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This excerpt taken from the WYN 10-K filed Feb 27, 2009. WorldMark
by Wyndham
WorldMark by Wyndham develops, markets and sells vacation
ownership interests, which are called vacation credits (holiday
credits in the South Pacific), in resorts owned by the vacation
ownership programs WorldMark, The Club and WorldMark South
Pacific Club, which we refer to collectively as the Clubs, which
WorldMark by Wyndham formed in 1989 and 2000, respectively. The
Clubs provide owners with flexibility (subject to availability)
as to resort location, length of stay, unit type, the day of the
week and time of year. WorldMark by Wyndham is usually involved
in the development of the resorts owned by the Clubs. In
addition to developing resorts and marketing and selling
vacation credits, WorldMark by Wyndham manages the Clubs and the
majority of resorts owned by the Clubs.
In October 1999, WorldMark by Wyndham formed Wyndham Vacation
Resorts Asia Pacific Pty. Ltd., a New South Wales corporation,
or Wyndham Asia Pacific, as its direct wholly owned subsidiary
for the purpose of conducting sales, marketing and resort
development activities in the South Pacific. Wyndham Asia
Pacific is currently the largest vacation ownership business in
Australia, with approximately 42,600 owners of vacation credits
as of December 31, 2008. Resorts in the South Pacific
typically are owned and operated through WorldMark South Pacific
Club, other than 71 units at Denarau Island, Fiji, which
are owned by WorldMark, The Club.
Vacation Credits, Portfolio of Resorts and Maintenance
Fees. Vacation credits in the Clubs entitle the owner of
the credits to reserve units at the resorts that are owned and
operated by the Clubs. WorldMark by Wyndham and Wyndham Asia
Pacific are the developers or acquirers of the resorts that the
Clubs own and operate. After WorldMark by Wyndham or Wyndham
Asia Pacific develops or acquires resorts, it conveys the
resorts to WorldMark, The Club or WorldMark South Pacific Club,
as applicable. In exchange for the conveyances, WorldMark by
Wyndham or Wyndham Asia Pacific receives the exclusive rights to
sell the vacation credits associated with the conveyed resorts
and to receive the proceeds from the sales of the vacation
credits. Although vacation credits, unlike vacation ownership
interests in Wyndham Vacation Resorts resort properties, do not
constitute deeded interests in real estate, vacation credits are
regulated in most jurisdictions by the same agency that
regulates vacation ownership interests evidenced by deeded
interests in real estate. In 2008, the average purchase by
Table of Contents
a new owner of vacation credits was approximately $12,800. As of
December 31, 2008, over 318,000 owners held vacation
credits in the Clubs.
WorldMark by Wyndham resorts are located primarily in the
Western United States, Canada, Mexico and the South Pacific and,
as of December 31, 2008, consisted of 88 resorts (six of
which are shared with Wyndham Vacation Resorts) that represented
approximately 7,100 units. Of the WorldMark by Wyndham
resorts and units, Wyndham Asia Pacific has a total of 17
resorts with approximately 700 units. During 2008,
WorldMark by Wyndham expanded its portfolio of resorts to
include properties in Taos, New Mexico; Santa Fe, New
Mexico; Las Vegas, Nevada; Long Beach, Washington; New
Braunfels, Texas; Anaheim, California; and Wanaka, New Zealand.
The resorts in which WorldMark by Wyndham develops, markets and
sells vacation credits are primarily drive-to resorts. Most
WorldMark by Wyndham resorts are affiliated with Wyndham
Worldwide’s vacation exchange subsidiary, RCI. Among
WorldMark by Wyndham’s 88 resorts, 60 have been awarded
designations of an RCI Gold Crown Resort or an RCI Silver Crown
Resort.
