The timeshare industry was first originated in Europe in the 1960's. In France and Switzerland, two different companies began the first vacation ownership offerings for travelers and tourists. During 1964-1968, a French development company called the 'Société des Grands Travaux de Marseille' started offering time-sharing products by offering a resort called Devoluy. Another resort called Paul Doumier of the Société des Grands Travaux became popular with its first advertising slogan, "No need to rent the room; buy the hotel, it's cheaper!" The timeshare company based in Switzerland, called 'Hapimag', was founded on September 23, 1963 and later expanded into Italy and Spain. Hapimag is still a successful company today and has remained at the forefront of the timeshare market.
In the U.S.A., Vacation Internationale offered the first timeshare resort called 'Kauai Kailani' in 1969. This timeshare company introduced the "points" system in order to offer greater vacationing flexibility to timeshare owners. Once the timeshare owners earn points, they can use them in any of the resorts offered by the company as currency. Florida was the first state in the United States to embrace timeshare developments during 1970's.
The renowned exchange company Resort Condominiums International (RCI) was founded in 1974 in Indianapolis with branch offices in a growing number of countries. It offers timeshare owners the chance to exchange vacation weeks among the company's different resorts, offering more flexibility and a wide variety of vacation options than before.
The timeshare industry continued to develop during the 1980's via the establishment of different timeshare companies in Western Europe and Asia. A large number of new resorts were opened all over the globe in the 1990s. Major hotel companies like Sheraton, Ramada, Hilton, Disney, Four Seasons, Ritz-Carlton, Radisson, and Westin also began offering timeshare properties during this decade. Legal organizations like the American Resort Development Association (ARDA) in the U.S.A., and the Organization for Timeshare (OTE) in Europe regulate the timeshare industry.