What Is the Origin of Timeshares?
The idea of timeshares began in the early 1960s when some ski resort developers in the French Alps started letting vacationers rent rooms in their hotels. They wanted to attract more travelers, so they offered a new way for people to invest in vacation properties. Instead of just renting a room, travelers could buy a share of the hotel space, which led to the saying, “It’s cheaper to buy the hotel than to rent the room.”
By the end of the 1960s, this concept crossed over to the United States, and the first timeshare hotel opened in Hawaii. States like California and Florida soon followed, and although timeshares started as a small market, they became much more popular in the 1970s.
The creation of the American Resort Development Association (ARDA) helped promote timeshares further. The industry saw a considerable boost with the launch of exchange companies like Resort Condominiums International (RCI) in 1974 and Interval International (II) in 1976. These companies allowed timeshare owners to swap their vacation weeks, making the idea more appealing. Soon, major hotel chains like Disney, Hilton, and Marriott joined the market, and many more people began to invest in timeshares.
Today, the timeshare industry continues to grow, but there is also some skepticism. Many people are now questioning whether buying a timeshare is a wise investment. Despite the timeshare experience being pleasant for some, the disadvantages of timeshare ownership outweigh the good more often than not. Upfront costs and rising maintenance fees: From the initial price for a weekly interval, which ARDA claims the average to be $24,140, to the annual maintenance fees and special assessments that never cease, timeshares are expensive. Failing to keep up with these payments can result in the property developer foreclosing on the timeshare.
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