The latest headlines from the timeshare industry.

Marriott and Starwood Merge for a colossal rebrand.
The merger, which was completed on 1 August, has created the largest portfolio, with 110 Million members and over 6,500 hotels, in 127 countries and 29 brands. They are taking all of these members and brands and combining them into one. This single brand is yet to be named. The company announced their loyalty program will begin in August and will remain in place until 2019 when they change the name. Members have been advised that nothing will change immediately but everyone will be kept informed. A spokesperson for the group said members will earn on average 20% more points, as hotel prices go down when the new award chart is released. So watch this space- a massive change is in the works for members, as the restructure happens.

Hilton Grand Vacations purchase timeshare in Chicago.
Hilton Grand Vacations is purchasing the top six floors of the Double Tree Chicago Magnificent Mile. The company plans to turn the units into timeshares. The hotel is selling a quarter of the 26 storey property to Hilton, after coming into financial difficulties and foreclosing on the building in 2016. It will convert 122 of the rooms into 78 studio and one-bedroom timeshares, that Hilton Grand Vacations will buy in phases for $54.5 million from 2019 to 2022.

Diamond Resorts International under investigation ?
An American law firm is investigating potential claims on behalf of purchasers of Diamond Resorts International, who purchased Diamond stock between July 14, 2016 and September 1, 2016. The investigation is looking into whether or not Diamond directors engaged in securities fraud or other unlawful business practices, relating to the sale of Diamond Resorts International stock. We will update you with more information once it emerges.

Bluegreen Vacations release their earnings.
Bluegreen Vacations have reported their 2nd quarter earnings. The period covers 1 April 2018 – 30 June 2018. They have reported profits of $26.7 Million. Impressive figures, but the results fall short of Wall Street expectations, who anticipated an average share price of 38 cents per share. Bluegreen said it had a net income of 36 cents per share. Despite this shortfall, Bluegreen Vacations shares have climbed 40 percent since the beginning of the year.

People who enter into timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the timeshare no longer suits their needs and simply want to end the contract.

It is also important to remember that purchasing a timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a timeshare.

The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these types of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.

If you purchased a lifestyle or concierge service, a timeshare or a holiday points based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a Timeshare termination.

Tel: 0121 272 3100
Email: enquiries@praetorianlegal.com