The Disney Vacation Club (DVC) is a vacation timeshare program owned and operated by Disney Vacation Development, Inc., a subsidiary of Walt Disney Parks and Resorts, a unit of The Walt Disney Company. It allows buying real estate interest in a DVC resort. Disney Vacation Club's Senior Vice President is Ken Potrock.
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History
The first Disney Vacation Club property, known as the Disney Vacation Club Resort (later renamed Disney's Old Key West Resort in January, 1996), opened on December 20, 1991 at Walt Disney World. In 1991, Disney had registered its time share plan with the state of Hawaii but did not establish an escrow agreement with Hawaii at the time of its creation. This allowed Disney to advertise its time share company in the state but did not allow for sales. On January 17, 1992, Disney Vacation Club was incorporated as Disney Vacation Development, Inc.
On March 30, 1993 Disney Vacation Development Inc announced plans for a 440-unit time-share resort 95 miles south-east of Walt Disney World in Florida with ground breaking on July 28, 1994. This resort hotel, today known as Disney's Vero Beach Resort, opened on October 1, 1995 as the Vacation Club Resort at Vero Beach, Florida. Disney would then open Disney's Hilton Head Island Resort just five months later on March 1, 1996 in Hilton Head Island, South Carolina.
Disney's Animal Kingdom Villas opened its first phase in 2007 at $17,000 for a membership. By September 17, 2008, Disney Vacation Development had two new time share properties being built, Bay Lake Tower and Treehouse Villas in Orlando at existing Disney park hotels and both were to open in 2009. Bay Tower was expect for its timeshares to open at $18,000.
On October 3, 2007, Disney announced it would open its latest Disney Vacation Club resort on 21 acres it had purchased in Ko Olina Resort, Honolulu/Oahu, with building slated to begin in 2008 with completion in 2011. The resort would offer both DVC units as well as standard hotel rooms for guests of the resort. With the announcement, DVC filed its remaining paperwork to allow its timeshare units to be sold in Hawaii. Three top executives were fired for selling 460 Ko Olina timeshare units for what were deemed unprofitable prices. The Hawaii resort opened as Aulani on August 28, 2011.
In early 2011 it was reported that Disney had purchased land near National Harbor, Maryland, a suburb of Washington, D.C., to potentially build a resort similar to the three Disney Vacation Club resorts not located at Walt Disney World. In late November 2011, however, Disney announced that it had canceled plans to build a 500-room resort hotel at National Harbor.
Starting in mid-2015, DVC began using a nonjudicial foreclosure process forcing auction bidders to be present instead of allowing online bid submissions with the Orange County Clerk of Court's office. In May 2016 DVC approved Vacatia for DVC resales. This would be in addition to such sales through Fidelity Resales. In May 2016, DVC announced that its new property at Disney's Wilderness Lodge would be called Copper Creek Villas & Cabins.
On July 15th, 2017, Walt Disney Parks & Resorts head Bob Chapek announced the Disney Riviera Resort at Walt Disney World, the 15th DVC property and the first built from the ground up since Aulani opened in 2011.
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Membership
To be a DVC member, one must purchase a one-time real estate interest in one of the Disney Vacation Club Resorts, and thereafter pay annual dues. All memberships are sold as either a ground lease or a term-for-years. Their timeshare may not be sold in Nebraska. Disney includes a Right of first refusal clause in their membership contracts and uses a nonjudicial foreclosure process. The company has only two approved resale companies, Fidelity Resales and Vacatia. Disney also provides time-share loans for the purchaser.
Resale Market
A brisk aftermarket with a perceived high resale value exists for the Disney timeshare memberships. In May 2016, time-share market research company Sharket issued a 2015 resale value list (having a score based on resale volume and prices) which saw memberships in Disney Vacation Club locations crowd out its competitors. Saratoga Springs, Bay Lake Tower at the Contemporary, and Animal Kingdom Villas were the company's timeshares near the top of the list.
The company has two Disney-recommended resale companies, Fidelity Resales and Vacatia. In addition, licensed brokers can sell Disney Vacation Club contracts.
When a contract is sold on the resale market, Disney retains the right of first refusal, meaning they have an opportunity to review each sale and if they choose, to step in as the purchaser for the price listed on the sale. In 2016, the buyback rate was around 4.4%, meaning Disney chose to purchase the resale accounts 4.4% of the time.
In 2011, the company announced that it would no longer allow secondary market DVC points purchasers to use their points on Disney Cruise Line, Adventures by Disney, or the Concierge Collection luxury hotel group. In April 2016, Disney Vacation Development also ended the extension of Membership Extras benefits to those who purchase DVC contracts through secondary markets. Disney was one of the last major timeshare companies to eliminate these benefits, according to the American Resort Development Association.
Locations
Source of the article : Wikipedia
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