BUSINESS WEEK ARTICLE ON TIMESHARE FIRMS

Source: Business Week

May 1, 1999
The time-share industry, now known as "vacation ownership interests,'' is attracting interest Business Week says in its May 10 edition.

Dennis McAlpine, an analyst with New York investment firm Ryan Beck, thinks the industry has undervalued properties that may soon be swallowed up, Business Week said.

McAlpine's top pick is Fairfield Communities Inc. The stock trades at seven times next year's estimated earnings, McAlpine told Business Week, and is expected to grow earnings by more than 20 percent.

It is surprising no one has yet tried to acquire Fairfield, given that it sells at a deep discount to the value of its assets, McAlpine told Business Week.