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Wyndham Worldwide (WYN)
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WYN » Topics » We are subject to operating or other risks common to the hospitality industry.

This excerpt taken from the WYN 10-Q filed May 7, 2009.
We are subject to operating or other risks common to the hospitality industry.
 
Our business is subject to numerous operating or other risks common to the hospitality industry including:
 
  ·   changes in operating costs, including energy, labor costs (including minimum wage increases and unionization), workers’ compensation and health-care related costs and insurance;
 
  ·   changes in desirability of geographic regions of the hotels or resorts in our business;
 
  ·   changes in the supply and demand for hotel rooms, vacation exchange and rental services and vacation ownership products and services;
 
  ·   seasonality in our businesses may cause fluctuations in our operating results;
 
  ·   geographic concentrations of our operations and customers;
 
  ·   increases in costs due to inflation that may not be fully offset by price and fee increases in our business;
 
  ·   availability of acceptable financing and cost of capital as they apply to us, our customers, current and potential hotel franchisees and developers, owners of hotels with which we have hotel management contracts, our RCI affiliates and other developers of vacation ownership resorts;
 
  ·   our ability to securitize the receivables that we originate in connection with sales of vacation ownership interests;
 
  ·   the risk that purchasers of vacation ownership interests who finance a portion of the purchase price default on their loans due to adverse macro or personal economic conditions or otherwise, which would increase loan loss reserves and adversely affect loan portfolio performance, each of which would negatively impact our results of operations; that if such defaults occur during the early part of the loan amortization period we will not have recovered the marketing, selling, administrative and other costs associated with such vacation ownership interest; such costs will be incurred again in connection with the resale of the repossessed vacation ownership interest; and the value we recover in a default is not, in all instances, sufficient to cover the outstanding debt;
 
  ·   the quality of the services provided by franchisees, our vacation exchange and rentals business, resorts with units that are exchanged through our vacation exchange business and/or resorts in which we sell vacation ownership interests may adversely affect our image and reputation;
 
  ·   our ability to generate sufficient cash to buy from third-party suppliers the products that we need to provide to the participants in our points programs who want to redeem points for such products;
 
  ·   overbuilding in one or more segments of the hospitality industry and/or in one or more geographic regions;
 
  ·   changes in the number and occupancy rates of hotels operating under franchise and management agreements;
 
  ·   changes in the relative mix of franchised hotels in the various lodging industry price categories;
 
  ·   our ability to develop and maintain positive relations and contractual arrangements with current and potential franchisees, hotel owners, resorts with units that are exchanged through our vacation exchange business and/or owners of vacation properties that our vacation rentals business markets for rental;
 
  ·   the availability of and competition for desirable sites for the development of vacation ownership properties; difficulties associated with obtaining entitlements to develop vacation ownership properties; liability under state and local laws with respect to any construction defects in the vacation ownership properties we develop; and our ability to adjust our pace of completion of resort development relative to the pace of our sales of the underlying vacation ownership interests;


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  ·   private resale of vacation ownership interests could adversely affect our vacation ownership resorts and vacation exchange businesses;
 
  ·   revenues from our lodging business are indirectly affected by our franchisees’ pricing decisions;
 
  ·   organized labor activities and associated litigation;
 
  ·   maintenance and infringement of our intellectual property;
 
  ·   increases in the use of third-party Internet services to book online hotel reservations could adversely impact our revenues; and
 
  ·   disruptions in relationships with third parties, including marketing alliances and affiliations with e-commerce channels.
 
This excerpt taken from the WYN 10-K filed Feb 27, 2009.
We are subject to operating or other risks common to the hospitality industry.
 
Our business is subject to numerous operating or other risks common to the hospitality industry including:
 
•        changes in operating costs, including energy, labor costs (including minimum wage increases and unionization), workers’ compensation and health-care related costs and insurance;
 
•        changes in desirability of geographic regions of the hotels or resorts in our business;
 
•        changes in the supply and demand for hotel rooms, vacation exchange and rental services and vacation ownership products and services;
 
•        seasonality in our businesses may cause fluctuations in our operating results;
 
•        geographic concentrations of our operations and customers;
 
•        increases in costs due to inflation that may not be fully offset by price and fee increases in our business;
 
•        availability of acceptable financing and cost of capital as they apply to us, our customers, current and potential hotel franchisees and developers, owners of hotels with which we have hotel management contracts, our RCI affiliates and other developers of vacation ownership resorts;
 
