Tài liệu Kế hoạch kinh doanh cho dự án bất động sản nghỉ dưỡng theo mô hình chia sẻ kỳ nghỉ dự án manna luxury holidays resort

VIETNAM NATIONAL UNIVERSITY, HANOI SCHOOL OF BUSINESS NGUYEN THUY DUONG BUSINESS PLAN FOR TIMESHARE TRAVEL REAL ESTATE PROJECT THE CASE OF MANNA LUXURY HOLIDAYS RESORT Major: Business Administration Code: 60 34 05 MASTER OF BUSINESS ADMINISTRATION THESIS Supervisor: Dr.Tran Doan Kim Hanoi – 2013 ACKNOWLEDGEMENT This thesis arose from the time I started work for my past company which is one of the first companies to bring timeshare concept to Viet Nam. It is the achievement that visualize my knowledge got from the MBA combining with the understandings, informations and working experience. By that time I have worked with a great number of people whose contribution in assorted way to the research and the making of the thesis deserved special mention In the first, I would like to extend my gratitude to professor Tran Doan Kim for his supervision, advice and guidance from the early stage of this thesis as well as giving the extraodinay experiences through out the work. He provided my great encouragement and support in various ways. He adviced me see thing in macro and scientific spectacles to analyze and solve a problem that exceptionally inspire and enrich my growth as a student Many thanks in particular to professor Pham Van Thang, my lecturer of Strategic Management subject within the 3rd semester of MBA time. He is such a respectful lecturer who set the mirror for us with his scientific- academic working style who setup strict rules that sometimes made us overload by his exercises and demands but til now we really know how best they are I gratefully acknowledge all lectures of Ha Noi School of Business who brought me various knowledge in all fields of business that not only meaningful served to my thesis but also are valuable for my job carreer in future I gratefully thank HSB staffs who created us favorable conditions durring the studying time as well as the time be off for thesis : The registra team who always keep us on track of timeline for this thesis, the library staffs who always be happy to serve us book and reference materials i I would also acknowledge my HSB.MBA7 mates who accompanied me durring the studying time at HSB. They shares me many useful ideas and advices to approach the matter in various ways with the most effectiveness. They are always willing to share bright thoughts with me at anytime I got stuck which were fruitful for sharping up my idea and research Finally, it is pleasure to pay tribute to my family who always beside me and give me great support ii ABTRACT BUSINESS PLAN FOR TIMESHARE TRAVEL REAL ESTATE PROJECT THE CASE OF MANNA LUXURY HOLIDAYS RESORT Nguyen Thuy Duong MBA intaker, 2008 – 2010 Ha Noi School of Business National University, Ha Noi Supervisor : Dr.Tran Doan Kim June 2013, 104 pages Timeshare is quite the new definition in Viet Nam. Timeshare means holiday ownership. Timeshare owner has right to take vacation at a 5 star luxury resort in Viet Nam within a week and this ownership remains in 40 years consecutively.Not only in Viet Nam, timeshare owner can exchange his/her week to 4500 resorts all over the world. Besides holiday taker, timeshare owners can re-sell- rent their week and get profits. These benefits are strong points that make customer interested in a travel real estate project. Viet Nam travel industry has gained high growth at 2 decimals growth rate. In 2012 the whole economy had faced too many difficulties but travel market stil developed at markable growth: over 6.8 million foreign visitors, over 32.5 million domestic visitors, total revenue of VND160,000 bil, growth rate of 23% compared to last year. Travel industry development encourages new travel real estate projects be implemented and exploited. In contrary to travel market, 2012 covered the black shade to real estate market, extremely huge stock balance volume (Total 70,000 apartments in Ha Noi& HCMC), if the market value of each apartment is around VND2 bil thus, total stock balance value is around VND140,000 bil, such a big death capital. iii Is a part of real estate market, travel real estate was another story in 2012. There were new projects in all 3 regions (North, Central and South). In the North, there are about 5000 villas distributed, successful transaction rate was only 70% of last year but we can see the positive point for development of travel real estate market in the next years. The barrier of travel real estate development belongs to policy. It needs tobe released the knot : free visa check for foreign visitors, allowing foreigners to own property in Viet Nam. Foreign investors is afraid of short landownership duration (only 50 years). Many projects call foreign investment but it’s limited for foreign investors to own the products of these projects. Rafaeli – one Israel group- is famous for many successful timeshare projects in Israel and some East European countries. Seizingthe opportunity, Rafaeli invested Manna project in Cam Ranh, Nha Trang. This project is capitalized by Golden Beach (100% Israel capital Ltd company) ventured with Vietcombank Fund and all suites of Manna resort will be distributed under timeshare model by Infinity Marketing (100% Israel capital Ltd company). The project launched sale at early 2011 and durring 3 years of construction, Manna guarantees guest to take vacation inside Viet Nam (room rate within a