Vacation Ownership Celebrates 40 years activity in Aruba and contributing significantly to the Tourism Economic pillar.
Vacation Ownership, formerly known as the timesharing industry is celebrating its 40th anniversary of activity on the island. Vacation Ownership in Aruba plays an important role with over 40% of the islands total hotel unit’s inventory consisting of VO units. Thanks to this inventory and the high occupancies of the 17-timeshare resorts on the island, we can boast a consistent occupancy all year, which is the envy of many of our Caribbean competitors.
The multiplier effect that the VO produces in Aruba is from the expenses of the timeshare resorts. The tax contribution of the industry is an important revenue source for the government. Maintenance fees cover multitude of costs, which are divided differently among all timeshare resorts. These costs include electricity, water, gas, AZV, AOV and property tax.
The amount of money that the VO resorts invest on refurbishing also influences the economy, especially through import duties they pay. In addition, one extremely significant way that the VO industry affects the economy in Aruba is through employees’ payroll expenses. Over 2,000 people living in Aruba work in a timeshare resort and payroll expenses are over $30 million.
There are 3712-vacation ownership units in Aruba. This has the potential of generating 1,354,880 room nights. Based on the average yearly occupancy of 85.4%, this generates 1,157,074 room nights.