TABLE OF CONTENTS After studying this chapter you should be able to:
understand the general history of the lodging industry relating to the proliferation of the timeshare real estate market.
understand regulatory laws in the planning and development of timeshare resorts.
apply input-output models for resort development purposes.
critically discuss the multiplier effect in the resort development process.
As noted throughout this text, the timeshare real estate industry continues to grow at an unprecedented rate and as such contributes significantly to regional and national economies (ARDA, 2004a and b). These national and global reports as sanctioned by the American Resort Development Association (ARDA) are important for a variety of reasons, especially as regards an understanding of the consumer's increasing desire to own private land. This is an important consideration because the United States has a long history of private ownership of land and material goods, which is touted to be the people's inalienable right (McMahon, 1989). This pursuit of ownership in combination with prestige and pursuit of a lifestyle which is designed to reward the consumer for a life of hard work has fostered the timeshare industry's tremendous growth.
The sheer magnitude of the real estate industry and all the activity it generates is impressive. The larger real estate industry, which is one of the most lucrative in the world, consists of many different sectors from real estate development to real estate investment. Associated with the growth of a real estate market are natural product extensions, changes in design and...
