Troubled timeshare resort is sold

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After years of financial troubles and unhappy customers Horseshoe Valley timeshare resort has finally been sold in a bid to clear debts.

We recently reported the ongoing troubles at Horseshoe Valley, which have been going on for some time now. The resort first hit the headlines after it was discovered customers were locked into extremely lengthy contracts some in perpetuity and hundreds of owners were so unhappy, they had abandoned their timeshares altogether. Despite calls for Wyndham, the previous owners, to update the dilapidating resort, nothing was done, and owners were getting increasingly unhappy with the state of the resort.

Owners who tried to get out of their contracts were told it was impossible unless they sold them on, and some owners became so fed up with their timeshares they simply stopped paying for them. Because of ongoing issues with the resort and financial problems, liquidators were appointed by the courts who set out to get back some of the lost maintenance fee revenue owed by delinquent owners.

The court heard from owners who explained how unhappy they were and that many of which were locked into lifelong timeshare contracts which would be passed down to their children in the event of death. This was a worry for most as they did not want their children and family members to be lumbered with something that they did not want and may not have been able to afford.

The court agreed that the resort should be sold, and liquidators should pursue delinquent owners for the owed fees in exchange for terminating their timeshare contracts. The sale of the resort would go towards any debts owed and the resort was closed until a buyer could be found.

The court who is overseeing the liquidation broadcast the latest proceeding over YouTube, which was watched by more than 900 people in which they agreed a sale of both resorts to a family-owned hotel chain, Sunray Group of Hotels Inc. The chain currently owns 53 hotels across Canada and works with some of the biggest names in the hospitality industry, including Hilton, Best Western and Marriott. Lawyers for the chain also said a plan will be put in place to compensate the thousands of timeshare owners, which will likely be done through the courts in the coming months.

It seems this latest news is welcome and long-suffering owners will finally be free from their unwanted timeshare obligations and may be compensated financially. The once exclusive resort was highly sought after and had a resale value. But when Wyndham took over several years ago, owners complained the exclusivity of the resort was lost and anyone with a membership could visit which brought the value of their timeshares down.

The mis-selling of timeshares is incredibly common, and many people suffer hardship, stress, and financial worry because of it. The good news is that it is not too late to get out of a timeshare agreement and if you believe you have been mis-sold a timeshare and have suffered financially because of it, we may be able to help you. Contact us today for free expert advice and find out if you are legally entitled to compensation and be free from your timeshare burden once and for all. If you believe your timeshare may have been mis-sold to you, get in touch with us today. Our team are enjoying continued success in arguing mis-sold timeshare and holiday products. We will be honest with you, if we do not feel you have a viable claim, we will not take on your case.

Consumer groups demand investigations into allegations of deceptive timeshare sales tactics

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Consumer groups in Australia has made a broad move and are accusing the timeshare industry of trapping people in long term timeshare contracts using predatory sales tactics.

Choice is a consumer group based in Australia and they are urging the Australian Securities and Investments Commission to act and prosecute timeshare operators who break the law. They also want an investigation into the entire timeshare industry after receiving a staggering number of complaints from customers who have been trapped in contracts that last up to 99 years. They said in a statement: “Respondent’s report feeling fear, shame, embarrassment, a sense of defeat and guilt with their timeshare products. At every stage of the timeshare journey, consumers have reported unfair or oppressive practices that choice believes is either in breach of the law or falls well below community standards and expectations.”

Choice says this is the fifth complaint they have made to regulators about the timeshare industry dating back to 2016. They say they are disappointed with the lack of action so far whilst consumers are still struggling financially due to mis-sold timeshares. They have asked for a parliamentary inquiry into the practices of timeshare companies and for legislative changes to be made to protect consumers from ‘harmful timeshare schemes.

Research by Australian Securities and Investments Commission and Choice concluded that contracts for 99 years were unfair for customers who, as they got older, cannot utilise their timeshares as much. Choice said 70% of people surveyed were worried their timeshares would be passed down to loved ones after they passed away.

Choice published some of the responses to the survey on their website and one owner, named as Colin said: “Frankly I would give this away to have it out of my life.” Another named as Megan said: “Signing up to this has become one of the biggest regrets and has contributed to financial and emotional distress. On sign-up it was apparent to them that we could not afford it at the time. We needed a special exemption to get the deposit together. It is expensive and such a waste of money, but we have not been able to find our way out. They said if we didn’t want it anymore, we could sell it, which is technically true, but unrealistic. No one buys memberships at our level, and even higher-level memberships are sold for peanuts.”

