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Timeshare Thrives
June 26, 2008 by Fractional Property Ownership, Timeshare & Luxury Travel Magazine · Leave a Comment
Across the country resort developers are putting new projects on hold and trying to figure out how to salvage sales of projects already under construction. But a timeshare developer from Florida, David Siegel, CEO of Westgate Resorts, is setting record sales in what others would consider a down market.
“If I did not read the paper I would think our economy is booming,” said Siegel. “Our occupancy is up and sales continue to surpass the records we set in 2007 when we exceeded $1.1 billion in revenue.”
The past 30 year history of the timeshare industry is ripe with examples of how resilient this business is during periods of economic or domestic uncertainly, and Westgate has consistently led the industry in growth each year. In fact, after the September 11th attacks virtually crashed the tourism market in destinations like Orlando and Las Vegas, the timeshare industry showed solid improvements in both occupancy rates and sales. Many industry experts credit timeshare for buoying the local tourism-related businesses in a period when hotel occupancy rates dipped below 20% at these destinations.
“Gas prices are at an inflation-adjusted high and food prices have skyrocketed. But people still want to vacation; they’re just looking for someone to make it affordable,” explains Siegel. “The fact that we can offer them five-star luxury at a price they can afford is the thing that sets us apart.”
As the visionary founder and CEO of Westgate Resorts, David Siegel has spent the last 25 years developing high-end family resorts in vacation destinations across the nation, growing his company from one resort in Kissimmee, Florida to 28 resorts across the United States. “The best memories I had growing up were vacationing with my family; it has always been my mission to replicate the great memories I had for the over 400,000 families that visit our resorts each year.”
Next month Siegel will celebrate the topping off of his $1.2 billion Las Vegas property-PH Towers by Westgate. Much of the celebration, however, will be had by the local businesses and individuals who have benefited from Siegel’s success. A project of this magnitude has a tremendous impact on the local economy. When Westgate develops a project, it translates into hundreds of jobs for the local community and millions of dollars in additional revenue for area businesses. “In places like Orlando and Las Vegas, we buy a significant amount of attraction tickets, hotel rooms, and other local goods,” explains Siegel. “More importantly, we create thousands of permanent annual
visitors who will return each year and spend their vacation dollars. We value our local partners and the communities in which we live and work.”
About Westgate Resorts:
With 28 resorts and over 400,000 owners worldwide, Westgate Resorts is the largest privately owned timeshare company in the world and one of the largest resort developers in the United States. The company, founded in 1970 by David A. Siegel, provides affordable luxury vacation accommodations and exchange opportunities through exclusive affiliation with Interval International, which offers worldwide travel solutions at over 2,000 resorts in over 65 countries. More information is available at www.westgateresorts.com
You can also read an exclusive interview with David Siegel in the June Edition of Perspective Magazine, the timeshare and shared ownership industry’s leading independent publication globally.
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