Resort Developers Fight Suffering Financial Market Sign of Good Things to Come May 22, 2009
Posted by John Copain in : Marriott Timeshares, News & Events, Timeshare Resale, Timeshare Resource , add a commentTimeshare Companies Prevail Despite Languishing Financial Economy
The United States’ economic recession and the subsequent global credit market decline has affected nearly every commercial business and every industry on every level. Finding a light within this dim economic time is not easy, especially for business owners – and in the timeshare industry, resort developers. But news from the timeshare financing sector of a couple major developers is just that, a bit of optimism amidst the unrelenting negative talk of recessions and depressions.
The collapse of several American and international banks have thrown a wrench into the real estate markets and lending institutions. Interest rates have gone up and property values have gone down. Amazingly, this did not immediately affect the timeshare industry. It wasn’t until the fall and winter of 2008 that the timeshare financing, property loan, and timeshare mortgage systems of major timeshare resort developers began to slip. All of a sudden timeshare companies weren’t making money from selling their product because there was no way to monetize consumer debt – in other words selling timeshare units based on money lending was no longer profitable. This meant that timeshare companies were looking for cash transactions, which is unrealistic for most prospective timeshare owners.
The good news arrived last month when it became evident that both Starwood and Marriott were going to continue to offer financing for new timeshares, which is a lot harder for resort developers to do than it is for timeshare resale companies to do because the units are so much more expensive – this is one of the reasons BuyATimeshare has managed to evade the financial market crash.
For giant corporations there is a higher risk because this type of property financing relies on mortgage-backed securities this is a sign that the left-for-dead securities market is starting to move again. That is quite a bit more positive than most economic news you’ve heard today, isn’t it? No one has predicted a full recovery overnight, but if this is a sign of things to come than the ailing property and financial markets may finally begin to recover.
It’s going to be a long road to recovery for the US economy, but it has to start somewhere. If Plato was right then once we’ve seen the light we will be reluctant to return. Let’s hope he was talking about vacation ownership!
U.S. Travelers to Neighboring Vacation Hotspots Be Prepared for New Passport Rules May 22, 2009
Posted by John Copain in : Timeshare Resource , add a commentValid Passport Required, Even for Short Distances.
American timeshare owners with properties in Canada, The Caribbean, or Mexico may not be used to bringing their passport with them, but starting June 1st, 2009 a valid passport should be the first thing they pack. Prior to the June 1st deadline American travelers have only needed proof of identity, such as a photo ID, and proof of US citizenship, such as a birth certificate. Now only a passport will be accepted in order to cross the border in to Canada, Mexico and most Caribbean Islands.
In some ways this can be an improvement in vacationing as many tasks and activities inherent in traveling can be executed easier with a valid American passport – activities such as renting a car, securing tours and adventure trips and even transportation to another area of the same country. A lot of vacationers say they feel safer carrying a passport. On the other hand having to carry a passport can be the source of increased anxiety for travelers, usually for fear that it will be lost or stolen. A good strategy for keeping your passport safe is to keep it locked in a room safe in your timeshare unit and when you bring it out wear it inside a layer of your clothing with a small passport-sized bag or pack.
Also, timeshare owners with upcoming vacation weeks are going to have to plan ahead to make sure they procure a new or renewed passport. Getting government passports fast can be tricky because these new passport rules have caused a surge in applications for passports. A passport request can take up to six weeks to produce results and cost over $70 in some states. There is an expedited passport option which can speed up the process to about two weeks for an additional $60 or so.
This new implementation will affect thousands of timeshare owners as some of the world’s most popular timeshare resorts are in the Caribbean, Canada, and Mexico. In fact, Mexico is one of the world’s most popular vacation destinations with more than 20 million visitors every year.
Resort families such as the Mayan Palace and Pueblo Bonito are just a couple of Mexico’s coveted establishments that attract so many visitors. And you can’t forget about Grand Mayan Nuevo Vallarta and its 500 rooms that overlook Banderas Bay. The Caribbean is another highly desired vacation destination that will for the most part require travelers to posses a valid passport.
Thousands are attracted to the Caribbean by timeshare resorts like the Marriott Aruba Surf Club, and Harborside at Atlantis among many other resorts. Not all the Caribbean Islands will require a valid U.S. passport, however. The US Virgin Islands and Puerto Rico are exempt, but the other 17 territories will. For more details you can check the U.S. Department of State’s website about the Western Hampshire Travel Initiative.
Canada completes the trifecta of Western Hemisphere countries in the intiative. Banff Gate Mountain Resort timeshare owners will have to be prepared as of the 1st as will Club Intrawest Whistler.
Keep in mind a valid passport will be required to re-enter the United States as well, so hold on to that thing!
Orange Lake Adds Two Resorts May 22, 2009
Posted by JConnolly in : Timeshare Resource , add a commentIn a recent article in TimeSharing Today, (May/June, 2009) it is announced that Orange Lake has taken over management of South Beach Resort located in Myrtle Beach, SC and Crown Park Resort located in Gatlinburg, TN. The article goes on to say that the Crown Park Resort will have a new name; Smoky Mountain Resort. There does not seem to be any other notible changes, but only time will tell!