Orlando, Florida – Timeshare owners are desperate to come to the Cayman Islands, according to a top executive.
Neil Kolton is the director of sales and service for Caribbean and Florida and he told the Caymanian Compass that since the inception of timeshare in the territory there has been historically “high demand”.
“We simply cannot get enough inventory,” he said.
“There is huge demand. We would like to see more growth opportunities because the demand is off the charts and [at the moment] we often have to rent inventory from hotels.
“The only way to get [timeshare club] members there right now is to rent outside our network and we do a lot of that in the Cayman Islands.”
Mr. Kolton also said that his company still saw the Caribbean as a key market and was continuing to affiliate with new properties and developments. Mixed use projects – part hotel, part timeshare – were being added to the timeshare management company’s portfolio, he said, although it would take time to “see critical mass,” therefore this was a continual process.
He also noted that most islands in the Caribbean did not have dedicated shared ownership legislation. This meant that investors were wary of coming into a market with such risks.
“Governments need to look at creating a framework for developers to play by. The demand is there from members; but to bring in new capital will need new framework,” he said.
Some elements included a recision period in place in order that buyers could reverse their decision for a certain amount of time if they had second thoughts. Funds could also be held in escrow pre-construction, Mr. Kolton said, in order that monies would not be reallocated to other aspects or items.
Finally, in the event of bankruptcy should a project fail, it was vital that use rights bought by timesharers were honoured, he said.