2
023
State of the Vacation
Timeshare Industry
UNITED STATES STUDY
2023 EDITION
PREPARED BY
Current at time of printing
2023 SPONSORS
The ARDA International Foundation gratefully acknowledges the
sponsors whose financial contributions made this study possible.
PLATINUM SPONSORS
UNDERWRITER
Capital Vacations
Fidelity Real Estate
Vacatia
Western Alliance Bank
State of the Vacation
Timeshare Industry
UNITED STATES STUDY
2023 EDITION
PREPARED BY
EXECUTIVE SUMMARY ................................................... 5
I. INDUSTRY OVERVIEW ........................................... 7
Size ........................................................................................ 7
Resorts ..................................................................................8
Units and Intervals ..............................................................9
II. INDUSTRY HEALTH ............................................... 12
Overall ................................................................................. 12
III. INDUSTRY SEGMENTS ......................................... 17
Resort Size ......................................................................... 18
Sales Activity ...................................................................... 18
Resort Type ........................................................................ 19
Geographic Region ..........................................................20
Year Resort Opened ........................................................ 21
IV. INDUSTRY OUTLOOK ..........................................22
APPENDICES ....................................................................25
Appendix A
Historical Sales Data .....................................................25
Resorts by State.............................................................25
Percentage of Units by State ......................................25
Appendix B - Timeshare Resort Tracking ..................26
Appendix C - Methodology ...........................................27
Appendix D - Survey .......................................................29
Appendix E - A Brief History of the
U.S. Timeshare Industry ....................... 40
GLOSSARY OF TERMS ...................................................44
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
State of the Vacation Timeshare Industry
UNITED STATES STUDY 2023 EDITION
EXECUTIVE SUMMARY
5
As noted above, the 2022 U.S. timeshare industry consisted of 1,541 timeshare resorts
with approximately 201,600 timeshare units — an average of 131 units per resort.
Resorts sell each of these timeshare units to consumers in parts or ownership pieces
corresponding to varying amounts of time. Typically, these parts are either weekly
intervals (seven nights worth of vacation time) or points-based. Points represent a
reservation currency for the use of units in nightly or weekly increments - respondents
converted their points into weekly interval equivalents for this study where needed.
Figure ES.1 summarizes industry operating performance for 2022 and shows five-
year performance trends. By most measures 2022 marked the completion of a
return to pre-pandemic levels for the timeshare industry. Sales volume
1
increased by
30% to $10.5 billion in 2022, recovering fully to the level seen before the impacts of
the COVID-19 pandemic. In general, operating performance metrics in 2022 were
near or above 2019 levels. Average occupancy was 77.6%, increasing by more than
4 percentage points from the previous year. By comparison, hotel occupancy was
62.1%
2
in 2022, according to Smith Travel Research. Rental revenues totaled $2.7
billion, increasing by 21% in 2022.
Results contained in this report are primarily sourced from a survey of timeshare resorts, developers, and
management companies. The ARDA International Foundation (AIF) commissioned this survey and Ernst &
Young LLP (EY) conducted the survey on its behalf. EY also reviewed current and previous AIF research to
conduct this analysis. The study focuses on timeshare resorts that sell and maintain interval and points-
based vacation lodging products. It excludes fractional resorts and private residence or destination clubs.
Of the 1,541 identified timeshare resorts, 759 responded — a 49% response rate. Of these 759 responding
resorts, 699 belong to a network of 10 or more resorts, and 60 belong to a network of less than 10
resorts, including 48 single-site resorts. For a full discussion of the methodology used, please see
Appendix C of the report.
The State of the Vacation Timeshare Industry: United States Study 2023
edition provides an overview of important summary information on the
U.S. timeshare industry for the year 2022.
1 All sales discussed in the report are developer sales, unless otherwise noted.
2 STR-TRI Monthly Hotel Review: December 2022, Smith Travel Research. Note this occupancy is based on Smith Travel’s Total
Room Inventory (TRI) calculation which includes rooms taken offline due to COVID-19.
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
EXECUTIVE SUMMARY
6
The average maintenance fee billed did not see any negative impacts from the pandemic in 2020, so the change in that
metric was more muted in 2021 and 2022. The average maintenance fee billed increased from $1,120 to $1,170 per
weekly interval, a 5.3% increase. This compares to an 6.5% inflation rate for 2022
3
. The average transaction price
increased to $23,940; this metric tends to fluctuate year over year based on the mix of sales by unit configuration and
brand, but has grown by 37% over the past two years.
FIGURE ES.1
KEY TIMESHARE INDUSTRY TRENDS 2018 TO 2022
Average Maintenance Fee Billed
2021
$1,120
2022
$1,170
2018
$1,000
2019
$1,080
2020
$1,090
Rental Revenue ($B)
2021
$2.2
2022
$2.7
2018
$2.4
2019
$2.5
2020
$1.3
Average Occupancy
2022
77.6%
2018
80.8%
2019
79.3%
2021
73.1%
2020
49.2%
Average Transaction Price
2022
$23,940
2018
$17,930
2019
$18,760
2021
$19,590
2020
$17,460
Sales Volume ($B)
2022
$10.5
2018
$10.2
2019
$10.5
2020
$4.9
2021
$8.1
3 Consumer Price Index: 2022 in Review: The Economics Daily: U.S. Bureau of Labor Statistics (bls.gov)
Industry Overview
CHAPTER ONE
7
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
In addition to the timeshare resorts and units noted in Figure 1.1, timeshare owners have
access to inventory that is not traditionally considered as timeshare inventory. For example,
the two major exchange companies (Interval International and RCI) make non-timeshare
accommodations available to their members. They also provide members the opportunity
to trade their resort accommodations or home unit for options such as cruise, golf, and
spa vacations, as well as a variety of leisure experiences such as sporting events, shopping
excursions, etc. In addition, some developers with affiliated hotel brands often make traditional
hotel inventory available to owners who participate in their internal exchange programs.
The AIF’s timeshare database lists 1,541
4
timeshare resorts in the United States.
5
As seen in Figure 1.1, these
1,541 resorts represent approximately 201,600 units. Counting lock-offs
6
as separate units adds
approximately 50,870 units, for a total of 252,470.
This chapter presents an overview of the timeshare industry for 2022,
examining industry size and structure. It includes information on:
• the number, size, and characteristics of resorts,
• unit configurations, and
• interval ownership structures.
4 ARDA International Foundation. Please see Appendix B for more information about the methodology for identifying timeshare resorts.
5 The United States is defined as the continental U.S. plus Alaska and Hawaii in this study.
6 The term “lock-off” refers to a type of vacation ownership unit consisting of multiple living and sleeping quarters, designed so they can
function as two discrete units for purposes of occupancy and exchange.
7 Biennials are vacation ownership products that provide a week’s worth (or points equivalent) of timeshare interest every other year.
Measure 2022
Resorts 1,541
Units 201,600
Average Resort Size 131
Total units including lock-offs 252,470
FIGURE 1.1
INDUSTRY SIZE
Resorts sell each of these timeshare units to consumers in parts or ownership pieces
corresponding to varying amounts of time. Typically, these parts are weekly intervals (seven
nights worth of vacation time), biennials
7
and/or points-based. Points represent a currency
for the use of units in nightly or weekly increments — respondents converted their points into
weekly interval equivalents for this study where possible.
Size
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Figure 1.2 shows a distribution of resorts by development stage,
illustrating the two key industry components. Working with the
AIF, we classified all resorts in the AIF database that belong to a
network of two or more resorts as either in active-sales or not
in active-sales. In general, any resort that had sales activity and/
or was part of a network of resorts with timeshare sales is in
“active-sales”. The active-sales component includes new resorts
and resorts operating under the management of a company that
continues to develop and sell timeshare inventory (“developers”).
Any resorts that reported no sales activity are classified as not
in active-sales. This component consists mainly of resorts that
either operate independently or are associated with a resort
management company. In general, they are not engaged in
significant sales marketing activity, and rely mainly on revenues
derived from maintenance fees, rentals, and ancillary service
operations.
Note that multi-site respondents report their sales data in
aggregate rather than at the resort level — this means that all
resorts in a network of resorts are classified as either in actives-
sales or not in active-sales. Please see Appendix C for a more
detailed explanation of methodology.
Figure 1.3 also compares the results for active-sales and not in active-sales resorts, illustrating that not in active-sales
resorts tend to be older than active-sales resorts. More than 77% of not in active-sales resorts opened in 1985 or before,
compared to 20% of resorts that are still in active-sales. Less than 2% of not in active-sales resorts opened in 2006 or
later, compared to 35% of resorts that are in active-sales.
Figure 1.3 shows the distribution of timeshare resorts by the year that each opened. Approximately 8% of
responding resorts opened in 2016 or later; another 32% opened in 1985 or before. Sixty percent of responding
resorts opened between 1986 and 2015.
Resorts
FIGURE 1.2
RESORTS BY DEVELOPMENT STAGE
Based on assessment of resort sales status by
ARDA – see methodology section for details
Not in
active sales
55%
Active sales
45%
Percent of Percent of resorts Percent of resorts
resorts responding in active-sales not in active-sales
1985 or before 32% 20% 77%
1986-1995 13% 12% 16%
1996-2005 27% 33% 6%
2006-2015 20% 26% 1%
2016+ 8% 9% 0%
Percent of 316 responding resorts
8
— percentages may not add due to rounding
FIGURE 1.3
YEAR RESORTS OPENED
8
CHAPTER ONE 2022 INDUSTRY OVERVIEW
8 Note that the number of respondents varies across questions. To aid interpretability of results, throughout the report we include the number
of respondents to the survey question related to the corresponding table/graphic where appropriate. See Appendix C for a more detailed
explanation of methodology.
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
CHAPTER ONE 2022 INDUSTRY OVERVIEW
9
We also asked respondents if any types of units other than timeshare are available for sale or rent at their resort.
As shown in Figure 1.4, some resorts do report offering other types of units, including fractionals, hotels or whole
ownership. In total, 38% of resorts are mixed-use resorts — they reported offering at least one of these choices.
Finally, Figure 1.5 shows which entity employs the resort’s staff. Most resorts report that a separate management
company handles this responsibility.
As shown in Figure 1.6, 30% of resorts reported offering a mobile app to resort owners. The most common
features were accessing a virtual sales presentation, seeing a virtual tour of the resort, and making reservations.
Respondents also reported on temporary resort closures in 2022. Nine resorts were reported as being temporarily
closed as of December 31, 2022, and another 19 were reported as having temporarily closed at some point during
2022 but having re-opened. Ninety percent of those who provided reasons for the temporary closure indicated that the
primary reason was a natural disaster.
