HISTORY OF TIMESHARES (THE CO-OWNERSHIP OF VACATION PROPERTY)
Timesharing began in the 60's with European families sharing vacation homes. In the 70's this spread to North America in the form of 7 day stays at resorts or condominium properties. This came about due to high taxes and the fact that owning a vacation property, which was used once a year, was too expensive for the owner. So, vacation properties started to have multiple owners, who shared the cost and expenses.
This idea transformed into the current timeshare industry. Now, nearly five million families own timeshares worldwide and growth is expected to continue. Many Fortune 500 companies, such as Disney, Four Seasons, Marriott and Hilton have been selling timeshares for years thus providing consumer confidence and an improved product.