These threads are always interesting, but I'm really not sure that constructing ONE additional non-themepark related resort makes much economic sense unless there is some compelling local/regional target market.
For example, VGC attracted many West Coast and nearby buyers who probably never would have purchased a WDW resort. They got
DVC ownership where they wanted to visit...and they could use their points at WDW and the other DVC venues.
Aulani -- despite it's many problems -- did the same for a large and rapidly-growing target market...Asia. Hawaii was a place Asians want to visit anyway...and they could use their points at WDW and other DVC venues.
Other than themepark related resorts like BLT, VGF, and Poly, the only exception to that I see is a Caribbean resort which might appeal to Latin American buyers. Problem is, those buyers are already coming to Florida and are not really a new market. I personally doubt a Caribbean resort would be a big draw for them.
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In several of these threads, Dean has mentioned another route to expansion -- expansion of existing exchange opportunities or alliances with other quality timeshare systems. I don't really have the knowledge of the overall timeshare industry Dean has, so I'll leave it to him to explain his ideas...but I think he has some excellent ideas.
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Looking at another approach, Wyndham in recent years has done some interesting things. One, they have bought outright individual properties and converted them to timeshares (e.g. Canterbury, in SFO). Two, they have bought unsold inventory in good locations (the WAAM program) and are now in the process of trying to convert owners of those independent timeshares to Wyndham (e.g. Smuggler's Notch, VT, Reunion, FL and others). And finally, they have bought entire timeshare systems (Shell). They have greatly expanded their system, and with the weak economy of the last 5 years they've done it at minimal cost.
Unless the economy double-dips into another recession, I think DVC has missed the window for acquisitions following the Wyndham model.
But some of Dean's ideas might work for DVC better than building a new resort where there is no unique Disney difference.