The Walt Disney Company today reported earnings for its fiscal year and fourth quarter ended October 1, 2011. Diluted earnings per share (EPS) for the year increased 24% to $2.52 from $2.03 in the prior year. For the quarter, diluted EPS was $0.58 compared to $0.43 in the prior-year quarter.

“Fiscal 2011 was a great year financially and strategically, demonstrating the strength of our brands and businesses with record revenue, net income and earnings per share,” said Disney President and CEO Robert A. Iger. “We are confident the Company is well-positioned to deliver long-term value for our shareholders with our focus on quality content, compelling uses of technology and global asset growth.”

Parks and Resorts revenues for the year increased 10% to $11.8 billion and segment operating income increased 18% to $1.6 billion. For the quarter, revenues increased 11% to $3.1 billion and segment operating income increased 33% to $421 million.

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Jim Lewis, president of Disney Vacation Club, has been relieved of his duties.

According to a report in the Orlando Sentinel, the move took place last Friday and was confirmed by several people close to the situation.

Disney Vacation Club spokesperson Rena Langley was quoted as saying “we wish Jim Lewis well in his future endeavors and we plan to announce his successor in the near future.” No other comment was given regarding the reason for the move.

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In a ceremony on the lagoon fronting the site of Aulani, a Disney Resort & Spa, Ko Olina, Hawai’i, local crew members from Hawaiian Dredging Construction Company, Inc. joined with Disney cast members (employees) to celebrate the completion of major structural work on the Disney resort and the beginning of Disney’s “time to add the magic.”

The event was a symbolic representation of the shared efforts of Disney and Hawaiian Dredging in building the new resort, which will welcome its first guests on Aug. 29, 2011. The construction crew and Aulani Disney team met on the beach to exchange gifts – lei from the construction workers to the Disney cast, and Mickey Mouse ears from the Disney cast to the construction workers.  As part of the milestone moment, Hawaiian Dredging “handed over the keys” to the people who will add final detailing, theming, landscaping and all the other magical touches guests expect to find at a Disney resort.

Djuan Rivers, vice president of Disney Vacation Club and Resort, Hawai’i, joined with Eric Hashizume, vice president of Hawaiian Dredging and Elliot Mills, managing director of Aulani, to bring the construction workers and Disney team members together to begin “adding the magic” to Aulani. They gathered on the sand to form the image of the trademark Aulani arch and then transformed it into the familiar silhouette of Mickey Mouse. Mickey, Minnie and their Disney character pals joined in the celebration.

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Ilese Flamm

Ilese Flamm, an accomplished attorney with nearly two decades of experience in timesharing and resort development law, has been selected by independent developer Shell Vacations LLC (www.ShellVacationsClub.com)  to serve as its Senior VP, Legal Affairs.

During her 18 years as a legal professional for the timeshare industry, Flamm spent nine years at Wyndham Exchange & Rentals and nine years with Disney Vacation Club. She will work closely with Shell Vacations Chairman & CEO Sheldon H. Ginsburg, President & COO Tracy L. Sherles as well as Daniel B. Glickstein, VP and General Counsel in helping lead the legal functions of the company, and also serving in a business role utilizing Flamm’s experience as Shell Vacations moves forward into new levels of expansion.

“There are few professionals with Ilese Flamm’s impressive credentials and legal expertise in such a wide range of segments of the timeshare and hospitality industries,” said Ginsburg. We are confident she will make a positive impact on our company”.

Added Sherles, “We are delighted to welcome an attorney with her professional background to add to our company’s continued success. Her vast legal experience within all areas of our business will serve us well in the future. Her expertise and experience has been particularly helpful with some of our new initiatives, such as the services we are now offering to developers and associations through our extensive fee-for services programs”.

Prior to joining Shell Vacations, Flamm was Executive VP and General Counsel for Wyndham Exchange & Rentals, where she was responsible for managing all global legal matters.  Before working with Wyndham, Flamm was Senior Attorney for the Disney Vacation Club, where she was involved in many aspects of timesharing and resort development. Additionally, Flamm was an Associate in the real estate department of Rudnick & Wolfe, Chicago, IL (now DLA Piper), where she worked in the negotiation and documentation of real estate acquisitions and sales, and joint venture agreements. She holds a bachelor’s degree in business administration from the University of Michigan, and a law degree from the University of Chicago Law School.

