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ARDA Excitement!
ARDA is right around the corner. I know so many of us are excited to head out to Las Vegas Sunday and see what there is to learn this year.
Exhibitors are readying themselves to promote the latest and greatest new products and promotions next week. SPI Software can attest to this. We are kicking off a new, strong and all around beneficial partnership with Brand Tango.
SPI Software will integrate the Brand Tango timeshare and vacation club marketing system(Previously called “The Tango System”) as part of SPI Orange Software. The new SPI Orange module which has been dubbed “SPI Campaign Manager powered by Brand Tango” will add intuitive web-based functionality and highly flexible campaign management tools to the SPI Orange software Platform.
The new SPI Campaign Manager marketing system provides a powerful set of tools to target campaigns to prospects with pinpoint accuracy, while monitoring the cost, penetration and conversion of marketing efforts.
Of course, next week if you come and visit our booth, #343 for a demo you can get the latest on all the details around our great new partnership!
Some other things I think we will be hoping to hear more about is the forecast for the industry. I have read some reports that show better than expected performances by the big time share club’s. In addition to this news CNN’s Anderson Cooper blog notes that Lakshman Achuthan, Managing Director at the Economic Cycle Research Institute (ECRI), was the first to declare this country was in a recession and now is the first to say it is ending! If he is right consumer spending is expected to be the first indicator. Perhaps we will start hearing ”So long Staycation. Hello well deserved Vacation”!
I am really excited. I am sure you are too. Let us hear what you are wanting to gain from this conference. Post your comments.
See you next week!
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Increase in Asset-Backed Securities Signifies Robust Recovery for Timeshare Market
This article, written by ARDA, provides some good news for the Timeshare Industry!
Despite the recession, timeshare asset-backed securities (ABS) is one of the few asset classes demonstrating a renewed level of investor demand and resilient credit performance according to a recent Standard & Poor’s analysis. In addition, Fitch Ratings found that total ABS delinquencies fell compared to the same period last year for the first year-over-year improvement since August, 2007.
Issuance of ABS based on timeshares passed the one billion dollar mark in 2009 with more than two-thirds being in the fourth quarter. Ratings performance was solid, in part because timeshare note structuring offers sufficient credit enhancement to absorb multiples of the historical default levels. As a result, developers such as Marriott, Wyndham, Diamond Resorts, Bluegreen and Starwood have issued new term securitization and sold them to the capital markets in 2009.
“This is another indicator that our market is resilient and that recovery has begun,” said Howard Nusbaum, president and CEO of the American Resort Developments Association (ARDA). “The increase in delinquencies and defaults in the sector since September 2008 has been relatively modest especially when compared to other ABS classes, and we believe preliminary signs indicate that the worst is over.”
Credit enhancements such as subordination, over collateralization, reserves, excess spread, and triggers explain in part why the timeshare asset class has weathered the downturn relatively well. To date, Standard & Poor’s has not downgraded a single tranche of timeshare ABS securities issued since 2000.
“Thus far in this recession, credit enhancement in timeshare ABS transactions has been adequate, in our opinion, to counter the impact of economic and sector downturns,” says David Wyss, Standard & Poor’s chief economist. “If this performance outlasts the downturn, there is reason to believe that the upswing in new issuance should continue. It is also possible that issuance could again include smaller developers who, before this downturn, had access to the ABS capital market.”
source: ARDA released March 2, 2010
ABOUT ARDA The American Resort Development Association (ARDA) is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has over 1,000 members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC).
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