A recent study found that the timeshare industry on the Hawaiian island of 2016 generated about $1 billion in economic output in 2016 and about $5.3 billion in consumer and business spending.
The study was conducted by the timeshare industry’s primary researcher, nonprofit ARDA International Foundation, the Garden Island reported Sunday.
Timeshare units made up 31.1 percent of the total 8,444 visitor units last year on the island, the Kauai Visitors Bureau stated.
Timeshares were narrowly behind hotels in that category, with hotels making up 31.4 percent of Kauai visitor units. Vacation rental units and condo units each made up about 18 percent of the island’s visitor units.
As far as state and local taxes, Kauai timeshares in 2016 brought in $48 million. Timeshares also contributed 5,938 jobs to Kauai, the study said.
Julie Black, real estate agent with Kauai Dreams Realty, said timeshare travelers are considered stabilizing to the economy — even during recessions — because their vacation lodging is paid for in advance.
Peter Sit, general manager at Pono Kai in Kapaa, said of the resort’s 241 units, 167 are currently timeshare units. This means the resort’s owners association collects fees on an annual and quarterly basis for 69 percent of its units.
“Compare (that) to a traditional vacation hotel, which has to make sure the room is full,” Sit said.
Information from: The Garden Island, http://thegardenisland.com/
Source: Associated Press