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Travel + Leisure Co.

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(Redirected from Fairfield Resorts)
For the magazine, see Travel + Leisure.
Travel + Leisure Co.
FormerlyWyndham Worldwide (2006–2018), Wyndham Destinations (2018-2021)
Company typePublic
IndustryHospitality
FoundedJuly 8, 2006 (2006-07-08)
HeadquartersOrlando, Florida,
United States
Key people
  • Michael D. Brown (president​ & CEO)[1]
  • Michael Hug (CFO)[2]
ProductsTimeshare, vacation rentals, resorts
RevenueIncrease US$3.750 billion (2023)[3]
Increase US$720 million (2023)[3]
Increase US$396 million (2023)[3]
Number of employees
19,500[4] (2023)
DivisionsVacation Ownership, Travel & Membership
SubsidiariesRCI
WorldMark by Wyndham
Websitewww.travelandleisureco.com
Footnotes / references
[5][6]

Travel + Leisure Co. (formerly Wyndham Destinations, Inc., and Wyndham Worldwide Corporation) is an American timeshare company headquartered in Orlando, Florida.[7] It develops, sells, and manages timeshare properties under several vacation ownership clubs, including Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, and Accor Vacation Club. The company also provides timeshare exchange services, primarily through RCI, and travel clubs including Travel + Leisure GO.

The company operates two business lines: Vacation Ownership and Travel & Membership.[8]

Wyndham Worldwide was formed as a spin-off from Cendant Corporation in 2006, with ownership of Cendant's hotel and timeshare businesses. In 2018, Wyndham Worldwide spun off its hotel division as Wyndham Hotels & Resorts and changed its own name to Wyndham Destinations and then to Travel + Leisure in 2021 following the acquisition of the brand from Meredith Corporation, later known as Dotdash Meredith. The Travel + Leisure magazine is published independently by Dotdash Meredith under a long-term license agreement.[9]

History

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The company's origins can be traced to the founding of Hospitality Franchise Systems (HFS) in 1990, created as a vehicle to acquire hotel franchises. By 1995, it had acquired the Days Inn, Howard Johnson, Ramada, and Super 8 brands. HFS then expanded into other businesses. In 1996, it acquired the timeshare exchange service Resort Condominiums International. In 1997, HFS merged with CUC International to form Cendant Corporation. Cendant increased its involvement in the timeshare business by buying Fairfield Communities in 2001 and Trendwest Resorts in 2002. In 2005, Cendant bought the Wyndham hotel brand from the Blackstone Group.

On July 31, 2006, Wyndham Worldwide was created as a spin-off from Cendant with ownership of its hotel and timeshare businesses, as part of a plan to break Cendant up into four separate companies.

In 2013, Wyndham acquired Shell Vacations Club for $102 million plus $153 million of assumed debt.[10]

In August 2017, Wyndham announced plans to spin off its hotel division to shareholders as a separate publicly traded company, thereby becoming a pure timeshare company.[11] The spin-off of Wyndham Hotels & Resorts occurred on May 31, 2018, and what remained of Wyndham Worldwide was renamed as Wyndham Destinations the same day.[12][13]

Vacation Ownership

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Travel + Leisure Co., headquartered in Orlando, Florida, is the largest vacation ownership company in the world by number of owners and resorts. It includes a network of more than 270 properties, 25,000 individual units, and over 800,000 property owners.[14] Locations are in North America, the Caribbean, and the South Pacific. The company's Vacation Ownership business line includes marketing and sales of vacation ownership interests, consumer financing in conjunction with the purchase of vacation ownership interests, property management services to property owners' associations, and development and acquisition of vacation ownership resorts.[15]

Travel + Leisure vacation ownership brands

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Travel & Membership

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The company's Travel & Membership business line was formed to manage the company's timeshare exchange and membership travel and technology businesses, including RCI. This division operates the businesses formerly part of Wyndham Destination Network. Wyndham Exchange and Rentals officially changed its name to Wyndham Destination Network on January 1, 2016, and formerly operated over 110,000 vacation properties worldwide in more than 100 countries.[17] To help diversify from its traditional exchange business, the company bought Love Home Swap in 2017.[18] On May 9, 2018, Wyndham Worldwide Corporation completed an agreement to sell its European vacation rental business, which included cottages.com, Hoseasons, James Villa Holidays, Landal GreenParks, Novasol, and several others to Platinum Equity for around $1.3 billion[19] Wyndham Destinations sold its North American Vacation Rental business and associated brands to Vacasa in July 2019[20] and purchased Alliance Reservations Network in August 2019 for $92 million.[21]

Travel & Membership brands

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  • RCI
  • 7Across (formerly DAE previously Dial An Exchange)
  • The Registry Collection
  • Travel + Leisure GO
  • Heroes Vacation Club
  • Armed Forces Vacation Club
  • Playbook365
  • @Work International
  • Alliance Reservations Network