People who enter into timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of timeshare owners and offer fake products, along with timeshare exit schemes. Before agreeing to any timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.

It is also important to remember that purchasing a timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.

The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these types of crimes often goes unreported by the most vulnerable in our society and criminal convictions are few and far between.

If you have purchased a Lifestyle / Concierge Service, a timeshare or a ‘holiday points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Money Back Claim.

Ex Wyndham employee fired for speaking out

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An ex-Wyndham executive is suing the company after they sacked him for blowing the whistle on unfair practices within the company.

Fabrizzio Sapien worked for Wyndham for nearly 17 years and had recently been promoted to an executive role in Florida with more than 500 employees under him. But he says he was unfairly dismissed after he tried to tell those higher up about ‘improper business practices and even a sexual harassment complaint made against another executive.

Sapien claims he is bringing the case against Wyndham to highlight the bad practices of timeshare resorts and ‘be an agent of change for their culture’. It all started in 2019 when Sapien was the senior vice president of sales and marketing for one of Wyndham’s largest resorts, Bonnet Creek. The lawsuit claims that in September 2019 Sapien learned that $700,000 worth of timeshare contracts had all been cancelled in one day and all under the same code name. He also claims that the Chief Operating Officer, Geoffrey Richards, told him that the company had reversed more than $300 million in contracts sold to customers so it would make the companies default rates look better than they actually were. By doing this Wyndham could ensure their stock value did not go down and they were heading along the same path as competitors in relation to customers cancelling contracts.

Default contracts usually happen when a customer cancels within the allowed rescission period or learns that they were mis-sold their contract due to non-disclosure of the correct information during sales presentations. But resorts are known for highly underestimating these figures as there are so many unhappy owners desperate to get rid of their timeshares. If a sales representative did not disclose certain information during the presentation or withheld important details about contracts, then this can be considered a form of mis-selling and grounds to make a claim against the resort. In addition to this, many people are given falsehoods during sales meetings, such as it is an investment, which timeshares are not, so if any of the above applies to you then you too could make a claim against the resort.

The lawsuit also claims that the revenue and commissions for cancelled contracts was paid for using employee earnings, in other words to recoup the lost money for cancelled contracts, Wyndham take that money out of employees’ wages and that included Mr Sapien. In response the allegations made in this lawsuit Wyndham said these claims a baseless and the company will continue to defend itself and win at trial.

The lawsuit also goes on to claim that Sapien received complaints from staff about another executive who was flirting with members of staff and arranging inappropriate meetings with them. Several people complained about this un-named executive and nothing was done. Mr Sapien claims he even went to the VP to discuss his concerns regarding sexual harassment and in September 2020 he received a phone call telling him he was fired. He claims a month earlier he had received a promotion and he was let go because he had highlighted issues within the company that they were not willing to address. As part of his severance deal Mr Sapien was asked to sign a contract which stated he was let go due to the Coronavirus Pandemic.

It seems Mr Sapien may have a case if his claims can be proven and his lawsuit claims his allegations of bad practices and harassment at the company are protected under Florida whistle-blower statutes, so he has.

Is your timeshare holiday being affected by the coronavirus restrictions?

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Everyone has been affected by the coronavirus pandemic, if not struck by the virus itself then many have been affected due to job losses, having to change the way they work and look after our families, even learn how to teach their children.

However, we have learnt to adapt in these turbulent times and just as we are seeing and ease in lockdown restrictions, we may be able to look to the future and start planning a break to relax and spend time with our loved ones. As many of us know by now, if we do want to get away abroad then we only have a small selection of countries we can visit as per government guidelines. The government has introduced a traffic light system for travel and produced a list of 12 countries we can travel too where travellers will not have to quarantine on their return to the UK. Unfortunately, as the UK allows travel to some countries it is not the same on the other side and currently only Portugal and Iceland are allowing UK nationals to travel without having to quarantine when they get there.

Whilst many of us have been unable to travel and any bookings we made that were later cancelled due to the pandemic, should have been refunded in full. Timeshare owners are not in the same position where they can expect refunds for not being able to visit their timeshares. Coronavirus has left timeshare owners in an unenviable position, trying to figure out the best way to change or cancel their previously planned holidays, whilst still getting value from their annual maintenance fees that they are contractually obligated to pay. It seems outrageous that loyal customers were not compensated, and the same rules do not apply to timeshares and they still must continue to pay despite being able to use their timeshare or not. Not even a global pandemic is enough of an excuse for a timeshare company.

