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Disney’s Vacation Club – A 1.5 Billion Dollar Idea – How Disney Insured Their Own Future
After Squawk’s 2008 annual board meeting at Walt Disney World in Orlando Florida this past week, we decided to highlight the Walt Disney Company and expose some of the lesser known plans of action that Disney has in store for the future. The Walt Disney Company (dis) is the third largest media and entertainment corporation in the world, after Time Warner and News Corporation. Founded on October 16, 1923 by brothers Walt and Roy Disney as an animation studio, it has become one of the largest Hollywood studios, and owner of eleven theme parks and several television networks, including ABC and ESPN.
Disney’s corporate headquarters and primary production facilities are located at The Walt Disney Studios in Burbank, California. The company had great advances in its time. On December 20, 1991, upon opening Old Key West, their newest resort on the Orlando property, Disney started the DVC or Disney Vacation Club. The Vacation Club is a company, wholly owned by Disney, that operates as a vacation timeshare, allowing families to purchase a real estate interest in one of the DVC resorts. Operations of DVC and its resorts are managed by Disney Vacation Development. This Club has revolutionized the concept of timesharing and is one of the fastest growing “clubs” in the industry. Unlike the typical investment plan, Disney actually sells property to the vacationer and signs over property. In a nutshell the real estate interest is represented by “vacation points”.
A customer buys a number of holiday points as a one-time purchase, becoming a “member” of the “club”. The price as of March 5, 2007 was $16640.00 ($104 per vacation point with the minimum purchase being 160 vacation points). After the initial purchase members are charged annual fees based on the number of vacation points they own. Members receive an annual allocation of these vacation points. Vacation Club Members can then use these points to make reservations at one of the Vacation Club Resorts or any number of other resorts around the world. The number of points required depends on the room type, resort and time of year selected. Points can be saved, or “banked”, for use the following year. Points can also be borrowed from the next year. The magic of the vacation club is the sheer mountain of money Disney is raking in that they wouldn’t otherwise get ahead.
They guarantee three things: 1) $16,000 per package from each person who initially purchases, 2) A guarantee that people will return to Disney World for vacations for the next 50 years, and 3) A nice provision to waive maintenance fees. the buildings they are selling out. This is Disney’s little gold machine. They currently have 3282 Vacation Club rooms that have been sold and are currently building about 1500 more rooms that will be available for sale within the next two to three years. Each room is divided into between 20 and 50 deeds. The latest project is the addition to their centrally located Contemporary Resort. Construction is underway launching a $110 million, 15-story tower next to its iconic Contemporary Resort, which will likely feature Vacation Club rooms that bring the units closer to the Magic Kingdom than ever before. Disney will say little publicly about the fast-rising Contemporary addition. The new tower already stands 12 stories on 14 acres just north of the resort’s signature A-frame main building, which was only the second hotel at Disney World when it opened a few months after the park itself first welcomed guests on 1 October , 1971. But there is ample evidence Disney plans to use the tower for Vacation Club units. Building permit applications filed with Reedy Creek Improvement District identify the owner of the property as a company called JMSRM Inc.
State records show that is a fictitious name created in August 2006 by Celebration-based Disney Vacation Development, parent company of the Disney Vacation Club time-share arm. A very modest calculation of the net income brought in by the unique vacation experience brings the total to approximately 1.5 billion dollars earned in advance and in advance by the corporation. With this money, Disney plans to expand its parks, resorts, entertainment businesses, and develop new ideas and concepts to keep the people coming. Disney has come a long way from the weekly programs Carousel of Progress and the Mickey Mouse Club. They are among the best companies in the world today and will only continue to grow. To quote Walt Disney himself, “I only hope we don’t lose site of one thing, that it was all started by a mouse.”
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