Westgate Timeshare

In yesterday’s The Timeshare Authority Blog, we reported on recent comments and releases by Marriott timeshare, Westgate Resorts timeshare, and Wyndham Hotels and timeshare. Today we are following that timeshare blog post with news of an announcement by Wyndham timeshare that they will be scaling back their timeshare business.

According to an AP release that appeared on Yahoo Finance and other news outlets:

When any company says they will ‘shift their sales and marketing efforts to consumers with higher credit quality’, you have to wonder what that says about their past practices. Are some timeshare development companies guilty of the same types of behavior that led mortgage companies to extend credit to subprime consumers? What does a company have to gain by writing loans to customers who may not have the income and creditworthiness needed to carry the debt? The answer is simple: loans equal assets. Assets enable a company to borrow money, expand, or generally improve the look of their portfolio.

If Bill and Mary’s Bakery lets you buy donuts on credit, then the loan document that defines your credit obligation has a value to Bill and Mary as a source of incoming cash. And when Bill and Mary want to splurge on colored sprinkles, they can go to the bank and show your debt document as part of their own security needed to incur debt themselves.

But if you can’t afford to pay your donut debt, then all the lender holds is bad paper.

When you don’t pay Bill and Mary on time, then they in turn can’t pay the bank. And pretty soon, legislators are called in to write a bakery bail-out bill.

Let’s hope the reason some of the big timeshare companies are feeling the impact of the economic downturn is because of the cost of gas and increases in the price of durable goods, and not because they have been playing their own version of the subprime lending game. And if you don’t want to be caught up in any portion of the game, consider buying timeshare on the resale market, dealing directly with the person who owns it. Dollars to donuts, you will always find the best values in timeshare on the resale market.

As you already know, on Friday, Congress voted to pass the revised, reworked, and augmented version of the $700 billion plus plan designed to bail out the US economy. America as a nation was divided, was this the solution? The right solution? Were we trading one set of problems for another?

And while you may think it’s our only choice, or you may see it as a plan for disaster, I thought you might be interested in these comments from some of the executives in the hotel and timeshare industry.

Wyndham Worldwide Hotels and timeshares

Forbes reported that Wyndham CEO Steve Holmes told Reuters last Wednesday, “all that matters is that Congress needs to come together and pass a bill that addresses the immediate problem.” Source: Forbes.com

Marriott Hotels and timeshare

Following up on Marriott’s conference call with investors last Thursday, Forbes reported that Marriott CEO Arne Sorenson said, “We urge the ranking members of both parties to develop and enact a comprehensive stabilization plan. It is important that the plan be big and enacted very, very soon. There are thousands, maybe tens of thousands of jobs at stake in our company alone, and we are typical.” Sorenson’s comments followed the release earlier in the week of Marriott’s third quarter report, which showed quarterly profits down by 28 percent. Source: Forbes.com; time.com

Westgate Resorts Timeshare

After massive layoffs last week at Westgate Resorts, the company’s Executive VP of Sales and Marketing released the following YouTube videos, expressing his support for the bailout. In the videos, he speaks to the people he calls the ‘95% of Americans who are against the bailout because they do not understand it, and why the bailout is exactly what is needed’. This link takes you to Gissy’s video Part I, (7 plus minutes). If you want to view Part II (another 10 minutes), you can find it at: http://www.youtube.com/watch?v=31trCMcPoRQ

The full text of the bailout bill is available at the Huffington Post, in case you want to see it for yourself.

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:

• When The Economic Slump Hits Vegas, Even Casinos and Timeshares Worry
• Timeshare Resort Mogul Found Guilty of Sexual Harassment
• Timeshare Resort Mogul Found Guilty of Sexual Harassment – Part II

The Sell My Timeshare NOW HOT 100 List gives you an excellent opportunity to compare two outstanding Florida timeshare resorts, back to back. Yesterday, The Timeshare Authority profiled HOT 100 List timeshare resort number 62 – the Vacation Village at Parkway. Today we are looking at HOT 100 List timeshare resort number 61 – the Westgate Town Center.

Both of these two popular timeshare properties are located in Kissimmee, Florida, which is just to the south of Orlando and perfectly situated for visiting all the Orlando theme parks and attractions, while bypassing much of the local Orlando traffic. Getting to the Westgate Town Center is easy. This Florida timeshare resort is less than 25 miles from the Orlando International Airport. Taxi service from the airport ranges from $43 to $60 or from $25 to $44 for shuttle service. (Since the price of gas fluctuates these days, rates can vary. Visit the ground transportation page for the Orlando International Airport for the latest prices and contact information for transportation providers.)

If you are visiting the Westgate Town Center timeshare resort by car, you will find it easy to reach by taking I-4 West to exit 64B, (that’s the US-192 West/Walt Disney World® exit). The timeshare is only one-quarter mile from this exit.

Once you arrive at the Westgate Town Center timeshare, you may never want to leave – not even to enjoy some of the Florida vacation fun you came to experience. This family-friendly Florida timeshare resort has a fitness room, numerous swimming pools, tennis, volleyball and basketball courts, picnic areas, miniature golf, a children’s activity center, and an arcade. While the theme parks are nearby, the resort has so much to offer that it can be a vacation within itself.

Your Westgate Timeshare Villa

The Westgate Town Center offers timeshare villas of all sizes from studios, to 2, 3, and 4-bedroom timeshare units. Most include fully equipped kitchens (kitchenettes in studio units), large-screen TVs, washer and dryers, whirlpool tubs, and balconies or a patio.

According to the floor plans available from Westgate timeshares, your studio unit at Westgate Town Center timeshare includes a queen bed and a sleeper sofa. Two-bedroom timeshare units offer a king bed, 2 double beds, and a queen sleeper sofa. In three-bedroom timeshare units you will have 2 king beds, 2 double beds, and 2 sleeper sofas. And lastly, in the uber-spacious 4-bedroom timeshare units that offer 2522 square feet of living space, you will have 3 king beds, 2 doubles and 3 sleeper sofas – which translates to room enough for 16 people to relax, spread out, and enjoy their holiday time together.

Which Florida Timeshare Resort is Right for You?

The good thing about Florida timeshare is that there are so many of them. But this is also what makes picking one such a challenge. After you look at your needs for space and on-site amenities, you have to consider if you plan to exchange your timeshare unit or visit the same one on a regular basis. Fortunately, the affordable prices of timeshare resales makes it easy for you to buy timeshare or even buy multiple Florida timeshares to enjoy, exchange, or even use as timeshare rentals.

The timeshare resales and timeshare rentals experts at Sell My Timeshare NOW can help you get started today. It is easy to shop the inventory of available Orlando timeshare, Kissimmee timeshare, or timeshares throughout the Sunshine State. The only thing you’ll have to do is pick one!