Disney Vacation Club
Disney Vacation Club (DVC) is a vacation timeshare programme operated by Disney Vacation Development, LLC, a subsidiary of the Walt Disney Company. Launched in December 1991 at Walt Disney World, the programme differs from a traditional fixed-week timeshare in that members purchase a real estate interest in a specific resort and receive an annual allotment of Vacation Points, which can be used flexibly across resorts, room types, seasons and lengths of stay.[1][2]
History
Disney announced its entry into vacation ownership in 1990, at a time when Orlando was a major centre of the timeshare industry. Rather than selling a fixed week in a fixed unit, Disney adopted a points-based model intended to give members more flexibility.[2]
The first property, initially known simply as the Disney Vacation Club Resort, opened to members on 20 December 1991 at Walt Disney World.[1][3] When further resorts joined the programme, the original property was renamed Disney's Old Key West Resort in January 1996.[1]
Expansion beyond Walt Disney World followed quickly. Disney's Vero Beach Resort, on Florida's Atlantic coast, opened on 1 October 1995, and Disney's Hilton Head Island Resort, in South Carolina, opened on 1 March 1996.[1] Both were standalone properties not attached to a theme park resort, a pattern later repeated with Aulani, A Disney Resort & Spa, at Ko Olina on Oahu, Hawaii, which opened on 28 August 2011 as a combined hotel and Vacation Club property.[1]
At Walt Disney World, Vacation Club villas were added alongside or within many existing deluxe resorts, including Disney's BoardWalk Villas, Bay Lake Tower at Disney's Contemporary Resort, and villas at Disney's Grand Floridian Resort & Spa. Properties were also added at the Disneyland Resort in California. In total, the programme has grown to more than a dozen and a half properties.[1]
Membership and how it works
To join, a member purchases a one-time real estate interest at a chosen "home resort" and pays annual dues that cover operating costs, reserves and property taxes. Members may book their home resort up to 11 months in advance and other Vacation Club resorts up to seven months in advance. Points can generally be banked into the following use year or borrowed from the next, subject to programme rules.[1][2]
Contracts are deeded interests with fixed expiration dates, commonly around 50 years from a resort's opening, after which the interest reverts. Units range from deluxe studios to three-bedroom villas with full kitchens. Villas not booked by members are offered to the general public as hotel inventory, so many Vacation Club resorts also function as regular Disney hotels.
Resale and restrictions
A secondary market exists in which existing contracts are resold through third-party brokers. Disney retains a right of first refusal on resales. Over time, Disney has introduced differences between interests bought directly and those bought on the resale market. Restrictions began in 2011, when resale purchases lost access to certain exchange collections, and were extended in April 2016, when Membership Extras benefits were no longer extended to new resale purchasers.[1]
A further change took effect on 19 January 2019, coinciding with the development of Disney's Riviera Resort, which opened in December 2019. Under the policy described by Disney and resale brokers, resale points bought at the original 14 resorts after that date cannot be used at Riviera and later resorts, while resale points at Riviera and later resorts can be used only at the member's home resort.[1][4] These rules apply based on the purchase date and resort, and earlier purchases may retain grandfathered privileges.[4]
See also
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 "Disney Vacation Club." Wikipedia. https://en.wikipedia.org/wiki/Disney_Vacation_Club
- ↑ 2.0 2.1 2.2 "History of Disney Vacation Club: From 1991 to Today." The DVC Store. https://www.dvcstore.com/blog/history-of-disney-vacation-club/
- ↑ "DVC Celebrating 25 Years and Beyond." DVCinfo. https://dvcinfo.com/category/news/dvc/page/9/
- ↑ 4.0 4.1 "Resale Restrictions: Eligible Resorts." DVC Shop. https://dvcshop.com/resale-restrictions-eligible-resorts/