Wyndham Destinations, Inc. (NYSE: WYND), formerly known as Wyndham Worldwide Corporation, today announced that it has completed the spin-off of Wyndham Hotels & Resorts, Inc. (NYSE: WH) to become the world’s largest vacation ownership and exchange company. Wyndham Destinations now trades on the New York Stock Exchange under the new symbol “WYND.”
Wyndham Destinations has a global presence in 110 countries at more than 220 vacation ownership resorts and 4,300 affiliated exchange properties.
“Over the past decade, we have built the world’s largest vacation ownership and exchange company thanks to the hard work of our employees and the loyalty of our customers,” said Michael D. Brown, president and chief executive officer for Wyndham Destinations. “We are excited to move forward as a focused, pure-play company with a leading market position and significant growth opportunities. With our experienced management team, robust sales and marketing platform, and increased financial flexibility, we look forward to providing our owners and guests with great vacation experiences and delivering value for our shareholders in the years to come.”
Wyndham Destinations expects to file a Form 8-K report with the U.S. Securities and Exchange Commission containing unaudited pro forma condensed consolidated financial statements reflecting the impact of the spin-off.
“Every year 3.5 million families entrust us with their vacation dreams. Through our unique brands, flexible ways to explore, and more destinations than anyone else, we make it easy to experience and enjoy the most amazing vacations around the globe,” Brown said. “Our associates have a pioneering ‘test and invest’ culture that keeps us at the forefront of change which will fuel our growth and innovation.”
As previously announced, Wyndham Worldwide common stockholders of record as of the close of business on May 18, 2018, the record date for the distribution, received one share of Wyndham Hotels & Resorts, Inc. common stock for each share of Wyndham Worldwide common stock held by such stockholder on the record date.
Our World is Your Destination
A vacation means the freedom and power to choose—where you go, who you go with and what you do when you get there. As the world’s largest vacation company, Wyndham Destinations provides access to unlimited possibilities to inspire your next vacation. Wherever your dream destination, wherever you see yourself—we help you get there. Visitwyndhamdestinations.com to learn more about the vacation brands in the company’s portfolio.
A Hospitality Industry Leader Built on Strong and Experienced Leadership
The Wyndham Destinations senior leadership team includes:
- Michael D. Brown, president and chief executive officer
- Michael Hug, chief financial officer
- James Savina, general counsel
- Kimberly Marshall, chief human resources officer
- Brad Dettmer, chief information officer
- Noah Brodsky, chief brand officer
- Gordon Gurnik, president, RCI Exchanges
- Mary Lynn Clark, president, Wyndham Vacation Rentals
- Jeff Myers, chief sales and marketing officer, Wyndham Vacation Clubs
- Geoff Richards, chief operating officer, Wyndham Vacation Clubs
- Barry Robinson, president and managing director, international operations, Wyndham Vacation Clubs
On June 5, 2018, Wyndham Destinations executives celebrated the creation of the new company by ringing the opening bell at the New York Stock Exchange at 9:30 a.m. ET.
On a personal note, the publisher of Palm Beach Happening and his wife have been timeshare owners since 2005, and have found that, overall, the experience has been very pleasant. The accommodations are always nice, the people, for the most part, are friendly, and the locations can’t be beat. The initial investment in a timeshare property can be daunting, but there are deals to be had if you’re willing to work with the sales team.
That is where it becomes less enjoyable. Almost every time we visit one of the resorts, we are asked to do a “member update.” This is generally explained to be a chance to see what new and exciting things are happening in the company, and although they state it is only an hour long, plan to spend at least 2 to 3 hours, or more, of your time.
Now, the beginning of the update is usually as advertised – an informative presentation about what new and exciting projects are happening. They share some new resorts, highlight popular ones, and give you an idea of what your points can do for you. If you are a long time owner, this can be helpful. Then, the nasty part begins.
Nasty might be harsh. Let’s call it what it is – a high pressure sales meeting. They jostle you from your happy sales guy to a mostly happier manager, and try to convince you that your initial investment, though great, isn’t enough, and you need more points. Saying no isn’t enough either. They cajole, insult, and even try to scare you into buying. At our most recent update at Star Island in Kissimmee, the sales man flat out lied!
Our advice to you is simple; if you choose to invest in a timeshare, do your research. Understand the pros and cons, and stand firm to the sales department. If you find you need more points, then by all means, do so. However, if you’re happy with your initial investment, don’t be intimidated. It isn’t worth it!
Wyndham Destinations (NYSE:WYND) believes in putting the world on vacation. Our global presence in 110 countries at more than 220 vacation ownership resorts and 4,300+ affiliated exchange properties distinguishes Wyndham Destinations as the world’s largest vacation ownership and exchange company, with North America’s largest professionally managed rental business. Each year our team of 25,000 associates delivers great vacations to millions of families as they make memories of a lifetime. Learn more at wyndhamdestinations.com. Our world is your destination.