Who are "they"? And how do they operate?

.................................................................................................................. iii ACKNOWLEDGMENTS ............................................................................................... v LIST OF TABLES ....................................................................................................... viii LIST OF FIGURES ........................................................................................................ ix CHAPTER 1 .................................................................................................................... 1 Purpose of the Study ............................................................................................... 3 Research Questions ................................................................................................. 3 Importance of the Study .......................................................................................... 3 Organization of the Study ....................................................................................... 5 CHAPTER 2 ................................................................................................................... 6 Vacation Ownership Industry Overview ................................................................ 6 The Vacation Ownership Room Mix .................................................................... 10 Yield Management: Hotel Versus Vacation Ownership ....................................... 12 Vacation Ownership Interest as an Investment ..................................................... 19 Entrepreneurship ................................................................................................... 23 Loyalty Programs .................................................................................................. 24 Vacation Ownership Resales ................................................................................ 26 Vacation Ownership Policies Specific to Owner Rentals ..................................... 29 Vacation Ownership Cancellation Policies ........................................................... 32 Mega-renter Operating Risks ................................................................................ 35 Maintenance Fee Increases ................................................................................... 41 Federal Income Taxes ........................................................................................... 42 Renter Accountability and Cancellations .............................................................. 43 Point Schedule Increases....................................................................................... 44 Conceptual Model ................................................................................................. 45 Summary ............................................................................................................... 52 vii CHAPTER 3 .................................................................................................................. 53 Research Design.................................................................................................... 53 Unit of Analysis .................................................................................................... 54 Sampling ............................................................................................................... 55 Data Collection Methods ...................................................................................... 57 Data Analysis Procedures ..................................................................................... 57 Procedures to Address Trustworthiness and Credibility ....................................... 59 Participant Solicitation .......................................................................................... 60 Summary ............................................................................................................... 61 CHAPTER 4 .................................................................................................................. 62 Participant Narratives............................................................................................ 62 Research Question 1 – Mega-renters Who are they? ......................................... 81 Cross-Case Analysis ............................................................................................. 81 Description of Assertions ...................................................................................... 82 Unique Case Differences ...................................................................................... 90 Research Question 2 Mega-renters How Do They operate? ............................ 91 Summary ............................................................................................................... 92 CHAPTER 5 .................................................................................................................. 94 Findings................................................................................................................. 94 Implications........................................................................................................... 96 Limitations ............................................................................................................ 99 Suggestions for Future Research ........................................................................ 100 APPENDIX A: IRB APPROVAL .............................................................................. 103 APPENDIX B: CASE STUDY PROTOCOL ............................................................. 105 APPENDIX C: SAMPLE RENTAL AGREEMENT ................................................. 109 REFERENCES ............................................................................................................ 112 VITA ........................................................................................................................... 125