Wyndham Wisdom

A Slice of the City

Experts in timeshare development agree that the demand for city locations is huge. "There has always been a large segment of the population that prefers to vacation in urban environments, rather than at a beach or mountain resort," says veteran consultant John Sweeney, president of Global Resorts in Las Vegas. "For those people, retail, dining and entertainment take priority.

"What adds to the appeal is that urban locations are easy to get to because of good air service," says Sweeney. "In fact, the average length of stay is usually shorter due to that ease of access."

BRIGHT LIGHTS
Scott Berman, a principal with the consultants PricewaterhouseCoopers, believes that urban timeshares can provide just as much sizzle as resorts in Hawaii and Florida. "Most buyers are interested in the leisure element," says Berman. "There's also a corporate component made up of companies whose employees return to the same city every year for special events, fashion shows, theater or sporting events." And, he says, "Even those who own at a resort like to have the option of periodically exchanging for an urban vacation." Berman also points out that urban timeshares are less dependent on seasonality: A city can be more appealing in winter, for example, when cultural activities are in full swing.

AND COUNTING
Urban properties currently represent 7 percent of all U.S. timeshare resorts, and that number is growing. Most are geared to such major gateways as New York City, San Francisco and Miami. Says Berman, "Every timeshare developer would like to have a presence in New York to round out their portfolio."

While the economic downturn has dampened development of all kinds, Sweeney sees an opportunity for urban timeshares. "One reason that urban timeshare hasn't grown more quickly," he says, "is because hotels were enjoying high occupancies and rates. Now that hotels are struggling, it might be a good time to convert hotel rooms."

HELP DESK
John Sweeney believes that there's a natural link between urban timeshare and hospitality. "The consumer who likes the urban vacation experience is one who also enjoys the high-quality service you find in a good hotel. In fact, the best urban resorts should offer the same elements as a luxury hotel, like a top-notch concierge and a location in the heart of the action."