This is what the governing documents for Bella Florida Condominium (Sheraton Vistana Villages) has to say about commercial use. This is not for VSN or the exchange, but the underlying use of a deeded week. This would ultimately be up to the HOA to enforce or the HOA to have the management company enforce. So far, it doesn't seem that Vistana nor any of the resort HOAs enforce commercial use.
1. Personal Use Restriction. Each Vacation Ownership Unit shall be occupied only as vacation accommodations.
No Owner may occupy a Vacation Ownership Unit or use any facilities of the Condominium at any time other than
during the Unit Week owned or reserved in accordance with the Condominium Documents and the Club
Documents. Use of all Vacation Ownership Units and the facilities of the Condominium by Owners is limited solely
to the personal use of Owners, their guests, invitees, and lessees and for recreational uses by corporations and other
entities owning Unit Weeks. Use of Vacation Ownership Units or the facilities of the Condominium by Owners for
commercial purposes or any purposes other than the personal use described in the Declaration is expressly
prohibited. “Commercial purpose” includes a pattern of rental activity or other occupancy by an Owner that the
Association, in its reasonable discretion, could conclude constitutes a commercial enterprise or practice. This
paragraph shall not apply to Units or Unit Weeks owned by the Developer or to Commercial Units.
"and for recreational uses by corporations" This part further clarifies that the unit is intended for vacation purposes only, so setting up a shop in the unit is not allowed. It does not prohibit corporate rentals, as long as the units are used as regular vacation units.
It's important to realize that when it comes to explicitly allowing owner rentals, they refer to renting "reserved Vacation periods," not “units”.
At Lagunamar for example: “14.4. Rentals. Members may rent their reserved Vacation Periods by signing a Member rental agreement with the Property Association or a third party. Members will be responsible for coordinating any third party rentals with the Property Association. “ This clearly refers to renting out the reservation for a specific period, not the physical unit itself as they were doing when talking about usage of the unit at the resort level. If renting as a business was an issue, this paragraph would be the appropriate place to add a sentence disallowing it, rather than in the paragraph referring to usage of your unit only as a vacation spot.
Think of it like this: you're renting your pre-booked time slot at the resort, not the actual room or villa. Essentially, the obvious interpretation is that you're allowed to rent out your vacation time (business or not) , but not physically use the resort unit for commercial purposes.
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