So, what can you do if you find yourself with a timeshare you do not want or can no longer afford? Well, the simple answer is approaching the resort first and see if they have a hardship program. Some resorts do offer this, but you will have to meet certain requirements stipulated by the resort. For example, they may ask you to prove a job loss or financial hardship, however there are no guarantees with timeshare, and they are not lawfully obliged to help you just because your circumstances have changed. Alternatively, you could try to sell your timeshare yourself through a re-sale company. There are a few reputable ones online but beware before engaging the services of anyone and check online for reviews from other timeshare owners. You could also list it on eBay but there are many to compete with and resale timeshares go for a fraction of the purchase price.

Because of the pandemic there has been an influx of scammers targeting timeshare owners that are desperate to get rid of them so if you are looking to engage the services of a third party to help you get out of your timeshare permanently, then do some simple research first. Timeshare scams are incredibly common and rely upon the desperation and good nature of owners, but scams can often end up costing victims thousands of pounds and be financially devastating. Check with you local trading standards to see if the company you are thinking of working with is registered with them for good practices or negative reviews or complaints and finally the Financial Conduct Authority provides a comprehensive list of companies it has vetted and ones that are one a negative practices list or have been found to be acting fraudulently.

Timeshare scam victim still not been compensated.

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A 93 year old man from The United States has told how he was caught out by a timeshare scam which left him thousands out of pocket and still stuck with his Mexican timeshare.

Dan Reed from Missouri told his local paper how he had owned his timeshare in Mexico for almost 20 years and had enjoyed using it for many years. He explained how the resort had been keep in great condition and new amenities were added over the years so he never had any complaints. However, Mr Reed explained that due to a booming drug trade in the area he had become off put by the location and explained how the area went downhill because of it. He said the problem got so bad he no longer wanted to visit the resort.

He became eager to sell his unwanted timeshare and was contacted out of the blue by a company offering to help. Like so many other victims of timeshare fraud, Mr Reed agreed to attend a presentation at a hotel local to him. The presentation lasted for 5 hours, during which Mr Reed was promised everything under the sun to help him get rid of his timeshare. They told him they could sell his timeshare if he agreed to pay $7,000, this fee would be used to sell the timeshare and pay off the resort.

Mr Reed agreed to pay the fee and was utterly convinced by the clever salesperson, however it wasn’t until some time later that he learnt he still owed the timeshare resort maintenance fees and he was in fact still tied to his timeshare contract. When he contacted the company he was fobbed off and ignored so he contacted The Better Business Bureau to complain. The company has since stopped trading and the owner was sentenced to time in prison, but Mr Reed has yet to see any of his $7,000 returned to him.

The individual responsible for this fraudulent scheme has been ordered to pay victims back by a court and Mr Reed has been told that once officials work out who is owed what, he could be eligible for compensation.

Unfortunately, in addition to already suffering financial hardship or distress because of their timeshare, they are then subjected to being scammed over and over by unscrupulous individuals, who know they are desperate to get rid of their unwanted timeshares or holiday memberships. One very important factor to consider here is that if you are cold called by an individual or company, unless you gave them prior consent to call you, they are doing so illegally and if they cannot follow simple rules, like do not cold-call people, they are very unlikely to be acting within the constraints of the law.

If, like many other victims out there, you have found yourself in the situation where you have fallen victim to or handed money over to a company who has promised but failed to do any work for you, then you can make a claim against them for your money back, even if they have gone out of business or been forced to close by the authorities.

Protect yourself from timeshare fraud:

Never respond to cold callers – ask them how they got your information, what the company name is and report them. By cold calling you they are breaking the law and a nuisance to members of the public. If people report these instances, authorities can investigate, and they may be able to prosecute them and stop them from scamming future victims.

Do not pay for services upfront: If a company asks you to pay for any services related to your timeshare upfront, the best thing to do is end the call. No reputable company would ask for money upfront before even looking at the merits of your case and doing any work for you.

Check online first: There are many places you can go to look up a company that you are thinking of working with. Review sites can be a great place to start as they will give you a good overall view of how the company operates. You can also check to see if they are registered with any regulatory bodies as well, like the Financial Conduct Authority or Trading Standards. Doing a little bit of research pays off and lessons the risk of you engaging the services of a scam company.

