Research Methods

The study is longitudinal in nature, with two levels of analysis: industry and firm. The primary unit of analysis is: Developer (for profit) – Home Owners’ Association (non profit) governance relationship.

Using an event analysis, I look at how the relationship evolves over time, at both the industry level and the firm level. Using an event analysis and temporal mapping, through the lens of institutional theory, I map firm-level behaviour to understand the institutionalization of industry governance practices.  I look at actors that include not only firms (developers) but also government organizations, industry organizations and lobbying efforts. This is supplemented by legal actions, analyst influence and media influence.


Firm level (Intrawest/DRI and the club)

  1. Analyzing the club instruments and project instruments to determine how the club works.
  2. Analyzing the declarant documents (project instruments) to see what they are doing, why how…
  3. Analyzing all of the financials from inception, to understand what has been reported, how, to whom etc…
  4. Analyzing all board documents to see what they have done, how etc.. and to identify any potential infractions
  5. Analyzing the purchase agreements to see what is being sold, to whom, how etc..
  6. Analyzing the step-by-step process of how the club functions – from depositing property to the requirement to pay the GST
  7. Analyzing the GST issue itself – what happened, why, the outcomes, the impact
  8. Analyzing the trust agreements to see what’s in them, what is not in them, and how the property went into the trusts
  9. Analyzing hypothetical situations: what happens at windup?
  10. Analyzing the substitution of properties in the trust
  11. Analyzing the for profit firms’ annual reports (Apollo, DRI and Intrawest) including the purchase agreements to see what was purchased, from how, what the assets are etc…

Industry Level

  1. Analyzing legislation in the US, and the connection with the ARDA, lobbying etc.. to see how the timeshare industry works, and the links between our club and all others
  2. Analyzing other legal actions, to understand how class actions etc.. play out – who launches them, how, against whom, on what?

Data Sources

Over 1000 documents are included in this data set.

Club Intrawest/Embarc documents

  1. Club instruments (club documents but controlled by developer through board and manager)
    1. Certification of the club
    2. Master Declaration
    3. Club guidelines
    4. Club bylaws
    5. Trust agreements
  2. Consolidated financial statements
  3. Annual budget summaries
  4. Annual dues notifications
  5. Board meeting minutes and resolutions
  6. Board-to-all members communication
    1. Through member portal
    2. Direct by email
  7. Club insurance
  8. Trademark registrations
  9. Marketing documentation
  10. Municipal land titles of “Resort Accommodations”
  11. Board of Directors election material and results

Developer (Intrawest / DRI) documents

  1. Project instruments (Club documents but owned by developer)
    1. Developer disclosure
    2. Trust indentures
    3. Legal titles of vacation homes
    4. Equipment lists (and other assets)
    5. Purchase agreements
    6. Governance flow charts
    7. Annual operating budgets
    8. Management agreement
    9. Interval International agreement
    10. Extraordinary Escapes rules and guidelines
    11. Schedule of total occupancy points
    12. Points calendars, by resort / season
    13. Repurchase program
  2. Municipal land titles of DRI-owned club-related property (e.g. Tremblant Check-in/Sales building)
  3. Trademark licenses (for “Club Intrawest” and “Embarc”)
  4. DRI corporate documentation
    1. SEC filings (annual and quarterly reports, material changes)
    2. Analyst presentations
    3. Press releases
    4. Legal actions
  5. Intrawest corporate documentation
    1. SEC filings (annual and quarterly reports, material changes)
    2. Analyst presentations
    3. Press releases
    4. Legal Actions
    5. Fortress corporate documentation, as applicable
  6. Apollo corporate documentation
    1. SEC filings (annual and quarterly reports, material changes)
    2. Analyst presentations
    3. Press releases
    4. Legal actions

GST Appeal Documents

  1. Tax Court Appeal
    1. Judgment
    2. Filings
    3. All exhibits, including testimony
  2. Federal Court of Appeal
    1. Judgement
    2. Filings
    3. All exhibits
    4. Recording of hearing

Purchase Agreements

  1. Purchase agreements on the DRI-Intrawest ULC transaction
  2. Purchase agreements on the Apollo-DRI transaction

Industry-Level Documents

  1. Corporate documents (SEC filings) from industry competitors/players (e.g. Marriott, Hilton etc…)
  2. Industry associations (e.g American Resort Development Association; Canadian Vacation Ownership Association)
  3. Academic research on the timeshare industry
  4. Analyst reports on the timeshare industry
  5. Consulting reports on the timeshare industry (e.g. E&Y report, funded by ARDA)
  6. News articles on timeshares, including investigative reports (e.g. New York Times)
  7. Legal actions

Regulatory Documents (timeshare and governance)

  1. BC Real Estate Development Marketing Act
  2. Consumer protection laws (provincial, Canada)
  3. Delaware Code, Title 8 – Corporations
  4. Florida Condo and Timeshare regulation
  5. California Timeshare regulation
  6. US timeshare legislation