European Sunterra

[mace Senior Member Find all posts View Profile Close mace]

Has anyone here ever bought a European timeshare to gain earlier access to the inventory, does it work? I'm asking this question because I don't understand the model across the pond is it the same as the one here with deeded owners, a trust, and finally the club.

[Spence Super Moderator Find all posts View Profile Close Spence]

Has anyone here ever bought a European timeshare to gain earlier access to the inventory, does it work? I'm asking this question because I don't understand the model across the pond is it the same as the one here with deeded owners, a trust, and finally the club.

They're getting closer to the same. The former GVC-Grand Vacation Club and soon to be former Sunterra Europe was a points based trust, you may see some quotes for unreasonably low 'shares' they may be the old point system that was 1/10th of what they are now in SunOptions. European MFs are nearly twice what CSV-1 is, supposedly they are fully funded in Capital Reserves. Cloobeck has said that it will be one Club.

[mace Senior Member Find all posts View Profile Close mace]

well I guess that stops me in my tracks, so the European trust which holds virtually all the unit/weeks gets first pick over the inventory. Even if I bought into the trust only the points directly associated with the European trust could be used in that early time period not my club points. If this is correct I'm not getting a huge benefit from buying into Europe. Well it was worth a shot.

[Spence Super Moderator Find all posts View Profile Close Spence]

Even if I bought into the trust only the points directly associated with the European trust could be used in that early time period not my club points. If this is correct ....

That is correct.

[mace Senior Member Find all posts View Profile Close mace]

All in all it seems fair, I hope Sunterra keeps all the resorts together I really like the option of traveling through sunterra outside of North America. However it would be nice if they could get everything into one inventory instead of having various trusts.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

If you read some of the material on Crimeshare, Sunterra Europe has had a massive loss of membeship, even by their own admission, which suggests that their move to sell off one of their crown jewels, Carlton Court, may be just the beginning of their downsizing there.

If you like points and primarily want to travel to Europe, I would suggest joining the oldest timeshare system out there - Hapimag.

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

If you read some of the material on Crimeshare, Sunterra Europe has had a massive loss of membeship, even by their own admission, which suggests that their move to sell off one of their crown jewels, Carlton Court, may be just the beginning of their downsizing there.

If you like points and primarily want to travel to Europe, I would suggest joining the oldest timeshare system out there - Hapimag.

I'd never heard of Hapimag, and have an interest in traveling to Eruope, so I figured I'd google it, and see what I could find....

Hapimag Concept
Article submitted by:
Eric Schuit
eschuit@capitolonline.nl
12-Mar-99

This is an English translation paraphrased from the book:
"Timeshare, een perfect concept!?" by Eric Schuit

(Editorial note: Conventional European usage of commas and periods in numerical values are opposite of U.S. usage. Example: 8.000 is read eight thousand while 4,8% is read four and eight tenths percent.)

On 23 September 1963 Alexander Nette established: Hotel- und Appartementhaus Immobilien Anlage AG, or simply Hapimag.
Hapimag is a Swiss non-profit, points based shared holiday concept that primarily caters to German, Swiss, Austrian, and Dutch shareholders.

Starting on small scale, the idea of a shared a holiday accommodation with others, appeared to be quite attractive. In 1968 the number of shareholders had already passed 8.000. The growing number of shareholders or partners, which is the term Hapimag uses, gave Hapimag the opportunity to extend their resorts. As of 1974 Hapimag owned 716 apartments in 33 European locations.

As of 1999, Hapimag is the second largest company on the timeshare market with a total of 120.000 shareholders and owns 47 resorts with a total of 4.500 apartments. Of the 47 resorts, 46 are located in Europe and 1 in the U.S.

It is said that unsatisfied shareholders are rare. The value of the Hapimag share, as set by the company, has steadily risen from Sfr 1.210 in 1963 to Sfr 8.600. This is an average growth rate of 4,8 % a year. Hapimag is unique in that it has a share buy back program. All shareholders are allowed to sell their shares back to Hapimag after four years at 82% of its current value (Hapimag charges 18% for administration buy back costs). The current price (1999) of a Hapimag share is Sfr 8.600 (appr. $6.000). The administration costs to buy a share are 2% extra.

