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In a nutshell, vacation ownership is shared ownership where a purchaser
buys a furnished unit for a specific length of time or an ongoing
interest. This period is most often one week a year, though it varies.
The ownership is for a set period of years and has varying rights
or ownership attached.
Within the basic timeshare component, key benefits for the buyer
are that this is a relatively affordable purchase versus a traditional
real estate purchase. Many providers offer entry point products
with even alternative years (every other year) to address a wider
market base. With the rights of use specifically tailored towards
use by buyers during vacations, there is the added benefit of exchanges
within a network of properties in order that different destinations
can be visited around the globe. From timeshare vacation ownership
emerged the involvement of hotel brands which offer usage not only
within their own units, but often expanding points to use with hotels,
golf and other redemption affiliated products. An upper-tier fractional
ownership is emerging in the luxury market, with chains such as
Ritz Carlton and Banyan Tree tailoring residential offers at high-end
villa-type products.
Laguna Phuket Leads the Way and Marriott Comes on Strong
In Phuket, the industry was started a number of years ago by the
Allamanda Vacation Club within Laguna Phuket. Within the integrated
Laguna Phuket mixed-use destination resort, the club has evolved
into the Laguna
Holiday Club. With offerings of one week for 25 or 50 years,
and affiliated with RCI’s worldwide exchange program, the development
recently opened a dedicated club complex with check-in and service
centre along with a wide variety of facilities for members only.
Laguna is continuing to expand its overseas network with the addition
of the Angsana Resort in Bintan.
Following in Laguna’s steps was the Marriott
Vacation Club, which is part of Marriott’s expansive Phuket
Beach Club in Mai Khao beach. Affiliated with Interval International,
who is one of the leading exchange providers, Marriott has quickly
established itself in the market with a strong purpose-built facility
and luxurious surroundings in one of the islands leading resorts.
Buyers also have the option to use points in the Marriott Rewards
program, which offers a wide variety of options from cruises to
airline tickets to car rentals.
Reading the Fine Print
As in any purchase, buyers need to understand what’s on offer
and those added costs to what is often perceived as free holidays.
As a general rule maintenance fees do apply when utilizing guest
stays. There is no such thing as a free stay and these fees should
be clearly indicated. Some programs work on points based systems
while others are on fixed or floating weeks. Understand how this
works and how the long term use is structured. In Thailand, as in
many countries, there are consumer regulations that govern the selling
of these products and a ‘cooling off’ period is a legal
restriction allowing buyers a second chance to back out once they
have made an impulse buy. While worldwide exchange providers such
as RCI and II (Interval International) offer products everywhere
to exchange in, these often have black out periods and are only
based on availability; you may not always be able to utilize the
exchange when and where you wish.
Welcome to the Evolution
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The industry is continuing to be an innovative one and captures
market trends extremely quickly.
From fractional ownerships to residence clubs, cruise lines, private
yacht and even airplanes, it continues to offer new and exciting
products in the marketplace.
Timeshare and vacation ownership have truly come of age and are
well worth a second look by any potential lifestyle investor.
Hot Tips
Contact Laguna at www.lagunavacationclub.com or Marriott at www.vacationclub.com
for more details and information.
About Bill Barnett
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Bill Barnett is Managing Director
of C9 Hotelworks (c9hotelworks.com), a Phuket-based hotel
and residential consulting firm that has been involved in
many of the islands leading developments. With over 20 years
experience in the Asia-Pacific region, Bill has held senior
corporate roles in development, hotel operations, and asset
management. He was previously Deputy Managing Director of
the publicly listed Laguna Resorts & Hotels. Prior to
that, he was Chief Operating Officer – Asia-Pacific for
Millennium & Copthorne Hotels with responsibility for
43 hotels. As an executive with Century International Hotels
in Hong Kong, he played a key role in the expansion of the
chain for nine years. His previous asset management and ownership
representation experience includes the following properties:
Four Seasons New York, Regent Beverly Wilshire, Ritz Carlton
Hong Kong, Grand Hyatt Taipei, Hilton Seoul and Westin Philippine
Plaza. He attended Cornell University School of Hospitality
Management.
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