RCI (Resort Condominiums International) is offering innovative timeshare and fractional ownership services to its customers. The services will be provided in cooperation with Wyndham Hotel Group, which plans to open three new hotels in Georgia. RCI,is the largest company offering the vacation exchange network in the world.

“Wyndham Hotel Group plans to open three new hotels in Georgia. Accordingly, they have decided to offer their partners and clients who are involved inthe real estate sector the opportunity to introduce their innovative products - timeshare and fractional ownership - to Georgian investors as well. We will support them in developing this innovative service in Georgia,” George Japaridze, Director at Cushman & Wakefield | Veritas Brownsaid.

Timeshare is an arrangement whereby several joint owners have the right to use a property as a holiday home under a time-sharing scheme.

Fractional ownership is the method by which several unrelated parties can share the ownership of a high-value tangible asset, such as a jet, yacht or piece of real estate. 

In Japaridze’s words, timeshare and fractional ownership are new and innovative products in Georgia. Accordingly, adapting to them will take some time. Meanwhile, he considers them to be quite interesting opportunities for potential investors. They allow all users engaged in the same database to share their resorts. The system therefore provides for the saving of expenditure. “The affiliation fee in the timeshare and fractional ownership system is USD 15,000,” Japaridze said.

The U.S. is the leading country in the shared ownership sector. “It gives you the opportunity to not have to buy a whole property as a second home, but just for the time that you need it. In general we only spend around two to three weeks on vacation per year. For this reason it is pointless to buy an apartment to then use if for such a short period of time. Instead, consumers are able to buy a piece of inventory for the resorts. So it gives owners an opportunity to buy what they need for a long time. RCI comes in at that point,” said Ali Egilmez, Affiliate Manager at RCI.

“With RCI people are exchanging their vacation ownership with 4-5,000 hotels across 100 countries. It gives consumers the flexibility to exchange property for a different vacation. Timeshare is a good alternative sales method. It can guarantee occupancy for the inventory that they sell.” said Egilmez.

The timeshare system is most popular in the U.S., U.K., France, Spain and Mexico. “In total we already have 100 countries, and Georgia will now be an additional destination. With this system Georgians will be made members, eligible for exchanging,” Egilmezsaid. 

Source:commersant.ge