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October 2008
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ARDA Headlines
TIA’s Marketing Outlook Forum, October 27-30, 2008
AIF Releases New Consumer Study Profiling Timeshare Owners
ARDA VIP Events During This Year's Fall Conference Offer Added Recognition
Meetings News
ARDA Forming Construction & Design Committee
Industry News
"IHG and Holiday Inn to Enter Timeshare Business"
"1 Hurdle Down, Many More to Go for the Economy"
"Making the Most of Hotel Alternatives"
"Building in Progress for Wyndham Timeshare"
"Silverleaf Resorts Inc. Updates Hurricane Ike Impact"
"CARLSBAD: La Costa Project to Be Revamped"
"Family Travel and Reunions on the Rise, ARDA Survey Says"
"Disney to Build New Vacation Ownership Destinations in Florida"
"Timeshare Project Working Its Way Through Approval Process"
"Silverleaf Boosts Revolving Credit Facility"
"Enticing Timeshare Test-Drives"
"RCI Signs Agreement To Globally Promote Jordan's Premier Religious Tourist Destination"
"VacationBetter.org Launches to Educate Consumers About How to Take Better Vacations"
ARDA News
TIA’s Marketing Outlook Forum, October 27-30, 2008
-- ARDA Chairman-Elect James Lewis to Speak--
The Travel Industry Association’s Marketing Outlook Forum will address the changing face of travel, as well as feature 2009 forecasts for domestic travel, hotel industry and all segments of the industry plus new research on growth markets will be unveiled for the first time. This year’s conference will be held in Portland, Oregon from October 27-30, 2008.
ARDA Chairman-Elect James Lewis, Disney Vacation Club, will address the conference as a panelist of the Executive Roundtable on October 29. Lewis is among more than 70 leaders speaking at the conference including, Lakshman Achuthan, Economic Cycle Research Institute; Chuck Bowling, Mandalay Bay Resort & Casino; Barbara Higgins, United Airlines; Bruce Himelstein, The Ritz Carlton Hotel Company; Barbara Leflein, Latino Life Research; Milton Pedraza, The Luxury Institute; Gary Sain, Orlando/Orange County Conventions & Visitors Bureau; Bob Sharak, Cruise Lines International Association, Lorraine Sileo, PhoCusWright; Faith Taylor, Wyndham Worldwide; Duane Vinson, Smith Travel; and Peter Yesawich, YPartnership.
For more information and to register, go to www.tia.org/mof.
AIF Releases New Consumer Study Profiling Timeshare Owners
The AIF has released its 2008 consumer study, titled Vacation Timeshare Owners Report. This study, conducted by Synovate, surveys a national sample of 4009 timeshare owners to understand the ownership and demographic characteristics of current timeshare owners. It also measures attitudes and satisfaction levels of timeshare owners and provides insight into timeshare purchase motivations, vacation behaviors and future vacation plans. To purchase a report, please click here.
ARDA VIP Events During This Year's Fall Conference Offer Added Recognition
Two exciting events are slated to honor ARDA's VIP members during this year's ARDA Fall Conference. Both events will deliver added recognition for ARDA's VIP member organizations and offered opportunities for high level networking.
The first-event is the coveted and invitation-only, ARDA Trustee & Foundation Dinner, slated for Wednesday, November 12th and located at a spectacular venue of the Washington Club, a building registered with the National Register of Historic Places, and located right on Dupont Circle in the heart of downtown Washington, DC. Trustees (and spouses) are invited to attend along with Board of Trustee members for the ARDA International Foundation (AIF).
Chairman's League members have an added incentive to attend this year's ARDA Fall Conference as the Friday morning breakfast event will honor their collective support and participation within the industry. The General Session Breakfast Honoring Chairman’s League Members, (open to all attendees), with keynote speaker, Charlie Cook. Mr. Cook is the publisher of the Cook Political Report and a political analyst for the National Journal Group. His thoughts on the 2008 Presidential election make this a must-attend event for all.
