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“May you live in interesting times.”
Sounds like a fortune cookie message, one of those
vague prophecies, like, “A new challenge is near,” or,
“Your luck will soon change.” The invocation is popu-
larly purported to be a Chinese curse —
interesting
translated as tumultuous, stressful, even disastrous.
But I prefer to interpret that message through a
positive lens.
Interesting
times, from my perspective,
are stimulating, inspiring, or engaging. And I believe
there’s plenty of evidence to support my view.
Especially in our industry.
Responding to Change
While international markets may be defined by
their own unique challenges and opportunities,
the shared ownership community in the U.S. is
acclimating well to a new-order economy. We’re
reshaping our business model, developing fresh,
relevant products, and reaching out to — and
interacting with — new audiences through the lat-
est technologies. Financing continues to find firm
footing (see the related story on page 14). Public
markets have warmed up, sales numbers are
climbing, and we’re beginning to see some new
construction.
There are so many examples of industry leaders
who have met with great success during these
inter-
esting
times. Marriott Vacations Worldwide spun off
from parent Marriott International in 2011, Diamond
Resorts International went public in 2013, and both
companies have seen their market caps soar since
then. Starwood Vacation Ownership’s separation
from Starwood Hotels is slated for completion by
the end of 2015.
Westgate Resorts returned to Las Vegas, plant-
ing its “W” atop the marquee of a landmark 30-story
hotel now known as the Westgate Las Vegas Resort
& Casino. Breckenridge Grand Vacations, upon
opening sales for its new construction, Grand
Colorado on Peak 8, announced that it sold US$7
million in vacation ownerships on the first day! Welk
Resorts, with two upcoming projects on the books,
reports posting an average of more than 18 percent
revenue growth over the past 10 years. Gold Key
Resorts expanded its Virginia Beach presence to
North Carolina’s Outer Banks with the acquisition
and renovation of its newest property, Beachwoods.
These are just a handful of the highlights that have
brightened our economic horizons in recent years.
A Broader View
ILG, too, has some interesting developments to cel-
ebrate. By the close of last year, we had successfully
set the foundation of many of our strategic goals
through acquisitions, joint ventures, and organic
programs. Our course of action has diversified our
consolidated business — concordant with an evolv-
ing market — and has broadened how ILG serves
members and clients. Today, we are a leading
provider of nontraditional lodging with a portfolio of
membership, exchange, vacation rental, and vaca-
tion ownership management, sales, and financing
businesses.
The acquisition of Hyatt Vacation Ownership,
which was announced last spring and closed
October 1, is the largest and perhaps most strategic
transaction that ILG has completed to date. HVO
adds the important areas of vacation ownership
sales and marketing, financing, and the potential for
future resorts under the banner of a world-class
brand, while contributing to our existing member-
ship, exchange, and resort management offerings.
I couldn’t be more pleased with the success that
ILG has had in assembling a stellar portfolio of busi-
nesses. Each operation is a pillar that supports the
foundation of our larger, long-term strategy. As we
move forward into a future of certain change, we are
surely traveling on solid ground.
Indeed, our industry does face threats: As
legacy resorts must address both the aging of their
member base and their property, resales and trans-
fers continue to be troubling issues. And it’s certain
they’ll be key topics of discussion as we gather in
Orlando for the ARDA World 2015 Annual
Convention & Expo. While we’re collectively climb-
ing out of denial, we have a long way to go before
we effectively address the problem and develop
adequate legitimate outlets for resales activity.
Another maxim attributed to the Chinese: The
character for the word
crisis
consists of two words:
danger
and
opportunity
, signifying the promise of
growth, change, and success even in the most trying
circumstances. Indeed, it’s how we define crisis that
shapes the way we respond and influences our ulti-
mate success or failure. And ILG companies are
pledged to do everything we can to steer our clients
toward success in environments both good and bad.
May you live in interesting times
: Now, that’s a
message I’d be happy to find in my fortune cookie.
VIEWPOINT
4
RESORTDEVELOPER.COM
vacation industry review
APRIL – JUNE 2015
BY
Craig M. Nash
CHAIRMAN, PRESIDENT, AND CEO
INTERVAL LEISURE GROUP
Living in
Interesting Times
I couldn’t be more
pleased with the
success that ILG has
had in assembling a
stellar portfolio of
businesses. Each
operation is a pillar
that supports the
foundation of our
larger, long-term
strategy.