Posted 3/10/2010 - 11:52:12 AM
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NORTH MYRTLE BEACH, SC--Wyndham Vacation Ownership has entered into an exclusive sales and marketing agreement with Towers on the Grove, LLC, here, wherein it will become the exclusive sales and marketing agent for approximately 137 condominium- style units at Towers on the Grove.
The property will be re-flagged as Wyndham Vacation Resorts Towers on the Grove at North Myrtle Beach in early spring. Terms of the agreement were not disclosed.
“This is a significant step in executing our new fee-for-service timeshare sales model which enables us to continue to grow our vacation ownership business while effectively optimizing cash flow,” said Franz Hanning, president/CEO, Wyndham Vacation Ownership.
The company will utilize existing sales and marketing distribution channels in South Carolina, Virginia, Maryland, New Jersey, Pennsylvania, Tennessee and Florida to sell deeded vacation ownership interests at the property. All consumer loan originations that occur in conjunction with the sale of the 137 units will be funded by Towers on the Grove South, LLC.
The company will also acquire in phases an additional 50 units at this property over the next three years to sell on its own behalf. All consumer loan originations associated with the sale of these 50 units will be serviced by Wyndham Consumer Finance. All 187 units sold or acquired by the company will operate within the Club Wyndham Plus portfolio of vacation ownership resorts.
The property features a total of 232 units, including approximately 45 wholly owned condominiums. Wyndham Vacation Ownership, which will also manage the property, has started sales and will begin hosting rental guests in April. The company will begin welcoming timeshare owners this fall.
