Hello Everyone!
This article is a bit more dated(December of 2007), but according to this
Orlando Sentinel article, which quotes the CEO of
Wyndham Worldwide Corp. Quote:
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Time shares can hold up amid sagging economy
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The full article is quoted below and a link to the article is accessible
HERE.
Quote:
In a recent meeting with Goldman Sachs analysts, Wyndham Worldwide Corp. CEO Steve Holmes said he thinks time-share sales can hold up despite a sputtering economy.
"On time share, Mr. Holmes reminded us, 'it is sold, not sought.' Local management can more aggressively market product during slowdowns by adjusting tourflow and incentives," Goldman Sachs analyst Steven Kent wrote in a recap of his meeting with Holmes. (Wyndham's time-share arm, Wyndham Vacation Ownership, is based in Orlando.)
Kent echoed the optimistic assessment himself, adding, "We note that the typical purchaser of timeshare product is 58-years-old with a decent-sized 'nest egg,' significantly more interested in leisure travel and less exposed economically."
Holmes did acknowledge that the sluggish economy could hurt hotel-room rentals, according to the recap. But he also argued that Wyndham could benefit because its hotels are mostly in the economy and mid-price ranges and more consumers may begin opting for more affordable lodging.
Holmes "stated we are at a stage in the country's life where vacations 'have become a birth right,' and people will work creatively to fit vacations within a tighter budget..." Kent wrote in his recap.
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