Meetings News
2008 ARDA Fall Conference
The 2008 ARDA Fall Conference will be held at The Fairmont, Washington D.C. from Wednesday, November 12 to Friday, November 14. Featured events include the Trustee Dinner (by invitation only), Thursday's General Session with keynote speaker Dr. Kevin Hassett, formerly a senior economist at the Board of Governors of the Federal Reserve System and now the current architect of McCain's domestic and international economic policy, and Friday's General Session Breakfast with keynote speaker Charlie E. Cook Jr., editor and publisher of The Cook Political Report and political analyst for the National Journal Group.
ARDA Committees will also meet to discuss their objectives and plan strategies. For the schedule of events including committee meetings, registration forms and hotel information, visit the 2008 Fall Conference webpage.
2009 ARDA Awards Nominations
Nominations are now being accepted for the 2009 ARDA Awards Program. The Early Bird deadline for submissions is Friday, December 19, 2008. Final deadline is Friday, January 9th, 2009. For more information about the awards program, eligibility, judging opportunities, etc., please visit the Awards page at www.arda.org/awards.
ARDA Forming Construction & Design Committee
Members interested in participating in a new networking and educational opportunity for professionals in the architecture, construction, and design industries should plan to attend the formulative gathering of the new Construction & Design Committee during the ARDA Fall Conference on Wednesday, November 12. For more information please contact ARDA vice president industry relations Bob Craycraft (bcraycraft@arda.org) at 202-207-1079.
Industry News
IHG and Holiday Inn to Enter Timeshare Business
Orlando Business Journal (09/24/08)
London-based InterContinental Hotel Group PLC. is expanding into the timeshare business with the creation of Holiday Inn Club Vacations, a new brand under its Holiday Inn umbrella. IHG has formed a licensing and marketing alliance with The Family of Orange Lake Resorts to create the new brand, which will launch in December with the reflagging of Orange Lake's 1,400-acre golf, water park and sports resort in Orlando. Orange Lake's other properties in Vermont, Wisconsin and Panama City, Fla., will also be rebranded. Under terms of the deal, Orange Lake will retain ownership and management of its properties as a privately held company. IHG Chief Executive Andy Cosslett remarks, "This deal reinforces the strength of the Holiday Inn brand as we are able to move into the timeshare market with a good partner who knows the business well. We believe that timeshare is a natural progression for Holiday Inn due to our scale and customer base in North America."
1 Hurdle Down, Many More to Go for the Economy
USA Today (10/06/08) Lynch, David J.
Critics of the $700 billion bailout plan to revive the U.S. financial system--signed into law by President Bush on Oct. 3--say it will not be enough to resolve a shortage of capital, among other problems banks are facing. Some top economists believe the government eventually will have to come up with other massive measures, such as closing down insolvent lenders and providing direct financial aid to individual homeowners to curb foreclosures. The Treasury Department will focus on purchasing mortgage-backed securities, with hopes that removing the troubled assets from the balance sheets of financial institutions will enable them to return to normal lending. The latest data reports show the economy continues to struggle, and many analysts are expecting the Federal Reserve to cut interest rates later this month.
Making the Most of Hotel Alternatives
CNN (09/25/08) Elliott, Christopher
CNN.com reports that more travelers are considering nontraditional accommodations, including timeshares, when making travel plans. The trend seems to be accelerating, in fact. For instance, the vacation rental industry grew by 17 percent in 2007, reports the Vacation Rental Management Association. A separate Ernst & Young survey found that timeshare sales rose 6 percent during the same period. By comparison, the hotel industry recorded a 7 percent increase in profits last year but is only expected to post a 3 percent gain in profits for the current year, projects PKF Hospitality Research.
Building in Progress for Wyndham Timeshare
Las Vegas Review-Journal (09/29/08) Smith, Hubble
Martin-Harris Construction is in the process of constructing the initial phase of Desert Blue, a 281-room timeshare resort project by Wyndham Hotels and Resorts in Las Vegas. This will be Wyndham's flagship timeshare property and will feature one- and two-bedroom units and Presidential Suites. The first phase is on track for a first-quarter 2010 completion. Two more high-end towers are planned for the 14-acre site, along with a seven-story parking structure with 1,100 spaces. Florida-based Wyndham currently operates more than 145 vacation ownership resorts worldwide, including a trio of WorldMark brands in Vegas.