Why are timeshares sold as an investment when they are not?

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We may all think we know what an investment is although finding a genuine one that works may seem like winning the lottery. However, it is a term that gets thrown around a lot by individuals or companies selling products that would be difficult to sell and hard to justify spending the money on. Therefore, timeshare resorts have resorted to calling their products ‘investments’.

 

It’s important to consider what an actual investment is first before we get a salesperson explaining what they consider an investment to be. To invest our money is to do so with the expectation of seeing a positive return in the future. So, if we invest our money in something we do so with the expectation that that investment will yield a profit or increase in value in the future. The amount of profit you see depends on the level of risk applied to that investment. More risky investments generally yield higher profits and lower risk investments yield lower profits.

 

Timeshares have been marketed as investments in order to sell them, which contrary to what a salesperson will tell you, is a hard thing to do. This is mainly because if a customer knew all the facts about timeshare ownership before they purchased one, the likelihood is they would walk away and never turn back. Timeshares are much like a brand-new car, they depreciate in value the second you drive off in one. They are not an investment; they are a depreciating product that is almost impossible to sell and comes with annual costs attached to it. But imagine buying a brand-new car and not using it, timeshares often go unused, but you still must pay for them.

 

Despite being marketed as investments by unscrupulous timeshare salespeople for decades, in a recent Tweet, CEO of Diamond Resorts finally admitted timeshares are not investments in any way shape or form. He said: “They have never been an investment and they have never appreciated in value. They are prepaid vacations that hedge inflation. They give you larger and more spacious accommodations at today’s prices, compared to hotels. They provide families an affordable way to travel the world.”

 

Although some of what he said is true, a lot appears to be highly falsified statements that when you investigate it are just another tactic to sell timeshares. To say timeshares are not an investment is true, if you look on eBay you will see pages of listings for timeshares that go for a fraction of the price. It is not uncommon for people to give them away just to be free from paying the annual maintenance fees.

 

They do not hedge inflation, prepaying for something means that once you have paid for it there should be no additional cost or fees, but timeshare owners are tied to paying annual fees that go up every year. They do however give you more space and many people are attracted to timeshares because they have kitchen facilities. However, you can find similar at a fraction of the cost when conducting simple online searches and going through third party travel companies.

 

They do not as Mr Flaskey would say provide affordable way to travel. If timeshares were so affordable why would a timeshare company need to lure people in with free gifts an incentives and force them on the spot to sign up using underhanded tactics and not give consumers time to go away and think about their purchase and the ramifications of signing up to a timeshare.

 

Millions in compensation for Timeshare scam victims

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Over in the United States a judge has ordered the man who operated a timeshare exit company to repay more than 1 million dollars to victims after The Better Business Bureau began investigating the company.

Real Travel LLC was found to be charging customers, often elderly, large upfront fees after cold calling them about their timeshares. The company would claim to be able to release them from their timeshares or have buyers ready to purchase them. Often none of the services they promised were performed and victims were left heavily out of pocket and still tied to their timeshares.

In several instances the company defrauded victim’s multiple times, claiming they needed to pay taxes and additional fees, unfortunately some victims continued to do as asked until they were altered to the fact they were being conned. Some victims lost hundreds of thousands of dollars in the scam which ran for years until 2018 when officials started receiving complaints from multiple victims across the United States.

Now the matter has been dealt with and the company closed, the man who ran it has been sent to jail, ordered never to work in anything timeshare related again and told to pay back nearly £2.7 million in compensation for victims and fines.

Timeshare scammers

Unfortunately, because of the nature of the timeshare industry and its reliance on maintenance fees, resorts make it incredibly hard for people to leave their contracts. You cannot simply hand it back if you do not want it anymore or cannot afford it. Often you must pay large upfront fees to resorts to cover future maintenance fees. Even if they do offer this option the sad fact is that most resorts do not offer a viable way out and will use your desperation to leave to sell you a new contract.

For those that cannot find a viable way out, they often become desperate to be free from the burden and this opens them up to the possibility of fraudsters who prey on this desperation and know the timeshare industry inside out. These fraudsters have probably worked in timeshare for many years and understand how to get people to hand over large sums of money with false promises and lies. In a recent article published online, an ex-timeshare scammer claimed he had seen the error of his ways and wanted to expose the secrets behind the scams. Incredibly he claimed that these scam operators often deal directly with people who work at resorts. This means private information like telephone numbers and how much someone paid for their timeshare is purchased by scammers who will then call people up and know everything about them. Scammers will do anything to get people to part with their hard-earned cash and they are very good at it. Understanding a timeshare scam and how it works means you are less likely to fall for one and can spot a scammer when they call.

