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Big transitions ahead in 2017 – By Jeff Weir, for Timesharing Today

timeshare

Consolidation.  Growth.  Unsolicited calls from travel clubs.  Increasing maintenance fees.  Turbulence in the resale market as older owners drop out.  Plus, big changes in Washington, D.C. (and elsewhere) that could impact the entire timeshare travel universe.

With all apologies to the cliché about death and taxes, there are a half-dozen trends, at least, that are guaranteed to impact timeshare owners in 2017.  Based upon our interviews with industry leaders, board members and regular timeshare owners, here is a glimpse of 2017 — in advance.

Money talks

Maintenance fees, a subject every owner likes to complain about around the hot tub, will increase on average 2-5% in 2017, with most of the increases due by the end of January.  At many legacy resorts, the increases may go much higher as HOA boards try to offset the double-downside of increasing delinquencies with an urgent need to renovate older units and onsite amenities.  Legacy resorts that DON’T or WON’T increase maintenance fees may be headed for a rougher landing, in several years, when they try to mix the value of timeshare vacations with an ugly business reality — bankruptcies and shutdowns.  Conversely, HOAs that are not staying competitive in the timeshare market, may become takeover targets for well-funded companies, public and private, that are eager to pick up inventory — even at dilapidated resorts — to feed their trust inventory.  This enables the buying companies to continue selling timeshares at high retail prices — $25,000 or more for a week of usage, according to our most recent survey — even if the inventory they are stockpiling in their trusts, for pennies on the original dollar, may be resorts that have minimal value.  In the trust inventory world, where individual intervals are tied to points instead of specific real estate, every interval looks like a penthouse in Hawaii, and that’s how developers sell it.

Consolidation continues, along with modest growth

The timeshare developer industry appeared to enjoy modest growth in 2016 following a 9 percent increase in sales in 2015, according to annual studies conducted by the American Resort Development Association.  That makes seven straight years of growth since the financial crisis of 2008.  That progress is expected to continue in 2017, incrementally, unless an economic crisis or an international political event, such as a war, changes everything, depresses the travel industry and makes people stay home.

ARDA’s 2016 economic report also provided the following snapshot of an industry in transition.  The average sales price for a timeshare interval in 2015 was $22,240, with 54 percent of all sales going to existing owners (many for upgrades).  Timeshare occupancy rose 2 percent to a robust 80 percent, compared to 60 percent in the hotel industry.  The timeshare universe included 1,547 resorts where 70 percent of all units offered two bedrooms, or more.

These milestones suggest a healthy industry going forward even as some older resorts approach potential shutdowns or buyouts.  A major restructuring is also taking place as healthy companies — the big brand names — expand their inventories, purchase other clubs and consolidate their influence over the market.   Consolidation brought about big changes in 2016 — and more changes are ahead.  Equity giant Apollo Global Management LLC bought Diamond Resorts for $2.2 billion and, recently, announced the Dec. 31 departure of CEO David Palmer.  ILG (formerly Interval Leisure Group) added the Hyatt, Westin and Sheraton vacation clubs to its stable of holdings while Hilton Grand Vacations and Marriott Vacation Club spun-off from their parent companies to offer timeshares on their own.  The Marriott hotel chain, which bought the hotels formerly owned by Starwood, announced a grand total of 30 brands in its hospitality chain.

ARDA President and CEO Howard Nusbaum contends that consolidation is a predictable and heathy indicator for an industry that has proven its value (over 40 years) and still attracts new investors and consumers.  “This is a natural iteration of a healthy business,” Nusbaum said.  “We have well-capitalized players who are going to look for more synergies through acquisitions.  Frankly, I would be nervous if we weren’t consolidating.”

Marketing challenges for millennials

At the same time, the major timeshare brands are struggling to find a winning formula that will bring millennials into timeshare presentations.  So far, the youngest generation of monied travelers (the oldest millennial is 36) prefers spontaneous, short-term, AirBnB-like vacations, not weeklong stays at the same resort.  And they appear extremely leery of, if not hostile to, lifelong purchase contracts.

“Every focus group we’ve done shows that lifestyle trumps generation” Nusbaum said.  “We are seeing younger purchasers over the past 36 months, where the average age is 42.”  Bottom line, Nusbaum is confident that more and more younger buyers will embrace timeshares when they discover the myriad options that come along with ownership — including spontaneous timeshare escapes to New York, Washington and other urban areas.

