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This is an English translation paraphrased from the book:
"Timeshare, een perfect concept!?" by Eric Schuit
(Editorial note: Conventional European usage of commas and
numerical values are opposite of U.S. usage. Example: 8.000 is read
thousand while 4,8% is read four and eight tenths percent.)
On 23 September 1963 Alexander Nette established: Hotel- und
Immobilien Anlage AG, or simply Hapimag.
Hapimag is a Swiss non-profit, points based shared holiday concept
that primarily caters to German, Swiss, Austrian, and Dutch
Starting on small scale, the idea of a shared a holiday
with others, appeared to be quite attractive. In 1968 the number of
had already passed 8.000. The growing number of shareholders or
which is the term Hapimag uses, gave Hapimag the opportunity to extend
their resorts. As of 1974 Hapimag owned 716 apartments in 33 European
As of 1999, Hapimag is the second largest company on the
with a total of 120.000 shareholders and owns 47 resorts with a total
4.500 apartments. Of the 47 resorts, 46 are located in Europe and 1 in
It is said that unsatisfied shareholders are rare. The value
Hapimag share, as set by the company, has steadily risen from Sfr 1.210
in 1963 to Sfr 8.600. This is an average growth rate of 4,8 % a year.
is unique in that it has a share buy back program. All shareholders are
allowed to sell their shares back to Hapimag after four years at 82% of
its current value (Hapimag charges 18% for administration buy back
The current price (1999) of a Hapimag share is Sfr 8.600 (appr.
The administration costs to buy a share are 2% extra.
While the company has had associations with RCI as an
in the past, Hapimag is not currently affiliated with any timeshare
organization Hapimag manages internal exchanges for all it's
With approximately 1.300 employees, Hapimag continues construction and
the management of all resorts owned by the company.
Hapimag resorts are all built with a local distinctive
addition, Hapimag has programs for group travel, holiday activity
and sight seeing holidays. These services can be booked either with or
without Hapimag points. As a non-profit organization, excess revenues
paid back to the shareholders.
When Hapimag has plans to develop new resorts or is
searching for new
locations, the company always listens to its shareholders. While
has never had a formal relationship with the timeshare-industry,
is now a key member of the ARDA and the European OTE
Hapimag sells ownership shares. Each share is worth 12
points each year.
Each holiday accommodation is assigned a point value based on location
and season to be used exclusively by Hapimag shareholders. The point
for a each resort/season/accomodation ranges from a minimum
to a maximum of 24. Hapimag reserves the right to adjust assignments
year but only within the 4 to 24 point range. Increasing a point
for one accomodation requires a complementary reduction of the same
amount at another. This insures that there is no overall "point
Each owner of a Hapimag share has an obligation to pay an
maintenance fee of Sfr 249 (approx. $175) for each share owned. In
Hapimag charges approximately $175 per use week (4 persons) for service
costs of cleaning, heating, linen, etc.
The points can be used up to one year in advance. It is also
to save the points for up to four years. A high season week for a two
(one bedroom and one living room with sofa as sleeping bed) apartment
cost 24 points (max. 4 persons). If a studio is chosen 3 points can be
deducted and for a three-room apartment four points have to be added.
seasons of Hapimag are different from those of the exchange companies.
Beach resorts will cost 24 points in July and August and this applies
winter resorts in February and around Christmas. City resorts
cost 24 points, the maximum points required for any resort in the
system. It is possible to transfer or combine points from one
While studio, one and two bedroom apartments with fully
are available, most of the accommodations are equipped as 4 persons
An average two-room apartment is 60 square meters.
The resorts of Hapimag can be divided in 39 holiday- and 8
The city resorts are situated in: Amsterdam, Athens, Berlin, London,
New York, Paris and Vienna. The holiday resorts are located in: Denmark
(1), Germany (6), Finland (1), France (3), Greece (2), Italy (9),
(6), Portugal (1), Spain
(6), Turkey (1), Sweden (1) and Switzerland (2). Apart from these
Hapimag also rents accommodation in Florida and Switzerland. The
of the resorts differ by region, and consist of a (heated) swimming
tennis courts (in or outdoor), a restaurant, a playground and a sauna.
The resort in Mas Nou (Costa Brava, Spain) also has an on-site 18-holes
Every year Hapimag shareholders receive a travel catalogue
about all the available resorts. Furthermore they receive the twice a
the club magazine "Holiday" and the brochure "Tips, trips and tariffs",
in which contains a detailed point table and all reservation
To give all shareholders equal rights to obtain a certain
Hapimag uses a fair reservation system. Some resorts are more popular
others are and this implies that shareholders cannot spend their
in the same resorts every year. The year is divided in four seasons.
has a final date, which is half a year before the beginning of the
Before the final date all reservations will be treated equally. With
exception: a preference status applies to shareholders, which apply for
the same resort if they weren't allowed the first year because of lack
of space. After this final date all reservations are treated by the
date (First come, first served). A list of available accommodations can
be obtained from Hapimag.
Hapimag has its own Internet site, although it is currently
The address is: www.hapimag.ch