•        our ability to securitize the receivables that we originate in connection with sales of vacation ownership interests;
 
•        the risk that purchasers of vacation ownership interests who finance a portion of the purchase price default on their loans due to adverse macro or personal economic conditions or otherwise, which would increase loan loss reserves and adversely affect loan portfolio performance, each of which would negatively impact our results of operations; that if such defaults occur during the early part of the loan amortization period we will not have recovered the marketing, selling, administrative and other costs associated with such vacation ownership interest; such costs will be incurred again in connection with the resale of the repossessed vacation ownership interest; and the value we recover in a default is not, in all instances, sufficient to cover the outstanding debt;
 
•        the quality of the services provided by franchisees, our vacation exchange and rentals business, resorts with units that are exchanged through our vacation exchange business and/or resorts in which we sell vacation ownership interests may adversely affect our image and reputation;
 
•        our ability to generate sufficient cash to buy from third-party suppliers the products that we need to provide to the participants in our points programs who want to redeem points for such products;
 
•        overbuilding in one or more segments of the hospitality industry and/or in one or more geographic regions;


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•        changes in the number and occupancy rates of hotels operating under franchise and management agreements;
 
•        changes in the relative mix of franchised hotels in the various lodging industry price categories;
 
•        our ability to develop and maintain positive relations and contractual arrangements with current and potential franchisees, hotel owners, resorts with units that are exchanged through our vacation exchange business and/or owners of vacation properties that our vacation rentals business markets for rental;
 
•        the availability of and competition for desirable sites for the development of vacation ownership properties; difficulties associated with obtaining entitlements to develop vacation ownership properties; liability under state and local laws with respect to any construction defects in the vacation ownership properties we develop; and our ability to adjust our pace of completion of resort development relative to the pace of our sales of the underlying vacation ownership interests;
 
•        private resale of vacation ownership interests could adversely affect our vacation ownership resorts and vacation exchange businesses;
 
•        revenues from our lodging business are indirectly affected by our franchisees’ pricing decisions;
 
•        organized labor activities and associated litigation;
 
•        maintenance and infringement of our intellectual property;
 
•        increases in the use of third-party Internet services to book online hotel reservations could adversely impact our revenues; and
 
•        disruptions in relationships with third parties, including marketing alliances and affiliations with e-commerce channels.
 
This excerpt taken from the WYN 10-Q filed Nov 10, 2008.
We are subject to operating or other risks common to the hospitality industry.
 
Our business is subject to numerous operating or other risks common to the hospitality industry including:
 
  ·   changes in operating costs, including energy, labor costs (including minimum wage increases and unionization), workers’ compensation and health-care related costs and insurance;
 
  ·   changes in desirability of geographic regions of the hotels or resorts in our business;
 
  ·   changes in the supply and demand for hotel rooms, vacation exchange and rental services and vacation ownership products and services;
 
  ·   seasonality in our businesses may cause fluctuations in our operating results;


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Table of Contents

 
  ·   geographic concentrations of our operations and customers;
 
  ·   increases in costs due to inflation that may not be fully offset by price and fee increases in our business;
 
  ·   availability of acceptable financing and cost of capital as they apply to us, our customers, current and potential hotel franchisees and developers, owners of hotels with which we have hotel management contracts, our RCI affiliates and other developers of vacation ownership resorts;
 
  ·   our ability to securitize the receivables that we originate in connection with sales of vacation ownership interests;
 
  ·   the risk that purchasers of vacation ownership interests who finance a portion of the purchase price default on their loans due to adverse macro or personal economic conditions or otherwise, which would increase loan loss reserves and adversely affect loan portfolio performance, each of which would negatively impact our results of operations; that if such defaults occur during the early part of the loan amortization period we will not have recovered the marketing, selling, administrative and other costs associated with such vacation ownership interest; such costs will be incurred again in connection with the resale of the repossessed vacation ownership interest; and the value we recover in a default is not, in all instances, sufficient to cover the outstanding debt;
 
  ·   the quality of the services provided by franchisees, our vacation exchange and rentals business, resorts with units that are exchanged through our vacation exchange business and/or resorts in which we sell vacation ownership interests may adversely affect our image and reputation;
 
  ·   our ability to generate sufficient cash to buy from third-party suppliers the products that we need to provide to the participants in our points programs who want to redeem points for such products;
 
  ·   overbuilding in one or more segments of the hospitality industry and/or in one or more geographic regions;
 