Entity Percent
Management company 61%
Resort HOA(s) 28%
Resort developer 6%
Other 5%
Percent of 577 responding resorts —
multiple responses allowed
FIGURE 1.5
ENTITY WHICH EMPLOYS
RESORT STAFF
Percent of
resorts offering
Hotels 20%
Fractional 12%
Whole ownership 9%
Other 1%
Percent of 759 responding resorts —
multiple responses allowed
FIGURE 1.4
MIXEDUSE PROPERTIES
Percent of 759 resorts – numbers
may not add due to rounding
FIGURE 1.6
RESORTS OFFERING A MOBILE APP
Feature %
Virtual sales presentations 74%
Virtual tour of resort 63%
Making reservations 57%
Check in 24%
Access to units 16%
Mobile payment-maintenance fees 9%
Mobile payment-rental fees 8%
Mobile payment-other 8%
Owner community building experience 3%
Other <1%
Percent of 230 respondents – multiple responses allowed
No
70%
Yes
30%
Stand-alone
62%
Mixed Use
38%
Figure 1.9 displays the percent of inventory that is owned by different types of owners. The majority of resorts are
owned by timeshare consumers, referred to as resort owners in the industry. Approximately 16% of intervals are still
owned by a resort developer and approximately 3% of intervals are owned by an HOA.
Percent of Percent of resorts Percent of resorts
resorts responding in active-sales not in active-sales
Intervals owned by owners 81% 82% 67%
Intervals owned by developers 16% 17% 0%
Intervals owned by HOA 3% <1% 33%
Percent of 396 respondents — percentages may not add due to rounding
FIGURE 1.9
PERCENTAGE OF INVENTORY OWNED BY TYPE OF OWNER
Next, we move from a discussion of resort-level data to
results concerning individual units and weekly or points-
based intervals within resorts. Figure 1.8 shows the mix
of units by the number of bedrooms. The two-bedroom
unit is the most common configuration, with 61% of units,
followed by one-bedroom units with 22%. Nine percent
of units have three or more bedrooms; another 7% are
studios.
Units and Intervals
FIGURE 1.8
MIX OF UNITS BY NUMBER OF BEDROOMS
Unit type Count Percent
Studio 15,090 7%
1 bedroom 44,710 22%
2 bedrooms 122,880 61%
3 bedrooms or more 18,910 9%
Total 201,600 100%
Percent of 671 responding resorts – percentages may not
add due to rounding
FIGURE 1.7
TEMPORARY CLOSURES
Expected re-opening date %
1st quarter of 2023 11%
2nd quarter of 2023 56%
3rd quarter of 2023 0%
4th quarter of 2023 11%
2024 or later 22%
*Percent of 9 resorts that are currently
temporarily closed
Length of temporary closure %
Less than one week 8%
1 to 4 weeks 38%
1 to 3 months 42%
More than 3 months 13%
*Percent of 24 resorts that temporarily closed
in 2022, including those who re-opened and
those who remain closed
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
10
CHAPTER ONE 2022 INDUSTRY OVERVIEW
Figure 1.7 shows the expected timeframe for re-opening for resorts that are currently closed, and the length of closure
for those who were temporarily closed but have since re-opened. Among those that are currently temporarily closed,
two-thirds expect to re-open in the first half of 2023. It is worth noting that two resorts did not expect to re-open in
2023 at all, demonstrating the severe impact of some of the storm damage experienced by these resorts. Among those
who were temporarily closed at some point in 2022, the most common lengths of time were 1 to 3 months (42% of
respondents) or 1 to 4 weeks (38%).
Again, we compare the results for resorts in active-sales to those for not in
active-sales resorts and see that intervals or interval equivalents are more likely
to be owned by the developer at active-sales resorts, while they are more likely
to be owned by the HOA at not in active-sales resorts.
We also asked respondents to report the percentage of their owners who reside
in the United States and the percentage who reside in some other country. Figure
1.10 shows that respondents reported that 87% of their owners reside in the
United States, compared to 13% of owners who reside in some other country.
Figure 1.11 shows the prevalence of interval types at resorts. Approximately
89% have some form of points-based products, while 79% of respondents have
intervals of the traditional weekly variety; 80% of respondents report offering
biennials. Ninety-three percent of active-sales report offering points-based
products, compare to only 15% of resorts that are not in active-sales. The
percentage of resorts with biennials is also higher among active-sales resorts.
All resorts that are not in active-sales report offering weeks-based products.
Finally, respondents reported information about the legal structures for products at their resorts. Figure 1.12 shows that
deeded or fee-simple real estate is the dominant structure in place for timeshare ownership. As the timeshare industry
continues to mature, traditional weeks may be effectively converted into points-based vacation products. This may be
accomplished by dedicating weeks to established points-based trusts or by simply “overlaying” a points usage option
on top of weekly ownership. This process may result in a gradual shift from week-based inventory to points-based
inventory within the same static pool of inventory over time.
FIGURE 1.10
COUNTRY OF RESIDENCE
FOR TIMESHARE OWNERS
Domestic
87%
International
13%
Percent of 265 respondents
Percent of resorts Percent of resorts Percent of resorts
Interval type responding in active-sales not in active-sales
Points 89% 93% 15%
Weeks 79% 78% 100%
Biennials 80% 83% 24%
Percent of 593 respondents — multiple responses allowed
FIGURE 1.11
TYPES OF INTERVALS
FIGURE 1.12
LEGAL STRUCTURES OF PRODUCTS SOLD
Percent of
resorts responding
Deeded or fee-simple real estate 91%
Interest in a trust 40%
Right to use contractual interest that expires at some future date 34%
Other <1%
Percent of 446 respondents — multiple responses allowed
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
CHAPTER ONE 2022 INDUSTRY OVERVIEW
11
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
CHAPTER TWO
Industry Health
12
While chapter one provides an overview of industry size, understanding
the health of the industry involves reviewing additional key indicators
such as sales volume, average transaction price, occupancy rates and
maintenance fees.
Figure 2.1 also shows that resort occupancy was nearly 78% in 2022 — a more than 4 percentage point increase from
2021 and close to 2019 levels. The average billed maintenance fees increased by approximately 5% from 2021 to $1,170
per interval. Rentals accounted for another $2.7 billion in industry revenue — a 21% increase from 2021.
The $10.5 billion in sales volume does not include sales for resorts that primarily sell fractional and private residence
clubs (PRC) products. Fractional resorts include an ownership interest that is either a shared equity or club interest
representing a period not fewer than two weeks but usually three weeks or more. Fractional ownership typically offers
additional services, amenities, and flexibility relative to timeshare, so that a bundle of timeshare weeks would not be
considered a fractional interest. PRC products are high-end fractionals. North American
9
sales for fractional and PRC
resorts were $624 million for 2022 as reported in The Shared-Ownership Resort Real Estate Industry in North America
- 2023 Edition, produced by Ragatz Associates.
One practice that has become a staple in the industry is “fee-for-service.” In general, a timeshare company will
provide sales and marketing support, including branding, to a resort they have not developed. The fee-for-service
provider leverages its existing sales infrastructure and brand to improve the resort’s cash flow without the capital risk
of developing the property. Sales related to fee-for-service (FFS) arrangements in 2022 among responding companies
were approximately $1.8 billion
10
, a 64% increase from 2021. There were 67,260 FFS transactions for an average
transaction price of $27,727. Note that these FFS sales are included in the $10.5 billion total timeshare industry sales
volume.
Figure 2.1 summarizes the timeshare
industry’s key 2022 performance metrics.
Resorts completed approximately 439,530
timeshare transactions at an average price
of $23,940 each, yielding a total sales
volume of approximately $10.5 billion. This
represents a 30% increase from last year’s
total of $8.1 billion and more than double
the 2020 total of $4.9 billion.
Overall
Metric 2022
Sales volume $10.5 billion
Number of timeshare transactions 439,530
Sales price per transaction $23,940
Rental revenue $2.7 billion
Occupancy 77.6%
Average maintenance fee per interval or interval equivalent $1,170
FIGURE 2.1
KEY PERFORMANCE METRICS 2022
This chapter includes these metrics, presenting a recent picture of important markers of industry
performance. Throughout the chapter, we compare the performance metrics of active-sales resorts
to resorts that are not in active-sales. 2022 Industry performance reflects a continued recovery from
2020 and the impacts caused by the COVID-19 pandemic – most performance metrics are near or
even above 2019 levels.
9 Includes the Caribbean
10 Note that this number reflects fee-for-service transactions for survey respondents only, and is not a projection to the full U.S. industry.
We asked resorts if they “had any fee-for-service arrangements with other timeshare developers by which those developers are selling
timeshare inventory for your resort”. No respondents who provided sales activity reported having such arrangements, suggesting that fee-
for-service sales are not double-counted by the resort and fee-for-service provider.
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
CHAPTER TWOINDUSTRY HEALTH
13
Figure 2.2 shows types of sales channels reported by respondents. Nearly all respondents reported using
telemarketing and in-person sales vehicles (tours). Seventeen percent of respondents reported using online sales
channels, which was consistent with 2021 usage.
11 STR-TRI Monthly Hotel Review: December 2022, Smith Travel Research. Note this occupancy is based on Smith Travel’s Total Room
Inventory (TRI) calculation which includes rooms taken offline due to COVID-19.
Metric 2022
In-person sales presentation (tours): on-site 100%
Telemarketing 98%
In-person sales presentation: off-site 97%
Online 17%
Percent of 390 respondents — multiple responses allowed
FIGURE 2.2
SALES CHANNELS
Average At active-sales At resorts
Guest type occupancy resorts not in active-sales
Owner/owner’s guest 46.9% 47.4% 38.9%
Exchange guest 10.0% 9.3% 23.3%
Renter 14.9% 14.8% 16.5%
Marketing guest 5.7% 6.0% 0.2%
Vacant 22.4% 22.5% 21.1%
FIGURE 2.3
OCCUPANCY BREAKOUTS
Average occupancy based on 664 respondents (including 539 active-sales resorts and 125
not in active-sales resorts), weighted by units - percentages may not add due to rounding.
OCCUPANCY DISTRIBUTION
Occupancy Percent of resorts
level (%) responding
Less than 60 17%
60-69 13%
70-79 18%
80-89 30%
90+ 22%
Percent of 664 respondents, weighted by units
— percentages may not add due to rounding
As noted in Figure 2.1, average annual timeshare resort occupancy was approximately 77.6%. By comparison, total room
inventory (TRI) occupancy at U.S. hotels was 62.1% in 2022
11
. Figure 2.3 shows a more detailed view of occupancy.
Resorts reported their average physical occupancy in each of these categories, meaning that actual guest check-in
occurred.
Resort owners, their guests and exchange participants accounted for approximately 57% of available intervals; renters
accounted for 15%, while marketing guests contributed another 6%. Occupancy for resorts not in active-sales was
higher than for active-sales resorts, mainly due to higher occupancy among exchange guests.
CHAPTER TWO
14
INDUSTRY HEALTH
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
As noted in Figure 2.3, renters occupied 15% of timeshare intervals in 2022. Eighty-nine percent of resorts reported
offering some form of rental program. Figure 2.5 shows the types of rental programs offered. Nearly all (92%) resorts
with a rental program offer daily rentals and most offer weekly rentals (89%). These rental programs generally have
rates that vary by season (90%). The majority also offer programs for marketing guests (69%).
