Making the Leap from Hotel to Fractional Resort Management
By Tom LaTour Principal, LaTour Signature Group | October 28, 2008
In today's rapidly changing and highly competitive hospitality industry, there are many different roads that can lead top managers to new career heights and greater achievements. One increasingly popular route paving the way to expanded personal growth and professional success is via fractional resort management.
One of the fastest growing and most fascinating segments of the lodging industry is shared-ownership vacation resorts, including fractional interest, private residence clubs and destination clubs.
According to the latest figures released by Ragatz Associates, this segment grew 8.3 percent in 2007 with sales volume estimated at $2.3 billion -- this despite the dramatic decrease in the country's overall residential resort industry.
In its most recent report, the research firm also noted that there now are more than 300 such developments throughout North America, in desirable destinations such as Aspen, Maui, Cabo San Lucas, Mexico and the Caribbean. Most often built alongside a golf, beach or ski resort, the owners get use of the many five-star facilities and amenities, as well as other luxury hotel-like perks, including concierge services, in-villa dining and daily housekeeping.
Marriott, Disney, Hyatt, Ritz-Carlton and Four Seasons are among the big companies that have embraced the emerging concept, although most fractional resorts are small private developments with no big brand flag or corporate infrastructure. And this is why management opportunities exist.
Management role changes at fractionals