August 5, 2013
A few days ago, we received the following question from an Aimfair member. We thought it was interesting....and....provocative:Hi,We all want accuracy, don't we? Are interests in the Grand Luxxe Residence Club Fractional Ownerships or Timeshare Interests? What do you think?
I am surprised that you are still referring to Grand Luxxe as a Timeshare when it is a Private Residence Club (same as Fractional Ownership). Major differences.
Should the correction be made?
Since we tend to lean toward the "Timeshare Camp", we look at our interests as Rights To Use rather than Fractional Ownerships. In essence, our contracts expire every ten years (or twenty five, if you still have a twenty five year contract), unless we renew them. Since we intend to renew them, we can do so a fixed number of times. Then our Rights To Use facilities owned by the Grand Luxxe Residence Club expire.
That said, we also were interested in the concept of Fractional Ownership. We bought a number of weeks in order to conform with the internal definition used by our collective sales staff. Of course the concept is just that. There is nothing in our contract that states we have rights to a theoretical fraction of the building, or number of floors, or anything else except the right to use the number of weeks in our contracts, all of which are subject to availability.
It is a spirited discussion, for sure. There are many forms of breaking use and ownership of tangible and intangible assets into fractions of time and ownership.
Regardless of the terms we hear, we look to our contract. That is where we find solid ground to stand upon. And, by the way, we thoroughly enjoy the ground we stand upon when we are visiting one of the resorts offered by Grupo Vidanta.
Follow this link to read our full answer to our member's question: Timeshare Interests....or Fractional Ownerships....What are We?
Thank you for raising the question and challenging us.