week in a 5star hotel or resort will be funded), or oversea (at a hotels/resorts in alliance list). Manna expected to sell out all timeshare units within 2 years but it failed due to subjective and objective reasons as : customer belief, careless marketing strategy, lack of sale channel, big expenses, company extend too large… I have had the chance to work at Manna at start-up phase. Contributing my knowledge and experience to recruitment, training and sale launching. This thesis is written with aim to analyze the reason why Business plan of Manna failed and contributing some suggestions for successful implement of similar business plan. iv TÓM TẮT KẾ HOẠCH KINH DOANH CHO DỰ ÁN BẤT ĐỘNG SẢN NGHỈ DƯỠNG THEO MÔ HÌNH CHIA SẺ KỲ NGHỈ - DỰ ÁN MANNA LUXURY HOLIDAYS RESORT Nguyễn Thùy Dương Học viên MBA, niên khóa 2008-2010 Khoa Quản Trị Kinh Doanh, Đại Học Quốc Gia Hà Nội Giảng viên hướng dẫn : Tiến sĩ Trần Đoàn Kim Tháng 06-2013, 104 trang Sở hữu một bất động sản du lịch gắn với khái niệm chia sẻ kỳ nghỉ còn khá mới mẻ ở Việt Nam. Vừa có cơ hội được đi nghỉ dưỡng tại một resort 5 sao, vừa có thể trao đổi kỳ nghỉ của mình tới hơn 4500 resort trên toàn thế giới vừa có thể bán lại, cho thuê lại, hay đầu tư thu lợi nhuận từ quyền sở hữu của mình là một thế mạnh thu hút khách du lịch và nhà đầu tư đến với một dự án bất động sản nghỉ dưỡng. Thị trường du lịch của Việt Nam tăng trưởng ở tốc độ cao với mức tăng trưởng bình quân liên tục đạt mức 2 con số. Năm 2012 là một năm đầy khó khăn đối với toàn bộ nền kinh tế vậy mà ngành du lịch vẫn đạt được mức tăng trưởng đáng ghi nhận : Hơn 6.8 triệu lượt khách du lịch quốc tế, hơn 32.5 triệu lượt khách du lịch nội địa, tổng doanh thu đạt hơn 160,000 tỷ đồng, tăng hơn 23% so với năm trước. Sự tăng trưởng của ngành du lịch là động lực lớn cho các dự án du lịch nghỉ dưỡng mới được triển khai và đi vào khai thác. Trái với ngành du lịch, năm 2012 được đánh giá là năm đầy khó khăn với thị trường bất động sản Việt Nam. Tồn kho vô cùng lớn (Theo Dragon Capital: số căn hộ tồn kho của của Hà Nội và Thành phố Hồ Chí Minh lên tới gần 70,000 căn. Nếu tính v trung bình mỗi căn hộ có giá 2 tỷ đồng thì số vốn chôn chân trong bất động sản đã lên tới gần 140,000 tỷ đồng). Một điểm sáng trong bức tranh của toàn bộ thị trường bất động sản nói chung là mảng bất động sản nghỉ dưỡng. Theo thống kê các khu nghỉ dưỡng mọc lên ở khắp cả 3 miền Bắc-Trung-Nam, riêng khu vực phía Bắc sẽ có khoảng 5000 căn hộ và biệt thự mới được xây dựng, số lượng giao dịch thành công tuy có giảm (chỉ bằng 70% so với năm 2011) nhưng có những tín hiệu khởi sắc và hồi phục đà tăng trưởng vào những năm tiếp theo. Rào cản lớn nhất đối với sự phát triển của thị trường bất động sản nghỉ dưỡng là chính sách.Hiện tại khách hàng chủ yếu của thị trường vẫn là khách hàng nội địa khi chính sách đối với khách hàng, nhà đầu tư nước ngoài còn chưa thông thoáng.Việt Nam cần phải gỡ nút thắt chính sách, như chính sách ưu đãi cho du khách nước ngoài (miễn thị thực nhập cảnh) và cho người nước ngoài sở hữu tài sản ở Việt Nam. Phần lớn các dự án du lịch hiện nay là thuê đất 50 năm, vì vậy khi bán cho khách hàng cũng chỉ 50 năm, nên nhiều người còn e ngại. Thêm nữa nhiều dự án mặc dù nhà nước cho nhà đầu tư nước ngoài đầu tư nhưng chính sách cho người nước ngoài mua sản phẩm của dự án này bị bó hẹp. Rafaeli là tập đoàn rất thành công với các dự án bất động sản nghỉ dưỡng theo hình thức chia sẻ kỳ nghỉ tại Israel và một số nước Đông Âu. Ở Việt Nam, khái niệm “chia sẻ kỳ nghỉ” (timeshare) còn khá mới mẻ, đón được xu thế đó. Rafaeli quyết định đầu tư dự án Manna Luxury Resort tại Cam Ranh, Khánh Hòa. Dự án Manna được vận hành bởi Công ty TNHH Bờ Biển Vàng (Golden Beach)- một công ty 100% vốn đầu tư nước ngoài tại Việt Nam- liên doanh với Công ty quản lý quỹ VietComBank (VCBF), 100% số phòng tại Manna được phân phối dưới hình thức timeshare bởi công ty TNHH Infinity Marketing. Dự án bắt đầu được phân phối ra thị trường từ đầu năm 2011 và khách hàng sở hữu sản phẩm của Manna vẫn được đảm bảo quyền được nghỉ dưỡng tại khách sạn hoặc resort 5 sao ở Việt Nam cũng như trong hệ thống liên kết của Manna trong thời gian 3 năm xây dựng. vi Kỳ vọng phân phối hết 100% số sản phẩm trong vòng 2 năm của Manna đã vấp phải rất nhiều rào cản và dẫn tới thất bại trong đó nguyên nhân cốt lõi là kế hoạch kinh doanh sơ sài, thiếu tính thực tiễn : lòng tin của khách hàng vào sản phẩm, thiếu chiến lược Marketing rõ ràng, thiếu kênh phân phối, chi tiêu quá nhiều, mô hình công ty quá lớn. Bản thân Tác giả đã có quá trình làm việc tại Manna, trong đội ngũ những người tiền sáng lập, tham gia vào quá trình tuyển dụng, đào tạo, xây dựng đội ngũ nhân viên, quá trình bán hàng. Luận văn này là kết quả của quá trình nghiên cứu, phân tích kế hoạch kinh doanh của dự án Manna để đưa ra một số giải pháp nhằm phát triển thành công dự án bất động sản nghỉ dưỡng tương tự tại Việt Nam. vii TABLE OF CONTENT ACKNOWLEDGEMENT .......................................................................................... i ABTRAST................................................................................................................. iii TÓM TẮT ...................................................................................................................v TABLE OF CONTENT .......................................................................................... viii LIST OF TABLES ................................................................................................... xii