Layoffs Coming at Westgate Timeshare
Tuesday, September 30, 2008
In the midst of much positive news about the stability of the timeshare industry and how, in many cases, timeshare sales seem to be anchoring the finances of major hoteliers, a timeshare leader, Westgate Resorts has announced company layoffs. According to an article that appeared in the Orlando Sentinel, Westgate timeshare resorts will lay off hundreds of workers.
In an article that ran on Sept 29, the Orlando Sentinel says, “Company President David Siegel said Friday that Westgate is facing a financing squeeze that came on with the suddenness of a “heart attack.” He blamed the national financial meltdown and said until the situation in Washington straightens out, Westgate and all other time-share companies likely are in for very hard times.”
According to the article, timeshare sales will be shut down for some of the 28 Westgate timeshares, located in 11 US states, although Westgate timeshares’ founder, David Siegel did not comment on how many people would be effected or an exact date when the layoffs would begin.
Siegel sums up the situation like this: “Westgate is managing to pay all its bills and will continue to meet all its obligations. But he said there is no money for new business. We’re having a record year. We’re in the most profitable year in our history and the banks are freezing our money. So we have no choice. In order for our company to survive we’re going to downsize until the money starts flowing again.”
Westgate timeshare is currently the seventh largest employer in Central Florida, employing 8,113 people in Central Florid and more than 10,000 nationwide.
For more information about the history of Westgate timeshares and David Siegel’s skills at empire building, follow these links to past The Timeshare Authority posts:
