"The old ways of marketing are dead and gone. Let's get on with the new ways. Embrace social media. Sell the truth. Be the media. We all have to stop wishing the old days would come back. "
- David Allison
"We are in a different time. From design; to product; to developer, operator and buyer expectations; what were seemingly recent concepts may never be seen again. The 'new normal' will reshape thinking as it relates to the resort industry."
- Greg Ashley
"With the passive investor and "flipper buyer" out of the marketplace, we need more than ever to design resort properties that meet buyers' real needs. We need to take the approach that "investment potential" is no longer a reason to buy recreation property, and then only develop properties that offer buyers intrinsic value."
- James Askew
"The appetite by all lenders is improving, but this improvement is not to be confused with the euphoria of easy money that existed before"
- Harold Fast
The leisure real estate industry is growing every year, more and more people are making lifetime commitments to quality vacations by purchasing leisure accommodations. A powerful alliance with an organization that offers optimized solutions for the diverse needs of both consumers and developers is critical - especially in the competitive and challenging landscape of leisure real estate."
- Lucie Gagne
"As the first quarter was drawing to a close the global equity markets seemed bottomless and it was unclear when or even if personal wealth would stabilize. The anxiety was palpable. The collateral impact was that certain asset classes were substantially re-valued. Now consumers - many flush with cash, are seeing value back in the market, hence my optimism."
- Peter Giamalva
"Given the low interest rate environment over the past few years, unless a hotel was overleveraged, payment risk is minimal. However, given changes in hotel fundamental and capital markets, maturity risk is the real issue in the current environment."
- Joe Iadarola
"Seek and obtain your land use approvals now while the market is down. It will probably be easier with less public opposition given the need for economic development and associated employment opportunities. That way you will be better positioned to sell when the market turns around - and it will turn around!"
- Joe Miotto
"In recent years there has been a trend toward greater collaboration between government agencies and resort developers, particularly in terms of marketing and developing resorts that reflect the "vernacular" of the area. Maintaining a region's tourism base has become as important as growing it, and an increasing number of government departments appear to recognize that if that goal is to be achieved, they need to accommodate new forms of resort development such as mixed use and shared ownership properties"
- Sue Nickason
"There is one issue above all from my perspective: Average Daily Rate! Our industry has taken a major step backwards this year as guests to our hotels and resorts are expecting and demanding to pay a much lower rate than they have for the exact same product and services in previous years. However, we all know that our costs have risen with inflation...you do the math! We will be working hard to correct this imbalance in 2010"
- John O'Neill
It's a truism that successful investors need patience. It's even more important for small investors in a real estate project, particularly in a sector as dramatically cyclical as resort hotels. I've observed that impatient equity-holders are naturally replaced over time by patient equity-holders, and almost always at a high cost to the impatient."
- John Pennington
"$400,000 is the sweet spot for sales in the Okanagan valley for a 2 bedroom resort unit. We're finding lots of traction at this price point. We've closed over 100 units in 2009 and most of the 2 bedroom units are within this price range. Although we have some higher end product well above this price point, there is a very large market interested in two bedroom units in a well located quality resort in the $350,000 to $450,000 price range."
- Ed Romanowski
"Buyers are going to want to be careful, particularly after what has happened to their other investments. So developers will want to bring forward projects that are well conceived, properly planned and adequately financed. Buyers will respond if they sense value and reliability."
- Eric Spindler
"The investor purchaser will be less of a force in the new market. Instead consumers will be focused on end user product, price point and annual ownership costs"
- Andrew Voysey
"For a development project to be supported by the local community - it is important for the developers to make connections with those responsible for encouraging these types of developments. Too many focus on starting with the wrong department at "the City of regional halls" when they should be connecting with the local EDO."
- Dale Wheeldon
"Communities with potential resort opportunities are looking for developers to generate economic development to offset the negative effects of the recession."
- Brian Wills
"Baby boomers do have more choices. And the hype is gone. However, they are still interested in purchasing second homes in recreational markets. In the immediate future, the days of 'project sold out in 4 hours' are gone"
- Jon Zwickel