Silverleaf Resorts Inc. Updates Hurricane Ike Impact
Centre Daily Times (PA) (09/25/08)
In mid-September, Hurricane Ike made landfall along the Texas coast near Silverleaf Resorts Inc.'s Seaside Resort in Galveston. In the days since, Silverleaf representatives have made significant progress in the clean-up effort and further damage assessment at that property. The company now expects to reopen the Seaside Resort sometime in October. Further inland, Silverleaf's Piney Shores Resort north of Houston sustained considerable wind damage, although a majority of its timeshare units have since been reopened and all of the resort's operations and amenities are now available for use by the company's owners. The company has yet to assess the extent to which the impact of the storm will affect future results. Headquartered in Dallas, Silverleaf owns and operates an undisclosed number of timeshare resorts featuring such country club-like amenities as golf, tennis, swimming and boating.
CARLSBAD: La Costa Project to Be Revamped
North County Times (CA) (09/30/08) Henry, Barbara
In Carlsbad, Calif., a proposal to develop a complex of timeshare units at the local La Costa Resort & Spa has gone back to the city's planning commission for a second look because its developers now want to scale back part of the project. Several years earlier, the resort was proposing to build 197 vacation rental facilities on part of its nearly 400-acre property. Part of the year, the units would be traditional hotel rooms, while the remainder of the time they would be owner-occupied timeshares. Part of the complex has been built, and the developers now are asking to reduce the number of units in three as-yet-unbuilt structures. Rather than 75 units, they are petitioning for 53 units. Despite the proposed changes, the overall complex could end up being just one unit less than the 197 units originally proposed because the developers constructed more, but smaller units inside one of the first buildings they erected. People who live near the resort initially fought the plans; but by the time the proposal went to the city council for a vote in the fall of 2004, they had changed their opinion of the development.
Family Travel and Reunions on the Rise, ARDA Survey Says
Hospitality Net (09/20/08)
The American Resort Development Association (ARDA) reports that family reunions continue to grow in importance. According to a recent Orbitz study, half of all respondents said their favorite group to travel with is their extended family. Although respondents said they wanted to be together for activities and meals, a majority said they wanted privacy when asked about preferred sleeping arrangements. Timeshares are being touted as a viable option in this regard. ARDA President and CEO Howard Nusbaum remarks, "Families now want to make the most of traveling long distances to visit relatives. From spacious accommodations to activities for everyone, many travelers are turning to timeshare products as vacation options for family reunions. Timeshare continues to provide an experience for large families to be together, while still retaining space for themselves." To this end, ARDA's Take Time for Togetherness initiative provides travelers with a wealth of event planning tips, including managing invitations, selecting a location, decorations and ways to stay in touch all year long. These and other helpful hints are available at www.vacationbetter.org.
Disney to Build New Vacation Ownership Destinations in Florida
Commercial Property News (09/23/08) Murray, Barbra
Disney Vacation Club has confirmed its plans for two new timeshare resort developments at Disney's Contemporary Resort and Disney's Saratoga Springs Resort & Spa in Florida. The 15-story Bay Lake Tower will be developed at Disney's Contemporary Resort, offering 265 units. Treehouse Villas at Disney's Saratoga Springs will encompass 60 residences on pedestals in natural forest glens near the Downtown Disney retail and entertainment destination. Construction of both projects is on schedule for a fall 2009 and summer 2009 completion, respectively. Sales at vacation ownership properties--or timeshare properties--rose steadily from 1997 through 2007, confirms a recent Ernst & Young study. Together, Florida, California and South Carolina are home to 39 percent of the nation's timeshare resorts, with Florida topping the list with 23 percent of the total properties. Disney Vacation Club has eight resorts, including The Villas at Disney's Wilderness Lodge, Disney Beach Club Villas, Disney's Saratoga Springs Resort & Spa and Disney's Animal Kingdom Villas.
Timeshare Project Working Its Way Through Approval Process
Tahoe Daily Tribune (CA) (09/23/08) Goodman, Elaine
Falcon Capital LLC, the developer of the stalled convention center project at the Nevada state line, is proceeding with plans for 20 timeshare units on Lake Parkway. Dubbed the Gondola Vista Timeshare Resort, the project would also include four affordable-housing units. Lake Tahoe's planning commission recently reviewed the proposal, which still must go to the city council for approval. A date for that hearing had not been set as of press time. Attorney Lew Feldman, who is representing the developer, states that Gondola Vista and the convention center are "completely separate" projects, and there is no linkage between the two.