MAINTENANCE FEE
DISTRIBUTION
Percent
Maintenance
of resorts
fee responding
Less than $700 9%
$700 to $799 6%
$800 to $899 9%
$900 to $999 19%
$1,000 to $1,099 12%
$1,100 to $1,199 13%
1,200 to 1,299 4%
More than $1,300 28%
The average annual maintenance fee
12
billed was $1,170 per interval. Figure 2.4 shows the average maintenance fees
charged by unit type, and the distribution of maintenance fees by dollar amount. Studio units averaged $740 annually in
maintenance fees, one-bedroom units averaged $930, two-bedroom units averaged $1,150, and three-bedroom units
or larger averaged $1,480 annually. Approximately 9% of resorts have maintenance fees averaging less than $700, while
another 28% have maintenance fees averaging $1,300 or more. Maintenance fees for active-sales resorts average 55%
more than those for resorts that are not in active-sales. Approximately 89% of maintenance fee accounts were current
in 2022.
Figure 2.5 also compares the offerings between resorts that are in active-sales to those that
are not. Programs for marketing guests are much more prevalent among resorts that are still
in active-sales, while monthly rentals are more prevalent among resorts not in active-sales.
12 This is the average maintenance fee billed to owners annually including contributions to reserves but excluding taxes and special
assessments.
Percent of resorts Percent of resorts Percent of resorts
Rental type responding in active-sales not in active-sales
Daily Rentals 92% 96% 83%
Weekly Rentals 89% 87% 94%
Monthly Rentals 24% 20% 34%
Rental rates that vary based on season 90% 91% 90%
Rental programs for marketing guests 69% 89% 15%
Percent of 398 respondents – multiple responses allowe
FIGURE 2.5
TYPES OF RENTAL PROGRAM OFFERED
Average Active-sales Not in active-sales
Unit type maintenance fee resorts resorts
Studio $740 $770 $640
1BR $930 $970 $780
2BR $1,150 $1,200 $840
3BR+ $1,480 $1,570 $940
Average $1,170 $1,270 $820
Averages based on 404 respondents, including 304 active-sales resorts and 100 not in active-sales
resorts — percentages may not add due to rounding
FIGURE 2.4
MAINTENANCE FEE BREAKOUTS
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
CHAPTER TWOINDUSTRY HEALTH
15
Figure 2.6 details rental program revenue. Vacationers rented
approximately 11.6 million nights at timeshare properties in
2022 at an average price of $235 per night. This yielded more
than $2.7 billion in timeshare rental revenue for 2022. This
rental revenue increased by 21% from 2021.
Figure 2.7 lists methods used by resorts for publicizing the
availability of rentals at the property. The most commonly
reported are the resort’s website and social media. Seventy-
one percent of resorts report using social media, including
76% of active-sales resorts.
Metric 2022
Total rental revenue $2.7 billion
Total nights rented 11.6 million
Average rental price per night $235
FIGURE 2.6
RENTAL REVENUE
12 STR-TRI Monthly Hotel Review: December 2022, Smith Travel Research. Resort hotel is defined as property located in a resort area or
market where a significant source of business is derived from leisure/destination travel. Examples: Orlando, Lake Tahoe, Daytona Beach,
Hilton Head Island, Virginia Beach.
Percent of resorts Percent of resorts Percent of
Method responding in active-sales sold-out resorts
Resort website 91% 94% 90%
Social media (Facebook, Twitter, etc.) 71% 76% 61%
Television 27% 35% 1%
Paid search/affiliate marketing 26% 34% 0%
Physical bulletin boards at resort 25% 19% 46%
External rental websites (e.g., Redweek.com
or SellMyTimeshareNOW.com) 21% 22% 17%
Timeshare broker and/or broker website 6% 7% 4%
Radio 7% <1% 2%
Newspaper <1% <1% 1%
Other <1% 0% 1%
Percent of 711 respondents – including 541 active-sales resorts and 156 not in active-sales resorts. Multiple responses allowed.
FIGURE 2.7
PUBLICIZING RENTALS
CHAPTER TWO
16
INDUSTRY HEALTH
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Figure 2.8 shows that many resorts also use alternative programs to enhance or augment their product offerings. This
includes 59% of participating resorts that use online travel agencies and 42% that report using partnerships with web-
driven sharing entities such as Airbnb to distribute inventory. Resorts that are in active-sales are more likely to report
using online travel agencies, while those not in active sales are more likely to report partnerships with sharing entities
and travel clubs.
Percent of resorts Percent of resorts Percent of resorts
Entity responding in active-sales not in active-sales
Online travel agencies 59% 61% 52%
Developing partnerships or rental relationships with Airbnb
or other web driven ‘sharing’ entity in order to push inventory 42% 39% 52%
Use of branded or unbranded hotel as a way to extend destinations 40% 54% 0%
Percent of 759 resorts, including 560 active-sales resorts and 199 not in active-sales resorts. Multiple responses allowed.
FIGURE 2.8
ALTERNATIVE PROGRAMS TO ENHANCE/AUGMENT PRODUCT OFFERINGS
Finally, rental revenue is just one type of operating revenue collected by timeshare resorts. Figure 2.9 shows the
percentage of operating revenues collected by resorts across several categories. The predominant source of
operating revenues for resorts is maintenance fees, followed by rentals. Other revenue sources include things such
as housekeeping, food & beverage, and special assessments – none of these categories constituted more than 2% of
revenues collected. Active-sales resorts generally derive a higher share of revenues from maintenance fees than not in
active-sales resorts, while not in active-sales resorts derive a greater percentage of their operating revenue from rentals.
Percent of operating Percent of operating
Percent of revenue - active- revenue - resorts
Category operating revenue sales resorts not in active-sales
Maintenance fees 80% 80% 80%
Rentals 9% 9% 15%
Other 11% 11% 5%
Percent based on 557 respondents — percentages may not add due to rounding.
FIGURE 2.9
OPERATING REVENUE
CHAPTER THREE
Industry Segments
17
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
This chapter uses some of the performance metrics reported in
the previous chapter to compare specific industry segments. To
do so, we segment resorts using the following characteristics:
• Average resort size, as measured by the number of units
• Sales activity
• Resort type
• Geographic region
• Year resort opened
For each segment within these classifications, we compare the
following metrics:
• Percent of total resorts
• Resort size, as measured by the average number of units
• Occupancy
• Average maintenance fee billed
We also provide overall averages and totals for comparison purposes. For some segments, not all the
respondents provided information that would allow classification. For example, not all respondents
reported a resort type. Accordingly, in some cases the overall totals and averages may be inconsistent
with the totals and averages for the subgroups
13
.
13 Since the number of resorts in a given industry segment may be quite small, changes in respondent pool can result in even more
pronounced changes in metrics over the prior year – see Appendix C for a discussion of study methodology
The first segmented analysis is resort size, using five categories: 50 units or less, 51-100 units, 101 to 150 units,
151 to 200 units and more than 200 units. While the average resort size is 131 units, 38% of resorts have 50 units
or less, and 20% have more than 200 units. Figure 3.1 shows that the average maintenance fee billed per weekly
interval generally increased with resort size in 2022.
Resort Size
Average
Number Percent Average size Average maintenance fees
of units of resorts (# units) occupancy per interval
Less than 50 38% 28 79.8% $980
51-100 23% 74 79.8% $1,180
101-150 12% 124 76.8% $1,160
151-200 7% 172 80.1% $1,260
More than 200 20% 424 80.7% $1,470
Overall 100% 131 77.6% $1,170
Percent of 682 responding resorts – numbers may not add due to rounding.
FIGURE 3.1
PERFORMANCE BY RESORT SIZE
Average
Percent Average size Average maintenance fees
Sales activity of resorts (# units) occupancy per interval
Not in active-sales resorts 55% 50 78.9% $820
Active-sales resorts 45% 159 77.6% $1,270
Overall 100% 131 77.6% $1,170
Percent of 759 resorts - numbers may not add due to rounding
FIGURE 3.2
PERFORMANCE BY SALES ACTIVITY
Figure 3.2 compares the performance of resorts based on level of sales activity. This table summarizes prior analysis
comparing not in active-sales resorts with active-sales resorts and adds information on resort size. The average
number of units and average billed maintenance fees are both lower for not in active-sales resorts. Active-sales
resorts tend to be newer, and resorts have gotten larger over time, as we show in the appendix on historical results.
Sales Activity
INDUSTRY SEGMENTS
CHAPTER THREE
18
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
CHAPTER THREEINDUSTRY SEGMENTS
19
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Average
Percent Average size Average maintenance fees
Type of resorts (# units) occupancy per interval
Beach 27% 108 90.3% $1,240
Rural/Coastal 14% 41 89.0% $990
Country/Lakes 13% 129 76.7% $1,270
Ski 10% 124 89.4% $1,330
Golf 8% 131 86.6% $1,160
Theme Park 6% 418 89.4% $1,310
Island 6% 106 81.7% $1,290
Mountains 5% 59 80.9% $990
Desert 5% 212 82.6% $1,220
Urban 4% 94 83.8% $1,390
Other 2% 152 80.6% $1,210
Overall 100% 131 77.6% $1,170
Percent of 318 responding resorts. Note: “Other” includes Gaming, Waterpark and Other from
Figure 3.3 - numbers may not add due to rounding.
FIGURE 3.4
PERFORMANCE BY RESORT TYPE
Beach resorts are the most common primary resort type; golf is most often available nearby and/or onsite. Resorts
reported six of these vacation experiences available onsite or nearby on average. Other vacation experiences noted
include national and state parks, historic sites, and wooded trails.
Figure 3.4 compares the performance for the most common resort types.
14
Theme park resorts tend to be the largest
resorts, while rural/coastal resorts tend to be the smallest. This year, beach resorts had the highest average occupancy,
and country/lakes resorts had the lowest. Urban resorts had the highest average billed maintenance fees, while rural/
coastal and mountain resorts tied for the lowest.
Respondents
reported the vacation
experience(s) offered
at their resort and/
or nearby. They
also shared which
characteristic best
describes their resort.
Figure 3.3 shows the
results.
Resort Type
FIGURE 3.3
DISTRIBUTION BY RESORT TYPE
What vacation experience does this resort offer?
Which one
Nearby and/or characteristic best
Type Onsite Nearby onsite describes this resort?
Beach 55% 31% 64% 27%
Rural/Coastal 46% 25% 54% 14%
Country/Lakes 21% 51% 57% 13%
Ski 4% 47% 46% 10%
Golf 16% 77% 82% 8%
Theme Park 2% 48% 47% 6%
Island 13% 39% 44% 6%
Mountains 7% 47% 48% 5%
Desert 5% 36% 36% 5%
Urban 37% 18% 42% 4%
Gaming 1% 44% 43% <1%
Waterpark 2% 40% 40% <1%
Other 1% 1% 1% 1%
Percent of 344 responding resorts - percentages may not add due to rounding. For onsite and nearby, multiple
responses allowed.
14 There was insufficient data to report on the other resort types.
INDUSTRY SEGMENTS
CHAPTER THREE
20
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
The next segment is geographical region of the country. Florida, California, South Carolina, Hawaii, and Nevada are the
five states with the highest number of timeshare resorts. These states contain nearly half of U.S. timeshare resorts and
nearly two-thirds of all U.S. timeshare units (see Appendix A). The remaining states are grouped in regions, based on the
U.S. Census Bureau’s list of geographic regions. Figure 3.5 shows a list of states represented by each region, and Figure
3.6 compares the performance by region.
