On
23 September 1963
Alexander Nette established "Hotel-Appartement Immobilien Aktie
Gesellschaft", or simply Hapimag.
Starting on a small scale, the idea of a shared holiday accommodation with
others appeared to be quite attractive.
In 1968 the number of shareholders had already passed 8,000. The growing number of
shareholders or partners, which is the term Hapimag uses, gave Hapimag the opportunity to extend their resorts.
By 1974 Hapimag owned 716 apartments in 33 European locations.
As of 1999, Hapimag was the second largest company on the timeshare market with
a total of 120,000 shareholders and owns 47 resorts with a total of 4,500 apartments. Of the 47 resorts, 46 are located in
Europe
and 1 in the
U.S.
Now there are at least 135,000 sheholders, and more than 60 first-class holiday
residences with over 5,500 apartments spread over 18 countries in
Europe
and overseas.
| Countries |
Resorts |
Cities |
| Austria |
9 |
Vienna |
| Czech |
1 |
|
| Denmark |
1 |
|
| Egypt |
1 |
|
| England |
1 |
London |
| Finland |
2 |
|
| France |
5 |
Paris |
| Germany |
12 |
Berlin
Munich |
| Greece |
3 |
Athens |
| Hungary |
1 |
Budapest |
| Italy |
10 |
Rome |
| Netherlands |
1 |
Amsterdam |
| Portugal |
2 |
|
| Spain |
5 |
|
| Sweden |
1 |
|
| Switzerland |
5 |
|
| Turkey |
1 |
|
Apart from these resorts Hapimag also rents accommodation in
Florida
and
Switzerland
. The facilities of the resorts differ by region,
and consist of a (heated) swimming pool, 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-hole golf course.
It is said that unsatisfied shareholders are rare. The value of the Hapimag
share, as set by the company, has steadily risen from 1,210 Swiss francs in 1963 to 9,100 Swiss francs. This is an average growth rate of 4.8
% a year. Hapimag 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 costs).
The current
price of a Hapimag share is 9,100 Swiss francs, plus 2% administration costs to buy a share, the annual maintenance fee bringing the total to 9,567 (£4,200).
While the company has had associations with RCI as an exchange partner in the
past, Hapimag is not currently affiliated with any timeshare exchange organizations. Hapimag manages internal exchanges for
all its shareholders.
|