Headquartered in Northbrook, IL, Shell Vacations LLC is one of the most respected independent vacation ownership developers in the United States, operating or affiliated 23 resorts in the U.S., Canada and Mexico. The company specializes in the sales and hospitality management of vacation ownership resorts as well as servicing over 125,000 owner and member families of its vacation ownership products.
www.ShellVacationsHospitality.com, www.ShellVacationsClub.com

World’s largest vacation exchange company continues to grow stronger, offering more
value to affiliates

Demonstrating that vacation exchange remains a bright spot in the travel industry, RCI, the global leader in vacation exchange and one of the Wyndham Worldwide family of brands (NYSE: WYN), announced that it added more than 100 new resorts, including 10 properties under development, to the world’s largest vacation exchange network.

Several of the industry’s most powerful and well-renowned brands and their properties were added to RCI’s system in 2009, including the Disney Vacation Club, Fairmont Properties in Canada and Palace Vacation Club in Malaysia.

“Developers understand the importance of working with a quality exchange company that helps them increase sales and lower marketing costs, especially in today’s economy,” said Geoff Ballotti, CEO, RCI. “RCI’s ongoing commitment to providing the most innovative marketing services and solutions has helped us attract high quality new affiliates as never before, and enabled us to continue to grow our membership base.”

After 35 years, RCI continues to be the leader and innovator in the industry, first to market with fresh, new and unique marketing and technology ideas that provide added value for affiliates and improve the member experience. Its legacy of innovation rests on making many “firsts” happen – RCI was the first to launch weeks exchange, the first to offer points exchange, and the first to implement high-end luxury exchange.

In 2008, RCI committed to spending tens of millions of dollars over a three-year period to develop and execute a series of online technology, product and service enhancements that are improving the exchange experience for its subscribing members around the world. In 2009 with the growing popularity of online video, RCI recognized a unique opportunity to use this medium as a marketing tool for its members and prospective timeshare buyers. An online video network available only on RCI.com, RCI® TV offers a broad selection of entertaining and educational content about RCI, its products and services, as well as travel and resort information. The network is designed to help owners get the most out of their RCI subscribing membership and make vacation planning more fun while also introducing new prospects to the benefits of vacation ownership.

Response to RCI TV from both members and affiliates has exceeded expectations with over 100 videos uploaded, including 80 Resort Showcases, and more high-definition video being added on a regular basis to RCI.com. Web share, or the percentage of exchange and rentals transacted online, has increased from 13 percent in the fourth quarter of 2008 to 24 percent in the fourth quarter of 2009. In the last 10 weeks alone, the non-member site has already received over 265,000 visits and the member site has received over 100,000 visits. With developers able to feature their properties, and millions of visitors able to watch RCI-affiliated resorts come to life on the Resort Showcase channel, this tool is already driving greater exchange activity and helping to increase occupancy for RCI-affiliated resorts. To promote the site and help drive increased traffic from newcomers, RCI is investing heavily in advertising and search engine optimization efforts. This includes three commercials currently airing on Resort & Residence TV, a new travel and real estate cable channel which is available to 27 million viewers.

RCI has vastly improved its marketing infrastructure, allowing RCI to showcase more resort photos of its affiliates with higher picture quality, as well as videos and floor plans. This effort supports a recent member survey where respondents ranked “more and bigger resort photos” as the number one feature desired to help them plan or choose a vacation.

Like the Resort Showcase channel on RCI TV, new system capabilities help affiliates better promote their properties and drive higher occupancy.

“We are constantly working to develop new and exceptional marketing and technology ideas that benefit our affiliates and improve the member experience,” added Ballotti. “It’s what our affiliates and members have come to expect from RCI and it’s what we plan to continue to deliver.”

About RCI
RCI is part of Wyndham Exchange and Rentals, the worldwide leader in vacation exchange and the European leader in vacation rentals, with exclusive access for specified periods to more than 65,000 vacation properties in approximately 100 countries.