Silverleaf Boosts Revolving Credit Facility
Associated Press (09/23/08)
In late September, Silverleaf Resorts Inc. raised its revolving credit agreement with Wells Fargo Foothill Inc. from $35 million to $50 million. The facility's revolving period and maturity date were also extended to Aug. 31, 2011 and Aug. 31, 2014, respectively. Thomas Morris, executive vice president of capital markets and strategic planning for the timeshare resort operator, believes the company now has enough credit agreements in place to meet liquidity needs into 2010 without having to tap securitization markets. Silverleaf confirms that it has also repaid about $7.8 million that was left on its $15 million Wells Fargo inventory loan.
Enticing Timeshare Test-Drives
MSNBC (09/10/08) Lindner, Melanie
The timeshare model is still not overly pervasive, as only 6 percent of U.S. households with an annual income of $45,000 or above own a timeshare unit. But things are improving. According to Ernst & Young, sales of timeshares topped $10.6 billion in 2007, a sizable increase from $6 billion four years earlier. Factor in fractional-ownership properties and the total market hits $12 billion. The American Resort Development Association (ARDA) reports that two out of every 10 promotional visits yield a purchase. ARDA President Howard Nusbaum remarks, "The most common problem in the old days [the 1960s an 1970s] was that the deals were technically correct, just highly misleading. They would offer you a discounted trip, but upon arriving you'd have to pay full price and [then] mail in a rebate that required complicated forms. There were so many hoops to jump through that whatever they were offering wasn't worth the effort." Those days are gone, assures Nusbaum, as a series of laws passed in the early 1980s required that developers present public offering statements vetted by the states where the properties were located and marketed. In the years since, such major hospitality brands as Marriott, Disney and Wyndham have expanded into the timeshare market. For example, the Marriott Vacation Club has timeshares in 40 locations worldwide, including Hawaii, Aruba and Spain. Depending on availability, prospective buyers can stay with as many as four people in one of the company's timeshare villas. Wyndham, meanwhile, offers a variety of promotional deals at its 145 timeshare locations spread around the globe. These promotions, which range from free golf rounds to casino chips, are subject to availability. For those open to the company's two-hour sales pitch, Wyndham is currently offering a two-night stay at its Myrtle Beach location.
RCI Signs Agreement To Globally Promote Jordan's Premier Religious Tourist Destination
Hotel Interactive (09/19/08)
RCI has formed a strategic alliance with the Levant Heritage Resort to market and promote Jordan's leading faith tourism timeshare development. Developed by the Abu-Dhabi owned Global Management Group, the Levant Heritage Resort is being positioned as the Kingdom's leading destination for religious tourists. Group RCI President and Chief Executive Geoff Ballotti remarks, "As innovators in the timeshare industry, our new affiliation with Levant Heritage Resort not only adds a world-class resort to our global collection of nearly 4,000 upscale properties, but it also allows us to offer our members the chance to create a once-in-a-lifetime experiential travel experience." Located near a number of prominent sites from the Bible, the resort will include a 300-room resort and spa, with 75 units allocated as timeshares. Arshad Hussain, RCI's business development director, states, "The Levant Heritage Resort will help fill a niche in the market whereby visitors want to enjoy the amenities of a five-star resort and be situated next to some of the world's most important religious sites."
VacationBetter.org Launches to Educate Consumers About How to Take Better Vacations
PRNewswire (09/09/08)
The American Resort Development Association (ARDA) has taken the wraps off its new online resource to inform consumers on the importance of taking a regular vacation via vacation ownership. VacationBetter.org is an educational tool for consumers to learn about vacation ownership and to demonstrate a way for travelers to vacation better. ARDA President and CEO Howard Nusbaum states, "VacationBetter.org is a comprehensive resource that provides accurate information about vacations and timeshare products. People love to vacation, but don't always understand that there are great options like timeshare available to them. This site will be the 'go-to' resource on the Internet for all things timeshare." The site includes everything from owner stories and photos to vacation information that demonstrates that taking a vacation is and should be an important priority. The Web site also provides steps to help the "vacation deprived" ensure that their next vacation is the best possible experience it can be.
Abstract News © Copyright 2008 INFORMATION, INC.
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