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HARTFORDBUSINESS.COM | MAY 5, 2025 21 57% of all timeshare owners and 76% of new sale purchasers, the ARDA said. The number of independent resorts is declining in the U.S., due to destruction by extreme weather and consolidation, said Jason Gamel, ARDA's presi- dent and CEO. Major deals in recent years included independent time- share owner Capital Vacations acquiring Vacation Resorts International Americas (VRI) in 2022 and other independent properties to create a large club system with more than 200 resorts across the U.S., Mexico and the Caribbean, he said. Hilton Grand Vacations last year bought Bluegreen Vacations in a deal valued at $1.5 billion. Hilton in 2021 also purchased Diamond Resorts International Inc. in a $1.4 billion deal. "We do expect those trends to continue, but most likely not at the same rate we have seen over the past five years," Gamel said. Despite ongoing consolidation, Gamel said there will always be independent timeshare resorts and operators in the U.S. "Not all resorts want to be part of a hotel-branded timeshare system, and not every independent resort in the U.S. is a good fit for the hotel- branded timeshare system," he said. That will still leave potential customers for Colebrook Financial. Our Wealth is Your Wealth BFS has acquired Napatree Capital of Westerly, RI and Longmeadow, MA bfsinvest.com CONNECTICUT: Hartford, Litchfield, Stonington FLORIDA: Delray Beach ILLINOIS: Chicago MASSACHUSETTS: Longmeadow, Wellesley MAINE: Portland RHODE ISLAND: Westerly Our wealth of experience enriches the client experience. With 30 years in your community as an independent firm and $8 billion in assets under management, BFS means sophisticated wealth management strategies AND close, personal relationships. We live and work where you do. And we invest in your success with portfolio managers who manage your money as we do our own. It's a wealth of experience and expertise, all focused on helping you live a richer life. To work with us, call 800-720-8050. aren't really down there, so we've tried to find other ways to penetrate different markets." Colebrook recently financed a timeshare developer in Italy, but the company isn't expecting to do much business in Europe, he said. "If something came along in Europe, we certainly look at it, but it's outside our wheelhouse," Ryczek said. Colebrook, which currently has about $150 million in gross assets and has lent out about $1.4 billion since its founding, has 11 bank part- ners that provide its loan funding. Besides industry consolidation, other challenges that Colebrook faces include competition from larger lending institutions — such as Liberty Bank, National Bank of Arizona and Western Alliance — extreme weather that threatens timeshare resorts and a weakening economy, Ryczek said. "They say the economy is not in recession, but we can see a lot of defaults going up," he said. Declining independent resorts There are about 1,500 timeshare resorts in the U.S. that generated $10.6 billion in maintenance fee revenue and $3 billion in rental income in 2023, according to the American Resort Development Association (ARDA). Timeshare units sold at an average cost of $24,170 and directly added about $35.7 billion to the U.S. economy last year. The average timeshare owner is 45 years old, and Gen-Z and Millennials account for Jason Gamel Nominate a standout execu ve for the 2025 C-Suite and Life me Achievement Awards! This pres gious award recognizes Connec cut's top C-suite leaders for their contribu ons to their organiza ons and the community. Don't miss the chance to elevate a deserving leader. WHO WILL LEAD THE WAY IN 2025? NOMINATE THE BEST IN CONNECTICUT'S C-SUITE TODAY! NOMINATE THE BEST IN CONNECTICUT'S C-SUITE TODAY! NOMINATE TODAY DEADLINE 7/18 GO TO >> HARTFORDBUSINESS.COM/HBJ-EVENTS CLICK ON C-SUITE & LIFETIME ACHIEVEMENT AWARDS TO NOMINATE MAJOR SPONSORS