Fairmont Resort Properties Ltd.

 

FAQ's

What is vacation ownership?

Vacation ownership offers consumers opportunities to purchase fully-furnished vacation accommodations sold in a variety of forms – weekly intervals and points-based systems. A one-time purchase price and payment of a yearly maintenance fee buys purchasers their own vacation – either in perpetuity or for a predetermined number of years.

How does vacation ownership work?

Each unit of a vacation ownership resort is divided into intervals – either by the week or a points equivalent. Each unit is sold separately. Unit prices vary accordingly to a variety of factors – size of the unit, resort amenities, location, and season. Unit owners share the use of their unit and the common grounds of the property, and monthly maintenance fees go toward maintaining their unit and the common grounds.

Timeshare and vacation club owners enjoy unparalleled flexibility through vacation exchange programs. Owners are often able to travel to other popular and luxurious destinations around the world. Emerging trends in vacation ownership properties extend today to hotels and resorts in major cites, adventure resorts, and gaming resorts.

Why pay now for future vacations?

Consumers lock in the purchase price of accommodations helping to assure future vacations at today's prices. One vacation club projects up to a 70 percent savings on future vacations. Most will pay for themselves in about five years. Current timeshare owners often cite the cost effectiveness of vacation ownership and the flexibility offered as reasons for purchasing.

What are the advantages of vacation ownership?

Vacation ownership provides the space and flexibility to suit the needs of any size family. Unlike a hotel room or rental condo which requires a payment for each use and often escalates in cost every year, vacationers make a one-time purchase to lock in today's price. Therefore, ownership provides substantial savings on the escalating cost of vacation accommodations year after year, for the lifetime of their ownership, while enjoying all the comforts of home in a resort setting.

Amenities of vacation ownership rival those of top-rated resort properties both in on-site facilities and nearby sporting, recreational, and social activities and opportunities. The properties are well-staffed with well-trained hospitality professionals and some even offer concierge services.

Vacation Ownership Terminology

  • Assessment or Maintenance fee - A fee that timeshare owners are required to pay, usually on an annual basis, to cover the costs of running the resort, including daily management, upkeep, and improvements.
  • Banking or Deposit - Depositing a week of timeshare into an exchange system or inventory pool.
  • Biennial Ownership - Allows use of ownership product every other year. Costs less than annual ownership at comparable resorts.
  • Exchange Company - The system that allows timeshare owners to trade the accommodations they own for comparable accommodations. Most resort companies are affiliated with an exchange company. Also many resort companies offer an internal exchange mechanism that allows owners to exchange to resorts within their company's portfolio of resorts.
  • Fixed Time - A unit is purchased for a specific week during the year.
  • Floating Time - An owner must reserve use in advance on usually a first-come, first-served basis. Price differences are often based on demand within each season.
  • Fractional Ownership - Owners purchase a large share of a vacation unit, usually from five to 26 weeks.
  • Home Resort - The resort location where a new purchaser owns his or her week or designated as the home resort in a club or points-based program. Ownership is usually tied to this home resort and generally involves priority reservation rights in that location.
  • Interval - Vacation ownership as measured by set number of days and nights of annual use, usually one week.
  • "Lock-off" or "Lock-out" Units - Allows owners to occupy a portion of the unit and offer the remaining space for rent or exchange.
  • Points-based Programs - An owner purchases points representing either a travel and use membership or a deeded real estate product. Points are used like currency to access various accommodations. Points are valued according to unit size, season, resort location, and amenities.
  • Private Residence Clubs (PRC) -  Are fractional real estate interests presented through the club format. Exclusive with high levels of service and amenities for the elite.
  • Vacation Club - Usually involves providing flexible use of accommodations in multiple resort locations.

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