Wyndham Exchange and Rentals is comprised of vacation exchange, including RCI, the worldwide leader in vacation exchange and provider of travel services to businesses and consumers and The Registry Collection Ò program, the world’s largest luxury exchange program; vacation rentals, including Endless Vacation RentalsÒ, Landal GreenParks®, Novasol®, and other renowned vacation rental brands, through which vacationers can rent a variety of property types, from city apartments to villas; and NorthCourse® Leisure
Real Estate Solutions, a research and consultancy firm providing advisory services to the global leisure real estate industry. Wyndham Worldwide Corporation is one of the world’s largest hospitality companies with leading brands in lodging franchising, vacation ownership, vacation rentals and vacation exchange.

For additional information visit www.wyndhamer.com or the media center of www.wyndhamworldwide.com.

It’s not too uncommon for consumers and even timeshare developers to assume that all timeshare resale companies are pretty much the same. But in today’s economic environment, it pays to know that they’re definitely not.

Timeshares Only has created the world’s largest timeshare resale marketplace. Through cooperative advertising, Timeshares Only makes it possible for timeshare buyers, sellers and renters to connect around the world.

But there’s another level on which Timeshares Only differs as well; unlike many of its so-called competitors,
Timeshares Only is more than merely a web presence. The company’s 30,000 square-foot timeshare resale
headquarters in Orlando, Florida, which is staffed with more than 100 timeshare professionals, shows that
Timeshares Only is in the business for the long haul.

Timeshares Only works together with Vacations Only, its rental partner, and Fidelity Real Estate Agency |
Timeshare Division, the company’s official broker, to present a seamless total package that works
efficiently and effectively for both the consumer and the developer client.

Cleaned and Pressed
One main area in which Timeshares Only is different is in their attention to small but critical details in the sales process. “We go the extra mile, we clean and press the inventory,” says Michael Paduano, director of
business development for Timeshares Only. “We do our due diligence when it comes to verifying ownership properly.”

So what do they mean by “cleaned and pressed”? Oftentimes, an owner doesn’t understand exactly what
he or she has purchased, says Paduano: “Let’s say they own week 47, a two-bedroom, two-bath at resort
XYZ. They actually own a floating week; they were deeded week 47, but every year they have to call up
and request the week that they want – so they really don’t know what they own. Maybe it’s a gold week, or
it could be a platinum week, or it could be a pink week.

There could be points associated with it – they have no idea. And if there’s banked points, then they think
those banked points are a part of the package itself, but they’re not, because they’ve already banked those
points with Interval or RCI.”

“So what we do,” says Paduano “is get the deeds or their membership documents, and we make sure that the information they want to post in our ad is correct.”

“We’re not just selling what they tell us they own, we’re going in and making sure it’s what they own,” Paduano adds, “because when they go to sell it, we want to ensure that there are no problems.”

Timeshares Only’s large headquarters serves another function, as all the pertinent paperwork is kept onsite
and easily accessible for review at any time during the sales process. “It makes the transactions a whole lot
quicker,” explains Paduano.

Relationship with Developers
While the third-party resale market was not always embraced by timeshare developers, Paduano says things are different today, at least with Timeshares Only: “Historically, our brokerage, Fidelity Real Estate Agency, has been the only recommended resale company for Disney Vacation Club, and we’ve had an affiliation with them for almost six years now. In fact, we also have a relationship with several branded and independent top-name resort developers, as well as exchange and other industry-related companies, as their only recommended resale company.”

“I have been working with Timeshares Only for over 10 years now,” says Seth Nock, founder and president
of Selling Timeshares, Inc. (www.sellingtimeshares.net), a niche timeshare resale company specializing
in Marriott, Hilton and Disney. “I can count on them to assist me with inventory for my buyers if I do not
have that inventory in my network. Timeshares Only is easy to work with, which is a great benefit to all parties involved. They are a tremendous asset to the industry and always put their clients’ needs first.”

Timeshares Only believes that developers and other timeshare operators want to see a strong, solid system
in place for handling their inventory. If all the proverbial ducks are in a row, developers can easily see that
Timeshares Only is going to be able to move inventory given to them because they are not going to be hung
up on back-office issues.

“The committed approach to the industry of Timeshares Only results in exceptional opportunities for their customers,” says Cathy Backus, worldwide director, vacation ownership, with CSA Travel Protection. “They instill trust and confidence in every buyer and renter by successfully providing products that offer vacation security. Their professional and skilled employees create an exceptional business to business relationship, which CSA has enjoyed for over three years.”