Geographic Region
California
Hawaii
Pacific
Mountain
Florida
South Central
South
Carolina
South
Atlantic
Midwest
Northeast
Nevada
Region States
n
Florida FL
n
California CA
n
South Carolina SC
n
Hawaii HI
n
Nevada NV
n
Mountain/Pacific CO, UT, MT, AZ, WY, ID, NM, AK, OR, WA
n
Northeast CT, ME, MA, NH, RI, VT, NJ, NY, PA
n
South Central AL, KY, MS, TN, TX, LA, AR, OK
n
Midwest IL, IN, MI, OH, WI, IA, KS, MN, MO, NE, ND, SD
n
South Atlantic DE, DC, GA, VA, WV, NC, MD
FIGURE 3.5
GEOGRAPHIC REGIONS
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Florida has the most resorts, while Nevada has the largest resorts, and the Northeast region has the smallest. Resorts
in Hawaii had the highest average occupancy, while those in Nevada had the lowest. In 2022 South Carolina had the
highest average billed maintenance fees and Northeast resorts had the lowest average billed maintenance fees.
CHAPTER THREEINDUSTRY SEGMENTS
21
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Average
Percent Average size Average maintenance fees
Region of resorts (# units) occupancy per interval
Florida 24% 169 79.5% $1,250
California 9% 136 84.0% $1,190
South Carolina 7% 152 83.9% $1,290
Hawaii 6% 138 86.5% $1,250
Nevada 4% 234 73.6% $1,130
Mountain/Pacific 16% 107 78.8% $1,130
Northeast 11% 100 83.3% $960
South Atlantic 8% 110 75.4% $1,190
Midwest 8% 124 74.0% $1,170
South Central 7% 149 75.9% $1,210
Overall 100% 131 77.6% $1,170
Percent of 1,541 resorts - percentages may not add due to rounding
FIGURE 3.6
PERFORMANCE BY GEOGRAPHIC REGION
Finally, we compare operating performance based on the year the resort opened. This segment includes four
categories of resorts - those opened 1985 or before, 1986 to 1995, 1996 to 2005 and 2006 or later. The oldest resorts
tended to be the smallest and have lower occupancy and average billed maintenance fees. Interestingly, those built
between 1996-2005 tended to be the largest, as the trend of building larger resorts appears to have diminished since
2005. Average occupancy was highest in resorts built in 2006 or later. The average billed maintenance fee generally
increases in newer resorts.
Year Resort Opened
Average
Year resort Percent Average size Average maintenance fees
opened of resorts (# units) occupancy per interval
1985 or before 32% 113 79.5% $1,020
1986-1995 13% 175 78.8% $1,350
1996-2005 27% 191 83.3% $1,350
2006+ 28% 165 84.0% $1,460
Overall 100% 131 77.6% $1,170
Percent of 316 responding resorts — percentages may not add due to rounding
FIGURE 3.7
PERFORMANCE BY YEAR RESORT OPENED
Average Maintenance Fee Billed
2021
$1,120
2022
$1,170
2018
$1,000
2019
$1,080
2020
$1,090
Rental Revenue ($B)
2021
$2.2
2022
$2.7
2018
$2.4
2019
$2.5
2020
$1.3
Average Occupancy
2022
77.6%
2018
80.8%
2019
79.3%
2021
73.1%
2020
49.2%
Average Transaction Price
2022
$23,940
2018
$17,930
2019
$18,760
2021
$19,590
2020
$17,460
Sales Volume ($B)
2022
$10.5
2018
$10.2
2019
$10.5
2020
$4.9
2021
$8.1
CHAPTER FOUR
Industry Outlook
22
Finally, in this chapter we examine the near-term industry outlook by
observing recent performance trends and expected construction.
Figure 4.1 displays trends for the industry’s five key performance measures over the past five years. It shows the
significant impact of the COVID-19 pandemic on sales volume, average occupancy, and rental revenue in 2020, a
nd the recovery experienced in those measures in 2021 and 2022. Average transaction price and billed maintenance
fees, by contrast, saw little impact from the pandemic. Average transaction price has historically fluctuated year over
year based on the mix of sales by unit configuration, resort type and brand. Maintenance fees have generally risen
year over year to accommodate the increasing costs of maintaining and operating timeshare resorts.
FIGURE 4.1
RECENT PERFORMANCE TRENDS 2018 TO 2022
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Figure 4.2 shows the change over the past year in key metrics for respondents having multiple resorts and reporting
data in both years. The purpose of this table is to assess industry changes without respect to differences in the
respondent pool year-over-year.
The number of resorts and corresponding number of units was roughly the same between the two years. Total sales
volume increased by nearly 34% for these 2022 respondents – this is slightly higher than the 30% increase in estimated
sales industry-wide. The 22% increase in average sales price per transaction was in line with the industry overall, as were
the 5.3 percentage point increase in occupancy and 4.6% increase in average billed maintenance fees.
Another important indicator of industry outlook is recent and planned construction — both of new resorts and units
added to existing resorts. Respondents reported the number of timeshare units “recently built and planned at this
resort.” Note that “planned” resorts and units include those for which the corporate finance committee has given its
approval and/or financing has been secured and approved by the appropriate entity.
FIGURE 4.2
CHANGES FOR RESPONDENTS PROVIDING DATA IN 2021 AND 2022
Percent
2021 2022 Change change
Number of resorts 661 660 -1 -0.2%
Number of units 91,503 91,163 -340 -0.4%
Total sales ($M) $7,118 $9,523 $2,405 33.8%
Sales price per transaction $19,601 $23,909 $4,308 22.0%
Occupancy 72.3% 77.6% 5.3% 7.4%
Average units 138 138 0 -0.2%
Maintenance fees $1,152 $1,204 $53 4.6%
Note: Numbers may not add due to rounding
Figure 4.3 shows that respondents reported building 132 units in 2022, up from the 31 they reported building in 2021.
Respondents plan to add 208 units in 2023 — this is comprised entirely of units at existing resorts, as opposed to new
resort construction. At the time of the survey, respondents reported plans to add 1,293 units in 2024 and beyond – this
includes 708 units at existing resorts and 585 units at planned new resorts. Finally, respondents also reported plans for
five new resorts (all in 2024 and beyond).
FIGURE 4.3
RESORT AND UNIT CONSTRUCTION
Construction results reported for respondents only - not industry-wide estimates. Based on responses from 3 timeshare
developers and/or single site resorts
Units built 132
Units planned – in the coming year 208
Units planned – more than one year out 1,293
Resorts planned – in the coming year 0
Resorts planned – more than one year out 5
CHAPTER FOURINDUSTRY OUTLOOK
23
Figure 4.4 reports “just-in-time” inventory activity by respondents.
This includes turn-key inventory purchases and buy-backs from
Property Owner Associations. Respondents reported adding 233
units via these methods in 2022, and plan to add 140 in 2023.
They also plan to add 30 in 2024 and beyond.
The level of available timeshare inventory helps drive actual and anticipated timeshare construction. We asked active-
sales respondents to report their total timeshare inventory (in weeks and/or points) and how much of that inventory
was still available for sale. We used these two values to calculate the percent of timeshare inventory available for sale at
active-sales resorts, and then weighted these percentages by the number of timeshare units to calculate an industry-
wide average. Figure 4.5 shows that 19.4% of timeshare inventory at active-sales resorts, on average, is available for sale.
By most measures 2022 marked the completion of a return to pre-pandemic
levels for the timeshare industry. Sales volume and occupancy were at or
near 2019 levels at $10.5 billion, and nearly 78%, respectively. Rental revenue
actually was above 2019 levels at $2.7 billion.
FIGURE 4.4
JUSTINTIME INVENTORY
2022
Just-in-time units added 233
Just-in-time units planned – coming year 140
Just-in-time units planned – more than one year out 30
Just-in-times reported for respondents only - not industry-wide estimates.
Based on responses from 7 timeshare developers and/or single site resorts.
FIGURE 4.5
PERCENT OF EXISTING TIMESHARE
INVENTORY AVAILABLE FOR SALE 
AS OF YEAREND 2022
Inventory available
for sale
19.4%
Sold
inventory
80.6%
INDUSTRY OUTLOOK
CHAPTER FOUR
24
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
APPENDIX A
25
Source: Ragatz Associates, American Economics Group and AIF
RI 14
CA
134
HI 98
NV
59
AZ
48
UT
33
CO 76
NM
19
TX 40
OK
1
SD 2
NE 1
MN
11
IA 2
MO
54
AR
10
LA
17
MS
4
AL
7
GA
18
FL
367
SC
110
NC 52
TN 30
KY 3
VA
38
WV
2
OH
1
PA 21
NY
20
CT 1
MA 42
ME
19
NH
27
VT
13
NJ 11
DE 2
MD 15
DC 2
IN
3
IL
5
WI
23
MI
16
WY 4
ID
11
OR 18
WA 24
MT 13
RESORTS BY STATE
State Resorts State Resorts
FL 367
CA 134
SC 110
HI 98
CO 76
NV 59
MO 54
NC 52
AZ 48
MA 42
TX 40
VA 38
UT 33
TN 30
NH 27
WA 24
WI 23
PA 21
NY 20
ME 19
NM 19
GA 18
OR 18
LA 17
MI 16
MD 15
RI 14
MT 13
VT 13
ID 11
MN 11
NJ 11
AR 10
AL 7
IL 5
MS 4
WY 4
IN 3
KY 3
DC 2
DE 2
IA 2
SD 2
WV 2
CT 1
NE 1
OH 1
OK 1
Note: There was not sufficient
response to report the number of
units at the state level for each state.
PERCENTAGE OF
UNITS BY STATE
Percent
State of units
FL 28%
HI 11%
CA 10%
NV 8%
SC 6%
AZ 5%
CO 5%
MO 3%
TN 3%
TX 3%
All others 18%
Year Sales ($B)
1974 $0.1
1975 $0.1
1976 $0.1
1977 $0.3
1978 $0.4
1979 $0.4
1980 $0.5
1981 $0.6
1982 $0.7
1983 $0.8
1984 $0.9
1985 $1.0
1986 $1.0
1987 $1.0
1988 $1.1
1989 $1.2
1990 $1.2
1991 $1.3
1992 $1.4
1993 $1.5
1994 $1.7
1995 $1.9
1996 $2.2
1997 $2.7
1998 $3.1
1999 $3.6
2000 $4.1
2001 $4.8
2002 $5.5
2003 $6.5
2004 $7.9
2005 $8.6
2006 $10.0
2007 $10.6
2008 $9.7
2009 $6.3
2010 $6.4
2011 $6.5
2012 $6.9
2013 $7.6
2014 $7.9
2015 $8.6
2016 $9.2
2017 $9.6
2018 $10.2
2019 $10.5
2020 $4.9
2021 $8.1
2022 $10.5
HISTORICAL
SALES DATA
APPENDIX B
26
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Timeshare Resort Tracking
The study universe in the State of the Vacation Timeshare Industry consists of the latest list of
timeshare resorts in the United States. While there is not a single, mandated registration database
of timeshare properties developed in the U.S., the ARDA International Foundation established an
extensive process to identify existing and planned unique timeshare resorts.
