It seems as though the timeshare industry is closing in on hotels as far as occupancy goes. A new report from Tourism & Chamber Alliance states that 48% of local occupancy comes from timeshares. Back in 1987 this was as low as 15%. Clearly timeshares seem to be growing, however, regarding this data in the wrong context can easily cause misinterpretation. Total timeshare occupancy has been estimated at over 2 million rooms which suggests that timeshares are doing quite well for vacationers. This equates to an estimated 70% occupancy percentage for all timeshares. This figure represents the stays by timeshare owners as well as rented out timeshares.
The industry as a whole as become slightly more aggressive in their competition with hotels, this is mainly due to the fact that rates have gone down and resorts will often offer to rent out their timeshares when the owner is not there. Another reason for this increased competition for hotels is that timeshares are being heavily marketed online and are the empty timeshare units at discounted prices that have local hotels struggling to keep up.
President of the Hotel-Motel Association, Chris Canavos, has stated that these numbers are not so impressive when they are used out of context. To say that the industry is doing well based solely on these figures is very inaccurate. He goes on to say that, “If they were, they’d be selling timeshares not renting them.”. So while the timeshare industry may not be selling as many timeshare units as they used to when the concept of timeshares first emerged they have proven that they are still a big player in the vacations market.
Should the timeshare industry continue with this trend of renting out timeshare units rather than selling an interval of the unit we will need to keep an eye out for new developments within the timeshare industry. If it turns out that timeshares just make more sense to rent out rather than to buy then it may be time to get rid of any that you currently own. There are many ways to get out of a contract but finding true timeshare relief is a different story and can be a challenge in itself. To make sure you stay ahead of the game it is important to research about all your available options before you spend any significant amount of money on a solution.