LIST OF FIGURES................................................................................................. xiii ABBREVIATIONS................................................................................................. xiv INTRODUCTION .......................................................................................................1 1. The thesis title : ....................................................................................................1 2. Purpose.................................................................................................................1 3. The thesis necessity...............................................................................................1 4. Scope of research .................................................................................................2 5. Research questions ...............................................................................................2 6. Methodology and Limitations of Study ...............................................................2 7. Significance .........................................................................................................3 8. Expectation ..........................................................................................................3 9. Structure ...............................................................................................................3 CHAPTER 1 : THEORETICAL FRAMEWORK ......................................................4 1.1 Timeshare model in travel real estate ................................................................4 1.1.1 Concept of timeshare .......................................................................................4 1.1.2 Timeshare in travel real estate .........................................................................4 1.2 Theory on Integrated business plan ...................................................................7 1.2.1 Company Analysis ...........................................................................................7 1.2.2 Industry Analysis .............................................................................................8 1.2.3 Customer Analysis .........................................................................................10 1.2.4 Competitive analysis ......................................................................................13 1.2.5 Marketing plan ...............................................................................................15 viii 1.2.6 Sale analysis ...................................................................................................23 1.2.7 Operation plan ................................................................................................25 1.2.8 Management team ..........................................................................................27 1.2.9 Financial plan .................................................................................................28 1.3 The reasons of failure in business planing .......................................................30 1.3.1 Excluding sucessful companies in competitive analysis ...............................30 1.3.2 Over emphasizing partnerships with well-known compannies .....................30 1.3.3 Focus too much on the future.........................................................................30 1.3.4 Not tailoring Management Team biographies to the venture’s development phase ..........................................................................................................................31 1.3.5 Asking investors to sign an NDAs (Non-disclosure Agreement) ..................31 1.3.6 Indiscriminately incorporating investors feedback into the business plan ....31 1.3.7 Stressing first mover advantage .....................................................................32 1.3.8 Focusing too much on the venture’s propriety technology............................32 1.3.9 Presenting large, generic market size.............................................................32 1.3.10 Marketing and Financial projection too aggressive .....................................33 CHAPTER 2 : ANALYSIS ON BUSINESS PLAN OF MANNA PROJECT AND WHAT ARE FAILURES ..........................................................................................34 2.1 Overview of Manna Luxury holidays project ..................................................34 2.2. Industry and competitive analysis ..................................................................36 2.2.1 Travel Real Estate market in Viet Nam .........................................................36 2.2.2 Competitive analysis ......................................................................................42 2.2.3 SWOT analysis ..............................................................................................42 2.3 Marketing Plan .................................................................................................45 2.4 Sale Plan ..........................................................................................................50 2.5 Operation Plan .................................................................................................54 2.5.1 Process ...........................................................................................................54 2.5.2 Working guidelines ........................................................................................55 2.5.3 Milestones ......................................................................................................58 ix 2.6 Human resources plan......................................................................................60 2.6.1 Company Structure ........................................................................................60 2.6.2 Recruitment and Training Plan ......................................................................61 2.7 Financial plan ..................................................................................................66 2.8 Business plan performance ..............................................................................67 2.8.1 Sale result .......................................................................................................67 2.8.2 Mentoring and regulating ...............................................................................69 2.9 The reasons of failure of Manna Business Plan ..............................................69 2.9.1 Business culture (Making Business Plan Too Aggressive) ...........................69 2.9.2 Excluding Successful Companies in the Competitive Analysis ....................71 2.9.3 Lack of Marketing Strategy ...........................................................................71 2.9.4 Company extends too large ............................................................................71 2.9.5 Spend too much ..............................................................................................72 2.9.6 Lack of Sale channel ......................................................................................73 CHAPTER 3 : BUSINESS PLAN FOR MANNA PROJECT IN PERIOD 20122015 ...........................................................................................................................75 3.1 Executive Summary .........................................................................................75 3.2 Marketing Strategy ..........................................................................................76 3.2.1 Positioning strategy ........................................................................................76 3.2.2 Diffrentiation strategy ....................................................................................76 3.2.3 The 4Ps ...........................................................................................................80 3.3 Sale strategy .....................................................................................................81 3.3.1 Diversified sale channels ...............................................................................81 3.3.2 Sale forecast the year 2013-2015 ...................................................................86 3.4 Operation Plan .................................................................................................86 3.4.1 Process ...........................................................................................................86 3.4.2 Milestones ......................................................................................................89 3.5 Human Resources Plan ....................................................................................91 3.6 Financial Plan ..................................................................................................92 x 3.6.1 Important assumption : ..................................................................................92 3.6.2 Key Financial Indicators ................................................................................93 3.6.3 Break-even analysis .......................................................................................93 3.6.4 Projected profits and loss ...............................................................................94 3.6.5 Cash flow .......................................................................................................95 3.6.6 Balance Sheet .................................................................................................97 3.6.7 Ratio Analysis ................................................................................................98 3.7 Dilemma and what are alternative solutions..................................................101 CONCLUSION .......................................................................................................103 REFERENCE ..........................................................................................................104 xi LIST OF TABLES TABLE 1-1 : PHYSICAL POSITIONING AND PERCEPTUAL POSITIONING .......19 TABLE 2-1 : ROOM RATE FOR SELECTED CITIES ..........................................39 TABLE 2-2 : AVERAGE ANNUAL OCCUPANCY BY SEASON ......................41 TABLE 2-3 : OCCUPANCY FOR SELECTED CITIES ........................................41 TABLE 2-4 : SWOT ANAYSIS ...............................................................................42 TABLE 2-5: PRICE LIST .........................................................................................47 TABLE 2-6 : WORKING GUIDELINE FOR REPS ...............................................55 TABLE 2-7 : STRUCTURE OF A STANDARD CALL .........................................56 TABLE 2-8 : PHONECALL SCRIPT SAMPLE .....................................................57 TABLE 2-9 : MILESTONES....................................................................................59 TABLE 2-10 : RECRUITMENT TIMELINE ..........................................................63 TABLE 2-11 : TIME PROVISION OF TRAINING PLAN ....................................65 TABLE 2-12 : NUMBER OF DEAL IN 10 FIRST EVENTS .................................68 TABLE 2-13 : NUMBER OF STAFFS ....................................................................71 TABLE 2-14 : CASH FLOW ...................................................................................72 TABLE 3-1, 3-2 : MILESTONE ..............................................................................89 TABLE 3-3 GENERAL ASSUMPTIONS ...............................................................92 xii LIST OF FIGURES FIGURE 1-1 : STEP IN THE POSITIONING PROCESS .......................................20 FUGURE 2-1 : AVERAGE ANNUAL ROOM RATE BY REGION .....................37 FIGURE 2-2 : AVERAGE ANNUAL ROOM RATE BY STAR RANKING ........38 FIGURE 2-3 : ANNUAL ROOM RATE BY SEASON ..........................................38 FIGURE 2-4 : AVERAGE OCCUPANCY BY REGION .......................................40 FIGURE 2-5 : AVERAGE ANNUAL OCCUPANCYBY STAR RANKING ........40 FIGURE 2-6 : SALE BY TYPE OF SUITES...........................................................51 FIGURE 2-7 : SALES BY TOTAL INCOME OF CUSTOMER ............................52 FIGURE 2-8 : SALES BY CATEGORY OF CAREER ..........................................52 FIGURE 2-9 : SALES BY RANGE OF AGE ..........................................................53 FIGURE 2-10 : WORKING FLOW .........................................................................54 FIGURE 2-12 : RECRUITMENT AND TRAINING PLAN ...................................61 FIGURE 2-13 : EXPENSES AND PROFITS AS PERCENTAGE OF REVENUE ...................................................................................................................................66 FIGURE 2-14 : REVENUE PER AVAILABLE ROOM .........................................67 FIGURE 3-1 : IN-EVENT SALE DISTRIBUTION MODEL ................................82 FIGURE 3-2 : MULTI –CHANNEL DISTRIBUTION MODEL ............................84 FIGURE 3-3 : SALE FORECAST ...........................................................................86 FIGURE 3-1 : KEY FINANCIAL INDICATORS ...................................................93 xiii ABBREVIATIONS RCI Resort Condominium International 7P Product – Promotion – Price – Place PR Public Relation R& D Research& Development IPO Initial Public NDA Non Disclosure Agreement Sqm Square metter VCBF VietCom Bank Fund Ltd Limited SWOT Strength – Weakness – Opportunity – Threat OPC Outside Person Contact F&B Food and Beverage G&A General and Administrative EBITDA Earnings Before Interest, Tax, Depreciation, Amortization RevPAR Revenue Per Available Room S.Ms Sale Managers Q&A Question and Answer HR Human Resources IT Information Technology CEO Chief Excutive Officer xiv INTRODUCTION 1. The thesis title : “Business plan for timeshare travel real estate project – The case of Manna luxury holidays resort” 2. Purpose The purpose of thesis is to analyze business plan of Manna project, analyze why it failed and draw out a completed business plan for Manna in period 2012-2015 in which carry out some solutions to fix problems (general solutions in all aspect of a business plan : marketing, financial, operation.. but it focus more on marketing solution) In order to do that, the thesis focus on reviewing and summarizing the theory of business plan , applying the reviewed literature to analyze Manna situation then propose some solutions to improve current situation forwarding to a successful travel real estate project. 3. The thesis necessity Manna is the travel real estate project which firstly applied 100% timeshare in hospitality. Before Manna there is Ninh Van Bay that already implemented some successful travel real estate projects (Six Sense, Emeralda Ninh Binh& Hoi An). Reality has demonstrated that travel real estate with timeshare model have much chance to develop in Viet Nam. The founders of Manna all are Israel who are very smart, they have big ambition and desire that the project will successful, and targeted to sell out all timeshare unit of project within 2 years before resort come to open. But the sale launch has failed with just a little deals have been made within 1 year. The failure caused by both subjective and objective reasons. 1 Being one of the first part on human force, took part in building company structure, recruitment and training process, me and other sale managers has tried our best to build company and push up sales. This thesis arised when I have quit working there with big concerns why it fails and how can I contribute to fix problems if I were stil there. 4. Scope of research Manna is the follower in the travel real estate market but the market is quite new and have much opportunities for new entrants. Being member at first step of startup but due to Israel business culture we all only have known clearly about things that related to sales not what have the founders done before coming Viet Nam. This thesis takes a look on all aspect of a business plan so it could be not deeply analized on such a certain professional knowledge (marketing, finance, operation …) 5. Research questions  What is timeshare in hospitality?  What should we do for a successful business plan?  