Timeshare resorts are identified through a variety of primary and secondary research, including:
• Company press releases, earnings reports, and websites
• Exchange company directories
• Crittenden Resort Report
• Industry media searches
• General media searches
• Primary survey research which includes a Confirmation Survey
and the State of the Vacation Timeshare Industry survey
Extensive verification is conducted to identify unique timeshare resort properties. The resort
count does not include:
• Emerging vacation ownership product segments – fractional,
private residence clubs, destination clubs, non-equity clubs,
whole-ownership, or condo-hotel resorts
• Club entities that own partial inventory or partial intervals at a
physical timeshare resort
• Vacation exchange rental property at non-timeshare resorts
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
APPENDIX C
27
Ernst & Young LLP (EY) designed, built, and distributed a password-secured, web-based survey
questionnaire for data collection at the resort level. Data providers with multiple resorts received a
corresponding version in Microsoft Excel. Individual responses to all questions were kept completely
confidential. Only EY professionals responsible for the survey had access to individual survey responses.
EY used the survey responses to produce most of the estimates detailed in this study — other sources
are cited as appropriate. This study contains estimates of key metrics that provide an overview of the
vacation timeshare industry in the United States. It is not a comment on any individual company, whose
performance may vary from the information included in this study.
All identified timeshare resorts
15
in the United States were sent a survey questionnaire. Of the 1,541
identified timeshare resorts, 759 responded — a 49% response rate. Of these 759 responding resorts, 699
belong to a network of ten or more resorts, while 60 belong to a network of less than ten resorts including
48 single-site resorts. In general, the information in this report includes estimates of industry-wide metrics.
The exceptions are the estimates of construction activity and just-in-time inventory, which are reported
only for those responding to the survey and not extrapolated to the universe of timeshare resorts.
How good are the estimates in this report? There are two primary sources of survey error: sampling and
non-sampling error. Since the entire universe of identified resorts received a survey there is no sampling
error and terms such as precision and confidence are not appropriate. Non-sampling error includes survey
question bias, coverage and measurement error, and non-response. Non-sampling errors are present in
every survey, but can be reduced with proper planning, good execution, and appropriate analysis.
For this survey, EY took the following steps to help reduce non-sampling errors at various stages of the
survey process:
• The AIF annually updates its database of timeshare resorts to help reach all known
timeshare resorts.
• EY conducted a questionnaire review session with experienced survey professionals
and data providers to help clarify the meaning of key terms and new data points.
• The electronic survey questionnaires contain data edit checks designed to
catch questionable responses at the point of data entry. For example, reported
maintenance fees that appear too high based on previous response, or intervals
owned per unit that seem implausible.
• Survey participants receive complimentary copies of the report as an incentive to
respond.
• The AIF and EY conducted calling campaigns and sent electronic reminders to
encourage response.
• EY followed up with respondents on confusing or inconsistent responses.
• EY also compares our results to historical data, expected trends and other AIF
studies such as the annual Financial Performance Study.
Methodology
15 List of timeshare resorts maintained and provided by AIF. Please see Appendix B for more information about the methodology for
identifying timeshare resorts.
APPENDIX C
28
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
The overall response rate is the most widely used measure of non-sampling error. The response rate has
increased from 28% in 2005 (the year before EY began conducting the study) to 49% in 2022 and is well
above the current typical response rate for surveys of this type. Our nearly 93% response rate among large
developers (those with ten or more resorts) is very good, and suggests that industry health estimates, such
as sales, are reliable, since these respondents generate most of the industry’s sales. That said, because of
the higher response rates of multi-site respondents, where appropriate, statistical weighting was used to
help offset potential bias in the study respondents. A comparison of the distribution of responding resorts
to the distribution of the universe by state did not reveal any systematic differences.
In general, a higher response rate helps improve the accuracy of estimates, but at the same time the
higher rate can make comparisons to the results of previous years problematic. For example, if new
respondents report relatively low unit counts for their resorts, this will drive the reported average resort
size lower even though the industry may not have lost any units.
Note that the number of respondents varies across questions, since some questions (e.g., those related to
sales activity) are only relevant to certain segments of the timeshare resort population. To aid
interpretability of results, throughout the report we include the number of respondents to the survey
question related to the corresponding table/graphic where appropriate. Also, in some cases, multiple
responses were allowed for a single question – we have indicated such after each figure where
appropriate. Furthermore, in some cases where a single response is required, the percentages in a single
table may not appear to sum to 100% due to rounding – we have also indicated that where appropriate.
Finally, in some cases, percentage changes year over year may be slightly different than expected due to
rounding.
We made an update to the way that we identify resorts that are active-sales vs. not in active-sales, and a
corresponding adjustment to the methodology for estimating industry sales in 2021.
EY worked with the AIF to classify all multi-site data providers as either in active-sales or not in active-
sales. We relied on a few techniques to help us assess sales status.
• Sales data provided from multi-site respondents- if a respondent reported sales data, we
considered resorts in that portfolio to be in active-sales.
• Use of previously reported data, review of company websites and AIF industry knowledge for
non-responding companies – we used this information to classify non-responding multi-site
companies as either in active-sales or not in active-sales.
Finally, we combined this assessment of sales status with the reported sales data of our respondents to
estimate the sales level of non-responding companies.
Special thanks are due to the timeshare industry professionals who
dedicated their time and expertise to the development of the survey
instrument employed to collect data for this report. Also, we truly
appreciate the efforts of resort staff who committed their time and
energy to complete the survey questionnaires.
State of the Vacation Timeshare Industry
UNITED STATES STUDY 2023 EDITION
SURVEY
APPENDIX D
29
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
Thank you for participating in the 2023 ARDA International Foundation (AIF) Survey! The following
survey is about timeshare resorts. If you have questions regarding the survey or this website, please
call Joe Callender at 202.327.5692 or email [email protected].
If you submitted a response to us last year, we have used that data to pre-populate fields that are unlikely to change. We hope
this makes this questionnaire easier to complete. Please review the answers in case anything has changed since last year.
WEB ONLY: In some cases, multiple respondents from an organization may be completing this questionnaire. In that case, you
may only be completing specific sections. Using the following table of contents, please de-select any sections which are not
applicable to you before proceeding.
oResort Identification
oResort Characteristics
oOccupancy and Fees
oResort Timeshare Sales
oInventory Management
oResort Construction and Improvements
oTimeshare Rental Programs
1. Are you responsible for providing data for multiple resorts?
oYes — Please contact Joe Callender at 202-327-5692 or Joe.Callender@ey.com if interested
in providing the information below via an Excel spreadsheet for all your resorts.
oNo
2. Resort identifying information
Resort Name ____________________________________________________________________
Address ________________________________________________________________________
City_________________________________________ State _______ Zip Code ______________
3. Contact person (General information for individual completing survey)
First Name _______________________________________________________________________
Last Name _______________________________________________________________________
Title ____________________________________________________________________________
Company Name __________________________________________________________________
Telephone Number ________________________________________________________________
4. Resort management information (Complete only if applicable)
Name of Development Company _____________________________________________________
Name of Management Company _____________________________________________________
RCI Identification Number __________________________________________________________
Interval Identification Number _______________________________________________________
Home Owners Association(s) If multiple HOAs please use a comma to separate ______________________
5. Please indicate any exchange companies with which you are aliated.
I. Resort Identification
Note: Please refer to the glossary for the definition of any underlined terms.
oInterval International
oRCI
oInternal exchange program (the exchange
program operated by your developer or
management company)
o7Across (previously Dial An Exchange)
oArrivia [previously ICE (International Cruise
and Excursion)]
oSFX Preferred Resorts (San Francisco
Exchange)
oOther, specify ____________________
1. At which development stage is this resort currently? (Select one)
Note: If the resort is being built in phases, and a construction phase is complete, the resort should be considered open,
even if a new phase is still under construction.
II. Resort Characteristics
oPlanned [Skip to Q2]
oUnder Construction [Skip to Q2]
oOpen [ANSWER Qa, b, d & f]
oTemporarily Closed [ANSWER Qa & Qc-f]
oPermanently Closed [ANSWER Qa, Qh & Qi]
oConverted to a non-timeshare property [ANSWER Qa, Qh & Qi]
30
a. Please select the year this resort opened. (Only answer if stage above equals Open,
Temporarily closed, Permanently Closed, or Converted to a non-timeshare property) _______________
b. Did the resort temporarily close at any point in 2022 for any of the following reasons?
oCOVID-19 pandemic
oNatural disaster
oOther, specify _____________
oNo, did not temporarily close (Skip to f)
oCOVID-19 pandemic
oNatural disaster
oOther, specify _____________
oLess than one week
o1 to 4 weeks
o1 to 3 months
oMore than 3 months, specify _________
e.
(If temporarily closed in Q1) When do you expect the resort to re-open?
oCOVID-19 pandemic
oNatural disaster
oFinancial restraint
oOther, specify _____________
f.
Are you planning to convert the resort to a non-timeshare property?
i. Please specify a reason why this resort permanently closed or converted to a non-timeshare property
(Only answer if stage above = Permanently Closed or Converted to a non-timeshare property)
c. What is the primary reason for being temporarily closed?
d. How long was the resort temporarily closed/has it been temporarily closed?
5. Who employs your resort’s employees? (Check all that apply)
oResort developer
oResort HOA(s)
oManagement company
oOther, specify____________________
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4. Who controls the HOA/POA/COA (owner’s association) at this resort?
oOwners
oDeveloper
3. Are any of the following types of units available for sale/rent at this property?
oFractional
oHotels
oWhole ownership
oSome other type of non-timeshare units (please specify) ________________
oNone of the above — this is a stand-alone/timeshare only property
2. What type of construction is this timeshare property?
oPurpose built
oConversion
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
oFirst quarter of this year
o2nd quarter of this year
o3rd quarter of this year
o4th quarter of this year
oNext year or later
g.
Please explain why you are planning to convert the resort to a non-timeshare property.
_______________
h. Please select the year this resort permanently closed or converted to a non-timeshare
property. (Only answer if stage above = Permanently Closed or Converted to a non-timeshare
property)______________
oYes, in 2023 [Answer Qg]
oYes, in 2024 or later [Answer Qg]
oNo
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
II. Resort Characteristics — continued
6. How many timeshare units does this resort have by size?
If you don’t have a given type of unit, please fill in ‘0’.
NOTE: Please do not include commas when reporting numeric values. (i.e., the amount 1,000 should be reported as 1000.).
Count Lock-os as one unit
_____ Studio
_____ 1BR
_____ 2BR
_____ 3+BR
_____ Total Units
Count Lock-os as separate units
_____ Studio
_____ 1BR
_____ 2BR
_____ 3+BR
_____ Total Units
Total Units as of December 31, 2022
7. Which of the following types of intervals does this resort currently have? (Check all that apply)
oTimeshare points
One or more of the following types of weekly intervals
oTraditional interval weeks (including fixed and floating weeks)
oInterval weeks with the ability to use through a timeshare points system
8. Which of the following special types of intervals does this resort currently have?
oBiennials
oTriennials
oLimited-term vacation products [ANSWER part a]
oOther, please specify ____________________
8a.
