Timeshare Resort Program
For over 50 years, resort timeshare, also known as vacation ownership, has offered consumers around the world the opportunity to purchase less than a full interest in a unit of accommodation in vacation destination areas. Currently, there are more than 5,000 such resorts in nearly 100 countries, with 1,500 located in the U.S. The sale of timeshare interests to individual consumers now approaches $7 billion annually.
Through a joint-venture partnership with timeshare industry veteran Gildersleeve Partners, NRC is applying its twenty-five years of real estate marketing experience to this unique property class to serve as a catalyst for its continued evolution.
Timeshare Resort Divestitures
Approximately two-thirds of the 1,500 U.S. timeshare resorts came to market more than 25 years ago, and many are approaching the end of their initial physical useful life. In such instances, what is often required are substantial capital improvements, the funding for which must come from assessments to the individual owners. If the owners are unwilling or unable to fund these improvements, there is an alternative to what would likely otherwise be inevitable insolvency of the HOA. That alternative is for the owners to agree to an orderly process of voting to unwind the timeshare condominium regime and clearing title so the entire property can be sold to a single buyer. This will not be an easy process, but Gildersleeve’s team of industry experts are uniquely positioned to provide the necessary guidance.
NRC will then package, market, and sell the property through a sealed bid process and the proceeds will be proportionately distributed to the individual owners.
This new approach offers timeshare owners a reliable method to collectively divest themselves of their ownership interests in a way that ensures the maximum proceeds will be quickly generated through a completely transparent sale process. The combination of NRC and Gildersleeve are uniquely positioned to facilitate this very complex process on a nationwide basis.
NRC, a national structured real estate sale leader, enters vacation ownership industryVacation Ownership World | September 2014
About Larry Gildersleeve, Gildersleeve Partners
Larry Gildersleeve is a 30-year timeshare industry veteran, having held senior management positions with Interval International, Hilton Grand Vacations Company, Resort Condominiums International, MeriStar and Trendwest. Active in the industry since 1980, Gildersleeve is the former president of the International Timeshare Foundation, as well as a past board member of the American Resort Development Association (ARDA) and recipient of their prestigious Professional of the Year award.
Larry founded Gildersleeve Partners, Inc. in 1995 to provide a wide range of consulting services to companies in the resort and leisure hospitality industries worldwide.
Do you manage an existing timeshare resort, or represent the Homeowners Association, and the owners are potentially interested in selling? Contact Gildersleeve Partners, LLC at (866) 568-7700 or firstname.lastname@example.org.