Timeshare Relief 360

Down on the Gold Coast of Florida, they have a brand spankin’ new timeshare resort, the Marriott Oceana Palms on Singer Island.  In fact, the doors of the 19-story, 91-villa resort opens today.  It is the 50th timeshare resort for the Marriott Vacation Club and its second on the island.

Although Marriott announced that it was stopping all new timeshare developments back in September 2009, the Oceana Palms was already in development.  After writing down $760 million from its timeshare business then, Marriott suffered a third quarter net loss of $466 million in 2009.  So, this resort  opening sets a new path amid the bubbling optimism of economic recovery.

With the average Marriott timeshare week costing timeshare owners approximately $30,000, Marriott stands to bring in a substantial revenue base for the Oceana Palms.  A second phase is planned to build a second 19-story tower and bring the overall villa count to 169.  With maintenance fees, a healthier economy, and the Marriott brand-name, Marriott is a winner with this opening.

The timeshare development also produced local jobs with the construction, and will bring in more small businesses that increased tourism will demand.  Moreover, the local and county coffers will add significant vacation accommodation related tax revenue.  So, the local economy and governments are winners as well.

Timeshare owners get an opportunity to vacation at a contemporary and luxurious resort with many local amenities.  So, from a travel and vacation standpoint, the owners will come out ahead.  But, when you look at their pocketbooks and the chance that they’ll take advantage of using their timeshare every year, the $30,000 a week average cost along with the annual and special assessment fees will more than not never be worth the value of the timeshare.

So, are the owners “winners”?  They flip the bill for the company and the local economy, but gain some measure of vacation luxury from time to time.  So, financially, timeshare owners are not winners.  But with the proper mindset, like going to the celebratory Grand Opening,  they’ll sure feel like winners…regrettably, they’ll need to brace for the hangover.

For articles about the opening used for this blog, click here and here.