Vacation clubs are the "hot" resort development product of the
decade. Typically containing multiple geographically diverse resort locations
throughout the United States and frequently abroad, vacation clubs offer
consumers the ultimate in flexible vacation options and related privileges. Far
more than merely an alternative legal structure to the traditional timeshare
concept, vacation clubs yield numerous practical benefits to developer and
consumer alike while generating their own unique set of legal and practical
challenges.
Most, though not all, vacation clubs employ "vacation points,"
"membership points," "vacation credits," "SunOptions,"
or the like as the currency by which members obtain the right to reserve, use,
and occupy the club's accommodations, pursuant to a complex set of reservation
procedures. The reservation system is intended to maximize the collective use
rights of all club members and must be susceptible to periodic point
reallocations in order to