Owners of vacation credits pay annual maintenance fees to the
Clubs. The annual maintenance fee associated with the average
vacation credit purchased is approximately $500. The maintenance
fee that an owner pays is based on the number of the
owner’s vacation credits. These fees are intended to cover
the Clubs’ operating costs, including the dues to the
property owners’ associations, which are generally the
Clubs’ responsibility. Fees paid to property owners’
associations are generally used to renovate and replace
furnishings, pay maintenance and cleaning costs, pay management
fees and expenses, and cover taxes, insurance and other related
costs. Maintenance of common areas and the provision of
amenities typically is the responsibility of the property
owners’ associations. WorldMark by Wyndham has a minimal
ownership interest in the Clubs that results from WorldMark by
Wyndham’s ownership of unsold vacation credits in the
Clubs. As the owner of unsold vacation credits, WorldMark by
Wyndham pays maintenance fees to the Clubs.
WorldMark, The Club and WorldMark South Pacific
Club. The Clubs provide owners of vacation credits with
flexibility (subject to availability) as to resort location,
length of stay, unit type and time of year. Depending on how
many vacation credits an owner has purchased, the owner may use
the vacation credits for one or more vacations annually. The
number of vacation credits that are required for each day’s
stay at a unit is listed on a published schedule and varies
depending upon the resort location, unit type, time of year and
the day of the week. Owners may also redeem their credits for
other travel and leisure products that may be offered from time
to time.
Owners of vacation credits are able to carry over unused
vacation credits in one year to the next year and to borrow
vacation credits from the next year for use in the current year.
Owners of vacation credits are also able to purchase bonus time
from the Clubs for use when space is available. Bonus time gives
owners the opportunity to use available resorts on short notice
and at a reduced rate and to obtain usage beyond owners’
allotments of vacation credits. In addition, WorldMark by
Wyndham offers owners the opportunity to “upgrade,” or
acquire additional vacation credits to increase the number of
credits such owners can use in the Clubs.
Owners of vacation credits can make reservations through the
Clubs, or may elect to join and exchange their vacation
ownership interests through our vacation exchange business, RCI,
or Interval International, Inc., which is a third-party
international exchange company.
Club and Property Management. In exchange for
management fees, WorldMark by Wyndham, itself or through a
WorldMark by Wyndham affiliate, serves as the exclusive property
manager and servicing agent of the Clubs and all resort units
owned or operated by the Clubs. On behalf of the Clubs,
WorldMark by Wyndham or its affiliate provides day-to-day
management for vacation ownership resorts, including oversight
of housekeeping services, maintenance and refurbishment of the
units, and provides certain accounting and administrative
services. WorldMark by Wyndham or its affiliate also manages the
reservation system for the Clubs and provides owner services and
billing and collections services.
This excerpt taken from the WYN 10-K filed Feb 29, 2008. WorldMark
by Wyndham
WorldMark by Wyndham markets and sells vacation ownership
interests, which are called vacation credits (holiday credits in
the South Pacific), in resorts owned by the vacation ownership
programs WorldMark, The Club and WorldMark South Pacific Club,
which we refer to collectively as the Clubs, which WorldMark by
Wyndham formed in 1989 and 2000, respectively. The Clubs provide
owners with flexibility (subject to availability) as to resort
location, length of stay, unit type, the day of the week and
time of year. WorldMark by Wyndham is usually involved in the
development of the resorts owned by the Clubs. In addition to
developing resorts and marketing and selling vacation credits,
WorldMark by Wyndham manages the Clubs and the majority of
resorts owned by the Clubs.
In October 1999, WorldMark by Wyndham formed Wyndham Vacation
Resorts Asia Pacific Pty. Ltd., a New South Wales corporation,
or Wyndham Asia Pacific, as its direct wholly owned subsidiary
for the purpose of conducting sales, marketing and resort
development activities in the South Pacific. Wyndham Asia
Pacific is currently the largest vacation ownership business in
Australia, with approximately 39,000 owners of vacation credits
as of December 31, 2007. Resorts in the South Pacific
typically are owned and operated through WorldMark South Pacific
Club, other than 66 units at Denarau Island, Fiji, which
are owned by WorldMark, The Club.
