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In general, Shared Ownership business models consist of 4 main consumer value propositions; Timeshares, Fractional Ownership or Private Residence Clubs, Destination Clubs and Buy-To-Use-and-Let offerings. The general definition of Vacation Ownership is a hospitality product, offering 1 week of use-right per year of an apartment-style accommodation (living room, kitchen and 1-3 bedrooms) in a managed resort environment. The use-rights can either be fixed, in which case the owner returns to the same unit in the same week every year, or floating, where the owner returns to a certain style of accommodation in a certain season of the year. Use-rights can either be for a pre-determined period of time (30–50 years), or open-ended like a freehold real estate property. The property is managed by a resort management company overseen by the resort developer, or a home owners' association. Average prices range from US$10-15,000 for a traditional timeshare for one week of annual use, but can increase to more than US$50,000 for high-end timeshares. In addition to the upfront investment, an annual maintenance fee covers the management of the resort and averages around US$ 300-500 per year. Some of the largest international Vacation Ownership brands are Wyndham Vacation Ownership, Marriott Vacation Club, Hilton Grand Vacation Club, Disney Vacation Club and other well-known hospitality brands. The fundamental structure of Fractional Properties or Private Residence Clubs is similar to that of Vacation Ownership, but differs in that these properties are generally of higher quality (4 to 5+ stars), have more developed services, and offer longer ownership periods. A typical Fractional share offers from 1/12 to 1/4 of the whole ownership unit which translates into one to three months of annual use. They are usually luxury apartments, condominiums or single-family houses with two to four bedrooms, a kitchen and living/dining space. They are often smaller and in more secluded resort hotel environments, typically in an urban, beach or mountain destination. The motivation to buy is generally similar to a real estate purchase versus a vacation product purchase. The marketing approach is closer to a whole ownership real estate sale than the more spontaneous Vacation Ownership sale. Prices vary widely and start from US$ 50,000 for a 1/12 share and can exceed US$ 500,000 -1,000,000 for a quarter share in a luxury resort development. Global brands in Fractional Properties and Private Residence Clubs include Fairmont Heritage Place, the Ritz-Carlton Club, Club Intrawest and Marriott Grand Residence Club. This vacation ownership product is more similar to Private Residence Clubs, but rather than buying the use-rights or title to a specific property, owners buy membership of a Club. In turn, the club acquires a number of exclusive apartments and villas in several destinations on behalf of its members for their exclusive use. Club membership grants owners access to the following benefits: Unlimited access to a portfolio of luxury private residences and amenities (controlled by residence-to-member ratios of between 1:4 to 1:10) Exclusivity of use rights Locations in prime destinations and unique mountain, beach and urban settings Club services such as private concierges, in-house maid and butler services and luxury hotel services in private houses Prices range from US$150,000 to US$1,000,000 per membership, with annual maintenance fees of US$10,000 to US$75,000. Most Clubs offer a refund in the area of 80% of the initial membership deposit upon membership resignation. Destination Clubs are sold as high end vacation products, with or without a member share in real estate appreciation. Well known Destination Clubs include Leading Residences of the World, Exclusive Resorts and Quintess, Catch the Dream. The Condo Hotel or Buy-to-Use-and-Let product offers the individual investor a whole ownership unit with a mix of personal use (typically 4-6 weeks annually) and participation in an organized rental program for the remainder of the time, offering the owner an investment income in addition to the personal use. Prices typically range from US$250,000 to US$1,000,000. Many purpose-built Buy-to-Use-and-Let developments have successfully been sold in the pre-construction phase before even breaking ground. Some sales occur on-site, but the majority are completed by real estate brokers. Large Buy-to-Use-and-Let developers include Pierre & Vacances, Sol Melia, and Intrawest. All Shared Ownership business models often offer an Exchange Program as an integral feature of the Shared Ownership purchase. The Exchange program offers a like-for-like barter between likeminded owners of Shared Ownership holiday accommodation units globally. This program converts the use-rights of the real estate asset to an international holiday currency, allowing owners to trade the use-rights of their "home resort" with thousands of other shared ownership properties worldwide. The most sophisticated Exchange Programs are built upon points-based infrastructures, where the individual owned use-rights are converted into a points-currency representing the size, quality and demand for the resorts destination. This points-currency allows for a more flexible and transparent exchange equation than week-for-week Exchange Programs. Some sophisticated models also allow for exchange into non-shared ownership holiday products such as flights, car rental and cruise holidays. Examples of Exchange Programs are RCI Weeks, RCI Points and The Registry Collection. Over the last 5-10 years a new type of resort development has emerged, where a mix of different hospitality business models have successfully been integrated within the same resort environment. These can include: Traditional hotel rooms and suites Vacation Ownership / Timeshares Fractional Ownership Buy-to-Use-and-Let Ownership Serviced Whole Ownership Mixed Use Developments can profit from significant synergies and benefits between the different business models in areas such as: Marketing and lead generation, Shared facilities and services, Higher occupancy rates across the resorts, Development of a lifetime relationship between the consumer and the brand; Developer risk diversification through a greater mix of distribution channels. As a result, Mixed Use Developments are the front runner for stronger integration between the hospitality and real estate industries.