Early Life
David Alan Siegel was born in Chicago, Illinois, on May 3, 1935. His parents were Sadelle and Sid Siegel, a grocer. In 1945, the family moved to Miami, Florida, where David would grow up. He graduated from Miami Senior High School in 1953 and studied marketing and management at the University of Miami, though he did not complete his degree.
Rise to Success
Siegel's entrepreneurial journey began in the real estate sector. He founded Central Florida Investments in the early 1970s, before being introduced to the timeshare concept in 1982. He built 16 villas which became Westgate Vacation Villas. Under his leadership, the company grew into the largest privately held timeshare company in the world. Westgate Resorts expanded to include over 25 resorts across the United States, boasting more than 13,500 rooms. In addition to timeshares, Siegel was involved in real estate, construction, hotel management, travel services, and retail.
Key Business Strategies
Siegel's success was attributed to his ability to identify and capitalize on the growing market for vacation ownership. He focused on providing affordable vacation ownership opportunities, utilizing innovative marketing strategies to reach middle-class consumers. He also diversified his business ventures beyond timeshares, which contributed to his overall wealth. Notably, Siegel was known for his hands-on approach and his ambition, which led to the expansion of his business ventures.
Philanthropy
Following the death of his daughter Victoria in 2015 due to an accidental drug overdose, Siegel and his wife, Jackie, established the Victoria's Voice Foundation. The foundation's mission is to raise awareness about opioid abuse and support prevention efforts nationwide. The foundation advocates for youth drug education, increased access to naloxone, and legislative reform. They also supported other community initiatives through the Westgate Foundation, awarding over $1 million annually for community needs and team member support.
