After the Storms: Timeshare Industry Remains Strong in Orlando, Florida

In the aftermath of a rare series of hurricanes, the Florida sun shines brightly on Orlando timeshare resorts. The properties rebounded quickly and were “open for business” just days after the storms. One measure of the industry’s rapid recovery was the rate at which travelers returned to Orlando: resort occupancy has rebounded to above normal levels over the same period in 2003, as timeshare owners continued to visit Central Florida. This resilience is owed in part to the fact that timeshare owners have prepaid for their vacations and tend to take them.

“We experienced an unprecedented number of hurricanes in Florida this year, three of which directly impacted Central Florida. While some resorts suffered minor cosmetic damage, all the vacation ownership resorts in Orlando are and have been open for business. Sales remain strong in the area, and Orlando remains the most sought-after destination for timeshare owners,” said Thorp Thomas, senior vice president of Starwood Vacation Ownership, Inc., and chairperson, American Resort Development Association (ARDA) Florida State Committee.

The hurricanes had no lasting impact in other key segments of Orlando’s hospitality industry either. Theme parks such as Walt Disney World and Universal Orlando opened the day following each of the storms, with all rides and attractions fully operational.

Orlando represents approximately 50 percent of timeshare sales in the state. Florida is, by far, the leading state for U.S. timeshare sales, accounting for approximately 25 percent of the nation’s total. Timeshare, one of the hospitality industry’s fastest growing sectors worldwide, provides owners access to fully furnished apartments for one week per year in perpetuity. It’s increasingly appealing to consumers because they can purchase future vacations at current prices, while eliminating the burden of year-round ownership. The average price for a week of timeshare use worldwide is approximately $10,600.*

November 30, 2004   Posted in: United States SouthEast