False
Just like in Zack's case, Intellectual Property (graphics, music,
text, etc.) is copyrighted as soon as it is placed in a tangible
form. Since Colleen took the pictures, she holds the copyright on
them and is may sell them, rent them, or give them away.
Colleen should contact the Vacation Club and require them to remove
the photos. She can charge a fee to the vacation club for
placing them on their site. She is, of course, able to give them
to the vacation club, and may ask for a photographic credit on their
site.