Wyndham International, Inc. (NYSE:WYN) and Tempus Resorts International, Ltd. today announced an extensive 10-year licensing agreement (renewable for an additional 10 years thereafter) under which Tempus Resorts will become the exclusive development, sales and marketing vacation ownership company for the Wyndham Vacation Club(SM).
The agreement, which requires minimal capital investment by Wyndham, also provides Wyndham the option to purchase Tempus Resorts International, Ltd. under certain circumstances at any time in the future.
Under the terms of the agreement, Tempus will continue developing its premier vacation ownership property, The Palms Resort and Country Club, which is located on 633 acres just outside of the Walt Disney World(R) Resort. Upon completion of several new capital improvement projects, including an 18-hole championship golf course, The Palms will become the first Wyndham Vacation Club property. The companies have also slated the Wyndham El Conquistador Resort & Country Club in Puerto Rico as the first Wyndham resort property to participate in the agreement.
In addition to its numerous resort properties throughout North America, Wyndham is the largest, upscale resort operator in the Caribbean, providing many quality sites that offer optimal vacation ownership opportunities. Together, Tempus and Wyndham will identify at least six new Wyndham-branded vacation ownership facilities to be part of the initial development plans. Each will be developed, managed and marketed by Tempus.
“With the growing momentum of the Wyndham brand, this is the ideal time for us to explore opportunities in the vacation ownership market,” said Fred J. Kleisner, president and chief executive officer of Wyndham International. “And in particular, our partnership with Tempus offers the company an opportunity to enter into the timeshare industry with a minimal financial commitment while generating various additional fee streams.”
Roger Farwell, president and chief executive officer of Tempus Resorts International, Ltd., stated: “We could not ask for a better partner than Wyndham. Their rapidly growing brand recognition and high-quality resort sites will be a great boost for us. We look forward to a long and mutually beneficial relationship.”
Established in December of 1997, Tempus Resorts International, Ltd. is the fastest growing vacation ownership company in Central Florida. With the strong financial backing of Apollo Real Estate Advisors of New York and a superior management team, Tempus is rapidly becoming a national leader in the vacation ownership industry.
Wyndham International, Inc. (NYSE:WYN) offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Based in Dallas, Wyndham International owns, leases, manages and franchises hotels in the United States, Canada, Mexico, the Caribbean and Europe. For more information, visit www.wyndham.com.