Timesharing, as a concept, was conceived in Europe in the 1960s. There, it was originally presented as a contractual lodging arrangement featuring the right to make reservations in multiple properties owned by the offeror or even by third parties. The first timeshare in the United States was started in 1974 by Caribbean International Corporation (CIC), based in Fort Lauderdale, Florida. It offered what it called a 25-year vacation license rather than ownership. The company owned two other resorts the vacation license holder could alternate their vacation weeks with: one in St. Croix and one in St. Thomas; both in the U.S. Virgin Islands. The Virgin Islands properties began their timeshare sales in 1973.