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INTRODUCTION
The timeshare industry has been reported to have experienced a rapid and steadily growing impact in a variety of countries.1, 2, 3, 4 and 5 Timeshare accommodations, also referred to as vacation ownership and vacation intervals, is the fastest growing segment of the travel and tourism industry.6, 7 and 8 This growth in travel and tourism was highlighted in the 2006 report from the World Tourism Organization (WTO).7 The WTO noted that this growth was moderate in 2005 but was approximately one-and-a-half percentage points above the long-term average annual growth rate of 4.1 per cent for the travel and tourism industry noted in previous years. This sustained growth of the travel and tourism industry has been touted to be an artefact of the industry's constant innovation developed in response to consumer lifestyle needs and vacation preferences. 9
One component of the travel and tourism industry that has sustained double-digit growth since inception is the timeshare resort industry. Timeshare resorts have become a preferred travel destination for many vacationers around the world.8, 10, 11 and 12 The trend towards owning a unit within a timeshare resort for vacation and leisure purposes has been recognised by the WTO, the European Commission and other national tourist authorities.10 According to Resort Condominiums International's (RCI) 2003 report, Resort Timesharing Worldwide of 2003, there were more than 5,400 timeshare resorts found in over 100 countries with over six million owners,13 compared to 506 resorts and 155,000 owners in 1980.6, 14 Furthermore, this report noted that North America leads the timeshare industry worldwide in the number of resorts (31 per cent). The majority of these resorts are located in the United States. Europe (25 per cent) is the second largest market, followed by Latin America (16 per cent), Asia (14 per cent) and Africa (six per cent). The Caribbean region (six per cent) is one of the most popular international destinations for timesharing. 13
The Caribbean region offers over 210 timeshare resorts. The Netherlands Antilles that includes Aruba, Saint Maarten, Curacao and Bonaire offers 22 per cent of the Caribbean total just after the leader in the region, the Dominican Republic (23.8 per cent). The Caribbean region as a whole generates a significant...