What is the length of the term in years? _________
9. Please provide the following information on timeshare inventory at your resort(s):
What percentage of your inventory is owned by owners other than the developer
or HOA? Please include any intervals sold since the resort’s inception, unless they
have been reacquired by the developer or are owned by the HOA
What percentage of your inventory is owned by the HOA?
What percentage of your inventory is owned by is owned by the developer?
Please include any intervals that have never been sold and intervals that have been
reacquired by the developer.
Total
%
As of December 31, 2022
December 31, 2021 _____________________ December 31, 2022 _____________________
10. What was the actual number of owners as of each date?
11. What was the origin distribution of your shared vacation owners in 2022??
%
Domestic ________
International ________
Total 100%
12. What is the approximate distribution of your owner population by age?
% of owners
18 to 24 ________
25 to 34 ________
35 to 44 ________
45 to 54 ________
55 to 64 ________
65+ ________
Total 100%
13. What is the legal structure of the shared vacation ownership products that you sell currently?
(Check all that apply)
oRight to use contractual interest that expires at some future date (generally referred to as a timeshare license
and is not considered a real property interest at the state level) [ANSWER Q13A]
oDeeded or fee-simple real estate (generally referred to as a timeshare estate and would be considered a real
property interest at the state level) [GO TO Q14]
oInterest in a trust (generally includes an owner receiving a beneficial interest in a trust that allows the owner
to use property the is held in the trust for the benefit of the owners. Ownership could be evidenced by a
certificate, deed (in the case of a Florida Land Trust) or other similar document)) [GO TO Q14]
oOther, specify [GO TO Q14] _____________________
a.
If “Right to use contractual interest” was selected above, how long is the contract, membership license
or leasehold, if applicable?
o100+ years
o80-99 years
o60-79 years
o40-59 years
o20-39 years
o10-19 years
o6-9 years
o4-5 years
o2-3 years
o1 year or less
II. Resort Characteristics — continued
32
On-site Nearby
Beach o o
Country/Lakes o o
Desert o o
Gaming o o
Golf o o
Island o o
Rural/Coastal o o
Ski o o
Theme Park o o
Urban o o
Mountains o o
Waterpark o o
Other, specify o o
14. What vacation experience does this resort oer?
(Choose all that apply.)
o Beach
oCountry/Lakes
o Desert
oGaming
oGolf
oIsland
oRural/Coastal
oSki
oTheme Park
oUrban
oMountains
oWaterpark
oOther, specify: ___________
15. Which ONE characteristic best describes this resort? (Please select only one)
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16. Do you oer a mobile application to owners and guests to enhance their experience?
o Yes [ANSWER Q16a] o No [GO TO Q17]
16a.
Which of the following features are oered via the mobile application to your guests?
oCheck in
oAccess to units (unlock/lock unit using a phone)
oMaking reservations
oVirtual sales presentation
oVirtual tour of resort (room/resort pictures, videos, etc.)
oMobile payment — maintenance fees
oMobile payment — rental fees
oMobile payment — other, specify
oOwner community building experience
oOther, specify: _______________
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
II. Resort Characteristics — continued
o Email [Answer Q18 about Email]
o Phone [Answer Q18 about Phone]
o Owner online forum [Answer Q18 about Owner online forum]
o Social media [Answer Q22 about Social media]
o Other, please specify ________________ [Answer Q18 about Other]
17. How do you communicate with your owners?
o
None
o Hotel
o Condo
o Fractional
o Cruise
o Shopping
o Air travel
o Car rental
o Other, please specify __________________
19. [EXCEL ONLY] What other types of products/services are oered through your internal exchange
programs only?
As needed Weekly Monthly Quarterly Yearly Other
Email
o o o o o o
Phone o o o o o o
Owner online forum o o o o o o
Social media o o o o o o
Other o o o o o o
18. With what frequency do you communicate with your owners?
(Check all that apply)
20. [EXCEL ONLY] How many non-timeshare entities are associated with the internal exchange program?
__________________________
2. What were your maintenance fees billed per unit per interval in 2022, including contributions to reserves
but excluding special assessments and property taxes?
NOTE: Please do not include commas when reporting
numeric values. (i.e., the amount 1,000 should be reported as 1000.)
Maintenance fees billed per unit per interval
Studio __________ 1BR __________ 2BR __________ 3+BR __________
* Points-based developers may calculate weeks on an implied interval week conversion factor based on internal measures. For example,
one approach may be to divide the number of points redeemed during the year by the number of unit weeks occupied; or, developers
that assign values to unit inventory may calculate the implied interval week conversion factor for the system overall.
Please answer the following questions for your timeshare units only.
Owner or owners’ guest __________ __________
Exchange guest __________ __________
Renter __________ __________
Marketing guest (sampler/trial membership, etc.) __________ __________
Vacant __________ __________
Total 100% 100%
Occupancy In 2022
(including rooms taken oine
due to temporary resort
closures for natural disasters
(i.e., hurricanes, fires, etc.)
Adjusted occupancy In 2022
(excluding rooms taken oine
due to temporary resort closures
for natural disasters
(i.e., hurricanes, fires, etc.)
1. What was your timeshare occupancy mix by type? If available, please calculate a values which include
rooms taken oine due to temporary reorts closures for natural disasters and separate values where
such rooms are excluded. Report based on physical occupancy, meaning actual guest check-in occurred. Calculate
percentages using inventory available as the denominator – please do not include any inventory taken oine due to
regular maintenance. This corresponds to all units with certificates of occupancy, whether intervals are sold or unsold
III. Occupancy and Fees
4. As of December 31, 2022, what percent of your total billed maintenance fees were in
each of the following categories? Please include all maintenance fees billed in 2022 or before, but
please do not include maintenance fees billed for 2023.
In 2022
Current (30 days delinquent or less) __________
31–60 days delinquent __________
61–90 days delinquent __________
91–120 days delinquent __________
121+ days delinquent __________
Total 100%
3. What is the total amount of revenue your resort collected in 2022 over all intervals at this resort
for each of the following categories? Please include amounts paid by the developer, for example, on unsold
intervals held in inventory, and/or subsidies and guarantees.
In 2022
Maintenance fees ________
Special assessments and other revenue sources ________
Rentals (all fees, commissions, etc. collected by your resort) ________
Resales (all fees, commissions, etc. collected by your resort) ________
Recreational use fees (bike rentals, videos, etc.) ________
Food & beverage ________
Housekeeping ________
Telecommunication (telephone, Internet etc.) ________
Developer subsidy ________
Laundry ________
Other, please specify _______________________ ________
Other, please specify _______________________ ________
Total Revenue __________
III. Occupancy and Fees — continued
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
1. Did you oer new timeshare inventory for sale in 2022 on a weekly interval and/or points basis?
New inventory is considered “developer sales” – sales of inventory that is still owned by the developer as opposed to
inventory owned by the HOA or timeshare owners. (Note: If you had some small level of sales activity in 2022 (such
as for sales of re-claimed inventory), please select yes and report your sales information.)
oYes — weekly interval GO TO Q2
oYes — points GO TO POINTS SECTION IF “WEEKLY INTERVAL” NOT ALSO SELECTED
oNo SKIP TO NEXT SECTION
Please answer the following questions in the context of new sales on a weekly interval
basis for your timeshare units only.
VI. Resort Timeshare Sales
2. Do you have any fee for service arrangements with other timeshare developers by which those
developers are selling timeshare inventory for your resort? Fee for service refers to an arrangement by
which a company receives a fee in exchange for providing sales and marketing support in the sale of timeshare
inventory belonging to another company.
oYes oNo
Timeshare Sales ($):
3. What was your total sales volume net of rescissions and sales incentives for 2022, in dollars?
Include interval weeks sales, upgrade/reload sales, and sales from re-claimed inventory. Note: Exclude sales of trial
memberships and sampler programs. If your resort’s owned inventory is being sold by other companies under “fee-
for-service” arrangements, then you should include those sales here.
$__________________________
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
VI. Resort Timeshare Sales — continued
Sales Volume ($)
Number of Weeks Based Sales Transactions:
7. What was the total number of weekly interval sales transactions in 2022 at your resort (exclude
rescissions)? Transactions should include: week sales, EOY sales, multiple-week sales, upgrades (that
count as zero weeks), reloads (which should be part of all categories above, except upgrades).
Note: Exclude sales of trial memberships and sampler programs. If your resort’s owned inventory is being sold by other
companies under “fee-for-service” arrangements, then you should include those sales here.
$__________________________
8. Of your total weeks based transactions above, how many were for upgrades/reloads? $_____________
9. What was the average number of nights per weeks-based transaction in 2022? ___________________
6. What was your 2022 sales volume net of rescissions and sales incentives...
…for weekly based intervals (Excluding biennials and triennials)?
…for biennials?
...for other products?
4. Of your total net sales volume above, what is the amount sold for upgrades/reloads?
$__________________________
5. Of your total net sales volume above, what is the amount sold for limited-term vacation products?
(IF Q8 from Resort Characteristics = Limited-term) $__________________________
Timeshare Inventory:
10. How many weekly intervals were available for sale at your resort? Include all intervals available as of Dec
31, 2021 and any that were made available during calendar year 2022. __________________________
Please answer the following questions in the context of new sales on a points basis for your
timeshare units only.
Timeshare Sales ($):
11. What was your total sales volume net of rescissions and sales incentives for 2022, in dollars? Include points
sales, reload sales, and sales from re-claimed inventory. Note: Exclude sales of trial memberships and sampler
programs. If your resort’s owned inventory is being sold by other companies under “fee-for-service” arrangements, then
you should include those sales here.
$__________________________
12. Of your total net sales volume above, what is the amount sold for reloads?
$__________________________
13. Of your total net sales volume above, what is the amount sold for limited-term vacation products?
(IF Q8 from Resort Characteristics = Limited-term)
$__________________________
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
VI. Resort Timeshare Sales — continued
Following questions asked of all respondents.
20. Of your total 2022 net sales volume net of rescissions and sales incentives as listed earlier in this
section, indicate the approximate percentage sold to
New owners (including owners who purchased as a result of
participation in a trial membership program)
Existing owners
Total
Percent
100%
21. Does this resort oer any of the following for sale?
Yes No
o o Fractional sales
o o Private Residence Clubs
o o Whole ownership
o o Other, please specify _________________
19. What was your 2022 net sales volume associated with trial membership/sampler programs net of
rescissions and sales incentives, in dollars? This value should not have been included in your response
earlier in this section.
__________________________
Number of Points Based Sales Transactions:
14. Number of points sales transactions (exclude rescissions) Transactions should include points sales
and reloads.
Note: Exclude sales of trial memberships and sampler programs. If your resort’s owned inventory is
being sold by other companies under “fee-for-service” arrangements, then you should include those sales here.
