This year, the economic recovery is within sight. But even if the recent recession is more than a year away, the challenges of the timeshare industry such as the profitability and the many owners who are trying to get out of their timeshares just cannot be ignored. This is also the dilemma face by the Hilton Hawaiian Beach Resort as it plans to add two more timeshare towers to its already seven towers.
The said Hilton Hawaii's self-financed project will nearly double the resort's timeshare capacity costing hundreds of millions of dollars. Meanwhile, the construction is expected to start in 2013 and reach completion two years later. According to Rick Egged, the president of the Waikiki Improvement Association, the project will bring more visitors to Waikiki, which will also bring in more investment and tourism dollars.
However, the optimism for the Hawaii's tourism industry came from the growing presence of China as the number of big-spending Chinese visiting the United States is expected to rise by 15% this year, reaching more than 550,000, and Hawaii is a prime destination. According to Mike McCartney, president and chief executive of the Hawaii Tourism Authority, the Chinese visitors have become Hawaii's highest daily spenders, and recent bookings show that the outbound travel from this growing market is picking up again.
Currently, the economic indicators create optimism to any industry, although shakily. For the timeshare industry, although a considerable number of owners who try to get rid of their timeshares still exist, timeshare operators are positive about the road to economic recovery. As a matter of fact, a number of them are on their way to expanding their operations as of the first quarter of this year and one of them who is the Hilton Hawaii Timeshares.