Margarita Village developers are optimistic to capitalize on multigenerational travel. Boca Raton based Encore Capital Management is capitalizing on a demographic trend driven by the baby boomer population in search for meaningful family experiences.
The resort development was unveiled last August and its development plan spans across 340 acres near Walt Disney World. The latest includes 500 “resort homes,” a Margaritaville hotel, 300 apartments, a water park, sports activities, and 300 timeshare units.
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In Jan D. Freitag’s words, “With the advent of the retiring baby boomer generation who have more time for leisure travel, multigenerational travel will be a stronger factor in the overall share of leisure demand.” Freitag is the senior vice president of lodging insights at STR Inc. An AAA poll revealed that the automobile association, in May 2014 found that 36 percent of American families were planning to take trips in the following 12 months with their children, parents or grandparents. That’s quite a large percentage.
Moreover, an April 2015 survey from AARP, the organization for retirees found that 47 percent of those 45 years old or older planned to take a multigenerational trip within a year.
Travel and leisure spending contributed $7.58 trillion to the global economy last year, according to Statista.com. “Recently, family travelers are more active, more global and more socially-connected than ever before, and the way they travel together has changed dramatically,” said Brian Povinelli, Global Brand Leader of the Le Méridien and Westin Hotels & Resorts. “In speaking with our most loyal guests, we know that the new dream vacation – for many – looks like an active adventure, exploring new destinations and experiencing a new culture. To help us develop these new family programs, we also zeroed in on insights from our littlest travelers, who will define expectations and inspire the future of family travel,” said Povinelli.
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