in guests can only be assigned a room when it has been determined if the type of room requested is available. Some of the common terms used in relation to room types are highlighted below.

Room status

This refers to the state of the guest rooms. Before a guest arrives at the hotel the front desk needs to know the status of the rooms so as to check guests into rooms that are vacant and clean rather than inconveniencing the guest by sending him or her to an occupied or dirty room. It is important for both the front desk and housekeeping staff to be familiar with these terms and information in relation to room status must be communicated to the front desk from housekeeping as soon as possible in order for the room sales to be maximized.