What is the meaning / definition of Timeshare in the hospitality industry?
A timeshare (sometimes called vacation ownership) is a property with a divided form of ownership or use rights. It is thereby often owned by multiple parties, whereby each owner has rights and access to the apartment at a different time of the year.
This turns out cheaper when compared with the cost of all year ownership and maintenance of a property.
Typically this sort of accommodation is located in resort condominium units. The concept allows people who could not normally afford a second home, a vacation spot for the same time every year.
While in the past one was restricted to staying at the specific accommodation, timeshares can now be traded online. This allows timeshare owners a change of location. While the concept was highly popular in the past it has become more of a burden. Scams have been frequent, the purchase inflicting large costs and the price of the timeshare decreasing very fast. With AirBnB offering accommodation world wide for only chosen periods of time time share have become outdated, as now anyone can have a holiday home – anywhere and anytime – at a affordable price.