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NEW WM RESORTS: GOOD AND BAD NEWS

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 PostPosted: Tue 25 Aug 2020 12:56 pm   

Joined: Sat 22 Aug 2020 2:31 pm
Posts: 25
I am running for the WM Board of Directors and ask for your support and votes.

The Good News is that in return for the exclusive right to sell WM vacation credits associated with a new resort, Wyndham The Developer transfers the resort to WM The Club debt free.

The Bad News is that (1) Wyndham The Developer retains 100% of the revenue generated through the sale of the vacation credits. While on the surface, this process seems alright, the monies generated by the sale of vacation credits versus Wyndham The Developer cost to purchase a resort or part thereof is extremely financially beneficial to Wyndham and not to WM. For example if Wyndham purchases a resort or portion thereof for let's say $10,000,000 they sell vacation credits that generate it is estimated 5 to 7 times that. I have asked for detailed information on this matter but have been stonewalled (2|) Wyndham receives for FREE naming and branding rights of the new WM resort. (3) Wyndham uses it's Developer credits to vote in Wyndham friendly or unknowledgeable owners who run for the WM Board of directors and (4) The new WM members as a result of Wyndham selling vacation credits put pressure on highly desirable resort accommodations as they want and book into existing resorts much, much more than the new less desirable WM resorts.

Without the addition of new resorts and therefore the allocation of huge numbers of developer credits Wyndham could not vote in individuals they want and control the Board. If elected to the Board of WM, I will recommend a freeze on new resorts coming into the fold for 2 years. This will allow the Developer credits to be greatly minimized through their on going sales with no additional vacation credits coming on line from the sales of vacation credits for new resorts.


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 PostPosted: Tue 25 Aug 2020 9:20 pm   

Joined: Thu 19 Apr 2007 6:52 am
Posts: 1519
Location: Spokane, Wa.
My understanding is the developer picks where to build, seasons of the resort, and credit costs.

Club doesn't have a right to refuse


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 PostPosted: Wed 26 Aug 2020 11:14 am   

Joined: Sat 22 Aug 2020 2:31 pm
Posts: 25
Good Afternoon

Wyndham, The Developer has to receive WM BoD approval to purchase or built a new resort, but they have the sole right to set vacation credit costs and seasons for the new resort. Wyndham has been convincing our Board that growth and expansion is good for WM. I disagree as noted in the article I posted.

Kind regards,
Rick Fell


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 PostPosted: Sat 26 Sep 2020 12:07 pm   
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Joined: Tue 11 Nov 2008 1:20 pm
Posts: 4585
Location: San Antonio, TX
rick.fell wrote:
Good Afternoon

Wyndham, The Developer has to receive WM BoD approval to purchase or built a new resort, but they have the sole right to set vacation credit costs and seasons for the new resort. Wyndham has been convincing our Board that growth and expansion is good for WM. I disagree as noted in the article I posted.

Kind regards,
Rick Fell


Can you point to the portion of the governing documents that grant the BoD this contractual right?

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Eric


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