For now, though, capturing the elusive millennial is a work in progress that will continue to unfold in 2017.

Secondary market will continue to struggle

The secondary timeshare market — with resale inventory outstripping demand — is expected to continue struggling in the new year despite efforts by some companies to devise “exit programs” that will enable longtime owners to get rid of their timeshares without being scammed by third-party companies that, for the moment, aggressively pursue elderly owners.  Wyndham’s Ovation program is the leader in this field, so far, because it offers owners a safe, secure and no-cost way to divest themselves of their timeshares.  The demand for more Ovation-like programs will build as more and more original timeshare owners age-out of their timeshare travel.

The emergence of travel and vacation clubs, which are not regulated and susceptible to abuse, will also impact owners seeking exit strategies.  Many travel clubs are stockpiling inventory to create their own business franchises, while simultaneously selling exclusive vacation packages.  They solicit owners directly but also work with legacy resorts. Legitimate travel clubs tend to have working arrangements to recycle inventory with developers and legacy resorts.  The “ill-intended players,” as Nusbaum described them, are hit-and-run specialists that prey on longtime owners.

“Everybody is rooting for the secondary market to be healthy,” Nusbaum said. “Developers realize that recycling inventory is important.  The quality resellers and realtors need to work together to create more opportunity. I believe it will continue to get better.”

President Trump also promises to change things

Donald Trump’s election as president is the final wild card for timeshare developers and owners in 2017.  During his campaign, the Republican Party adopted a platform that included a promise to dismantle a below-radar federal agency — the Consumer Financial Protection Bureau, which is currently investigating numerous industries and at least one timeshare company, Westgate Resorts.  Created by Congress in the aftermath of the subprime mortgage crisis of 2008, the CFPB investigates complaints about financial credit and loan programs that may defraud consumers.  It is singularly responsible for exposing the Wells Fargo Bank sales scandal that triggered the ouster of the bank’s president and led to a congressional investigation.

While not focused on the timeshare industry as a whole, the CFPB is looking at Westgate’s practice of financing owners’ timeshare purchases, a program which is common within the industry.  Using its subpoena powers, the agency has been investigating Westgate’s overall business practices, including sales representations, since the fall of 2015.  Business groups say the CFPB is too aggressive and should be reigned-in by an independent commission.  Consumer groups say it is doing a great job. Trump’s chief of staff, responding to Republican calls to regulate the regulators at CFPB, said recently that the next president would unveil his regulatory reforms as soon as he finishes picking a Cabinet.

At TimeSharing Today, your opinion really does count. What are your views about the state of the industry.  To comment, please email staff@tstoday.com.  Subject: Industry

It’s time to pay attention

Pay Attention Post Image

By Shep Altshuler

There are changes in the dynamics taking place in the timeshare industry that can impact hundreds of thousands (perhaps millions) of owners and their resorts. It’s now more important than ever for owners of legacy resorts and their boards of directors to keep a careful eye on what is going on.

For many legacy resorts, time may not be on their side. We have already seen several owners associations that have come to the reality that they are no longer financially viable and may have to wind down or repurpose their resorts.

One example is the Forest Glen Inn Resort in North Conway, NH. The board of directors and its resort manager have been finalizing the process of preparing a termination of the timeshare plan and selling the property to a hotel operation. TimeSharing Today was advised the resort planned to cease daily operations on December 30, 2016.

The resort published its “Plan for marketing and sale of the Inn and the termination of Declaration of Covenant, Conditions and Restrictions and the liquidation and dissolution of the Association.”

It can be a very scary proposition for timeshare owners who are not being kept informed of the realities about the financial condition of their resort. The problems are compounded by owners who simply fail to pay attention to information that is being made available to them. In the case of the Forest Glen Inn, the process of winding
down was effectively managed. The Inn also published information on its website.

More repurposing
Another example of managing change is the Plaza Resort Club in Reno, NV. The resort was originally built as a hotel. Then, 36 years ago, a developer saw the property could be better served by converting it to a timeshare. That transition turned out to be successful.

In recent years, the board of directors recognized that the decline in dues-paying owners had increased to the level that action had to be taken.

An investor was found to help clear titles to enable repurposing the property from a timeshare back to a hotel. There were significant challenges in clearing the titles, but the process is being well managed and should be concluded in early 2017.

