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build, while a new construction project can take 12-36 months (start to finish). Although it may seem to be counterintuitive, resort managers and operators need to be thinking now what projects could be right for their properties. The latest forecast for the U.S. economy from the Federal Reserve suggests that it will stabilize by the end of this year and start to grow slowly in 2010. If you want to be positioned with a new product in 2010 that can justify an increased ADR, then that planning should be happening this year. The Trend to Timeshares What could be more sustainably relevant than a timeshare? With consumer dollars prohibiting the purchase of vacation homes and the national trend toward closer-to-home vacationing, many people are turning to timeshares to experience a piece of ownership in a crunched economy. And hoteliers and condominium hotels are converting to timeshare in answer to this consumer trend. “Our product is primarily based on drive-to destinations, and people haven’t stopped taking those kinds of vacations,” said Pontius. “Consequently, our sales are going extremely well.” The flexibility of “lockout” units is another plus for timeshares, affording owners the chance to rent part of their property per their need. For hoteliers, the conversion to timeshare can be an easy renovation and provides the perfect opportunity to employ renewable materials and recycle construction site waste. In summary, those owners and operators who have the fortitude to invest now in projects will be best positioned to gain the most from the coming economic turnaround. Alan Wilson, LEED AP is Faithful+Gould’s , hospitality, arts and leisure sector lead for the Southeast Region; Faithful + Gould is an international project management and cost consultancy firm. Wilson has more than 17 years of consulting experience in the U.S., U.K. and U.A.E. His e-mail is alan.wilson@fgould.com. September 2009 • Developments 33

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