Wyndham Vacation Ownership Executes First Fee-For-Service Timeshare Sales Model at Myrtle Beach, SC Property
Company Executes Sales & Marketing Agreement at Towers on the Grove
MYRTLE BEACH, S.C. (March 10, 2010) –
Wyndham Vacation Ownership, a member of the Wyndham Worldwide family of companies (NYSE:WYN), today announced it has entered into an exclusive sales and marketing agreement with Towers on the Grove, LLC. Under this agreement, Wyndham Vacation Ownership will become the exclusive sales and marketing agent for approximately 137 condominium- style units at Towers on the Grove in North Myrtle Beach, SC. The property will be re-flagged as Wyndham Vacation Resorts Towers on the Grove at North Myrtle Beach in early spring. Terms of the agreement were not disclosed.
“This is a significant step in executing our new fee-for-service timeshare sales model which enables us to continue to grow our vacation ownership business while effectively optimizing cash flow,” said Franz Hanning, president and CEO, Wyndham Vacation Ownership. “This affiliation is a tremendous addition to our Wyndham portfolio in this popular vacation market. We’ve had a great run in Myrtle Beach over the years and we fully expect to bring that same level of success to Towers on the Grove.”
The company will utilize existing sales and marketing distribution channels in South Carolina, Virginia, Maryland, New Jersey, Pennsylvania, Tennessee and Florida to sell deeded vacation ownership interests at the property. All consumer loan originations that occur in conjunction with the sale of the 137 units will be funded by Towers on the Grove South, LLC.
The company will also acquire in phases an additional 50 units at this property over the next three years to sell on its own behalf. All consumer loan originations associated with the sale of these 50 units will be serviced by Wyndham Consumer Finance. All 187 units sold or acquired by the company will operate within the CLUB WYNDHAM Plus portfolio of vacation ownership resorts.
The property features a total of 232 units, including approximately 45 wholly owned condominiums. Wyndham Vacation Ownership, which will also manage the property, has started sales and will begin hosting rental guests in April. The company will begin welcoming timeshare owners this fall.
Situated along 500 feet of pristine oceanfront property in North Myrtle Beach, this resort features convenient beach access, a lazy river, pool and a water playground complete with a slide and waterfalls. Timeshare owners and guests will enjoy a selection of studio, one-, two- and three-bedroom fully furnished condominium-style units. Most units feature expansive private balconies and many offer panoramic ocean views.
Wyndham Vacation Resorts Towers on the Grove at North Myrtle Beach is the latest addition to an impressive portfolio of vacation ownership properties in this highly popular vacation destination, which already includes Wyndham at The Cottages, Wyndham Ocean Boulevard, Wyndham SeaWatch Plantation and Wyndham Westwinds. The company’s South Carolina portfolio also features Wyndham Vacation Resorts Lake Marion in Santee as well as Wyndham Ocean Ridge and Wyndham Vacation Resorts King Cotton Villas in Edisto Beach.
ABOUT WYNDHAM VACATION OWNERSHIP
Wyndham Vacation Ownership, a member of the Wyndham Worldwide (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its three primary consumer brands, Wyndham Vacation Resorts, WorldMark by Wyndham, and Wyndham Vacation Resorts Asia Pacific. As of January 1, 2010, Wyndham Vacation Ownership had developed or acquired over 155 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent approximately 20,000 individual vacation ownership units and more than 820,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by approximately 12,500 employees globally.
Vice President – Corporate Communications
Wyndham Vacation Ownership