ORLANDO, Fla., July 27, 2020 /PRNewswire/ -- Wyndham
Destinations (NYSE: WYND), the world's largest vacation ownership
and exchange company, today announced the creation of Panorama, a
new business line to manage the company's exchange, membership, and
travel technology brands.
The new Panorama portfolio will have three areas of focus,
including timeshare exchange companies RCI -- the world's
largest vacation exchange network -- 7Across (formerly known as
DAE), and The Registry Collection; travel and leisure businesses
Love Home Swap, TripBeat, and Extra Holidays; and leading travel
technology platforms @Work International and Alliance Reservations
Network (ARN). Hospitality industry veteran Olivier Chavy, who joined Wyndham Destinations
in 2019 to lead the company's Vacation Exchange businesses, was
named president of Panorama.
"The creation of Panorama helps to reposition these businesses
into a more holistic travel company squarely focused on profitable
top-line growth by diversifying and expanding outside the exchange
business, leveraging our strategic acquisition of ARN last year,"
said Michael D. Brown, president and
CEO of Wyndham Destinations.
With more than 20 million timeshare and vacation club members
globally, vacation ownership and exchange is a significant part of
how the world enjoys vacation. Panorama aims to broaden the
business, identify new capital efficient sources of supply, offer
new and innovative products and develop new travel solutions in
partnership with club affiliates in order to increase overall usage
and satisfaction of club members. More than five million people
vacationed using the company's exchange businesses last year.
"Our strategy is to expand beyond our core and legacy timeshare
business into the broader travel market to become a leading
travel membership provider," said Olivier
Chavy, president of Panorama. "Our leading travel platforms
powered by ARN will drive new business and open new opportunities
for timeshare owners to use their exchange currency to travel all
year with an abundance of new accommodation options."
In its first significant market expansion, Panorama is launching
a new travel services business, Panorama Travel Solutions, to drive
focused growth outside its core market. The group will offer
customized global discount travel membership clubs and travel
technology solutions to affinity partners including large
employers, banks, retailers, trade associations and others in the
U.S., Mexico, Asia, and Europe.
The first product is a new travel club product powered by ARN
that can be custom-branded or co-branded and marketed to new
membership organization customers not currently in the company's
base.
All of the brands in the Panorama portfolio are being reimagined
as part of the launch of the new company:
- Next month, Panorama will launch a new brand identity for its
flagship exchange company RCI, along with new products and services
for its 3.9 million members and 4,200 affiliated resort properties.
The company's acquisition of Alliance Reservations Network (ARN) in
2019 enables RCI to continue to evolve its offering through
enhanced B2B products and services for affiliate partners.
- Dial an Exchange (DAE) was acquired by the company in 2017 and
is being relaunched globally this year as 7Across. The company
offers a direct-to-member exchange model which has been popular in
Australasia and Europe, and has
significant growth opportunities in North and South America.
- The Registry Collection is the premier luxury exchange network
that is evolving to offer more luxury and full-service experiences
for its members on a new, modernized technology platform powered by
ARN.
- Also acquired in 2017, Love Home Swap is a pioneering home
sharing service allowing home owners to choose a property where
they want to go, make the swap and then enjoy a hassle-free holiday
in an outstanding property without a hefty accommodation bill. The
Love Home Swap brand is being reimagined as it looks to accelerate
growth outside its original European market.
"The creation of the Panorama business is a recognition that the
companies acquired over the last 10 years have come together to
create a powerful travel business that has the opportunity to grow
and expand," Chavy said. "The rebranding work supports the
reinvention of every part of our portfolio and sets us up for
growth for the next 10 years and beyond."
About Panorama
Panorama™ delivers a broader
perspective to the world of travel as part of Wyndham Destinations
(NYSE:WYND). The travel businesses under the Panorama umbrella --
RCI, 7Across (formerly DAE), The Registry Collection, Love Home
Swap, TripBeat, Extra Holidays, @Work International, and Alliance
Reservations Network (ARN) -- provide services to travel providers
and their millions of members around the world. Visit
PanoramaCo.com for more information.