__________________________
15. Of your total points-based transactions above, how many were for reloads? _______________________
16. What was the average number of nights per points sales transaction in 2022? Please calculated using your
best estimate __________________________
Timeshare Inventory:
17. How many total timeshare points exist in your inventory at your resort? __________________________
18. How many timeshare points were available for sale at your resort? Include all points available as of Dec
31, 2021 and any that were made available during calendar year 2022. __________________________
22. Please describe the types of sales channels you use for your resorts.
o In-person Sales Presentations (Tours): On-site
o In-person Sales Presentations: O-site (including homesits)
o Online
o Telemarketing
o Other, please specify __________________
23. [Excel Only] Do you have any fee for service arrangements with other timeshare companies/resorts
by which you are selling timeshare inventory for them? Fee for service refers to an arrangement by which
a company receives a fee in exchange for providing sales and marketing support in the sale of timeshare inventory
belonging to another company.
o Yes o No
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
VI. Resort Timeshare Sales — continued
24. [Excel Only] What was your total 2022 sales volume net of rescissions and sales incentives related to
“Fee for service” arrangements? Fee for service refers to an arrangement by which a company receives a fee in
exchange for providing sales and marketing support in the sale of timeshare inventory belonging to another company.
$__________________________
25. [Excel Only] What was your total number of Fee for service related transactions for 2022?
__________________________
1. Do you accept trade-ins of intervals developed by other development companies?
o Yes o No
2. Which of the following types of programs do you oer for intervals at properties which you have
developed and/or manage?
(Check all that apply)
o A buy-back program of timeshare intervals at a mutually agreeable price
o Right of first refusal when owners attempt to sell their timeshare interval
o Ability to return timeshare inventory in exchange for release of maintenance fee requirements with a fee
o Ability to return timeshare inventory in exchange for release of maintenance fee requirements - no free
o Ability to convert to a reduced allotment of timeshare points and or/time (such as a fewer number of days or
conversion to a biennial arrangement)
o A resale program that allows owners to sell their intervals on the secondary market
o Other, please specify ____________________
o None [GO TO Q4]
VII. Inventory Management
3. In 2022, how many intervals or points equivalents at your properties did you re-claim from timeshare
owners? If you know the total number of weekly intervals or points equivalents re-claimed but are unsure of the
number attributed to each reason, please write the total number in “Not sure of reason”.
Under buy-back or time/point reduction programs ____________________
Purchased on the secondary market ____________________
Due to foreclosure ____________________
Voluntary surrender (with or without fee) ____________________
For other reasons ____________________
Not sure of reason ____________________
Total ____________________
4. In 2022, how many of your owners transferred their ownership rights? If you know the total number
of owners who transferred their ownership rights but are unsure of the number attributed to each method,
please write the total number in “Not sure of method”.
Via inheritance ____________________
Via direct sale to another individual consumer ____________________
Via direct sale to a third-party company ____________________
Via some other mechanism (please, specify _______) ____________________
Not sure of method ____________________
Total ____________________
5. Which of the following programs do you have in place to enhance/augment your product
oerings?
Associated
Program In Place Revenue ($)
Developing partnerships or rental relationships with Airbnb
or other web driven ‘sharing’ entity in order to distribute inventory ________ ________
Use of branded or unbranded hotel as a way to extend destinations ________ ________
Online travel agencies ________ ________
Travel clubs ________ ________
Other, please specify ____________________ ________ ________
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STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
VIII. Resort Improvement and Construction
2. How many timeshare units were purchased as Just-In-Time/Completed Inventory (e.g.
turn-key, Just in Time inventory purchases, buy-backs from Property Owner Associations)
in 2022? If you don’t have a given type of units, please fill in ‘0’.
Number of Just-in-time purchased units
Number of units bought back from owners/owner’s associations
Number of Timeshare Units Built in 2022
1. How many timeshare units were recently built at this resort in 2022?
If you don’t have a given type of units, please fill in ‘0’.
# Timeshare Units Planned to build in 2023
# Timeshare Units Planned to build in 2024 or beyond (w/firm commitments)
3. How many timeshare units are you planning to build at this resort?
If you don’t have a given type of units, please fill in ‘0’.
4. How many timeshare units do you plan to purchase as Just-In-Time/Completed Inventory (e.g.
turn-key, Just-in-time inventory purchases, buy-backs from Property Owner Associations)? If
you don’t have a given type of units, please fill in ‘0’.
# Timeshare Units Planned to Purchase as Just-In-Time/
Completed Inventory in 2023
# Timeshare Units Planned to Purchase as Just-In-Time/
Completed Inventory in 2024 or beyond
Number of
Just-in-time
purchased units
Number of units bought
back from owners/owner’s
associations/secondary market
5. How many new resorts does your company plan to build, and
what is the associated number of units?
New Resorts Planned for Completion in 2023
Associated Number of Units in 2023
New Resorts Planned for Completion in 2024 and beyond
Associated Number of Units in 2024 and beyond
Number of Resorts
IX. Timeshare Rental Programs
1. Does your resort oer a rental program to help rent weeks that are owned by any of the following?
Check all that apply
o Owners (GO TO Q1a)
o HOA(s) (GO TO Q2)
o Developers (GO TO Q2)
o None of the above (SKIP TO Q5)
1a.
How are rental fees paid by owners determined?
oAs a fixed amount [GO TO Q1b]
oAs a commission-based percentage [GO TO Q1c]
oOther, please specify ______________________
1b. What is the average flat fee charged to owners as part of this program? [GO TO Q2] __________________
1c. What commission percentage is paid by owners to rent out their intervals? __________%
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
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IX. Timeshare Rental Programs — continued
3. What types of rental programs do you oer? Check all that apply
o Daily rentals
o Weekly rentals
o Monthly rentals
o Rental rates that vary based on season
o Rental programs for marketing guests
o Other, please specify _______________________
2. Who manages the rental programs?
o Developer
o Management company
o Other, please specify _______________________
4. Which of the following do you use to publicize the availability of rentals at this resort? Check all that apply
o Resort website
o External rental websites (e.g., Redweek.com or SellMyTimeshareNOW.com)
o OTAs (Priceline, Hotels.com, Expedia etc.)
o Sharing platforms (Airbnb, VRBO, etc.)
o Timeshare broker and/or broker website
o Physical bulletin boards at resort
o Newspaper
o Radio
o Television
o Social media (Facebook, Twitter, etc.)
o Blog
o Channel Manager (e.g. Siteminder, LeisureLink, etc.)
o Other, specify _________________
5. What was the total number of nights rented and the associated rental income for 2022?
Total number of nights rented _________________
Associated rental revenue ($) _________________
1984 1994 2004 2014 2022
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
As of December 31 of the given year
Annualized Growth
1974–1984
36%
Annualized Growth
1984–1994
2%
Annualized Growth
1994–2004
4%
Annualized Growth
2004–2014
-1%
1,541
Annualized Growth
Since 2014
<-1%
Number of resorts
A Brief History of the
U.S. Timeshare Industry
To help put the 2022 performance results in perspective,
this chapter traces the growth of several key metrics
over time since the industry’s inception in 1974.
Figure E.1 traces the growth of U.S. timeshare resorts since 1974. It paints a picture of an industry with generally steady
growth, punctuated by two major growth spurts. The first occurred at the industry’s outset in the United States – the
number of resorts grew by an average of 105 resorts per year from 1974 to 1981. The next was from 1996 to 2000,
when the number of resorts grew by an average of 87 per year. In between, growth averaged 25 to 30 resorts per year.
In recent years, growth in the number of resorts has moderated.
A change in the definition of the study population accounts for the drop in the number of resorts from 2004 to 2005.
This change focused the analysis on traditional timeshares, including weekly intervals and points while removing such
non-comparable entities as fractionals, non-equity clubs, private residence clubs and vacation clubs. The AIF stepped
up its confirmation efforts again in late 2009 and early 2011 to verify the status of all identified timeshare resorts in its
database, removing condo hotels and resorts with only contractual agreements to be used as timeshare. Improved rigor
and scrutiny of resort count by the AIF led to a drop in the total timeshare resort count for the year 2009 and 2015. In
2022, the number of resorts decreased again due to a combined impact of the pandemic, natural evolution of resorts,
natural disaster and improved rigor and scrutiny of resort count.
Source: Ragatz Associates, American Economics Group and the AIF
FIGURE E.1
TIMESHARE RESORTS SINCE 1974
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
APPENDIX E
40
APPENDIX E
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
41
1984 1994 2004 2014 2022
225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
As of December 31 of the given year
201,600
Number of units
The response rate for this report has increased from 28% in 2005 to 49% in 2022. While a higher response rate helps
improve the accuracy of estimates, it can make comparisons to the results of previous years problematic. For example,
if new respondents report relatively low unit counts for their resort or resorts, this will drive the reported average resort
size lower – even though the industry may not have lost any units.
Figure E.2 shows the historical trend of unit growth through the available data points. Unlike timeshare resorts, the
number of timeshare units was not tracked annually prior to 2001.
Developers built larger, purpose-built resorts as the industry matured and larger, branded timeshare companies entered
the market. In 1974, the average resort had approximately 27 units. By 1989, that number had more than doubled
to 56 and by 2008 that had doubled again to 112. Over the past decade, this trend toward larger resorts has abated
somewhat, growing from 122 on average in 2012 to 131 in 2022.
Source: Ragatz Associates, American Economics Group and AIF
FIGURE E.2
TIMESHARE UNITS SINCE 1974
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
APPENDIX E
42
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$0
Billions of sales
Annualized Growth
1974–1984
38%
Annualized Growth
1984–1994
7%
Annualized Growth
1994–2004
17%
Annualized Growth
2004–2014
0%
Annualized
Growth
Since 2014
4%
$10.5
As of December 31 of the given year
1984 1994 2004 2014 2022
Source: Ragatz Associates, American Economics Group and the AIF
FIGURE E.3
TIMESHARE SALES SINCE 1974
Figure E.3 shows the historical sales
16
trend from 1974 through 2022. In keeping with the pattern of resort and unit
growth, sales volume grew tremendously over the first 10 years (38% annualized growth), moderated in the middle 10
years (7%), and picked up again from 1994 to 2004 (17%). In 2004, a four-year sales boom began, with sales volume
peaking in 2007 at $10.6 billion. However, sales fell significantly in the next two years due to the recession, so that sales
over the period from 2004 to 2014 were flat. Following the recession, the industry experienced another 10 consecutive
years of growth from 2010 to 2020. However, the COVID-19 pandemic significantly impacted sales in 2020 causing
a sharp decrease due to the incredible impacts on the travel and leisure industry. As seen in the graph and noted
previously in the report, sales bounced back significantly in 2022 — to the 2019 level.
16 The sales volume collected is commonly referred to as contract or originated sales and does not further separate all the accounting
metrics under the Financial Accounting Standards ASC 978 Real Estate – Timesharing Activities. This sales volume represents first
generation or developer sales and does not include interests that were once owned and later resold on the secondary market.
