The House of Representatives passed the Timeshare Vacations Bill this week. It was developed by the Minister of Tourism and Entertainment, Dr Wykeham McNeill. Having reviewed the research showing timeshare or vacation ownership to be one of the fastest growing sectors of the global hospitality industry, he pushed forward to make it a permanent part of Jamaica’s tourism economy.
Dr McNeill said, “prospective investors have shown an interest in developing timeshare in Jamaica, and this can be of particular benefit as it includes a mix of accommodation such as integrated leisure resort facilities with luxury condo resorts.” Additionally, “It has the potential of further fueling the dynamic growth which Jamaica’s tourism sector is currently enjoying,” the minister added, noting that timeshare schemes also provide employment and can readily inject funds into multipurpose projects.” (Jamaica Gleaner)
A side benefit of the timeshare ownership industry coming to Jamaica is reducing the seasonality they experience in the sector of lodging and accommodations. It will also increase the quality of facilities, heighten the level of occupancy, and attract some of the best known brands in the world.
The bill that was passed contains two main sections: giving recognition to right-to-use agreements through contracts and deeds, and regulating the marketing, promotion, and sales of timeshares. A Timeshare Vacations Registry will be established through the Jamaica Real Estate Board.
So in anticipation of this approval, all eyes are turning towards Hilton Grand Vacations Club, Marriott, Sheraton, or even perhaps Disney Vacation Club to invest in property for development, construction, or retooling from hotel to timeshare. Although it is unlikely that hotels will be adequate for the quality timeshare owners and developers demand from their “product”. Timeshares are normally high end properties with a long list of amenities and luxuries that are seldom found in a simple hotel.