Continuous Closure of Timeshare Companies, Not a Relief to the Market

Previous year seems to show improvements on the economy. The better financial condition that 2010 promises excites a lot of people for this year to start off right away. Because of the probability that more people will be capable of spending vacation this year, more timeshare owners seeking for timeshare relief hope to get freedom from their timeshares.

Nevertheless, the closure of another timeshare sales office was visible by the end of the season. Over the holidays, the Festiva Resorts Limited that operates in Nassau closed down its Sales and Marketing Office. There have been many reasons why the business closed down. One of the reasons is the stringent lending criteria enforced by U.S lenders. The sales and profitability of the company went down as a result.

Overall, The Bahamas disclosed an 8.4 percent drop on air arrivals as of November 2009. It was probably difficult for Festiva Resorts to market timeshare to their visitors. Low hotel occupancy hit over the whole country.

The chief executive officer of Festiva Resorts - Don Clayton, stated that they have exerted extra efforts just to retain the Nassau office. However, economic factors apart from the company lead its closure. Now, because of the sudden closure of the company, the employees lost their jobs. It seems that they were not informed in advance regarding Festiva Resort's closure.

Festiva Resorts will keep on sending owners and members on vacation to its designated Paradise Harbour Club & Marina Resort to fulfill their service. The company guarantees this service to their clients to keep them from getting rid of their timeshare.