TimeSharing Today also recently learned about a resort in Ocean City, MD, that has gone through the process of winding down the timeshare and the property has been resold as wholly-owned condos.

These case studies are examples of positive outcomes. They are positive because proactive boards of directors made careful analyses about the sustainability of the resorts as timeshares.

The boards took the steps necessary to keep their owners informed and were able to then act in their own best interests. It’s not easy to wind down or repurpose a timeshare resort, but if steps are not taken, chaos can occur and negative outcomes can be extremely painful.

Hostile takeovers
Hostile takeovers can hit you and your resort by surprise. Several major timeshare management/vacation clubs have realized that certain legacy resorts have inventory that can increase their value proposition to their club members. Some have been gobbling up deeds of foreclosed units, have made online purchase on eBay or other websites, have acquired deeds through trade-in deals, or have acquired owners’ association controlled inventory. Their objectives, in some cases, are to gain control of the board of directors and impose themselves as the management companies.

Some associations that were not tracking the title transfers were taken by surprise and the original owner board members found themselves out on the street. The owners then found themselves dealing with a new management regime and culture.

One resort that has been effectively resisting a hostile takeover is the Tahoe Beach and Ski Club in South Lake Tahoe, CA. It makes an excellent case study. Writer Jeff Weir told us about this conflict (Nov/Dec, 2015 pp. 20-22) and updates its status on page 39 of the Jan/Feb 2017 issue.)

What should you do?
Pay attention. Evaluate the financial condition of your resort. Read your governing documents, budgets, and financial statements. Research how many nonrevenue-generating deeds are held by the owners’ association. Get in touch with your resort, attend owners’ meetings and vote. Sunset provisions in the governing documents of many resorts may call for a vote of a majority of the owners to decide if the timeshare plan is to continue or is to be terminated.

Many resorts have already taken action; some may be planning to act so as not to miss the required deadlines. Unfortunately, others are ignoring the issue.

A significant number of these sunset provisions will kick in within the next three to 10 years. A lot can happen if the owners do not act. Industry experts agree that chaos may result in the event the owners become tenants in common. (Not sure what tenants in common means to you as a timeshare owner? Ask your attorney. You can also get a formal definition at
http://legal-dictionary.thefreedictionary.com/tenancy+in+common).

Make sure your board of directors and resort manager are aware of the Timeshare Board Members Association. TBMA was formed to provide them with education, resources, and solutions. Every board member and manager should attend TBMA meetings. The key issues facing legacy resorts and details about TBMA’s next meeting scheduled for May 21-23, 2017, in Providence, RI, can be found at www.tbmassoc.org.

An interesting video about case studies and the need for board members to be proactive can be viewed on TST Broadcasting at https://www.tstodayjoin.com/resort-management-marketing-november-8-2016/.  It presents perspectives from the recent TBMA Conference in Tucson, AZ.

Your opinion about this editorial is important. Make it count.  Email comments to: staff@tstoday.com  Subject: Pay attention.

Shep Altshuler is publisher of TimeSharing Today and president of the Timeshare Board Members Association.

Trolling for Votes and Control

Several developers have adopted deed back programs whereby owners at selected resorts are able to turn back their deeds, sometimes at a cost to the owner. Those developers are also aggressively acquiring defaulted timeshares that are being sold at auction or that can be found online at distress sale prices. The economic motives for this are clear. It is more cost-effective to convert existing timeshare properties to a developer’s points/vacation club than it is to build new projects.

Another developer strategy is to acquire enough voting rights to displace the bona fide owner-board members with developer-controlled board members. Board control empowers the developer to manage maintenance fees, special assessments and management costs.  They then end up with revenues gained through management fees and inventory to feed their vacation clubs.

The prime targets for these activities are legacy resorts and legacy owners. Other targets are the board members who have served to protect the interests of those legacy owners. We have seen developers in court battles with boards of directors and recently, TimeSharing Today has learned that two board presidents at different developer-controlled resorts have been ousted by the new “puppet” boards of the developers. Those board members do not have access to the owners lists to inform them about what is taking place.

Developers argue that the legacy resorts they target need higher maintenance fees to ensure adequate reserves for needed upgrade the resorts to bring them up to the standards of their vacation clubs; new owners get the quality amenities and services that are consistent throughout their properties. This argument, in certain situations, can be valid.

The questions for legacy owners are they:

  1. Informed about what is going?
  2. Getting hit with surprise special assessments and maintenance fees?
  3. Being coerced to convert to a Points/Vacation Club during sales presentations?

