The footprint of the shared ownership industry is increasing in the Caribbean - more than $2.2 billion in economic output in the region in 2010 alone - and the industry is ever more committed to the region. while the Caribbean Tourism Organization (CTO) continues to urge member states like The Bahamas to increase the shared ownership component of their tourism mix, Bahamian lawmakers say it's not their "number one" priority.
Guardian Business spoke with Caribbean Tourism Organization CEO Hugh Riley, who said it is "very important that the Caribbean be aware of what the trends are in the tourism industry".
"The trend towards vacation ownership and shared ownership is advancing, it's increasing," he said.
Riley said the shared ownership sector offers several advantages as an avenue of development; shared ownership brings with it an impressive "loyalty factor," as well as
continuity. He noted that owners in the industry frequently bequeath their ownership, ensuring continued usage. He cited the industry's ability to generate airlift, and revenue.
"There is data that shows how one type of visitor spends in relation to another," Riley said. "So there are all kinds of factors that destinations in the Caribbean are well advised to consider when looking at (shared) ownership."
Riley noted the CTO's ability to assist member countries with relevant information on the industry.
Timeshare Legislation
Shared ownership professional and CEO of the American Resort Developers Association (ARDA) Howard Nusbaum told Guardian Business recently that legislation to govern and support shared ownership (the new industry name for what used to be known as timeshare) has been under active development in The Bahamas.
Minister of State for Investment Khaalis Rolle acknowledged that timeshare legislation is indeed among the "development opportunities" the government is considering but he said it's not the highest of priorities right now.
Rolle - who chairs the National Economic Council - told Guardian Business that when he came to office, timeshare legislation was among the things the new administration met in the pipeline in various stages of completion.
"I can't say that it is the number one (priority for development), but it is on the list, and we are looking at the options for it. It is currently still among the list of suggestions we have taken that we will look at to ensure that we are globally competitive," he said.
The minister would not tie the government to a timeline on presenting timeshare legislation.
Industry Research & Study
The 2012 Shared Vacation Ownership Report - the most recent available at press time - found that in 2010, the industry generated more than one million jobs around the world, nearly half of them direct jobs in the industry itself. The supply chain and spending generated by the industry accounted for the other half. The study also revealed that the global shared vacation ownership industry directly generated over $45 billion in direct economic output in 2010 through the activity of corporate, sales and marketing, resort operations, off-resort vacation expenditures, and capital expenditures.
In the Caribbean, the industry was responsible for $2.2 billion in output in 2010, and generated nearly 49,000 jobs that year alone. It generated $753 million in income and $166 million in taxes.
Some of the players in the industry are familiar names: Disney got into shared ownership in 1990, Hilton in 1992, Hyatt (1994), Starwood (1999) and Fairfield/Wyndam.

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