A lot of can change in the world of timeshare and with the travel and leisure industry looking to gear up for summer and a possible boom in business after the Coronavirus epidemic, we thought it would be interesting to see who is doing what in the world of timeshare and is now the time to get out of one once and for all.
Wyndham Destinations have changed their name. They seem to have remarketed themselves, something which is not uncommon for big timeshare resorts. Newly named Travel and Leisure Co is preparing for a surge in business and say their customer numbers are up again. On Wednesday, the company reported a $29 million first quarter profit, which during a Global pandemic seems impressive. In fact, they say they are 15 percent higher than the same period in 2019.
CEO of the company Michael Brown says this is largely due to restrictions being lifted in The United States but mirrors what companies will see around the world when other countries ease their restrictions. He said: “We knew the owners would come back. They came back very quickly. The nature of those big swings in momentum means people are not only confident to travel, but they’re also starting to get on planes, and they’re confident enough to book.”
We also recently learnt that Hilton Grand Vacations had purchased Diamond Resorts for Billions of dollars. They said that the purchase would help them broaden their customer base and add new properties to their portfolio. HGV is a more upmarket timeshare brand, whereas Diamond offers a lower price bracket for their members. However, HGV has many stakeholders, who it appears are not happy about the acquisition.
In a letter to shareholders, it has been claimed that HGV are overpaying for Diamond and it would dilute the price of shares going forward. Land and Buildings, which appear to have a large stake in HGV, wrote to all shareholders stating they wish to vote against the purchase of Diamond resorts and urged all others to do the same. They say Diamond is a ‘lower end brand’ and has a lower valuation. They also claim that if the purchase goes through it would mean Apollo would own 28 percent of the company and this would give them overall control. Land and Buildings investment management wrote to the board of HGV with their concerns which they say have been overlooked so far and they think HGV should remain a standalone company to protect its brand.
People who enter into timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of timeshare owners and offer fake products, along with timeshare exit schemes. Before agreeing to any timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.
It is also important to remember that purchasing a timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these types of crimes often goes unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a timeshare or a ‘holiday points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Money Back Claim.