About Wyndham Destinations
Wyndham Destinations
(NYSE:WYND), the world's largest vacation club and exchange
company, is on a mission to put the world on vacation. The company
offers more than four million members and owner families the
opportunity to own, exchange or rent their vacation experience
while enjoying quality, flexibility and great value from a trusted
brand. The company's Wyndham Vacation Clubs offer 230 resorts that
provide a contemporary take on the timeshare model through brands
Club Wyndham® WorldMark® by Wyndham, and
Margaritaville Vacation Club® by Wyndham. With a global
presence in 110 countries, the company's membership travel business
-- Panorama -- includes today's leading vacation exchange, leisure
travel, and technology brands including RCI, the world's leader in
vacation exchange that provides access to 4,200+ affiliated resorts
around the world; and Extra Holidays, offering condo vacations at
hotel prices. Year after year, our worldwide team of associates
delivers exceptional vacation experiences to families around the
globe as they make memories to last a lifetime. At Wyndham
Destinations, our world is your destination. Connect with us on
Twitter, Facebook, Instagram, YouTube and LinkedIn.
Forward-Looking Statements
This press release includes
"forward-looking statements" as that term is defined by the
Securities and Exchange Commission ("SEC"). Forward-looking
statements are any statements other than statements of historical
fact, including statements regarding our expectations, beliefs,
hopes, intentions or strategies regarding the future. In some
cases, forward-looking statements can be identified by the use of
words such as "may," "will," "expects," "should," "believes,"
"plans," "anticipates," "estimates," "predicts," "potential,"
"continue," "future" or other words of similar meaning.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results of Wyndham Destinations, Inc.
("Wyndham Destinations") to differ materially from those discussed
in, or implied by, the forward-looking statements. The
forward-looking statements contained in this press release include
statements related to Wyndham Destinations' current views and
expectations with respect to its future performance and operations.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Factors that might cause such a difference include,
but are not limited to, the potential impact of the COVID-19
pandemic and our related contingency plans and cost and investment
reductions on our business, vacation ownership interest (VOI) sales
and tour flow and liquidity; general economic conditions, the
performance of the financial and credit markets, the competition in
and the economic environment for the timeshare industry, the impact
of war, terrorist activity, political strife, severe weather events
and other natural disasters, pandemics (including the COVID-19
pandemic) or threats of pandemics, operating risks associated with
the vacation ownership and vacation exchange businesses,
uncertainties related to our ability to realize the anticipated
benefits of the spin-off of the hotel business ("spin-off") Wyndham
Hotels & Resorts, Inc. ("Wyndham Hotels") or the divestiture of
our North American and European vacation rentals businesses, or the
acquisition of Alliance Reservations Network ("ARN"), unanticipated
developments related to the impact of the spin-off, the divestiture
of our North American and European vacation rentals businesses, the
acquisition of ARN and related transactions, including any
potential impact on our relationships with our customers,
suppliers, employees and others with whom we have relationships,
and possible disruption to our operations, our ability to execute
on our strategy, the timing and amount of future dividends and
share repurchases, if any, and those other factors disclosed as
risks under "Risk Factors" in documents we have filed with the SEC,
including in Part I, Item 1A of our Annual Report on Form 10-K for
the fiscal year ended December 31,
2019, filed with the SEC on February
26, 2020 and Part II, Item 1A of our Quarterly Report on
Form 10-Q for the fiscal quarter ended March 31, 2020, filed
with the SEC on May 6, 2020. We caution readers that any such
statements are based on currently available operational, financial
and competitive information, and they should not place undue
reliance on these forward-looking statements, which reflect
management's opinion only as of the date on which they were made.
Except as required by law, we undertake no obligation to review or
update these forward-looking statements to reflect events or
circumstances as they occur.
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SOURCE Wyndham Destinations; Panorama