Protect yourself from timeshare fraud:

Never respond to cold callers – ask them how they got your information, what the company name is and report them. By cold calling you they are breaking the law and a nuisance to members of the public. If people report these instances, authorities can investigate, and they may be able to prosecute them and stop them from scamming future victims.

Do not pay for services upfront: If a company asks you to pay for any services related to your timeshare upfront, the best thing to do is end the call. No reputable company would ask for money upfront before even looking at the merits of your case and doing any work for you.

Check online first: There are many places you can go to look up a company that you are thinking of working with. Review sites can be a great place to start as they will give you a good overall view of how the company operates. You can also check to see if they are registered with any regulatory bodies as well, like the Financial Conduct Authority or Trading Standards. Doing a little bit of research pays off and lessons the risk of you engaging the services of a scam company.

Troubled timeshare resort sold

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A timeshare resort in Ontario, Canada which first opened its doors in the 1990s’ has informed disgruntled owners that the property will now be sold.

We heard about The Carriage ridge and Carriage Hills timeshare resorts back in October when a Judge ordered the resort to close its doors permanently. The two separate timeshare resorts were managed by Wyndham Vacation Club and had 250 separate timeshare units situated in a beautiful Skiing location. The resort also had 11,000 timeshare owners who had all originally purchased timeshare contracts in perpetuity. This meant owners were trapped in timeshare contracts for life and in the event of their death it would form part of the individual’s estate and would be handed down to family members who would be forced to take the timeshare on, whether they wanted to or not.

Many of the owners were unhappy with the resort as it had fallen into disrepair and despite having to continue to pay maintenance fees, the resort had failed to make any improvements to it. Because of this many owners had defaulted on their maintenance fee payments and abandoned their timeshares altogether. The judge in the case ordered a survey of owners be conducted which clearly showed that most of the owners were unhappy with their timeshares. The judge ruled that the resorts were no longer fit for purpose and should be closed, and liquidators brought in.

Liquidators were then instructed to sell the two properties, but also told delinquent owners if they could pay a reduced amount of what they owed they would no longer be tied to the contracts for life. The remaining, non-delinquent owners were told in a hearing last week that the resort had in fact now been sold and they would be free from their life-long obligations, however they would probably not get any compensation. The owners were told it would be up to a judge to decide who gets compensation and this would depend on the sale and any proceeds of that sale. Bearing in mind the resorts had been running at a loss for a few years and unable to make any repairs or improvements, it is yet to be seen whether any owners will be compensated for the price they purchased or indeed the years of maintenance fees they paid.

Do you have a timeshare contract in perpetuity?

Terminating a timeshare contract is difficult for a reason, simply put resorts do not want you to stop paying maintenance fees, that is why it is so difficult for you to surrender your ownership.

A perpetuity clause essentially means that you will own your timeshare forever and your children and their children will be liable for the fees when you pass away. This is a scary thought for many people who have likely been through the timeshare turmoil mill for some time and do not want to pass the burden on to their loved ones. You can’t simply give up your timeshare either, if you have an in-perpetuity contract, Very few companies let you do that as losing you as a member means they will lose out on management fees. Even if this is an option with your resort, bear in mind that any financial investments you have ever made during your ownership will be lost and you cannot get your membership back if you change your mind.

You may be able to make a claim!

Many Timeshare owners who have been trying to get out of Timeshare for years are just happy to be free from the crippling maintenance fees and an inflexible holiday system, however making a claim is still possible under certain circumstances. Timeshare Finance Claims are the leading provider of regulated timeshare claims in the UK. Contact us today to be considered for a claim.

Can you make a claim against your timeshare resort?

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2020 was not a great year for most of us, but it was particularly unfair to the millions of timeshare owners who were still forced to pay timeshare maintenance fees. We are still unclear about the new rules for travelling this summer so it seems 2021 may be much of the same and timeshare owners face another year of paying expensive fees for something they cannot use and may not be able to afford any longer.

More than 600,000 people in the UK own timeshares and many of these are unwanted and not used. That is an incredible amount of money wasted annually and when people are under more financial strain than ever before, it is money we simply cannot afford to part with.

