A shocking new statistic reports that local tourist occupancy while on vacation is being overrun by timeshares. Tourism & Chamber Alliance released a report that states 48% of local occupancies are not coming from the local motels or bread and breakfasts but rather timeshare units. This report has been used to comment about how well the timeshare industry is doing, and while there are an estimated 2 million timeshare units only 70% were put to use. This figure includes timeshare units that were rented and not sold.
Recently the timeshare industry has spent more resources on competing with hotels. With the timeshare occupancy at an estimated 70% it means that the timeshare resorts still have around 30% of all their units that go unused. Because of this timeshares have begun renting out their unused rooms, this has created package deals that vacationers see as a better bargain than planning out and arranging all of their hotel and travel details themselves.
However, these figures could be very miss informative. Chris Canavos, the President of the Hotel-Motel Association has expressed that these numbers used out of context can provide inaccurate estimates. He mentions that if the timeshare industry as a whole was doing well then it would be selling more timeshares rather than renting them out. Regardless of how well the timeshare industry is doing the fact remains that they are becoming a tough competitor for local hotel establishments.
The idea of shared ownership has been put to use since the 60s, and timeshares have thrived within the vacation industry for some time now. There should be no doubt that timeshares will be a major part of the vacation and travel industry for years to come. Even should their trend of renting timeshares rather than selling units continues they will still be a driving force within the industries. As it is now local vacation establishments should do their best to compete with the incentives and accommodations that timeshares offer.
If these reports continue to show growth in timeshare occupancy and we see a decline in local motel and hotel occupancies then we may start to see some establishments suffer enough to close down. And of course should the percentage of timeshare sales continue to go down then there will be enough problems for the timeshare industry as well. For timeshare owners who are already in a timeshare agreement it may be time for your to look through your options. Timeshare ownership can be extremely difficult to get out of and because it includes financial liabilities it is important to figure out what to do with it. Luckily there are companies like Transfer America that can help you get rid of your timeshare obligations once and for all. Once you transfer out with Transfer America you can take advantage of whatever vacation package or deal suites you best. And who knows, you may even end up renting your timeshare for less than it cost you to own it each year.