While the company has had associations with RCI as an exchange partner in the past, Hapimag is not currently affiliated with any timeshare exchange organization Hapimag manages internal exchanges for all it's shareholders. With approximately 1.300 employees, Hapimag continues construction and the management of all resorts owned by the company.

Hapimag resorts are all built with a local distinctive character. In addition, Hapimag has programs for group travel, holiday activity programs and sight seeing holidays. These services can be booked either with or without Hapimag points. As a non-profit organization, excess revenues are paid back to the shareholders.

When Hapimag has plans to develop new resorts or is searching for new locations, the company always listens to its shareholders. While Hapimag has never had a formal relationship with the timeshare-industry, Hapimag is now a key member of the ARDA and the European OTE

Hapimag sells ownership shares. Each share is worth 12 points each year. Each holiday accommodation is assigned a point value based on location and season to be used exclusively by Hapimag shareholders. The point assignments for a each resort/season/accomodation ranges from a minimum of 4 to a maximum of 24. Hapimag reserves the right to adjust assignments each year but only within the 4 to 24 point range. Increasing a point assignment for one accomodation requires a complementary reduction of the same point amount at another. This insures that there is no overall "point inflation".

Each owner of a Hapimag share has an obligation to pay an annual for maintenance fee of Sfr 249 (approx. $175) for each share owned. In addition, Hapimag charges approximately $175 per use week (4 persons) for service costs of cleaning, heating, linen, etc.

The points can be used up to one year in advance. It is also possible to save the points for up to four years. A high season week for a two room (one bedroom and one living room with sofa as sleeping bed) apartment will cost 24 points (max. 4 persons). If a studio is chosen 3 points can be deducted and for a three-room apartment four points have to be added. The seasons of Hapimag are different from those of the exchange companies. Beach resorts will cost 24 points in July and August and this applies to winter resorts in February and around Christmas. City resorts always cost 24 points, the maximum points required for any resort in the Hapimag system. It is possible to transfer or combine points from one shareholder to another.

While studio, one and two bedroom apartments with fully equipped kitchens are available, most of the accommodations are equipped as 4 persons sharing(1br). An average two-room apartment is 60 square meters.

The resorts of Hapimag can be divided in 39 holiday- and 8 city resorts. The city resorts are situated in: Amsterdam, Athens, Berlin, London, Munich, New York, Paris and Vienna. The holiday resorts are located in: Denmark (1), Germany (6), Finland (1), France (3), Greece (2), Italy (9), Austria (6), Portugal (1), Spain
(6), Turkey (1), Sweden (1) and Switzerland (2). Apart from these resorts Hapimag also rents accommodation in Florida and Switzerland. The facilities of the resorts differ by region, and consist of a (heated) swimming pool, tennis courts (in or outdoor), a restaurant, a playground and a sauna. The resort in Mas Nou (Costa Brava, Spain) also has an on-site 18-holes golf course

Every year Hapimag shareholders receive a travel catalogue with information about all the available resorts. Furthermore they receive the twice a year the club magazine "Holiday" and the brochure "Tips, trips and tariffs", in which contains a detailed point table and all reservation information.

To give all shareholders equal rights to obtain a certain accommodation Hapimag uses a fair reservation system. Some resorts are more popular than others are and this implies that shareholders cannot spend their holidays in the same resorts every year. The year is divided in four seasons. Hapimag has a final date, which is half a year before the beginning of the season. Before the final date all reservations will be treated equally. With one exception: a preference status applies to shareholders, which apply for the same resort if they weren't allowed the first year because of lack of space. After this final date all reservations are treated by the incoming date (First come, first served). A list of available accommodations can be obtained from Hapimag.

Hapimag has its own Internet site, although it is currently under construction. The address is: Start - Hapimag, Ihre Ferienwelt