The last year may have left many owners questioning their timeshare purchase but it has also highlighted the unethical practices of some major timeshare resorts who have continued to charge maintenance fees. In fact, in some cases resorts have used the pandemic as a marketing opportunity to switch owners to new style points programs. It was reported last year that many owners had approached their resort looking for relief from the annual maintenance fees bill, but instead the resort tried to sell them more membership points and refused to help. Some of the resorts have offered to carry points over to this year so people can use them, but this is still unclear as to how it will work when an influx of members want to book holidays.

Maintenance fees, although cited as the number one reason for people wanting to exit their contracts, are far from the only problem with the timeshare industry. It is widely known that there are more unhappy timeshare owners than satisfied ones, despite what resorts will tell you. The reason for this is that timeshares rarely live up to the hype and owners are left disappointed with what is on offer. The problem is that timeshare owners are sold a dream, luxury holidays at fantastic locations for a great price guaranteed each year. Very appealing on the face of it. But what a timeshare salesperson will fail to tell you are all the little details that mount up to millions of unhappy owners.

We hear from owners daily who are fed up with their timeshares and simply want out. There is usually a string of reasons for this but the most common complaint we hear is that they were lied to when they purchased it. People are promised the world at timeshare presentations and sold a dream, in fact a timeshare salesperson will say virtually anything to make a sale. The reality is that timeshares are expensive, you are stuck in lengthy contracts that are hard to get out of, the resorts can often not live up to expectations and maintenance fees become a financial burden. However, all is not lost, if you still own a timeshare, you are not as stuck as the resort will have you believe. You may be able to make a claim against them if it was mis-sold to you and if you have ever attended a timeshare presentation, the chances it was mis-sold are very high. So, you have nothing to lose, get in touch with us today to discuss your case. We are experts in all thing’s timeshare related and have helped people claim back thousands of pounds in compensation for mis-sold timeshare contracts. Simply give us a call for some free impartial advice and remember we are regulated by the Financial Conduct Authority.

Timeshare Giants predict future of the industry

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You may have heard that some of the largest timeshare companies are making moves to protect the industry and lead the way in the future of hospitality. Forging on through the Coronavirus Pandemic and looking to secure the market for growth and future sales, Hilton Grand Vacations has purchased Diamond Resorts. The $1.4 billion deal means Hilton has acquired an additional 92 leisure resorts in 20 new markets.

HGV’s portfolio currently consists of 62 luxury resorts with over 350,000 owners. After the acquisition, the portfolio will include 152 resorts with roughly 731,000 owners. What is interesting and noteworthy about the transaction is that it clearly displays HGV’s move to corner the market and diversify into new price ranges. Currently there is a sharp price difference between Diamond and HGV’s buy in costs for customers. HGV’s average prices are around £50,000 whilst Diamond starts at around £25,000. It means HGV will have a portfolio of new members from a wider variety of price ranges. Up until now HGV has mainly focused on high-end holiday offerings so by offering lower price memberships, they will be able to attract more customers to their membership programs.

Whys is this interesting? Well just when you might have been forgiven for thinking the timeshare industry is dying away quietly, it shows that these big resorts are putting their money where their mouths are and investing in the future. And these decisions are not made lightly, it will come after extensive market analysis which provides them with a good indication of where the hospitality industry is heading. HGV have clearly shown their confidence in the recovery of the industry in emerging from the aftermath of a global pandemic and are looking to secure their future as the number one holiday club membership provider. They have also taken into consideration the changing face of holidaymakers and the changing trends in travel. Looking at the demographics of it all the vast majority of travellers for the past several decades has been made up of baby boomers and Generation x, whereas now the younger generations financially mature the industry needs to adapt and to attract the next generation of travellers looking to spend their vacation time somewhere new and interesting. Because of this we have seen many of the industry leaders make similar moves to expand their portfolio and change the way memberships work. Timeshare seems to be a thing of the past, but the concept is very much alive. It has just evolved into membership programs, which as just as expensive and just as legally binding.

It is a smart move for the industry to move away from the word Timeshare altogether but what they have replaced it with may be even worse for the consumer. Existing owners will be moved onto points-based schemes, whether they like it or not. This gives the resort another opportunity to sell more points. Once they buy the points they are locked in, just like a timeshare. The resort gets that money year after year in the way of maintenance fees. So, although the industry is moving away from the label timeshare, the concept is very much the same.