As of December 31 of the given year
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Annualized Growth
1974–1984
8%
Annualized Growth
1994–2004
8%
Annualized Growth
1984–1994
0%
Annualized Growth
2004–2014
2%
Historical Sales Data
Fitted Trendline
Transaction Price
Sales Price
per Interval
$24,140
Transaction Price
$23,940
Average sales price
1984 1994 2004 2014 2022
Source: Ragatz Associates, American Economics Group and AIF
FIGURE E.4
TIMESHARE AVERAGE SALES PRICES SINCE 1974
As noted previously, the industry has added various methods for timeshare purchases. Instead of selling one week
per year, most now also offer increased flexibility by offering “points” that owners can use to customize their vacation
needs. Consumers can break up or extend vacation weeks, travel during various times of the year and/or stay in various
unit types at a range of locations. Some also offer biennial products that allow owners to use intervals every other year,
instead of each year.
APPENDIX E
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
43
Figure E.4 tracks the trend in interval or weekly interval equivalent sales prices from 1974 to 2021 and that in transaction
price since 2018. As the industry has shifted to more of a points-based model (especially for active-sales resorts),
the concept of a sales price per weekly equivalent has become both less meaningful and more difficult to calculate.
As a result, in 2022 we stopped reporting on the average weekly sales price and focused exclusively on the average
transaction price. To help understand the history of timeshare sales, we have continued to include the data on sales
price from 1974 through 2021 in this chart, alongside the trend in transaction price.
The growth in price has been more uneven than the growth in other measures. This may be due to the type, unit
configuration, location, or developer brand of properties making up most of sales in a given year. To help smooth out
these year-over-year variations, we added a fitted trend curve (the dotted line in the figure) that shows the upward
movement in average price over time. Note that where data is available for both years, the trend is directionally similar
for both metrics.
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
GLOSSARY OF TERMS
44
Available for sale
Unsold inventory of completed units ready for
intended use, including reacquired and unsold
product. Include intervals for a finished unit that
were not sold as of December 31, 2021. Also,
include intervals for any unit where construction was
completed and the unit made available for sale in
calendar year 2022. Units that are ready for intended
use but do not yet have a certificate of occupancy
should be included as completed inventory. Also,
include unsold inventory of incomplete units available
in phases that are in pre-sales.
Biennials
Vacation ownership product that provides a week’s
worth (or points equivalent) of timeshare interest
every other year.
Estimated total reserve funding
The amount that would be necessary to completely
replace all items contained in your reserve study
to the extent an amount or portion thereof should
have been set aside for the item as of a certain date,
for example — if your reserve study stated the roof
would cost $50,000 to replace and it was at 1/2 its
estimated useful life, your reserve should contain 50
% of the costs of roof replacement, $25,000 at the
certain date
Fractional
Ownership interest that is either a shared equity
or club interest representing a period not fewer
than two weeks but usually three weeks or more.
Fractional ownership typically offers additional
services, amenities, and flexibility relative to
timeshare, so that a bundle of timeshare weeks would
not be considered a fractional interest. Fractional
sales and financed notes should be excluded from
totals and averages reported in this survey.
Geographical Areas
Classify states (other than Florida, California, Hawaii,
Nevada and South Carolina) as follows:
Northeast: CT, MA, ME, NH, NJ, NY, PA, RI, VT
Midwest: IA, IL, IN, KS, MI, MN, MO, ND, NE,
OH, SD, WI
South Atlantic: DC, DE, GA, MD, NC, VA, WV
South Central: AL, AR, KY, LA, MS, OK, TN, TX
Mountain: AZ, CO, ID, MT, NM, UT, WY
Pacific: AK, OR, WA
Interval weeks with the ability to use
through a timeshare points system
Refers to a points system or vacation club backed by
an interval week interest. The legal structure of the
consumer’s purchase is supported by a deeded week
or week-based ownership interest, but the consumer
has the ability to use the interest at its “home resort”
or directly through a timeshare points-based system.
Just-in-time inventory
Inventory primarily sourced in transactions that
are designed to closely correlate the timing of the
acquisition with developer’s sale of that inventory to
purchasers.
Multiple resort family
A company that owns more than one timeshare
resort.
New sales
First generation or developer sales; does not include
interests that were once owned and later resold
on the secondary market. Exclude temporary sales
such as trial memberships, exit programs and sample
programs. Include the incremental dollar value of
upgrade sales and reloads, regardless whether the
sale represents incremental ownership of time. For
example, include the dollar value of upgrades from a
biennial to an annual interval, as well as an upgrade
from a shoulder season to peak season or an upgrade
from a one-bedroom to a two-bedroom.
Planned timeshare resorts
Resorts to be constructed for which the corporate
finance committee has given its approval and/or
financing has been secured and approved by the
appropriate entity.
Planned timeshare units
Units to be constructed for which the corporate
finance committee has given its approval and/or
financing has been secured and approved by the
appropriate entity.
Private residence club
High-end fractional products with an average sales
price of $59,000 per week. Members usually pay
maintenance and membership fees for privileged
access to amenities and lodging.
Reload
A transaction whereby a customer obtains a second
interval from the same seller but does not relinquish
the right to the first, for example, obtaining an
additional unit, an additional interval, or additional
points.
STATE OF THE VACATION TIMESHARE INDUSTRY: UNITED STATES STUDY 2023 EDITION
GLOSSARY OF TERMS
45
Rescue, relief, postcard type companies
Companies that, for an up-front fee, offer to transfer
ownership of one or more timeshare interests from a
current owner to that company or another person.
Sales upgrade
A transaction where an owner has relinquished their
rights to a previous purchase in order to have rights
to a different timeshare interest such as a larger
unit, longer time increment, or from a fixed-week to
points program.
Recissions
Sales contracts that are executed and for which
the timeshare company has received valid funds in
accordance with the sales contracts, but which do
not close escrow within 30 days. Contracts that fail
to have adequate funds should be viewed as pending
contracts and should not be recognized as either
gross sales or rescissions. Deeds in lieu of foreclosure
and/or contracts obtained by the developer through
foreclosure proceedings should not be reflected in
the rescission amounts. Depositary rescissions, which
are situations in which the buyer has made a deposit
but hasn’t yet provided the down payment necessary
to qualify the transaction as a contract sale, are not
counted as part of gross sales, and therefore are not
counted as rescissions.
Reserve study
Comprehensive plan that predicts when various
capital items are expected to wear out and estimates
the funds set aside for replacement
Sales volume
Net originated sales for the given year, which equals
gross sales minus rescissions. Sales value should
approximate the amount at which a timeshare
interest would be sold in an all-cash sale, without
financing or incentives. Determined by adjusting
the stated sales price to the present value of the
receivable, adding fees paid by the buyer that are
unrelated to financing, and subtracting the value of
incentives and services provided to the buyer (to
the extent the fair value of the incentives or services
exceeds the amount the buyer pays for the incentives
or services).
Sampler or trial membership program
A marketing program under which a time-share
developer offers a customer, who has previously
toured one of the developer’s projects, a stay at one
of the projects at a reduced rate. In exchange, the
customer agrees to take another, subsequent tour
of the project selected under the sampler program
during the customer’s stay at the project. If the
subsequent tour results in a sale, the developer may
allow the customer to apply some or the entire
amount paid for the sampler toward the purchase of
a time-share, as a part of the down payment.
State of residence
The state where timeshare owners own their primary
residence.
Timeshare occupancy rate
The percent of units occupied by a timeshare guest.
Timeshare
Vacation ownership interests that are usually sold
in one-week increments but in some instances
up to but less than 3-week increments (or points
equivalent). It does not include the fractional interest
product type.
Timeshare points
Refers to pure points systems. The consumer has
purchased points or credits backed by a usage right
to a club’s internal network of resorts.
Traditional interval weeks
Refers to ownership of traditional interval weeks. The
consumer has purchased a specific type of week at
a specific resort. This week may then be exchanged
through internal or external exchange systems, either
for an interval week-based vacation or in some
cases transferred for points, such as in a hotel brand
frequent guest program.
Travel clubs
Provide members with services, discounts or other
benefits, usually for three years or less, on the use or
purchase of transportation, accommodations (that
may include timeshare units) or other services related
to travel. Generally, such clubs do not actually own
any accommodations but may lease them on a short-
term or as needed basis.
Vacant intervals
Intervals not used by anyone during the given year.
Include all intervals which are not used by an owner,
exchange guest, renter, or marketing plan participant,
including rooms provided on a complimentary basis
for purposes other than marketing. Do not include
weeks set aside for maintenance.
Weekly intervals
Refers to ownership of traditional interval weeks
or interval weeks with the ability to use through a
timeshare points system.
Whole ownership
Vacation product in which each unit has one owner.
Whole ownership sales and financed notes should be
excluded from totals and averages reported in this
survey.
2023–2024 BOARD OF TRUSTEES
Officers
Chairman
Don Harrill, RRP
Holiday Inn Club Vacations
President
Jason Gamel, RRP
ARDA
Executive Director
Catherine Lacey, RRP
ARDA
Immediate Past Chair
Robert Miller, RRP
Global Alliance for Timeshare
Excellence (GATE)
Treasurer
Jared Saft
Westgate Resorts
Secretary
Robert Webb Esq. RRP
Baker & Hostetler LLP
Board Members
Christopher Agnew, Travel + Leisure Co.
Marcos Agostini, Interval International
Travis Bary, RRP, Capital Vacations
Bert Blicher, RRP, Fidelity Real Estate
Stuart Bloch, Congressional Bank
Michael Brown, Travel + Leisure Co., Chair, ARDA
Bill Caswell, North Highland Worldwide Consulting
Sonya Dixon, Holiday Inn Club Vacations
Fiona Downing, RCI
Jackie Guan, Marriott Vacations Worldwide
Lani Kane-Hanan, RRP, Full Day LLC
Kenneth McKelvey, RRP, Capital Vacations, Chair, ARDA-ROC
William Phillips, Next Stage Resort Development, LLC
Valerie Spangler, RRP, Hilton Grand Vacations
John Willman, Westgate Resorts
2023–2024 BOARD OF TRUSTEES
Board Members
Christopher Agnew, Travel + Leisure Co.
Marcos Agostini, Interval International
Travis Bary, RRP, Capital Vacations
Bert Blicher, RRP, Fidelity Real Estate
Stuart Bloch, Congressional Bank
Michael Brown, Travel + Leisure Co., Chair, ARDA
Bill Caswell, North Highland Worldwide Consulting
Sonya Dixon, Holiday Inn Club Vacations
Fiona Downing, RCI
Jackie Guan, Marriott Vacations Worldwide
Lani Kane-Hanan, RRP, Full Day LLC
Kenneth McKelvey, RRP, Capital Vacations, Chair, ARDA-ROC
William Phillips, Next Stage Resort Development, LLC
Valerie Spangler, RRP, Hilton Grand Vacations
John Willman, Westgate Resorts
1201 15th Street NW, Suite 400
Washington, DC 20015
(202) 371-6700
(202) 289-8544 fax
State Government Affairs Office
Landmark Center Two
225 E. Robinson Street, Suite 545
Orlando, FL 32801
(407) 245-7601
(407) 872-0771 fax
www.arda.org