Advertising Makes Timeshares Only Different
Another difference between Timeshares Only and virtually all other resale companies is Timeshares Only’s
commitment to advertising. The company advertises on more than 500 television stations, including The
Travel Channel, ESPN, The History Channel, TLC and many others.

What’s more, Timeshares Only short- and long-term marketing focus includes:

• Radio advertising to more than 40,000,000 potential radio listeners on over 1,600 radio stations nationwide
• Advertisements on hundreds of billboards at more than 550 locations nationwide
• Print ads in a variety of publications, with more than 10,000,000 pieces mailed
• The highly visible headquarters location in the heart of the timeshare capital of the world encourages walk-in traffic. Illuminated by brightly lit signs and a 5 foot by 10 foot electronic message board, Timeshares Only is hard to miss.

Timeshares Only has created a proprietary media exchange using best-in-class systems and research technology that serves as the backbone for their direct mail programs. Their direct mail campaigns are finely
tuned and enhanced to leverage their technology and information systems to the benefit of their customers.

Up-Front Fees
Another common misperception about resale companies is the practice of collecting up-front fees. Florida statutes make it illegal for a real estate licensee to accept money up front for the listing of a timeshare. Timeshares Only is not a broker and does not take listings – only advertisements. The up-front fees they
collect are legitimately used for advertising and are 100% above board.

“We do collect advertising fees,” Paduano says. “When someone wants to sell with us, we charge them an
advertising fee. There are a lot of Internet marketing companies that are nothing more than websites – we
are a multimedia solution for the resale market. We actually go out and advertise on television, radio, billboards, print, and obviously do pay-per-click campaigns on the Internet. We take almost 50% of every advertising dollar that comes in and reinvest it into our advertising network so that we can attract buyers for their timeshare. There are a lot of people who say to never pay an up-front fee, but you have to keep in mind
that not all upfront fees are equal.”

The professionals at Timeshares Only fully realize that the timeshare resale industry has long been plagued with organizations that are “here today, gone tomorrow,” and that often these companies would ask for thousands of dollars up front and then disappear without a trace. To make consumers aware, help eradicate such operators and ultimately bolster the credibility of the timeshare industry, the Timeshares Only scam page (www.timesharesonly.com/timesharesonly-scam) details several common methods that scammers use.

“Timeshares Only seeks to bring absolute legitimacy to the timeshare resale industry,” Paduano states. “We are committed to serving the timeshare resale industry for years to come.”

Timeshares Only – Your Resales Solution
11059 International Drive
Orlando, FL 32821
Timeshares Only
Toll-Free: 1-800-946-1692
Worldwide: 407-465-1888
Fax: 407-465-5181
Vacations Only
Toll-Free: 800-421-2205
Fidelity Real Estate Agency | Timeshare Division
Toll-Free: 800-831-2990
Worldwide: 407-477-7987
Fax: 407-477-7988

Disney Doorway to Dreams, located at Roosevelt Field on Long Island, features a full-scale, two-bedroom vacation home model, interactive zones, children’s play area and more.

The recently opened Disney Doorway to Dreams offers Roosevelt Field shoppers and New York-area residents a convenient and interactive way to discover the excitement of Disney Vacation Club, an innovative vacation-ownership program that allows families to enjoy flexibility and savings on decades of future vacations.

Disney Doorway to Dreams showcases the spacious, family-friendly accommodations featured at Disney Vacation Club resorts. Through Disney Vacation Club, families can relax and spend quality time together, either at Disney destinations worldwide or at more than 500 other popular vacation locations around the world. Disney Doorway to Dreams’ convenient mall location gives visitors a chance to explore the many vacation choices they have through Disney Vacation Club, including magical stays at the Walt Disney World Resort, relaxing cruises aboard Disney Cruise Line and family-friendly, interactive Adventures by Disney trips where families can choose to travel to one of six different continents.

“Disney Doorway to Dreams gives us a chance to reach one of the top markets for our rapidly growing membership base and help Roosevelt Field visitors discover the many benefits of becoming a Disney Vacation Club member family,” said Disney Vacation Club President Jim Lewis. “We aim to duplicate the popularity of our original Disney Doorway to Dreams location in Chicago with our new location on Long Island, sharing the vacation-ownership experience with a whole new group of people.”

