High-end timeshares push flexibility - Orlando Business Journal:

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The new product, which costs from the low $100,000s to allows buyers to own an interest in severaklvacation properties. Instead of giving investorsd the rights to use a particular propertty for a certain amounttof time, the Ritz-Carlton Destination Club gives them access to Ritz’as properties worldwide. The Orlando-based company is applyingb a strategy usedby less-priceg timeshare companies, among them , in which investors get pointsd that can be used like currency to buy vacationh time. Ritz-Carlton said the option shouldd increase the appeal ofits high-enf properties, known as fractionals, by attracting peopld who don’t want to be tied to a singl piece of real estate.
“Points give you much more saidDavid Short, Ritz-Carlton Destination Club’s regional vice president for “They allow people to customize each trip to theidr own needs.” Howard Nusbaum, president of the Americann Resort Developers Association, said the model fits well in the stressedf economy, when vacation schedules can be less flexibles than in more prosperous times, and wealthgy buyers are becoming more concerned about “Points allow people to spend exactlyy the amount of money they want on vacations,” Nusbaumn said. In a traditional fractional ownership arrangement, an ownere might have one month a year at afixexd location.
With the points the buyer can apply credits to hotels or othedr timeshares in anytime configuration, decreasintg the chance that time might not be Another advantage: In the traditionalk structure, an owner who wants out of a timeshare needas to wait until some else buys in. Often, the require ratio is three buyers foreverhy seller. “If 15 people wanted out, they would have to wait untilk 45 peoplewant in,” Nusbaujm said. “In this economic environment, that’s tough.
” While Ritz-Carlton’s new plan allows buyers to apply points to its other timeshare companies are offering points packages that use a thirr party to place owners in vacation propertiess not connected to thetimesharee company. Pat Connolly, senior vice presidentr with , said his company offers the use of The RegistryCollection — a global luxury timeshare exchange program — to buyers in its high-encd Signature Collection.
The Signature Collection, whicbh features 56 upscale villas now under construction withimits 2,400-unit timeshare project near , will open next Orange Lake, which offers buyerse of lower-priced units exchange privileges through its own Holidau Inn Club Vacations network, uses The Registryu Collection to give luxury buyers accesas to comparable properties it doesn’t own. “Thes introduction of a high-end product is taking us into a new level of thetimeshare market,” Connolly said. Ritz-Carlton, whicnh calls its points membership will sell interestsin increments. The minimum purchase is whichbuys 5,000 points, with additionakl points sold in 2,500-point increments.
The company also charges annual dues ranginhgfrom $7,500 to $18,000. A points option will be availablwe tocurrent owners, who are membersx of the company’s Home Club. “We’re spending a lot of time workingb on programs for ourexisting customers,” Short said. “It’s good for and it should allow us to grow a littlde more quickly inthe future.”