Timeshares, a form of vacation ownership where multiple individuals share the use and cost of a property, have been around for several decades. The concept of timeshares can be traced back to the early 1960s, but the question of who invented timeshares is a bit more complicated.
The Birth of Timeshares
The concept of timeshare ownership can be traced back to the early 1960s, when several entrepreneurs independently came up with the idea of creating a new way for people to vacation. The first known timeshare project, called “Vacation Ownership,” was developed in Europe by a Frenchman named Pierre Dalais in the early 1960s. Dalais was a hotel owner who saw the potential for vacation ownership as a way to generate more revenue for his business.
Another early timeshare project, called “Holiday Ownership,” was developed in the United States by a man named David A. Siegel. Siegel was a young entrepreneur who recognized the potential for vacation ownership as a way to provide more affordable vacation options for people. He opened the first timeshare resort, called the Americana Vacation Club, in Fort Lauderdale, Florida in 1964.
The Growth of Timeshares
As the concept of timeshare ownership caught on, more and more entrepreneurs began developing their own timeshare projects. By the 1970s, timeshare resorts were popping up all over the United States and Europe, and the industry began to grow rapidly.
In the United States, the timeshare industry was regulated by the Federal Trade Commission (FTC) and the states, which established rules and guidelines for the sale and marketing of timeshares. In Europe, the timeshare industry was regulated by the European Union (EU) and national governments, which also established rules and guidelines for the sale and marketing of timeshares.
The Modern Timeshare Industry
Today, the timeshare industry is a global phenomenon, with timeshare resorts located in nearly every country around the world. According to the American Resort Development Association (ARDA), there are approximately 1,500 timeshare resorts in the United States and more than 5,000 timeshare resorts worldwide. The global timeshare market is valued at more than $10 billion.
Who should be credited as the inventor of timeshares ? It is difficult to pinpoint exactly who should be credited as the inventor of timeshares, as the concept of vacation ownership was independently developed by several entrepreneurs in the early 1960s. However, Pierre Dalais and David A. Siegel are often considered to be among the pioneers of the timeshare industry.
Conclusion
Timeshares have come a long way since the early 1960s, when the concept was first developed. Today, the timeshare industry is a global phenomenon, with timeshare resorts located in nearly every country around the world. The concept was independently developed by several entrepreneurs, but Pierre Dalais and David A. Siegel are considered to be among the pioneers of the timeshare industry. The industry is regulated by several bodies such as FTC in the US and EU in Europe to ensure the fair sale and marketing of timeshares.
References:
- American Resort Development Association (ARDA) https://www.arda.org/about-timeshare/what-is-timeshare/
- Federal Trade Commission (FTC) https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/federal-trade-commission-rule-regulation-cooling-off-rule-door-door