Sales practices

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Wyndham Vacation Resorts was the focus of investigations regarding their sales practices in 2016 in Pennsylvania and Wisconsin. The Real Estate Commission for Pennsylvania fined Wyndham and their broker at their Shawnee-on-Delaware location, Craig Roberts, a total of $15,000. Eight months earlier, Wyndham settled similar allegations in Wisconsin paying $655,000 in restitution to 29 consumers.[22]

Also in 2016, a San Francisco jury awarded $20 million to Trish Williams, a former Wyndham timeshare sales representative, who was wrongfully terminated in 2010 for reporting timeshare fraud on the elderly.[23]

References

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  1. ^ "Wyndham Worldwide Completes Spin-off of Wyndham Hotels & Resorts; Becomes Wyndham Destinations Archived 2018-06-20 at the Wayback Machine." CNBC. Retrieved on June 20, 2018.
  2. ^ "Wyndham Worldwide Announces Plan to Become Two Publicly Traded Hospitality Companies". Archived from the original on 2019-02-28. Retrieved 2019-02-27.
  3. ^ a b c "Travel + Leisure Co. 10K". Wyndham Destinations. February 2020. Archived (PDF) from the original on 2021-04-14. Retrieved 2020-05-06.
  4. ^ "Travel + Leisure 10K" (PDF). 26 February 2020. Archived from the original on 14 April 2021. Retrieved 21 February 2024.
  5. ^ "Wyndham Worldwide Corporation". Google Finance. Archived from the original on 2008-10-07. Retrieved 2008-08-26.
  6. ^ "Wyndham Worldwide: At a Glance". Wyndham Worldwide. Archived from the original on 2008-08-20. Retrieved 2008-08-26.
  7. ^ "Contact Us Archived 2009-03-14 at the Wayback Machine." Wyndham Destinations. Retrieved on August 3, 2009.
  8. ^ "Travel + Leisure Investor Presentation August/September 2024" (PDF). investor.travelandleisureco.com. August 21, 2024. Retrieved 2021-04-20.
  9. ^ "Wyndham Destinations Acquires Travel + Leisure Brand from Meredith Corporation in Strategic Alliance; Wyndham Destinations to Be Renamed Travel + Leisure Co". investor.travelandleisureco.com. Retrieved 2021-04-22.
  10. ^ "Wyndham buys Shell Vacations for $102M in cash". www.businessweek.com/. Archived from the original on 2013-05-21. Retrieved 2 September 2014.
  11. ^ "Wyndham timeshare will spin off from parent company". Orlando Sentinel. August 4, 2017. Archived from the original on August 25, 2022. Retrieved November 30, 2020 – via NewsBank.
  12. ^ Form 8-K: Current Report (Report). Wyndham Destinations. May 31, 2018. Archived from the original on June 10, 2022. Retrieved November 30, 2020 – via EDGAR.
  13. ^ "Wyndham Worldwide Completes Spin-Off Of Wyndham Hotels & Resorts; Becomes Wyndham Destinations" (Press release). June 1, 2018. Archived from the original on 2018-12-31. Retrieved 2018-12-31.
  14. ^ "Travel + Leisure Co. 10K". February 21, 2024. Retrieved 2024-02-21.
  15. ^ "Travel + Leisure Form 10-K". Wyndham Destinations. Retrieved 2024-02-21.
  16. ^ "Australia's Largest Timeshare Club has Rebranded to Club Wyndham South Pacific". Archived from the original on 2019-08-21. Retrieved 2019-08-21.
  17. ^ "Wyndham Exchange and Rentals". Wyndham Destinations. Archived from the original on 21 November 2015. Retrieved 20 November 2015.
  18. ^ RCI. "RCI Expands Offerings for Global Travelers with the Acquisition of Love Home Swap". www.prnewswire.com. Archived from the original on 2021-04-20. Retrieved 2021-04-20.
  19. ^ Corporation, Wyndham Worldwide. "Wyndham Worldwide Announces Completion of its Sale of its European Vacation Rentals Business". www.prnewswire.com. Archived from the original on 2019-02-20. Retrieved 2019-02-19.
  20. ^ Inc, Wyndham Destinations. "Vacasa Signs Agreement with Wyndham Destinations to Acquire Wyndham Vacation Rentals". www.wyndhamdestinations.com. Retrieved 2019-07-30. {{cite web}}: |last= has generic name (help)
  21. ^ "RCI Acquires Alliance Reservations Network to Accelerate Growth through New Travel Services". www.travelandleisureco.com. Archived from the original on 2021-04-20. Retrieved 2021-04-20.
  22. ^ Muschick, Paul. "Settlement reached in probe of timeshare sales in Poconos". mcall.com. Archived from the original on 2021-04-20. Retrieved 2021-04-20.
  23. ^ Morgenson, Gretchen (25 November 2016). "'My Soul Feels Taller': A Whistle-Blower's $20 Million Vindication". The New York Times. Archived from the original on 22 April 2021. Retrieved April 22, 2021.
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