Vacation Credits, Portfolio of Resorts and Maintenance
Fees. Vacation credits in the Clubs entitle the owner of
the credits to reserve units at the resorts that are owned and
operated by the Clubs. WorldMark by Wyndham and Wyndham Asia
Pacific are the developers or acquirers of the resorts that the
Clubs own and operate. After
Table of Contents
WorldMark by Wyndham or Wyndham Asia Pacific develops or
acquires resorts, it conveys the resorts to WorldMark, The Club
or WorldMark South Pacific Club, as applicable. In exchange for
the conveyances, WorldMark by Wyndham or Wyndham Asia Pacific
receives the exclusive rights to sell the vacation credits
associated with the conveyed resorts and to receive the proceeds
from the sales of the vacation credits. Although vacation
credits, unlike vacation ownership interests in Wyndham Vacation
Resorts resort properties, do not constitute deeded interests in
real estate, vacation credits are regulated in most
jurisdictions by the same agency that regulates vacation
ownership interests evidenced by deeded interests in real
estate. In 2007, the average purchase by a new owner of vacation
credits was approximately $12,000. Of the more than 800,000
owners of vacation ownership interests in Wyndham Vacation
Resorts and WorldMark by Wyndham resorts as of December 31,
2007, over 309,000 owners held vacation credits in the Clubs.
WorldMark by Wyndham resorts are located primarily in the
Western United States, Canada, Mexico and the South Pacific and,
as of December 31, 2007, consisted of 81 resorts that
represented approximately 6,500 units. Of the WorldMark by
Wyndham resorts and units, Wyndham Asia Pacific has a total of
16 resorts with approximately 600 units. During 2007,
WorldMark by Wyndham expanded its portfolio of resorts to
include properties in San Diego, California; McCall, Idaho;
West Yellowstone, Montana; Red River, New Mexico; Canmore,
Alberta (Canada); Marcoola Beach (Australia), Perth (Australia)
and Lake Wanaka (New Zealand); and added additional inventory at
locations in California and Illinois.
The resorts in which WorldMark by Wyndham markets and sells
vacation credits are primarily drive-to resorts. Most WorldMark
by Wyndham resorts are affiliated with Wyndham Worldwide’s
vacation exchange subsidiary, RCI. Among WorldMark by
Wyndham’s 81 resorts, 59 have been awarded designations of
an RCI Gold Crown Resort or an RCI Silver Crown Resort.
Owners of vacation credits pay annual maintenance fees to the
Clubs. The annual maintenance fee associated with the average
vacation credit purchased is approximately $500. The maintenance
fee that an owner pays is based on the number of the
owner’s vacation credits. These fees are intended to cover
the Clubs’ operating costs, including the dues to the
property owners’ associations, which are generally the
Clubs’ responsibility. Fees paid to property owners’
associations are generally used to renovate and replace
furnishings, pay maintenance and cleaning costs, pay management
fees and expenses, and cover taxes (in some states), insurance
and other related costs. Maintenance of common areas and the
provision of amenities typically is the responsibility of the
property owners’ associations. WorldMark by Wyndham has a
minimal ownership interest in the Clubs that results from
WorldMark by Wyndham’s ownership of unsold vacation credits
in the Clubs. As the owner of unsold vacation credits, WorldMark
by Wyndham pays maintenance fees to the Clubs.
WorldMark, The Club and WorldMark South Pacific
Club. The Clubs provide owners of vacation credits with
flexibility (subject to availability) as to resort location,
length of stay, unit type and time of year. Depending on how
many vacation credits an owner has purchased, the owner may use
the vacation credits for one or more vacations annually. The
number of vacation credits that are required for each day’s
stay at a unit is listed on a published schedule and varies
depending upon the resort location, unit type, time of year and
the day of the week. Owners may also redeem their credits for
other travel and leisure products that may be offered from time
to time.
Owners of vacation credits are able to carry over unused
vacation credits in one year to the next year and to borrow
vacation credits from the next year for use in the current year.
