Owners’ Coalition Clarifies What Comes Next for Legacy Resorts
June 6, 2017 – The ARDA-Resort Owners’ Coalition (ARDA-ROC), a non-profit organization representing over 1.6 million timeshare owners with the mission of protecting and enhancing vacation ownership, has provided legislation that supports sustainable tools for older, or “legacy”, resorts and its owners in Florida. Effective immediately, the new law will allow timeshare Homeowners’ Associations (HOAs) to effectively manage terminated resorts, provide reasonable processes for older resorts to continue to thrive, and clarify the property rights of timeshare owners.
“Florida timeshare owners need to know what comes next for their older, but beloved resorts. This legislation will give associations the proper guidance when deciding the next step of the resort’s lifecycle,” says Chris Stewart, State Affairs Managing Director for the American Resort Development Association and ARDA-ROC.
Dozens of legacy resorts in Florida, and a corresponding estimated 300,000 owners, have timeshare plans that are set to expire within the next few years. In many cases, little or no guidance was available for these resorts to continue operation, or move them into the next phase of their lifecycle. This legislation gives owners the opportunity to extend the timeshare plans on legacy resorts through practical changes in voting requirements. For timeshare plans that will terminate, it allows the HOA board to continue to act as representative of the owners in order to handle post-termination activities. Lastly, the bill clarifies language regarding each owner’s right to dispose of their timeshare as they choose.
Since the timeshare industry’s earliest days, Florida has been a leader in the development of timeshare as a vacation option, acting as a bellwether for advancements to the industry’s product, structure and regulation. This legislation solidifies ARDA-ROC’s continued leadership in supporting Florida as an industry pioneer, especially when dealing with lifecycle issues for older resorts.
The timeshare industry is a vital part of the state’s hospitality and tourism community and continues to make significant contributions to the local economy. In 2015, the Florida timeshare industry produced 106,158 jobs, $14.9 billion of economic output, $5 billion in labor income, and $865 million in state and local tax revenue.
For more information on ARDA-ROC’s continued efforts to help provide sustainable resources for legacy resorts and HOAs, visit www.ard-aroc.org
About ARDA-Resort Owners’ Coalition (ARDA-ROC)
The ARDA-Resort Owners’ Coalition (ARDA-ROC) is a non-profit entity funded by over 1.6 million individual timeshare owner’s voluntary contributions, and is dedicated to preserving, protecting, and enhancing vacation ownership. ARDA-ROC is an alliance of owners, developers, and managers who are committed to advocating for local, state, and federal policies that enable the vacation ownership industry to thrive. For more information, visit www.ardaroc.org.