Timeshare Companies are Hitting the Wall Timeshare Values Set To Drop FURTHER
Marriott International is writing off $760 million in timeshare losses. That is $760,000,000 gone from their company. OUCH!
That tells us a couple things.
Timeshare demand is way off. Yeah imagine that. The economy is on the skids and people are not able to buy vacation packages.
Also, timeshare foreclosures are at an all time high. The Timeshare companies have so many extra weeks that they can make available that they are selling them for less, simply to get some money.
Marriott will take a charge of about $295 million at five luxury residential projects, $300 million at nine fractional- ownership projects in North America, $95 million at one North American timeshare project, $55 million at four European projects and $15 million associated with two Asia-Pacific timeshare resorts. The company didn’t disclose the names of the properties.
In other words they are taking a hit on every type of timeshare ownership program. No one is safe.
If you are able to sell yours and get out cleanly, I recommend doing so quickly before the bottom falls completely out, or worse yet, your company goes away and you have absolutely nothing.
