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Timeshare
A Timeshare can be defined as an advance purchase of time in holiday accommodation. The purchaser pays a capital sum to acquire this timeshare and then pays an annual contribution towards the maintenance of the property. The period of time sold is generally based on the modules weeks. Time Share also provides purchase options such as:
- L.T.H. (life time holiday)
- O.T.H. (One time holiday)
Time Share is a Savvy option for sophisticated but Frugal Travellers.
Timeshare is a marketing concept in which hotels are marketed on a membership basis. Members can avail of accommodation in the timeshare property by paying the upfront advance for the stay of a fixed number of days every year for a specific number of years.
Examples of International brands for timeshare: Disney, Hyatt, Starwood, Marriott, Four Seasons, Hilton, Ritz Carlton, Accor and Domestic Brands are Club Mahindra, Kamat Group, Sterling resort, Toshali Resort, Cambay group etc.
These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week, and almost always the same time every year ) in which they may use the property. The sharer holds no claim to ownership of the property.
This form of lodging has spawned a variety of products sold on similar occupancy schemes; cars, planes, boats and luxury fractional properties.
Condominiums
They are apartotels or apartment hotels. These units are developed on joint ownership basis. Each ownership purchases and has full right of and unit he has purchased and shares the cost common to the complex such as taxes, insurance, maintenance and upkeep of public areas including swimming pool, health club, parking, security, air conditioning, heating, cable, broadband, etc. Each owner can occupy or sell his unit independently but is required to follow the rules and regulations laid by the management. The owner enjoys the benefits of property, appreciation but need not bother about its maintenance, security, upkeep, insurance etc. He is required to pay yearly maintenance charges. In some cases a corpus can be made and the maintenance expenses are paid from the interest earned from the corpus. In some cases the management can help the owner in renting out the property. They take the full responsibility of the owners’ units’ safety and also pay to the owner a major portion of the rent earned from renting out. Usually, the management requests the owners to rent out in case of major conferences. The management earns a major portion by renting out conference hall and from catering.
A condominium, frequently shortened to condo, is a type of real estate divided into several units that are each separately owned.
Residential condominiums are frequently constructed as apartment buildings, but there had been an increase in the number of “detached condominiums” which look exactly like single-family homes but in which the yards, building exteriors, and streets are jointly owned and jointly maintained by a community association.
Unlike apartments, which are leased by their tenants, condominium units are owned outright. Additionally, the owners of the individual units also collectively own the common areas of the property, such as hallways, walkways, laundry rooms, etc.; as well as common utilities and amenities, such as the HVAC system, elevators, and so on. Many shopping malls are industrial condominia in which the individual retail and office spaces are owned by the businesses that occupy them while the common areas of the mall are collectively owned by all the business entities that own the individual spaces.
Referral Groups
It consists of independent hotel which have grouped together for some common purpose. Though the properties in the referral group may be different from each other but there is sufficient consistency in the quality of service to satisfy guest expectations. The member hotels recommend guest to other member hotels. Some examples are Best Western International, one of the largest hotel chains, which is the best example of referral groups.