To comment, send an email to: staff@tstoday.com Subject: Developer Control

Aging timeshare owners and industry dynamics – A TimeSharing Today commentary

Are you among those timeshare owners who have enjoyed many wonderful years of vacations ownership, but have now reached the point where it’s time to move on? Many owners are no longer able to travel or are living off fixed retirement income and cannot afford the expense of ownership. Some TimeSharing Today members have reported that their kids have taken over their timeshares; others have said that their kids don’t want anything to do with owning a timeshare. Some owners have said that they were successful at turning over their deeds to their resort; others advised that their resort won’t take back units. Some have said that they have successfully sold their timeshares through various sources; others have said that they can’t give theirs away for free. There are owners who have decided to suffer the consequences and not pay their ongoing obligations; others have said that they continue to pay the maintenance fees but do not use their timeshares. Some say that their resort has an onsite resale program; others say their resort doesn’t do anything about resales.

TimeSharing Today has long reported that a lack of a viable exit strategy for aging timeshare owners has created a feeding ground for scams and fraudulent transfers. Howard Nusbaum, CEO and President of the American Resort  Development Association (ARDA), said in a interview on TimeSharing Today Radio (listen to it at www.tstodayjoin.com TST Broadcasting), that he is committed to helping find an “elegant” path for owners to get out of their long term obligations. Nusbaum said that a growing number of major brand  developers are implementing various forms of deedback programs. Those reclaimed timeshares can be converted to the resorts’ points programs, and those programs are having increased appeal to new and younger buyers. Nusbaum refers to a “cultural shift” away from resort specific ownership to flexible destination vacation choices that are available through vacation club memberships. He points out that younger buyers (millenials) are gravitating towards vacation club programs and when they reach a point at which they have families, timesharing still offers they greatest value compared to other choices such as hotels that have invested in expanding a variety of suite brands.

Email your comments to: staff@tstoday.com  Subject: Industry dynamics

 

Couple Sues Gold Key Over Virginia Beach Timeshare Deal

Read the March 11, 2016 The Virginan-Pilot article “Couple claims bait and switch, sues Gold Key to get out of Virginia Beach timeshare deal” by Kimberly Pierceall at http://pilotonline.com/business/consumer/couple-claims-bait-and-switch-sues-gold-key-to-get/article_019cb544-d105-5352-8751-fbd1dc83a5a8.html

Timeshare Company Accused of Elder Abuse

by Jon Chown, Courthouse News Service, March 10, 2016

VENTURA, Calif. (CN) – An 81-year-old man claims in court that Diamond Resorts International, a timeshare club, defrauded him of $50,000 and keeps trying to get more.

Louis Wolff claims Diamond Resorts International Club and six affiliates used high-pressure sales tactics to open credit cards in his name, run up bills on them “before plaintiff even realized the cards existed,” and charge him more than $50,000 for “membership ‘services’ in DRI entities.”

Wolff sued Diamond Resorts on March 8 in Superior Court. He claims the abusive sales pitches, on the phone and in person, could last for four to five hours. And despite the $50,000 Diamond Resorts already took from him, he says, it continued to harass him for upgrades to his membership.

“He’s just a senior, with sort of the normal cognitive challenges that comes from being a senior,” Wolff’s attorney Eric Ridley told Courthouse News.  “You get to an age where you become more susceptible, more trusting and maybe a little less discerning. It’s not uncommon thing.”
Ridley said his client is typical of many people his age, and susceptible to high-pressure sales, which can be overwhelming.

Diamond International sends buses to seniors’ communities to take them to Nevada, Ridley said. And once they get a name, there will be a nonstop barrage of phone calls. That’s what happened to him, Wolff says in the lawsuit.

Diamond International says on its website that it has a different approach to selling its timeshares. It sells points, which can be used to stay in one a company resorts. Some members complain that the points seem to go down in value or disappear if they are not used quickly enough, or can’t be redeemed for anything of value.

New York Times economics specialist Gretchen Morgenson devoted a long Jan. 22 article to Diamond Resorts, under the headline: “The Timeshare Hard Sell Comes Roaring Back.”
One Diamond timeshare owner told Morgenson: “Diamond is much more ambitious, aggressive and downright nasty in their sales presentations compared to Marriott and Westin. Diamond just has an amazing reputation of being tough on people.”

