Brief History of the Timeshare Industry

Timeshares, and the process of selling them, have evolved so much over the years. The industry has transformed over the past fifty years. This article will give a brief history of the timeshare industry. Though they began as a different type of vacation option, timeshares are now an incredibly poor investment that many people try their best to get out of.

Timeshares in the 1960s

Timeshares began in the 1960s. In 1963, a Swiss developer named Hapimag acquired multiple resort properties near Graubuenden, Switzerland. He and his partner, Guido Renggli, had hoped that travelers would stay at these resorts as they journeyed across the area. So, they began selling “right to use” packages and essentially ushered in the first points/rewards program. Conversely, around the same time in France, a man named Paul Doumier created another form of timesharing through a ski resort that he owned. He’s famous for the quote, “it’s cheaper to buy the hotel than to rent the room.”

Timeshares in the United States

The United States came onto the timeshare scene in the late 1960s when the first hotel-condominium timeshare was created on the island of Maui, Hawaii. The industry continued to grow during the 1970s when states like California and Florida started selling timeshares. One of the reasons why timeshares became even more popular during the 1970s was because exchange programs were created. The Resort Condominium International (RCI) exchange company made it easier for people to swap out or exchange their allotted vacation days for other times of the year. One of the biggest drawbacks of investing in a timeshare is that most of them operate on a fixed schedule; this means you can only use the property at the same time every year. The RCI tried to amend this by making it easier for timeshare owners to change their specific dates. The RCI, and the ability to swap out given dates, made timeshares increasingly popular in the 1970s.

The 1980s and Beyond

The timeshare business boomed in the 1980s as more and more people saw them as a viable vacation option. Also, the industry itself made strides during this time when the American Resort Development Association created a code of ethics for those in the field in 1989. During the 1990s, major companies like Marriott, Hilton, and Disney developed their own timeshare options. Yet, even though groups like the ARDA tried to put regulations on timeshare companies, their sales tactics quickly got out of control. Nowadays, so many timeshare owners want out of their contracts. The high interest rates and continued maintenance fees are often too much for people to handle. If you want to cancel your Florida timeshare, please contact Preferred Cancellation Services immediately. We’ll be your partner through the difficult cancellation process.