Interval International vice president David Callaghan would like to see more condo properties available in the Caribbean to fill the present demand. Speaking at Marketplace in St Lucia, he said that demand continues strong for Caribbean vacation exchanges. “We do not have enough fractional in the Caribbean, it is a market that is underserved.”
He says that of the 2,400 resorts they have on offer in 75 countries, 7-8% of their exchanges go to the Caribbean. He said they have been affected by the real estate market that has stagnated last year, with developers not being able to deliver new product given what he describes as ?a lack of interest in real estate sales on behalf of consumers?. He says what they are seeing is that “growth and development in condo-hotels has dried up”.
He commented that property in the DR is usually a hotel room, not a condo property, which is what his members seek. He hopes to soon affiliate a property in the Punta Cana area.
“It is an opportunity that is being missed,” he said highlighting this is in contradiction to the demand of their five million fractional vacation property owners that are looking for ?high quality condominium hotels, with 2 beds, 2 baths that sleep 6 and that offer kitchen facilities.?
He says this has motivated them to go beyond their normal exchange programs, into the getaway programs, whereby guests can book seven night stays at hotels.
He comments that the exchange programs stimulate their members to travel and use their timeshares. “We know if they are not using it, they may not renew. We need them to get out there and have good experiences,” he said.