The History Of Timeshare
The timeshare industry began in the early 1960's and was created by Alexander Nette. He set up a company called Hapimag in which members could buy a week’s time at a vacation property he had purchased in Italy, Spain, and Switzerland. This was a good idea for many because they did not have to invest large sums of money for a vacation spot. It was on a right-to-use basis, which freed one from permanent ownership.
At around the same time, in 1967, a French development company offered timesharing at a ski resort in the French Alps with the slogan, “No need to rent a room, buy the hotel, it’s cheaper!” These were sold on the more common form of timesharing – the “fixed week”.
Timeshare development in the U.S. began in Hawaii in the late 1960’s and was marketed as “buying a prepaid vacation”. Units were sold on a weekly basis, and not as full ownership. The first point system was introduced here in order to offer greater flexibility.