Wyndham Worldwide: If They Own It, They Will Come
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Wyndham Worldwide: If They Own It, They Will Come
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2009-09-22
Despite Downward Travel Trends, Timeshare Occupancy On The Rise at Wyndham Vacation Ownership
Bucking current travel patterns that continue to trend downward in nearly every segment of the hospitality industry, timeshare owners — particularly those participating in points–based programs — are still taking vacations.
According to Smith Travel Research, 2009 full–year hotel occupancy is projected to be 55.4 percent, a decline of 8.4 percent from 2008.* Wyndham Vacation Ownership (WVO), the world's largest provider of points–based timeshare, has experienced no decline in year–over–year occupancy to date, despite the addition of nearly 1,300 condominium–style units to its portfolio in 2008. In fact, WVO resort occupancy was slightly up at about 75% across its network of more than 150 resorts from January through June over the same period in 2008. Advanced bookings are also up three percent for the balance of the year, further demonstrating that timeshare owners continue to vacation despite a weakened economy.
Points–based programs, such as CLUB WYNDHAMSM Plus and WorldMark, The Club, provide owners with an annual points or credits– based currency to select when and where they want to vacation — a contrast to traditional fixed–week timeshare, which locks vacationers into the same time, unit and location year after year.
"It stands to reason that if you've already paid for your vacations, chances are you're taking one this year," said Franz Hanning, president and chief executive officer, Wyndham Vacation Ownership. "With points–based timeshare, it's as if someone hands you vacation cash each year to spend however and wherever you like. Vacation excuses are pretty hard to find among timeshare owners."
OCCUPANCY
Given the flexibility of Wyndham's points–based programs, resort occupancies are a strong measure of where owners decide to travel. Hawaii, which is widely recognized as one of the world's most renowned vacationing spots, continues to experience record lows in hotel occupancy — Wyndham's timeshare occupancies remain level there. Perhaps more impressive, occupancy rates at select Wyndham timeshare resorts in traditionally popular vacation destinations, including Florida and Southern California, are up considerably year over year.** Points–based programs also enable owners to divide their time into multiple, shorter vacation stays throughout the year, mirroring recent consumer travel trends. Although a number of Wyndham owners are still flying to their next vacation, many are also opting to stay closer to home or travel to resorts located in drive–to or regional destinations. WVO's top 10 travel markets based on increased year–over–year** occupancy levels are —
Region Occupancy***
Panama City Beach, Fla. +12.4%
Destin, Fla. +6.0%
San Diego, Calif. +5.3%
Bass Lake, Calif. +4.4%
West Yellowstone, Mont. +4%
Palm Springs, Calif. +3.5%
Ft. Lauderdale, Fla. +2.7%
Branson, Mo. +2.5%
Nashville, Tenn. +1.9%
San Antonio, Texas +1.6%
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