Timeshare investors try to buy controlling interest in condo building

Has anyone had any experience with investors attempting to gain a controlling percentage of units? We have been advised that a group of investors is acquiring units in our community and turning them into vacation rental properties. We have been advised that the goal is to obtain a conditional use permit from the city which will allow them to operate as a vacation rental/timeshare property once they have purchased the necessary number of units. Our zoning does allow for timeshare uses. Has anyone heard of this happening? We are located in a tourist area.