WYNDHAM VACATION OWNERSHIP ACQUIRES PAHIO RESORTS, INC. AND PAHIO VACATION OWNERSHIP, INC.
KAUAI, HI. (July 20, 2006) –
Wyndham Vacation Ownership, Inc., the world's largest vacation ownership company, today announced it has acquired Hawaii-based, privately-held PAHIO Resorts, Inc. (PRI) and PAHIO Vacation Ownership, Inc., (PVO) located on Kauai. Wyndham Vacation Ownership will assume all property management, sales and marketing operations of Bali Hai Villas, Ka Eo Kai, Kauai Beach Villas, Shearwater, and Makai resorts. Additionally, Wyndham Vacation Ownership has entered into an exclusive relationship with the developer David Walters to expand the Bali Hai Villas resort, which includes plans to add more than 125 vacation ownership units and a new club house.
PAHIO's five Kauai-based resorts have approximately 20,000 owners and are comprised of more than 400 existing vacation ownership units. Since its inception in 1982, PRI has provided management and other services for vacation ownership and whole ownership interests, and in 1994, PVO began marketing and sales of vacation ownership intervals on the island of Kauai.
"As the industry leader, Wyndham Vacation Ownership will provide PAHIO with a robust platform for future growth," said David E. Walters, chief executive officer and PAHIO's chairman of the Board. "We look forward to joining our high-quality resorts, gracious hospitality and distinct locations to Wyndham Vacation Ownership's portfolio of more than 140 resorts throughout North America, the South Pacific and the Caribbean."
The PAHIO resorts are located in the northern and eastern areas of Kauai, and will provide Wyndham Vacation Ownership with an enhanced presence in the Hawaiian Islands. Wyndham Vacation Ownership's resort portfolio will now include 12 resorts that are located throughout the islands.
"We welcome PAHIO to the Wyndham Vacation Ownership family and are excited to accelerate our growth in Hawaii with one of the most successful vacation ownership companies operating on Kauai," said Franz S. Hanning, president and CEO of Wyndham Vacation Ownership. "Hawaii remains one of the most popular vacation destinations for our more than 750,000 owner families, and we look forward to introducing them to the wonderful island of Kauai through five spectacular PAHIO resorts and the dedicated employees who support them."
About Wyndham Vacation Ownership
"Wyndham Vacation Ownership, Inc. is the world's leading developer of diversified and flexible vacation ownership products with more than 750,000 owner families worldwide. Wyndham Vacation Ownership markets points-based vacation ownership under two primary consumer brands - Fairfield and Trendwest - which together comprise more than 140 resort properties and over 18,000 fully furnished, condominium-style units throughout the United States, Canada, Mexico, the Caribbean and the South Pacific. Wyndham Vacation Ownership is headquartered in Orlando, Florida, and is supported by more than 14,000 employees globally."
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