Owners of vacation credits are also able to purchase bonus time
from the Clubs for use when space is available. Bonus time gives
owners the opportunity to use available resorts on short notice
and at a reduced rate and to obtain usage beyond owners’
allotments of vacation credits. In addition, WorldMark by
Wyndham offers owners the opportunity to “upgrade,” or
acquire additional vacation credits to increase the number of
credits such owners can use in the Clubs.
Owners of vacation credits can make reservations through the
Clubs, or may elect to join and exchange their vacation
ownership interests through our vacation exchange business, RCI,
or Interval International, Inc., which is a third-party exchange
company.
Club and Property Management. In exchange for
management fees, WorldMark by Wyndham, itself or through a
WorldMark by Wyndham affiliate, serves as the exclusive property
manager and servicing agent of the Clubs and all resort units
owned or operated by the Clubs. On behalf of the Clubs,
WorldMark by Wyndham or its affiliate provides day-to-day
management for vacation ownership resorts, including oversight
of housekeeping services, maintenance and refurbishment of the
units, and provides certain accounting and administrative
services. WorldMark by Wyndham or its affiliate also manages the
reservation system for the Clubs and provides owner services and
billing and collections services.
Table of Contents
This excerpt taken from the WYN 10-K filed Mar 7, 2007. WorldMark
by Wyndham
WorldMark by Wyndham markets and sells vacation ownership
interests, which are called vacation credits (holiday credits in
the South Pacific), in resorts owned by the vacation ownership
programs WorldMark, The Club and WorldMark South Pacific Club,
which we refer to collectively as the Clubs, which WorldMark by
Wyndham formed in 1989 and 2000, respectively. The Clubs provide
owners with flexibility (subject to availability) as to resort
location, length of stay, unit type, the day of the week and
time of year. WorldMark by Wyndham is usually involved in the
development of the resorts owned by the Clubs. In addition to
developing resorts and marketing and selling vacation credits,
WorldMark by Wyndham manages the Clubs and the majority of
resorts owned by the Clubs.
In October 1999, WorldMark by Wyndham formed Trendwest South
Pacific, Pty. Ltd., an Australian corporation, or Trendwest
South Pacific, as its direct wholly owned subsidiary for the
purpose of conducting sales, marketing and resort development
activities in the South Pacific. Trendwest South Pacific is
currently the largest vacation ownership business in Australia,
with approximately 35,000 owners of vacation credits as of
December 31, 2006. Resorts in the South Pacific typically
are owned and operated through WorldMark South Pacific Club,
other than 66 units at Denarau Island, Fiji, which are
owned by WorldMark, The Club.
Vacation Credits, Portfolio of Resorts and Maintenance
Fees. Vacation credits in the Clubs entitle the owner of
the credits to reserve units at the resorts that are owned and
operated by the Clubs. WorldMark by Wyndham and Trendwest South
Pacific are the developers or acquirers of the resorts that the
Clubs own and operate. After WorldMark by Wyndham or Trendwest
South Pacific develops or acquires resorts, it conveys the
resorts to WorldMark, The Club or WorldMark South Pacific Club,
as applicable. In exchange for the conveyances, WorldMark by
Wyndham or Trendwest South Pacific receives the exclusive rights
to sell the vacation credits associated with the conveyed
resorts and to receive the proceeds from the sales of the
vacation credits. Although vacation credits, unlike vacation
ownership interests in Wyndham Vacation Resorts resort
properties, do not constitute deeded interests in real estate,
vacation credits are regulated in most jurisdictions by the same
agency that regulates vacation ownership interests evidenced by
deeded interests in real estate. In 2006, the average purchase
by a new owner of vacation credits was approximately $11,700. Of
the more than 800,000 owners of vacation
Table of Contents
ownership interests in Wyndham Vacation Resorts and WorldMark by Wyndham
resorts as of December 31, 2006, over 282,000 owners held
vacation credits in WorldMark by Wyndham resorts.