  ·   changes in the number and occupancy rates of hotels operating under franchise and management agreements;
 
  ·   changes in the relative mix of franchised hotels in the various lodging industry price categories;
 
  ·   our ability to develop and maintain positive relations and contractual arrangements with current and potential franchisees, hotel owners, resorts with units that are exchanged through our vacation exchange business and/or owners of vacation properties that our vacation rentals business markets for rental;
 
  ·   the availability of and competition for desirable sites for the development of vacation ownership properties; difficulties associated with obtaining entitlements to develop vacation ownership properties; liability under state and local laws with respect to any construction defects in the vacation ownership properties we develop; and our ability to maintain our pace of completion of resort development relative to the pace of our sales of the underlying vacation ownership interests;
 
  ·   private resale of vacation ownership interests could adversely affect our vacation ownership resorts and vacation exchange businesses;
 
  ·   revenues from our lodging business are indirectly affected by our franchisees’ pricing decisions;
 
  ·   organized labor activities and associated litigation;
 
  ·   maintenance and infringement of our intellectual property;
 
  ·   taxation of and guest loyalty program benefits that adversely affects the cost or consumer acceptance of loyalty programs;
 
  ·   increases in the use of third-party Internet services to book online hotel reservations could adversely impact our revenues; and
 
  ·   disruptions in relationships with third parties, including marketing alliances and affiliations with e-commerce channels.
 
This excerpt taken from the WYN 10-K filed Feb 29, 2008.
We are subject to operating or other risks common to the hospitality industry.
 
Our business is subject to numerous operating or other risks common to the hospitality industry including:
 
•        changes in operating costs, including energy, labor costs (including minimum wage increases and unionization), workers’ compensation and health-care related costs and insurance;
 
•        changes in desirability of geographic regions of the hotels or resorts in our business;
 
•        changes in the supply and demand for hotel rooms, vacation exchange and rental services and vacation ownership products and services;
 
•        seasonality in our businesses may cause fluctuations in our operating results;
 
•        geographic concentrations of our operations and customers;
 
•        increases in costs due to inflation that may not be fully offset by price and fee increases in our business;
 
•        availability and cost of capital;
 
•        the risk that purchasers of vacation ownership interests who finance a portion of the purchase price default on their loans due to adverse macro or personal economic conditions or otherwise; that if such defaults occur during the early part of the loan amortization period we will not have recovered the marketing, selling, administrative and other costs associated with such vacation ownership interest; such costs will be incurred again in connection with the resale of the repossessed vacation ownership interest; and the value we recover in a default is not, in all instances, sufficient to cover the outstanding debt;


32

Table of Contents

•        the quality of the services provided by franchisees, our vacation exchange and rentals business, resorts with units that are exchanged through our vacation exchange business and/or resorts in which we sell vacation ownership interests may adversely affect our image and reputation;
 
•        our ability to generate sufficient cash to buy from third-party suppliers the products that we need to provide to the participants in our points programs who want to redeem points for such products;
 
•        overbuilding in one or more segments of the hospitality industry and/or in one or more geographic regions;
 
•        changes in the number and occupancy rates of hotels operating under franchise and management agreements;
 
•        changes in the relative mix of franchised hotels in the various lodging industry price categories;
 
•        our ability to develop and maintain positive relations and contractual arrangements with current and potential franchisees, hotel owners, resorts with units that are exchanged through our vacation exchange business and/or owners of vacation properties that our vacation rentals business markets for rental;
 
•        the availability of and competition for desirable sites for the development of vacation ownership properties, difficulties associated with obtaining entitlements to develop vacation ownership properties and liability under state and local laws with respect to any construction defects in the vacation ownership properties we develop and our ability to maintain our pace of completion of resort development relative to the pace of our sales of the underlying vacation ownership interests;
 
•        private resale of vacation ownership interests could adversely affect our vacation ownership resorts and vacation exchange businesses;
 
•        revenues from our lodging business are indirectly affected by our franchisees’ pricing decisions;
 
•        organized labor activities and associated litigation;
 
•        maintenance, infringement or unavailability of our intellectual property;
 
•        taxation of guest loyalty program benefits that adversely affects the cost or consumer acceptance of loyalty programs; and
 
•        disruptions in relationships with third parties, including marketing alliances and affiliations with e-commerce channels.
 
This excerpt taken from the WYN 10-K filed Mar 7, 2007.
We are subject to operating or other risks common to the hospitality industry.
 