To help families envision the ways Disney Vacation Club Membership can enhance the way they vacation, Disney Doorway to Dreams features a full-scale, two-bedroom model of a vacation villa at Bay Lake Tower at Disney’s Contemporary Resort in Central Florida, one of Disney Vacation Club’s newest resorts.

Located on the second floor near Nordstrom, Disney Doorway to Dreams presents a variety of interactive features, including a wall lined with doors that open to display videos, photos and even touch-screen activities. There’s even a kid-sized door that allows children to look through a portal into the kid’s clubhouse, where they will discover a dry-erase mural they can color.

Once visitors have spent time in the interactive entryway, they will have the opportunity to view a brief video about Disney Vacation Club in a twelve-seat theater. Guests then have the opportunity to meet with a vacation guide to learn about the options available to Disney Vacation Club members.

“Disney Vacation Club has always been both a leader and an innovator in the timeshare industry,” said Howard C. Nusbaum, president and CEO of the American Resort Development Association (ARDA). “Offering full-scale model vacation villas in a mall setting is uniquely Disney and this new Disney Doorway to Dreams location makes it fun and exciting for families to learn about new and memorable ways to vacation.”
 
About Roosevelt Field
Celebrating more than 50 years of offering more choices, Roosevelt Field is located at the intersection of Old Country Road and the Meadowbrook Parkway in Garden City and is managed by Simon Property Group, Inc., headquartered in Indianapolis, Indiana. The mall offers unparalleled customer service with amenities including Simon Giftcards, good everywhere Visa debit cards are accepted; Ticketmaster at Simon Guest Services; valet parking; complimentary wheelchairs; strollers; and a post office. It is anchored by Nordstrom, Macy’s, JC Penney, Bloomingdale’s and Dick’s Sporting Goods and has more than 270 specialty stores. For more information, please go to www.simon.com.

Occupancy, Satisfaction Rates Remain Strong

Despite tighter credit markets and high unemployment rates, the U.S. timeshare industry continues to demonstrate its resilience.

Although overall sales continue to reflect the national trend of lower consumer spending, timeshare owners continue to enjoy their pre-paid timeshare vacations, with an 80 percent occupancy rate and an 86 percent product approval rate. This compares with a 60.4 percent hotel occupancy rate, according to Smith Travel Research.

“The downturn in our economy has hit the tourism industry particularly hard; the timeshare segment, however, due in part to its pre-paid nature, is better equipped than most to weather a downturn,” said Howard Nusbaum, president and CEO of the American Resort Development Association (ARDA). “The good news is that timeshare owners are still vacationing, and occupancy remains strong. Coupled with our industry’s emphasis on new efficiencies and improvements to our business model, we will come through the current downturn and be ready to meet the expectations of customers.”

Preliminary 2009 second quarter research indicates that nine out of 10 owners were current on monthly payments, a .2 percent increase over the preceding quarter. Sales efficiencies have improved, as measured by Volume Per Guest (VPG) of $2,043 that was up by two percent from the previous quarter level.
In addition, use of exchange options that offer timeshare owners the ability to trade resort destinations other than those of their “home resort” location are also strong, demonstrating that owners continue to enjoy their timeshares.

Several leading timeshare developers agree with Nusbaum’s outlook.
“We’ve had the best summer on record, and sales continue to be robust. Just because the economy has slowed doesn’t mean we have stopped doing what we do—we’ve taken a closer look at how we can refine our processes and products to deliver memorable vacations that families want to come back to year after year,” said Don Harrill, president and CEO of Holiday Inn Club Vacations.

“At Disney, we have confidence in vacation ownership. In fact, we’re enlarging our footprint outside of the Orlando area by the opening of our newest resort in California and developing one in Hawaii,” added James M. Lewis, president of Disney Vacation Club.

Sergio Rivera, CEO for Starwood Vacation Ownership said, “Closing rates have held up better than expected given the discretionary nature of the product. This supports our belief that consumer dynamics will be strong over the long run.”