A 77-year-old California woman told Morgenson that after a 5-hour hard sell, which left her “shaking,” but which she withstood, Diamond gave her a voided receipt for a $4,840 charge on her credit card: “The representatives had been so certain that she would agree to the offer that they had charged her card for the down payment – even though she had not given approval,” the Times reported.

Diamond CEO David Palmer told Morgenson he had “belligerently zero tolerance” for any of his sales representatives who “goes off script.”  Diamond reported $845 million in revenue last year, according to the Times article, which cites two other lawsuits similar to Wolff’s, one in Florida and one in California.

“I’m glad we have these consumer protection laws in California that protect seniors,” Ridley said.    Wolff seeks restitution, rescission of contract, and punitive damages for elder abuse, unfair business practices and fraud.

Diamond International Resorts could not be reached for comment after business hours Wednesday.

Attorney Ridley’s office is in Port Hueneme.

Article courtesy of Courthouse News Service, Thursday, March 10, 2016

http://www.courthousenews.com/2016/03/10/time-share-company-accused-of-elder-abuse.htm

Send comments about this article to: staff@tstoday.com. Subject: Timeshare Company Accused of Elder Abuse

Festiva Ordered to Issue Vacation and Timeshare Refunds

Tennessee Attorney General Herbert H. Slatery III recently announced a $3 million settlement with Festiva, a network of vacation and timeshare companies, for alleged violations of the federal Telemarking Act, federal Telemarketing Sales Rule, and the Tennessee Consumer Protection Act.

Under the terms of the settlement, Festiva has agreed to provide $1,250,000 in cash restitution and up to $1,000,000 in loan forgiveness for eligible Tennesseans, and make a $750,000 payment to the State of Tennessee. In addition, Festiva has agreed to specific guidelines prohibiting unfair, deceptive, or misleading acts or practices in connection with their telemarketing and face-to-face sales of vacation or timeshare products.

Certain consumers who purchased vacation or timeshare products from Festiva companies, including Festiva Adventure Club and Etourandtravel, will be eligible to have their Festiva contracts cancelled and receive partial refunds of the money they have paid to date. In addition, some consumers who financed their Festiva purchases will be eligible to have the entire balance of their Festiva loans forgiven.

“Tennessee prides itself on being one of the top tourist destinations in the country. Our office has zero patience for the type of activities exhibited in this instance and will take swift action against companies that do not play by the rules,” Slatery said. “We hope this settlement will remind consumers to always do their homework and research a company before turning over hard-earned dollars to that company.”

The settlement resolves allegations that Festiva operated a telemarketing and direct mail enterprise that used fraudulent and deceptive tactics to lure Tennesseans into attending high-pressure sales presentations designed to sell them expensive vacation memberships and products. According to complaints reviewed by the Tennessee Attorney General’s Office, consumers were misled into believing they had won or been selected for a valuable prize, but to claim the prize, had to comply with many undisclosed requirements including a lengthy, high-pressure sales presentation.

Once consumers purchased their vacation or timeshare products, they learned the vacations were different from what was promised at the sales presentation or during the telemarketing call. Onerous rules and terms allegedly made the products difficult to use, and desirable vacation locations were difficult to book because of unavailability.

The defendants, all headquartered in Asheville, NC, include Festiva Development Group, Inc., d/b/a Festiva Adventure Club, Festiva Real Estate Holdings, LLC, f/k/a Festiva Resorts, LLC, Festiva Resorts Adventure Membership Club Association, Inc., Festiva Sailing Vacations, Inc., Human Capital Solutions, LLC, f/k/a Festiva Resort Services, LLC, Resort Travel & Xchange, LLC, f/k/a Festiva Travel & Xchange, LLC, Patton Hospitality Management, LLC, f/k/a Festiva Management Group, LLC, Zealandia Capital, Inc., f/k/a SETI Marketing, Inc., Zealandia Holding Company, Inc., f/k/a Festiva Hospitality Group, Inc., as well as Festiva principals Donald K. Clayton and Herbert H. Patrick, and Festiva marketing executive Richard A Hartnett. Additional Florida and Arkansas-based defendants were later added to the case including Etourandtravel, Inc., Escapes Travel Choices, LLC, and Festiva/Etourandtravel principal J. Lance Croft.

