Image by Jeff Kubina via Flickr
With the economy struggling and people willing to spend less on travel and luxury trips, Hawaii is seeing an increase in its timeshare sales. Although visitors to the island went down, the amount of timeshare business surprisingly went up. Data released yesterday by ARDA showed that occupancy rates in Hawaii for timeshare units averaged 90.8 percent in 2009. This is over 20 percent higher than Hawaii’s hotels.
This level of timeshare ownership is vital to Hawaii’s economy. The percentage of visitors who own timeshares and are travelling to Hawaii is expected to increase again this year. The timeshare business brings in millions of dollars a year for the Hawaiian economy with the state of Hawaii having over 8,000 units currently and another 4,800 planned timeshare units to be opened in the future. This growth has been great for the state as well as the resort industry.
These timeshares are essential to the economy for reasons that may not be obvious. People who own these timeshares also spend large amounts of money on other items while they vacation. Their expenditures stretch out further than just the cost of their timeshare. They buy food while they stay on the island, attend luaus, go on guided tours, and participate in many other activities the islands have to offer.
The Hawaiian timeshare industry made over $118 million in revenue last year from rentals alone and with the current economic situation it was surprising that Hawaii was a travel destination that grew in the last year. It was one of the very few places in the United States that accomplished this feat in 2009. Some projects had to be put on hold in Hawaii but some organizations still expanded their timeshare units on the islands. The timeshare industry on a whole still generated billions of dollars last year and is responsible for many jobs in the United States despite the financial crisis.
If you have a timeshare in Hawaii but are no longer interested in paying the maintenance fees for it, call Transfer America today and let them help you out of your timeshare.