This comes as no surprise to David Palmer, CFO of Diamond Resorts International. “Our closing rates this year are identical to those last year, and our collections remain strong. Additionally, our diversified cash flow business model has allowed us to substantially decrease our reliance on the capital markets.”
Most developers report that decreased sales, in part, are a result of purposely slowed sales to maintain a healthy cash flow during the tightened credit market environment. In addition, the industry expects to limit new construction until inventory levels are reduced.

“An increase in volume aided by improving consumer sentiment and recovering capital markets will accelerate absorption,” said Nusbaum. “Most of all, demographics are on our side, with baby boomers and succeeding generations eager to purchase a piece of flexible vacation real estate, allowing them the better vacationing and the undeniable value proposition that timeshare offers. Our industry is primed to fulfill the increased consumer demand for quality vacation experiences.”

The American Resort Development Association is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has over 1,000 members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC). For more information, visit www.arda.org or ARDA’s consumer website at www.VacationBetter.org.

Previously, when people in the shared-ownership industry talked about upscale timeshare developments, Orlando didn’t always come to mind. Sure, there were nice resorts with roomy, fully appointed villas – but not high-end resorts with impressively appointed units.

By Matt McDaniel

It’s tough to be – and stay – upscale in today’s market. Once a high total square footage, leather furniture and big screen television meant upscale, at least in Central Florida. Today, owners are looking for those big-screen TVs to be high definition and the furnishings to have certain panache – and the units still have to be huge.

There has been a trend toward quality over the years, a move to providing a richer experience, whether as an aspirational experience or to keep up with what people are used to in their own homes. Perhaps because of the demographics of visitors to Orlando, the area had been slow to embrace truly upmarket fixtures, furnishings and equipment (FF&E) and their resultant higher price tags.

But now with the Baby Boomers getting older (and increasing their disposable incomes), the theme park capital of the world is seeing a boom in luxury timeshare offerings.

Marriott Origins
Edward Kinney, the Orlando-based vice president of corporate affairs and brand awareness for Marriott Vacation Club International, credits MVCI’s parent company for opening the upscale door for his company. “In our case, Marriott was the pioneer in bringing luxury accommodations to the Orlando market with the entrance of the JW Marriott Orlando, Grande Lakes and The Ritz-Carlton Orlando, Grande Lakes. Following that success, Marriott’s Lakeshore Reserve was a perfect compliment to the campus and an ideal match to the lifestyle of this affluent consumer,” Kinney says.

Marriott’s Lakeshore Reserve will share the 500-acre Grande Lakes grounds with the JW Marriott Orlando, Grande Lakes and The Ritz-Carlton Orlando, Grande Lakes offering a combination of impressive amenities, including The Ritz-Carlton Golf Club and The Ritz-Carlton Spa with 40,000 square feet of space dedicated to relaxation and rejuvenation.

Six spacious villa floor plans will range from 1,185 to 1,655 square feet of living space, and for the first time in North America, Marriott Vacation Club will introduce two-story townhomes and two-bedroom, two-bath lock-off villas offering two master suites. Designed to complement the luxurious design and decor enjoyed by guests of the neighboring JW Marriott and The Ritz-Carlton, the villa interiors will offer a blend of Mediterranean inspired and designed furnishings.

Each villa will feature a fully-equipped gourmet kitchen with granite countertops and GE stainless steel appliances; generous living and dining areas; multiple LG flat-panel LCD televisions with DVD players; oversized shower with multiple shower heads in master suite; washer and dryer; and wireless high-speed Internet accessibility. Three-bedroom, three-bath villas and townhomes can accommodate up to 12 guests.

The resort started sales in July 2009, with unit prices ranging from $26,000 to $40,000 per week depending on the season and floor plan selected.

Orange Lake Ultimate
Holiday Inn Club Vacations at Orange Lake Resort offers the Signature Collection, a cluster of 56 high-end units among its more than 2,400 villas.

“We introduced the high-end Signature Collection product into our portfolio because our owners and club members expressed that they wanted more ways to experience their vacation,” says Don Harrill, president and CEO, Orange Lake Resorts. “Our owners who’ve been with us for 5, 10, 15+ years and in-between love their timeshare and use it often; we weren’t surprised that much of our Signature Collection sales thus far have been from these legacy owners.”