Our business is subject to numerous operating or other risks common to the hospitality industry including:
 
·        changes in operating costs, including energy, labor costs (including minimum wage increases and unionization), workers’ compensation and health-care related costs and insurance;
 
·        changes in desirability of geographic regions of the hotels or resorts in our business;
 
·        seasonality in our businesses may cause fluctuations in our operating results;
 
·        geographic concentrations of our operations and customers;


32

Table of Contents

·        increases in costs due to inflation that may not be fully offset by price and fee increases in our business;
 
·        the quality of the services provided by franchisees, our vacation exchange and rentals business, resorts with units that are exchanged through our vacation exchange business and/or resorts in which we sell vacation ownership interests may adversely affect our image and reputation;
 
·        our ability to generate sufficient cash to buy from third-party suppliers the products that we need to provide to the participants in our points programs who want to redeem points for such products;
 
·        overbuilding in one or more segments of the hospitality industry and/or in one or more geographic regions;
 
·        changes in the number and occupancy rates of hotels operating under franchise and management agreements;
 
·        changes in the relative mix of franchised hotels in the various lodging industry price categories;
 
·        our ability to develop and maintain positive relations with current and potential franchisees, hotel owners, resorts with units that are exchanged through our vacation exchange business and/or owners of vacation properties that our vacation rentals business markets for rental;
 
·        competition for desirable sites for the development of vacation ownership properties and liability under state and local laws with respect to any construction defects in the vacation ownership properties we develop;
 
·        private resale of vacation ownership interests could adversely affect our vacation ownership resorts and vacation exchange businesses;
 
·        revenues from our lodging business are indirectly affected by our franchisees’ pricing decisions;
 
·        taxation of guest loyalty program benefits that adversely affects the cost or consumer acceptance of loyalty programs; and
 
·        disruptions in relationships with third parties, including marketing alliances and affiliations with e-commerce channels.
 
This excerpt taken from the WYN 8-K filed Jul 19, 2006.

We are subject to operating or other risks common to the hospitality industry.

In addition to the other risks relating to our business identified in the “Risk Factors” section of this information statement, our business is subject to the following operating or other risks common to the hospitality industry:

 

  •   changes in operating costs, including, but not limited to, energy, labor costs (including minimum wage increases and unionization), workers’ compensation and health-care related costs and insurance;

 

  •   changes in desirability of geographic regions of the hotels or resorts that we franchise or manage, of the resorts with units that are exchanged through our vacation exchange business, of the properties we market for rental through our vacation rental business and of the resorts in which we sell vacation ownership interests;

 

  •   increases in costs due to inflation that may not be fully offset by increases in room rates, annual vacation exchange membership dues and exchange fees for transactions, vacation rental fees and prices of vacation ownership interests;

 

  •   the quality of the services provided by franchisees, our vacation exchange and rental business, resorts with units that are exchanged through our vacation exchange business and/or resorts in which we sell vacation ownership interests may adversely affect our image and reputation and therefore may adversely affect our results of operations;

 

  •   our ability to generate sufficient cash to buy from third-party suppliers the products that we need to provide to the participants in our points programs who want to redeem points for such products;

 

  •   overbuilding in one or more segments of the hospitality industry and/or in one or more geographic regions, which could lead to excess supply compared to demand and therefore to decreases in hotel or resort occupancy and/or hotel or resort room rates;

 

  •   changes in the number of hotels operating under franchise agreements and management agreements and changes in the occupancy rates achieved by hotels;

 

  •   changes in the relative mix of franchised hotels in the various lodging industry price categories;

 

  •   our ability to develop and maintain positive relations with current and potential franchisees, hotel owners, resorts with units that are exchanged through our vacation exchange business and/or owners of vacation properties that our vacation rental business markets for rental;

 

  •   competition for desirable sites for the development of vacation ownership properties and liability under state and local laws with respect to any construction defects in the vacation ownership properties we develop;

 

  •   taxation of guest loyalty program benefits that adversely affects the cost or consumer acceptance of loyalty programs; and

 

  •   disruptions in relationships with third parties, including marketing alliances and affiliations with e-commerce channels.

EXCERPTS ON THIS PAGE:

10-Q
May 7, 2009
10-K
Feb 27, 2009
10-Q
Nov 10, 2008
10-K
Feb 29, 2008
10-K
Mar 7, 2007
8-K
Jul 19, 2006

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