Breckenridge timeshare company booms
Traditional condominium sales are down and unemployment is up, but at least one Summit County business has grown through the tail end of the Great Recession.Breckenridge Grand Vacations experienced an uptick in overall business last year, thanks in large part to its newest on-mountain venture at Breckenridge Resort.Started in 1985 by brothers Mike and Rob Millisor, the company operates three timeshare resorts in Breckenridge: Grand Lodge on Peak 7, Grand Timber Lodge and Gold Point Condo. From 2009 to 2010 Breckenridge Grand Vacations experienced an 8 percent increase in gross sales dollars from 2009 to 2010 and a 5 percent boost in sales transactions over the same time.”We are encouraged by the continue growth in our owner base, and we believe our product fits the needs of our clients who want deeded ski-in, ski-out ownership without paying millions of dollars for it,” Breckenridge Grand Vacations chief financial officer Nick Doran said.The company currently has 17,000 owners between its three properties, including approximately 3,500 who have purchased time at the company’s newest venture – the Grand Lodge on Peak 7. The lodge consists of two buildings. The south building, which has nearly sold out, will be completed in December, and construction on the north building will wrap up next spring.Timeshares vary from other condominium properties in that owners only pay for a share of the condo rather than financing a full purchase. Breckenridge Grand Vacations customers do not have to secure private financing, making it easier for the company to sell units than businesses selling traditional condominium complexes and condotels – units sold to individuals specifically to be used as short-term rentals.Breckenridge Grand Vacations has only been around since the inception of the Grand Lodge on Peak 7, but the company was formed from Gold Point Lodging & Realty, Inc. which managed Gold Point Condo, and later Grand Timber Lodge, for over 25 years. Doran said the company has developed strong ties to the lending community over its history of serving Breckenridge. In 2006, the company had two only available lenders. Over just the past two years it has added three additional lenders to cover the its various financing facilities.”Given that there is substantially less real estate development financing available today as compared to several years ago, we feel very fortunate to have retained the trust of our long-standing lenders and similarly appreciate the opportunities afford us to grow our business with the help of our new banking relationships,” Doran said.
Other local timeshare companies have seen mixed results over the past few years.Jan Norris, managing broker of Breckenridge Metro Brokers – JoVan Realty, works as both a real estate agent and a reseller of timeshares. She said Breckenridge Grand Vacations is an exception to an otherwise down market.”They might be booming, but we’re not,” she said. “People don’t have as much of the ‘fun money’ to throw around these days.”She said her company’s sister firm, Alpine Meadows Management, has seen an uptick in business, and Norris believes it’s a good sign the industry is recovering.Breckenridge-based Valdoro Development has seen steady business through the recession and has been sold out of timeshare inventory over the past two years, according to director of marketing and operations Gena Osborn. The only timeshares Valdoro’s had for sale are a few foreclosures.Even though Valdoro has reached capacity, there are no immediate plans to expand as Breckenridge Grand Vacations has done through the recession. But Valdoro has added a new service for customers to help them maximize the value of their timeshares. Valdoro timeshare owners can rent their weeks through the company’s marketing services to gain a return on investment or for weeks when they cannot use their timeshare.SDN reporter Drew Andersen can be contacted at (970) 668-4633 or firstname.lastname@example.org
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