What have Manna done according to business plan and the problems?  A completed business plan for Manna (How to fix problems and implement a successful travel real estate project?) 6. Methodology and Limitations of Study The thesis based on a qualitative research and a case study method for analytical purpose to suggest or explain why or how something is happening. Manna’s specific data collection was carried out by interview. Data related to accounting collected from accounting department, data related to marketing and sales collected from board of manager and sales department because Manna stil not had a real marketing dept til that time. Besides, author’s own observations and experiences were also used in data collection and analysis. Futher, data has been computed by research of documents, Annual Report of Viet Nam Lodging Industry- 2 Hotel survey by Grant Thornton Viet Nam and other real estate company : CBRE, Savills. 7. Significance By reviewing the theory of business plan, this research benefits Manna in proposing solutions in general and marketing in particular to fix problems and improve the sales which decides company’s survive and contributes to company’s development. 8. Expectation Travel real estate market in Viet Nam is very potential for new entrants so the analysis and solutions written in the thesis can be applied for new projects 9. Structure The first chapter is an introduction with concentration on business plan in general and what is timeshare The second chapter describes what Manna has operated from pre-sale phase to sale launching and analysis on what it fails The third chapter proposes some solutions in all aspects of business plan but focus on marketing suggestions. 3 CHAPTER 1 : THEORETICAL FRAMEWORK 1.1 Timeshare model in travel real estate 1.1.1 What is timeshare Timeshare by its proper meaning is to share the time of using something The initial idea of timeshare came from IBM at 1960s, at that time IBM invented the fist computer in the world. This computer is super big size and many companies desire to use in their operations. Because of very high cost and temporary using, IBM devide a year to separated weeks and each company can own the computer in a certain week, eg. company 1 own the 1st week, the company 2 own the 2nd week …By this way each owner can afford the cost of ownership and avoiding resources wasted because they don’t want to use the computer in whole year. (Micheal Strauss, 2001) 1.1.2 Timeshare in travel real estate Timeshare in travel real estate means holiday ownership. Holiday ownership is a very simple concept, you buy a week or weeks in a luxury holiday resort for 50 years. Timeshare units can have up to 52 owners, one for each week. Effectively you own a share of the development and therefore you only pay for the upkeep on what you actually own. All over costs of the development is split across all of the owners, a higher quality of service and furnishing becomes affordable. Your costs are the once only payment for the week or weeks which you purchase and an annual maintenance fees which covers your share of the upkeep of your particular. All over costs of the development is split across all of the owners, a higher quality of service and furnishing becomes affordable. Your costs are the once only payment for the week or weeks which you purchase and an annual maintenance fees which covers your share of the upkeep of your particular accommodation plus any central facilities such as the swimming pool (Karen Holden, 2006) 4 AseanStem By applied timeshare model the owners have many premium benefits, one of the biggest benefit is holiday exchange through an organization call RCI (Resort Condominium International). If you are the owner of one certain week in a resort that is the member of RCI, you have the chance to exchange your week to another owner of another resort in the world. There are 4500 resort in RCI, by very easy way from deposit to exchange one website (www.rci.com) or via phone, RCI headquarter based in London England, it also have office in Singapore and staffs there can speak Vietnammese to help Viet Nam timeshare owners. Timeshare has been applied successfully by many famous hospitality brands in the world as : Hilton, Marriot, Holiday Irn. Now more and more resort use this way of enjoing holiday because of timeshare benefits by itself : Family holiday, You have it you use it, Resort International Condominium (RCI), Best deal and Financial logic (Kim Kavin, 2006) Family holiday - family is the most important for each of us , in the whole year we are busy and work very hard to support our family with dignity to a good and happy life, but unfortunately we invest most of our time working and we do not have enough quality time to invest on our family. We leave home for work in the morning, and come back tiredly in the evening without family activities desire; We do not see enough our children; Every member of our family live by himself. Years are passing, so our lives rolling boringly and annoyingly; our couple life is not interesting anymore. Suddenly, we discover that our children are growing up without enough attention. Timeshare system solves this problem by allowing us to have family holiday every year for at least one week when all family members are together like we are in a new honeymoon. The children get quality time with their parents; all members of a family are together happily and have a wonderful time as we dream for (Kim Kavin, 2006) 5