The Signature Collection was designed to offer the intimate, residential feeling of a home away from home, appointed with upscale resort amenities to complete guests’ vacation experience. Accommodations have been designed for comfort and relaxation with special attention to detail, including soothing color palettes, luxury linens and bath amenities, surround-sound stereo, LCD televisions, screened patios and balconies, spa tubs with hydro-jets, full-sized washers and dryers, and fully-equipped kitchens.

What’s more, Signature Collection members can also enjoy personal attention from exclusive concierge staff, plus additional perks including daily newspaper delivery, a special onsite activities package and exclusive access to a private pool deck with a dedicated pool attendant.

“The cost increase for our Signature Collection villas in Orlando over our standard units was 16.7%,” Harrill notes. “This includes upgrades to construction-related items as well as all the FF&E increases.”

The Disney Difference
Disney Vacation Club’s newest resort opened at Walt Disney World on August 4. The new Bay Lake Tower at Disney’s Contemporary Resort offers a variety of accommodations from studios, and one- and two-bedroom villas to the luxurious three-bedroom grand villas. The two-story, ultra-modern Grand Villas boast a full kitchen, living room, laundry facilities and a magnificent view of Magic Kingdom or Bay Lake. Guests staying at the crescent-shaped Bay Lake Tower can access existing amenities, restaurants and shopping at Disney’s Contemporary Resort via an artistically designed covered walkway.

But according to Diane Hancock, manager of DVC communications, what really makes the grand villas at Bay Lake Tower stand out is the location: “The location is amazing and the views from the rooms are  spectacular,” Hancock says. “We believe that all of our resorts offer experiences our Members and Guests don’t get anywhere else. For example, where else could you blow a goodnight kiss to Tinker Bell?”

Aspirational Trends?
But why are extremely upscale units now coming to Orlando? Are people looking for a higher-end aspirational product? Both Harrill and Kinney seem to think the local phenomenon is a natural outcome of trends in the industry overall. “In today’s market, the option of purchasing a higher-end Orlando vacation that has the flexibility of a pointsbased system is appealing, especially for buyers who don’t want to be tied to a fixed property,” says Harrill, referring to the Orange Lake set up. “So that may be part of the reason
that we’re seeing more upscale timeshare resorts right now.” He adds that many existing owner members decide that they want to experience the resort on a different level, “so in that sense, it is an aspirational product.”

Harrill posits another possible motivation as well: “Another reason why owners would aspire to this level is access to additional upscale inventory in other destinations,” he says. “Our Signature Collection villa owners who purchase at Holiday Inn Club Vacations at Orange Lake Resort and own more than 500,000 Holiday Inn Club Points enjoy the benefits of RCI’s Registry Collection program.” The Registry Collection provides members access to an elite global network of vacation properties at some of the world’s premier destinations, as well as personal concierge service available 24 hours a day.

Kinney makes an worthwhile observation about seasonality’s role in the purchase decision. “At Marriott Vacation Club,” Kinney explains, “we find that our resorts are both a continuation of the lifestyle of our owners and aspirational – depending upon the season purchased in. (Demographics tend to vary upon seasonality.) That said, the average head of household income for Marriott Vacation Club owners is the highest in the industry, so many times we see that our resort and villa amenities meet and appeal to the lifestyle patterns typical of our owners.”

So are there any drawbacks to the current trend? Perhaps the law of diminishing returns. “Delivering such a high-end product can be a double-edged sword,” Kinney says. He notes that while MVCI is “always striving to be an innovative force in the industry and are delivering a product that elevates the standard,” MVCI owners “have high expectations that we are held to, including experiential resort amenities such as golf and
spa offerings.”

Orlando-based Matt McDaniel has been writing about the shared ownership industry since 1997.

Refinancing Crisis, Erosion of Property Values, Pending Tax and Climate Change Bills Lead The Real Estate Roundtable’s Policy Concerns

Kicking off its 2010 fiscal year, The Real Estate Roundtable in July welcomed a new board of directors and committee leaders, while vowing continued efforts to address a variety of national policy issues such as the credit crisis, environmental “sustainability,” tax, and other policy issues affecting the health of the real estate sector and overall U.S. economy.