Known eligible consumers will be notified by mail by the Tennessee Attorney General’s Office in approximately one month. Tennesseans who believe they may be eligible to share in the Festiva settlement are encouraged to contact the Tennessee Attorney General’s Office by April 30, 2016.

Any Tennesseans who believe they may be eligible to participate in this settlement, or have questions about the settlement, should call the Tennessee Attorney General’s Office at (615) 741-1671.

To comment email:  staff@tstoday.com

Diamond Resorts International Announces 2015 Earnings Conference Call

February 11, 2016, Las Vegas, Nevada – Diamond Resorts International, Inc. (NYSE:DRII) announced today that it will release its fourth quarter 2015 earnings results after the market closes on Wednesday, February 24, 2016, and hold a conference call to discuss the quarter’s results at 5:00 p.m. ET that day.

On the call will be Diamond Resorts President and Chief Executive Officer, David Palmer, and Executive Vice President and Chief Financial Officer, Alan Bentley.

To access the call, dial (888) 753-4238 from the United States, or (706) 643-3355 from outside the U.S. The conference call I.D. number is 44866691.  Participants should dial in 5 to 10 minutes before the scheduled time and must be on a touch-tone telephone to ask questions.

The call will also be available as a live webcast which can be accessed at the Diamond Resorts Investor Relations website at http://investors.diamondresorts.com.

Diamond Resorts International® manages vacation ownership resorts and sells vacation ownership points for over 350 managed resorts and affiliated properties and cruise itineraries.

Mainstream Media Show Split Personality

The March 2016 Consumer Reports includes an article entitled, “Timeshares Come of Age.” The sub-headline states, “These vacation ownership arrangements are attracting younger, more educated, more affluent buyers, thanks to consumer-friendly changes in the industry.”

The 4-page article points to the “rocky reputation” the industry was marked by in the mid-1970’s because of consumers being lured to attend multi-hour, high-pressure sales presentations, by the offer of enticing gifts.  It goes on to report that industry insiders say that “the industry has become much more consumer-friendly and transparent, and that is largely because of the entrance of major hospitality brands into the industry. Consumers can now avoid the in-person sales pitch by going online to research timeshare properties and even contact sales reps by phone and chat sessions.”

Consumer Reports covers a lot of ground on the trend away from fixed weeks and that consumers should not consider a timeshare purchase as a real estate investment. Randy Conrads, Co-Founder of RedWeek.com, is quoted as saying that. “It’s a lifestyle investment, not a financial one.”

The demographics of new buyers,  the economics of ownership and the challenges of selling a timeshare are discussed and the article points to timeshares that are being offered for sale at $1 on many popular resale website. It concludes with mention that owners who “really want out” can turn to companies who charge thousands of dollars to help negotiate the owners’ termination of their obligations.

Now, comes along a January 22, 2016 article written by reporter Gretchen Morgenson of The New York Times with a headline that reads, “The Timeshare Hard Sell Comes Roaring Back.”  Morgenson’s account is focused on Developer Diamond Resorts’ sales presentation and indicates the high-pressure sales tactics may still be alive and well. One owner said that an offer of a $100 gift card was made, but she ended up enduring a 5-hour of Diamond representative pressuring he to give up two of her timeshares deed  for a $30,000 purchase of Diamond’s ownership points. The owner who declined the offer, was handed documents and the end of the presentation, one of which was a copy of a voided charge on her credit card for $4840.00 for which the owner had not given approval.

Jeff Weir, a Diamond owner and Chief Correspondent for RedWeek and contributor to TimeSharing Today, is quoted as saying, “In my experience, Diamond is much more ambitious, aggressive and downright nasty in their sales presentations compared to Marriott and Westin.” He went on to say that Diamond just has an amazing reputation of being tough on people.”

The article does include comments from David F. Palmer, Diamond’s chief executive indicating that Diamond does try to bring fun to its customer interactions, both before an initial sale and once a member buys in.  “Our lifetime subscription model creates a series of systems where you can track that engagement and make sure you are constantly providing a series of experiences that exeed their expectations over many,many years,” he said.

Morgenson interviewed another owner, Walter Hunter. Hunter is a member of the homeowners’ association board at Daytona Beach Regency, a Diamond Resort in Florida. He said that he was pleased with Diamond as the management company. He acknowledged maintenance fees have significantly increased under Diamond, but said, “We are convinced that they are doing a good job.”

The extensive article contains a great deal of relevant information and can be found HERE.

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