WYNDHAM VACATION OWNERSHIP ANNOUNCES AFFILIATION WITH TOP FAMILY SKI DESTINATION - SMUGGLERS' NOTCH VERMONT
Marks Company's Entry into Vermont and Third Fee-for-Service Sales Model Agreement
ORLANDO, Fla. (January 6, 2011) — Wyndham Vacation Ownership (WVO), the world's largest vacation ownership company and a member of the Wyndham Worldwide family of companies (NYSE:WYN), today announced it has entered into an exclusive sales and marketing agreement with Smugglers' Notch Management Company, Ltd. Terms of the agreement were not disclosed.
WVO is expected to become the exclusive sales and marketing agent for the sale of vacation ownership interests at Smugglers' Notch Vermont Resort; sales are anticipated to begin in the second quarter of 2011. Through this arrangement, it is anticipated that all unsold interests will become part of the company's flexible, club-based CLUBWYNDHAM Access product. Completion of the transaction is subject to customary closing conditions.
"This is another significant step in executing our fee-for-service timeshare sales model that enables us to continue growing our vacation ownership business while effectively optimizing cash flow," said Franz Hanning, president and chief executive officer, Wyndham Vacation Ownership. "Smugglers' Notch has a proud history of providing family-friendly vacations which aligns with our business model of providing memorable vacation experiences for families. The affiliation with Smugglers' Notch facilitates our expansion in New England and provides our owners with another world-class vacation property."
The property is also expected to operate as a WVO affiliated resort within CLUB WYNDHAM Plus, the company's points-based internal exchange program that allows owners to vacation at more than 70 resorts and enjoy other vacation options and access to special travel opportunities such as cruises and guided tours. It is anticipated that Wyndham's timeshare owners can begin vacationing at Smugglers' Notch Vermont Resort in the second quarter of 2011. Residential home purchases and rentals at the Resort, as well as property management services, will continue to be managed by Smugglers' Notch Management Company, Ltd.
"Wyndham's selection of Smugglers' Notch as one of their affiliated properties underscores the benefits associated with ownership at Smugglers', known for our dedication to great customer service and innovative children's and family programs," said Bill Stritzler, Smugglers' Notch owner and managing director. "We believe the relationship between Wyndham Vacation Ownership and Smugglers' Notch Resort will enhance the overall opportunities for both brands."
Consistently mentioned by major newspapers and ski magazines as a top-rated destination for skiing and family programs, the Resort is located in the Green Mountains of Vermont and features mountainside condominiums ranging from studios to five-bedroom homes, clustered around a Village core. Guests can enjoy a wide variety of year-round recreational programs and facilities including over 1,000 acres of skiing and snowboarding terrain in the winter and eight heated pools and four waterslides in the Summer.
With this latest project, WVO will continue to capitalize upon the momentum that began in March 2010 when it announced an exclusive sales and marketing fee-for-service agreement for 137 condominium-style units at the newly re-branded Wyndham Vacation Resorts Towers on the Grove at North Myrtle Beach, SC. In August, the company announced an exclusive sales and marketing agreement with Reunion Resort for the sale of vacation ownership interests in up to 256 condominium-style units at the rebranded Wyndham Vacation Resorts Reunion at Orlando.
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.
ABOUT SMUGGLERS' NOTCH VERMONT RESORT
Smugglers' Notch Resort is a year-round family vacation destination featuring outdoor and indoor activities. During summertime, the Resort offers eight pools and four waterslides, children's all-day programs, guided hiking, and numerous activities for all ages. Winter fun features skiing and snowboarding for all abilities on 78 trails and 1,000 acres of terrain on three mountains. New this season is a zipline canopy tour provided in partnership with ArborTrek Canopy Adventures. The Resort's extensive family programs have been recognized by SKI Magazine, the Family Travel Forum, FamilyFun Magazine, and Conde Nast Traveler magazine, among others. The Resort is the only vacation property in Vermont to be designated an Environmental Leader. Smugglers' is located in the Green Mountains about 45-minutes northeast of Burlington, Vermont. For more information, visit www.smuggs.com
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Vice President, Corporate Communications
Wyndham Vacation Ownership
Director, Corporate Communications
Wyndham Vacation Ownership
Smugglers' Notch Resort