Leading the 21-member board in FY10 will be Daniel M. Neidich, co-CEO of New York-based Dune Capital Management LP. Mr. Neidich succeeds Hilton Hotels President and CEO Christopher J. Nassetta as chairman of The Real Estate Roundtable, a 10-year-old policy organization. The board includes top executives from national real estate firms representing various property types (e.g., office, industrial, multifamily, hospitality and retail) and entity classifications (e.g., privately-held and publicly traded). Six national real estate trade associations (out of a total of 16 that hold membership in The Roundtable) are also represented on the board in any given year.

“I am proud to take the helm at The Real Estate Roundtable, which faces a number of important policy challenges in the year ahead — the most significant of which is the ongoing liquidity and refinancing crisis that is forcing real estate owners into bankruptcy and pushing up delinquency rates on commercial mortgages,” said Neidich.

Immediate Past Chairman Nassetta noted that “The real estate industry’s continued, unified efforts on the policy front, involving The Roundtable’s new leadership, CEO-level membership and national partner organizations, will ensure that policymakers fully understand how their decisions affect real estate markets, which are so closely interconnected to the health of the national economy.”

Roundtable President and CEO Jeffrey D. DeBoer added, “With so many significant policy issues now under consideration by the Administration and congressional policymakers, The Roundtable will continue to present practical solutions to complex issues based on fact-based analysis, supported by industry leaders and experts.”

In addition to Neidich, Nassetta and DeBoer, the FY10 Roundtable board includes: Roundtable Secretary Robert S. Taubman, who is chairman, president and CEO of Taubman Centers, Inc.; Roundtable Treasurer Jeffrey Schwartz, chairman of Global Logistic Properties; John C. Cushman, III ,chairman of Cushman & Wakefield, Inc.; Michael Fascitelli, CEO, Vornado Realty Trust; Thomas M. Flexner, Global Head of Real Estate, Citigroup; James L. Helsel, Jr., partner, RSR Realtors LLC and treasurer of the National Association of Realtors (NAR); C. MacLaine Kenan, executive director, Arcapita, and chairman, National Association of Foreign Investors in Real Estate (AFIRE); James L. Lewis, president, Disney Vacation Club and chairman, American Resort Development Association (ARDA); Roy Hilton March, CEO, Eastdil Secured; Constance B. Moore, president and CEO, BRE Properties, Inc., and chair, National Association of Real Estate Investment Trusts (NAREIT); James A. Peck, senior director, CB Richard Ellis, chairman, BOMA International; Ronald R. Pressman, president and CEO, GE Capital Real Estate; Scott Rechler, chairman and CEO, RXR; William C. Rudin, president, Rudin Management Company, Inc.; Richard Saltzman, president, Colony Capital; L. Peter Sharpe, president and CEO, The Cadillac Fairview Corporation LTD, and chairman, International Council of Shopping Centers (ICSC); Douglas W. Shorenstein, chairman and CEO, Shorenstein Company LLC; Martin Stein, Jr., chairman and CEO, Regency Centers Corporation.

The Roundtable’s current policy agenda includes a “Five Point Plan” for restoring liquidity to the credit market. In recent months, several of the recommended steps in the plan have been enacted or implemented. However, in The Roundtable’s view, additional policy action is needed to facilitate loan workouts and restructurings (e.g., through temporary changes in the tax rules governing real estate mortgage investment conduits [REMICs]); and an overhaul of policies governing foreign investment in U.S. real estate (FIRPTA). “The debt markets, including the CMBS market, are still generally dysfunctional, transaction volume remains at virtually zero, and commercial property values remain under downward pressure,” said Neidich who spent 25 years at Goldman Sachs before becoming chairman and co-CEO of Dune Capital in 2003.

In recent testimony, Federal Reserve Board Chairman Ben Bernanke and U.S. Treasury Secretary Tim Geithner both acknowledged the lack of credit capacity and deterioration in commercial real estate markets. Additionally, Joint Economic Committee Chair Carolyn Maloney (D-NY) held a July 9 hearing on commercial real estate liquidity and market conditions at which The Roundtable’s DeBoer testified.

The Real Estate Roundtable is unique in its focus on “big picture” policy issues affecting the national economy and overall real estate industry. It also is the only advocacy group in Washington that brings together chief executives of top U.S. real estate entities (representing all market segments, asset classes, ownership vehicles and capital structures) with the leaders of 16 national real estate trade associations to develop broad-based industry perspectives on key public policy issues. For more information: www.rer.org.