Economic Impact²
The U.S timeshare industry contributed an estimated $62 billion in consumer and business spending to the national economy in 2005, according to a study conducted by PricewaterhouseCoopers for the ARDA International Foundation (AIF). Released in March 2007 during the annual convention of the American Resort Development Association (ARDA) in Orlando, the study was undertaken to analyze the impact of timeshare developers and owners and their value to the U.S. economy.

Combined direct, indirect, and fiscal impacts in 2005 by the U.S. timeshare industry totaled an estimated $92 billion, including $62 billion in consumer and business spending, 565,300 full- and part-time jobs, $21.5 billion in salaries and wages, and $8.5 billion in tax revenue. There are over 1,600 timeshare resorts in the U.S., attracting 4.1 million households to vacation ownership.

On average, timeshare achieved significant growth of 24 percent in key economic categories over a three-year period: Since 2002, the industry's output increased 23.7 percent with $11.8 billion in additional output; timeshare employment increased 11.5 percent with 58,200 new jobs; salaries, wages and related income increased 24.4 percent with $4.2 billion in additional income; and the fiscal impact increased 24.8 percent with an additional $1.7 billion in tax revenue.

"The economic benefits the timeshare industry conveys to communities surrounding resorts and the nation as a whole are documented and substantial. This study underscores, once again, the vibrancy of timeshare and our position as a serious, stable, and growing economic catalyst,” said Raymond L. “Rip” Gellein, Jr., RRP, ARDA Chairman and president of the Global Development Group of Starwood Hotels & Resorts Worldwide, Inc.

“Timeshare resorts are a boon to surrounding communities. They attract annual, recurring vacationers who fill seasonal low periods and travel even during periods of economic flux,” said Howard C. Nusbaum, RRP, president and chief executive officer of ARDA. “Communities seek stability, and timeshare owners offer a committed perspective unique to travelers based on a shared desire for the long-term viability of the resort and protection of the resort area.

Industry Size³
On January 1, 2006, 4.1 million households owned one or more U.S. timeshare weekly intervals or points-equivalents. This represents a 5% increase over January 1, 2005. On
average, there are 26.5 owners per timeshare unit.

There are 154,439 timeshare units at 1,604 U.S. resorts, for an average of 96 units per resort. The 2006 study narrowed the definition of timeshare by focusing on traditional one week
timeshares, removing such non-qualified entities as non-equity clubs, private residence clubs, and vacation clubs. (Note: This methodology change appeared to show a decrease in the resort number from 1,668 in 2004 to 1,604 in 2005, but there were actually an additional 75 resorts in
the U.S. in 2005.)

There were 882 resorts in active sales during 2005, or 55% of all U.S. resorts. These resorts sold 529,031 intervals at an average price of $16,278. Total sales volume was $8.6 billion, a 9% increase over 2004.

US Sales Volume⁴
The annual PricewaterhouseCoopers benchmark study of the financial performance of the
timeshare industry, which focused on an industry subset of 46 companies encompassing
293 timeshare resorts in active sales1, showed sales of $6.1 billion in 2005.

2005 sales reveal a 9.1 percent year-over-year increase in net sales of timeshare resorts in active sales, following sales of $5.6 billion in 2004. Approximately 91 percent of 2005 sales occurred in the U.S. Average annual net sales per active resort for all respondents was $21.3 million.

Timeshare Owners in the US⁵
With the profile of the average timeshare buyer becoming increasingly diverse across population segments, the study underscores the flexibility and value of vacation ownership products for a broad range of consumers and lifestyles.

• 17% of recent buyers (within the last 12 months) are single.
• 31.4% of recent buyers and 24.9% of all owners have children under 18 years of age.
• The average age of recent buyers is 52.
• The median income is $74,000 for recent buyers and $81,000 among all owners.

For further information on any of the United States studies, contact the ARDA International Foundation.

² Economic Impact of the U.S. Timeshare Industry, 2006 Edition, ARDA International Foundation (AIF). Conducted by PricewaterhouseCoopers.
³ State of the Vacation Timeshare Industry: United States Study, 2006 Edition, ARDA International Foundation (AIF). Conducted by Ernst & Young, LLP.
⁴ Financial Performance of the the U.S. Timeshare Industry, 2006 Edition, ARDA International Foundation (AIF). Conducted by PricewaterhouseCoopers.
⁵ Resort Timeshare Consumers: Who They Are, Why They Buy, 2006 Edition, ARDA International Foundation (AIF). Prepared by Ragatz Associates