Timeshare Consumer Guide
Monthly News Letter
July 2005
Welcome to the July edition of the Timeshare Consumer Guide monthly newsletter. The aim of the newsletter is to provide current information that may be of interest not only to buyers, owners and sellers of timeshare but to the consumer in general. We aim to provide information regarding exchanges, resorts and up to date OTE News and other reliable sources.
Last month we covered The Hilton Group, Travel & Leisure Scandinavia, (a resale company part of the Travel & Leisure Group in the UK) and the sentencing of John Palmer.
IN THIS EDITION
• OTE endorses plan to standardise and improve accounting practices for European timeshare industry.
• Walton Hall acquisition finalised. £15.2millon.
• Petchey Leisure set to acquire the Montechoro Beach Club on the Algarve .
• Seminar in Spain highlights the findings of an economic impact study of timeshare in Spain .
• EYE ON ……… .CRANE BEACH CLUB - BARBADOS
• TIMESHARE BARGAINS
OTE GIVES GREEN LIGHT TO STATEMENT ON ACCOUNTING
A working group has been formed with the aim of developing a uniform system of accounting for the European timeshare industry. The group, chaired by Philip Bacon was given the green light following presentations to the OTE Executive Committee and Board of Directors. The move came as the European Union, in 2002, issued a regulation requiring all listed companies to prepare their consolidated accounts in accordance with International Accounting Standards from 2005.
The role of the working group is to provide guidance on interpretation of the International Accounting Standards in preparing financial statements and create statements of best practice for areas of accounting of specific relevance to the industry.
Members of the working group are as follows;
Philip Bacon
George Lumby – Leisure Real Estate Services
Russell Kett – Insol Services (and a former partner of PricewaterhouseCoopers)
Bruce Marks – HVS International
David Barraclough – KPMG
David Gibson – Sunterra Europe
Robert Ayers – Diversified Resorts
Martyn Aldridge – industry consultant
Annick de Volder – Club La Costa
Bernard Peters – Regency Resorts
Marriott Vacation Club International and Michael Coletta, Hilton International Grand Vacations Company. Three new members are Andrew Berry, Ragatz Associates, Europe & Middle East; Gary Halton, De Vere Resort Ownership and Juan Jose Millan, RMI Consortium.
The project is geared to:
Improve consistency and transparency
- Narrow the range of accounting practices
- Enhance the usefulness of published accounting information
- Help investors, lenders, creditors and employees understand the nature of any specific business and compare it with others, but more importantly help companies 1) Present their businesses for sale, 2) Raise development finance and 3) Establish consumer financing.
£15.2 MILLION ACQUISITION FINALISED
In a recent edition we covered the offer made for the Walton Hall resort located in central England The company bidding have combined assets exceeding £1.5 billion including at least 500 properties in more than 60 towns and cities across the UK . The London-based company; Dawnay Shore Hotels, has completed formalities for its purchase of Walton Hall. The listed property was rebuilt in the 1870s and stands amidst a 65-acre site.
Dawnay, which acquired the Paramount Hotel group a year ago for £215million, intends to spend £10million converting the site to a 200-room country hotel and spa.
PETCHEY LEISURE ACQUISITION
Petchey Leisure has contracted to acquire The Montechoro Beach Club. The Resort is an apartment complex at Praia da Oura on the Algarve and consists of 177 apartments and has over 4000 timeshare owners.
Jack Petchey, founder of Clube Praia da Oura, said: “After Petchey Leisure's acquisition of RMI Consortium earlier this year, the acquisition of the Montechoro Beach Club further solidifies and enhances our commitment to all our members that they belong to the most innovative and dynamic holiday ownership groups in Europe”
With the new acquisition, all owners will be able to use the facilities of the three resorts, located within a radius of 300 metres.
ECONOMIC IMPACT STUDY OF TIMESHARE IS SPAIN
103 delegates attended a seminar in Fuengirola, hosted by Carlos Vogeler, Chairman of OTE Spain. The seminar highlighted the findings of an economic impact study of timeshare in Spain .
The study, undertaken by Ragatz Associates included the following highlights;
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Estimated sales in 2003 by resort developers: 530million Euros
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Total number of weeks sold in this period: 50,500
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Total number of timeshare units: 24,200
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Total number of resorts as of June 2004: 327. (Some 413 total listing in the RCI and Interval International resort directories)
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Some 611,200 owners hold a total of 977,900 weeks.
On the demand side, in the two-year period to June 2004, the study shows;
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From new developers, the average price per week of use was 10,500 euros
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Regarding the motivation for buying, 68 per cent of respondents cited the exchange facility and 64 per cent the overall flexibility of the product
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Eighty-six per cent are married and 48 per cent have children living at home
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Ninety-five per cent are homeowners, have a median income of 45,500 euros and an average age of 47.
EYE ON …………… .CRANE BEACH CLUB – BARBADOS
Crane Beach Resort is a 15-suite, 200 year old historic building. The resort is situated on 40 acres and overlook half a mile of ocean frontage and one of the most beautiful beaches of coral sand in the world. The beach, named by ‘Lifestyles of the Rich and the Famous' as one of the ten best beaches in the world is famous for its magnificent expanse, picturesque location and the rare quality of its soft, pink sand.
The Crane was built as the island's first resort hotel in the 19 th century and in the 21 st century the Crane is being transformed into one of the very finest private residence resorts in the Caribbean. Every Crane private residence features timeless, period architecture, breathtaking ocean views, private balconies and truly grand proportions.
1bed units from 1,020 to 1,848 sq. ft.
2bed units from 1,748 to 2,672 sq. ft
3bed Penthouse units from 2,941 to 3,404 sq.ft
Most units include their own large private swimming pool up to 28 ft in length. Marble throughout and four-poster beds, whirlpool tubs, spa showers and separate toilets. Kitchens include dishwashers, refrigerators with ice machine chilled water dispenser, marble counters and washer/dryers. There is also internet access and very very quiet air-con. in each room.
Barbados Island
Barbados Island is located at approximately 13 degrees North and 59 degrees West. It is 21 miles from North to South and 14miles from East to West. The population of Barbados is approx. 250,000 and English is the official language of Barbados stemming back to British ownership up to 1966.
Barbados is GMT minus 5 Hours during summer and GMT minus 4 in the winter.
Barbados Island taxes are charged at approx. 15% (VAT) which is charged to most services.
If is also expected that you offer a 10% tip to most services with the exception of sell-serve petrol outlets.
Barbados Visitor Information Network
Get more information by calling the visitor information line on +1 (246) 4265017. the voice prompts guide you to information about Barbados cruises, bars, dining, shopping, tours, shows and other pastimes.
PRICES
Prices at the resort start from £7,500 whilst resale prices start from £4,000
Each of the subjects in this publication are based on various fact provided by trusted sources including the OTE.
Editor: David James
August 2005 Newsletter
June 2005 Newsletter |