WorldMark by Wyndham resorts are located primarily in the
Western United States, Canada, Mexico and the South Pacific and,
as of December 31, 2006, consisted of 75 resorts that
represented approximately 5,400 units. Of the WorldMark by
Wyndham resorts and units, Trendwest South Pacific has a total
of 14 resorts with approximately 500 units. In 2006,
WorldMark by Wyndham expanded its portfolio of resorts to
include properties in Indio, California; San Diego,
California; and Midway, Utah.
The resorts in which WorldMark by Wyndham markets and sells
vacation credits are primarily drive-to resorts. Most WorldMark
by Wyndham resorts are affiliated with Wyndham Worldwide’s
vacation exchange subsidiary, RCI. Among WorldMark by
Wyndham’s 75 resorts, 62 have been awarded designations of
an RCI Gold Crown Resort or an RCI Silver Crown Resort.
Owners of vacation credits pay annual maintenance fees to the
Clubs. The annual maintenance fee associated with the average
vacation credit purchased is approximately $480. The maintenance
fee that an owner pays is based on the number of the
owner’s vacation credits. These fees are intended to cover
the Clubs’ operating costs, including the dues to the
property owners’ associations, which are generally the
Clubs’ responsibility. Fees paid to property owners’
associations are generally used to renovate and replace
furnishings, pay maintenance and cleaning costs, pay management
fees and expenses, and cover taxes (in some states), insurance
and other related costs. Maintenance of common areas and the
provision of amenities typically is the responsibility of the
property owners’ associations. WorldMark by Wyndham has a
minimal ownership interest in the Clubs that results from
WorldMark by Wyndham’s ownership of unsold vacation credits
in the Clubs. As the owner of unsold vacation credits, WorldMark
by Wyndham pays maintenance fees to the Clubs.
WorldMark, The Club and WorldMark South Pacific
Club. The Clubs provide owners of vacation credits with
flexibility (subject to availability) as to resort location,
length of stay, unit type and time of year. Depending on how
many vacation credits an owner has purchased, the owner may use
the vacation credits for one or more vacations annually. The
number of vacation credits that are required for each day’s
stay at a unit is listed on a published schedule and varies
depending upon the resort location, unit type, time of year and
the day of the week. Owners may also redeem their credits for
other travel and leisure products that may be offered from time
to time.
Owners of vacation credits are able to carry over unused
vacation credits in one year to the next year and to borrow
vacation credits from the next year for use in the current year.
Owners of vacation credits are also able to purchase bonus time
from the Clubs for use when space is available. Bonus time gives
owners the opportunity to use available resorts on short notice
and at a reduced rate and to obtain usage beyond owners’
allotments of vacation credits. In addition, WorldMark by
Wyndham offers owners the opportunity to “upgrade,” or
acquire additional vacation credits to increase the number of
credits such owners can use in the Clubs.
Owners of vacation credits can make reservations through the
Clubs, or may elect to join and exchange their vacation
ownership interests through our vacation exchange business, RCI,
or Interval International, Inc., which is a third-party exchange
company.
Club and Property Management. In exchange for
management fees, WorldMark by Wyndham, itself or through a
WorldMark by Wyndham affiliate, serves as the exclusive property
manager and servicing agent of the Clubs and all resort units
owned or operated by the Clubs. On behalf of the Clubs,
WorldMark by Wyndham or its affiliate provides
day-to-day
management for vacation ownership resorts, including oversight
of housekeeping services, maintenance and refurbishment of the
units, and provides certain accounting and administrative
services. WorldMark by Wyndham or its affiliate also manages the
reservation system for the Clubs and provides owner services and
billing and collections services. The management agreements of
WorldMark, The Club and WorldMark South Pacific Club provide for
automatic one-year and five-year renewals, respectively, unless
renewal is denied by a majority of the voting power of the
owners (excluding WorldMark by Wyndham and its affiliates.)
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