Mr. Spence, 58, an emeritus professor at Stanford who retired two years ago to become a partner in a venture capital firm, was asleep at his vacation condominium in Hawaii.

Then, a day before the board meeting, Mr. Nicholas got a call at his vacation condominium in Vail, Colo., from a director who told him what was about to happen.

Industry figures show that although 19.2 million people rented vacation condominiums in North America in 1989 - up from 17 million a year earlier - the number of units being offered rose even faster.

But these days they lean farther west, having bought a vacation condominium in Hawaii.

Some have been converted into vacation condominiums.

There's a big problem with time-share promotions for vacation condominiums or campgrounds.

Mr. Fernandez's two daughters live with him in Brooklyn Heights, but he has two sons, a mother and a vacation condominium in Florida, where most of his career has been spent.

Pamela Lanier has compiled a directory of 2,000 vacation condominiums in the United States, including Hawaii, and the Caribbean.

Merged Co-ops' Tax Status Question: My husband and I own a cooperative apartment in Manhattan as well as a vacation condominium.

Following the Occupation, Watanabe became a life insurance salesman and was reportedly wealthy, owning a $1.5 million apartment in Tokyo and a vacation condominium on the Gold Coast of Australia.