Local Hotels Reflecting New Trends In Timeshare Tourism

Bermuda’s hotel sector is reflecting new trends around the Caribbean with its shift towards condo hotels, timeshare and fractional ownership for holidaymakers.
That’s the view of global financial company KPMG following a region-wide hotel and tourism conference held in Bermuda at the start of the month.

The company revealed the results of its banking investment survey to delegates at the Tenth Annual Caribbean Hotel and Tourism Investment Conference held at the Fairmont Southampton Hotel.

Commenting on the results, KPMG’s Steve Woodward said: “While the survey was primarily on the Caribbean region it is interesting to note the number of similarities facing lenders in the competing jurisdictions.

“Issues such as hotels with condo, timeshare or fractional elements are a ‘hot topic’ across the region and this is consistent with Bermuda’s current environment.”
The business practice director said: “Tucker’s Point Club was Bermuda’s first fractional ownership development, and a number of other local hotel operators, such as the Fairmont Southampton, Ariel Sands and the Wyndham Hotel have recently announced major re-developments which include some element of fractional ownership scheme, condo hotel, private residence or vacation club in their plans.”

He said the increasing popularity of condo hotels, timeshare and fractional ownership showed a trend towards higher quality tourist expectations and said this was attractive to hotel operators looking to diversify and improve what they have to offer.

Mr. Woodward added: “The payback period from a timeshare scheme is usually shorter and there will be other benefits to the hotel as owners make use of the hotel’s facilities including restaurants, bars and spas.”