Worst Timeshare Bandits ever named
The Timeshare organizations have a bad reputation - and mostly deservedly so. And especially Club Wyndham. There are two Wyndham companies listed on the New York Stock Exchange WYND (Wyndham Destinations) is the Timeshare company. They have created this toxic mess. The sell VOIs (Vacation Ownership Interests). You become a member but You have not bought into a specific property. They have sold far more memberships than there are properties. Especially as we members have to take what’s available and the cash paying non-members go first. The Wyndham and their subsidiary RCI are said to have properties around the world. But they have not. Especially not during the season when most people take vacations. The complaints from long time Wyndham Club members is that very little is available. And that it’s almost impossible to exit the membership The properties are not earmarked for members. A non-member who pay cash at the location goes first. Myself I could not even get a week in Memphis in January 2018 (starting January 16th), despite that they have at least 16 hotels there. But they had one week in Nashville instead. And that hotel was almost full while other hotel chains nearby were almost empty and there were no lights in their windows. It was snowing and freezing cold in Nashville and the whole Tennessee. The pavements were dangerously slippery, and no concerts at the Grand Ole Opry. We had to accept what was available. In this case it was not Hawaii, Brazil or Fiji Islands. But ice paved streets in Nashville. I was promised a membership in RCI. They have more properties outside USA. But I was not a member. It took me 3 months and three reminders before I became a member in RCI. And then my vacation time was over. Whenever You use a Wyndham property you are invited to a update meeting. They promise interesting news for members. However, it is all about upgrading your Club membership. And to pay them more. In my case they said that my Silver membership was not good enough for me. And after an 8-9 hours meeting (without anything to eat meanwhile) I signed up for a gold membership and especially the “Rewards”. It cost me another 46,779 usd. Later I found out that I was already in the Rewards system. All I had to do was to transfer Wyndham Access points there. I had paid 46,779 dollars in vain. Still no one told me that when you transfer points this way, the exchange rate is 0,4 Rewards points for 1 Club Access point. When going to Sri Lanka in early December 2018 I found out that there was only 5 places available there. 4 were in the Capital and in the nearby area of the International airport. Plus one resort circa 250 kilometers away. But nothing was available for me. And besides, with the reward points I could only stay 11 days in Sri Lanka (having exchanged my yearly points). So I used a hotel booking site instead. They had 11000 places to offer in Sri Lanka. And when comparing the Club down payment of 58,379 usd plus the maintenance costs and the yearly points with the costs of the family beach hotels that I eventually stayed at; I could stay there for 222 days compared to only 11 at the Wyndham places. (And the W. places were not available anyway.) I’m a member of Wyndham Club Access. The net is full of complains about how they run their business. Both by members, and by people who have been invited to their sales meetings. We have all been fed the same lies and promises. And never even given the opportunity to leave the meeting, so 1,5 hours promised became 8-10 hours (without food). The complaints are not about small issues like unfriendly staff and unclean rooms (They are very frequent too at Wyndham….). But major issues like; That Wyndham is over selling their memberships taking in more members than they have accommodations for. They are promising overseas accommodations in far away places where they have no footprint (like Africa). Their back office is not working. It took them 30 minutes to set up an automatic payment plan for the rest of my life but 3 months to send a reply that my message had been received and another months to reply to some of my questions. What has been missing however, in this avalanche of reports on the net about disappointments, broken promises, lies, fraud, and that the minimum of one month yearly vacations promised only became 4 days; because nothing was available. Missing are the names of the persons responsible for creating and upholding this situation. And that these persons eventually will walk handcuffed to the police-car following in the footsteps of Bernie Madoff while angry club members will try to hit them in the face. Because Wyndham Vacation Clubs are criminal organizations too. You can not sell and promise something and then not deliver. Even Charles Ponzi found that out as did the board and the executive persons at Enron and Worldcom. But this will not happen by itself. Because Wyndham has made us sign contracts which are totally in their favor. Still, a Wyndham whistleblower had to be paid 20 million dollars because she exposed the criminal sales technique of Wyndham. And a class action is being prepared (Please contact Howard Prossnitz, prossnitzlaw@***.com). (Unfortunately, I can not join. The 45 page standard contract I signed had a clause that I could not have a jury trial. Wyndham outsmarted me). In the meantime, make your voice heard. Contact the Wyndham people below. Buy one share in the Wyndham Destination Company (WYND) listed on the New York Stock exchange. Go to their annual general meetings and tell everybody that you have been cheated. Picket once a week outside your local Wyndham hotel building. And make sure that reporters from your local radio, TV-station and newspaper are there too. Go to the PTVO meetings. This is the “condo association” for Club members. This is what Robert Sachs of San Francisco CA. said when he wanted to join the board last year; This is my first year of Club Wyndham ownership and I already have concerns. Reviewing the 2018 Budget I see a substantial increase in Bad Debt Expense over 2017: Points increased by only 11 % but Bad Debt increased 51 %. This suggests that Club Wyndham may have been too aggressive in its sales to unqualified buyers, taking on more risk than is prudent simply to grow the client base. The result is both a financial loss (bad debt) and increased difficulty by upstanding owners to use their points, since more owners are chasing the same number of properties. These are the types of issues on which the board should focus.” I can only agree. WYND (Wyndham Destinations) is listed on the New York Stock Exchange. It presents itself as a Timeshare Company and as a mother-company for the Wyndham Vacation Clubs. The Vacation Ownership segment develops, markets, and sells “vacation ownership interests” (VOIs)/(=“Points”) to individual consumers; provides consumer financing in connection with the sale of VOIs (by giving loans of 21 % interest). WYND recently spun off Wyndham Hotels and Resorts (WH). WYNDs financial position is very weak. The booked value is negative (- 6.30 usd/share), and the investors have discovered that this company is a house of cards, mortgaged above the chimney. If all assets are sold it will still be in debt. Total Debt is 5.46 billion dollars while the Market Cap is only 4.05 billion dollars (June 2019). They are technically bankrupt. The stock price have plummeted during the last 18 months from 57.31 usd (January 2018) to 43.21 usd (June 2019) despite recommendation by stock market TV-guru Jim Cramer in June 2018, Shareholders are disappointed and feel trapped. Stock price have to rise by 35 % to make market cap as large as the WYND debts. Value of assets have to increase. It is alarming that WYND is in this position. Their business model is brilliant. Members in the Vacation Clubs have been convinced and persuaded to make a very large one time advance payment – or take loans with an interest rate of 21% (sic) - to enjoy expensive vacations for the rest of their lives. The members also pay yearly maintenance fees despite the fact that they, or even the PTVO or “Condo association” are not owners but that the ownership is in a “Trust”. The one-time advance payment seems to be divided between the sales force and the Wyndham staff. (The Silver membership cost me 58,379 usd). No new property is bought by money but paid for by points (the Wyndham vacation currency). Then the sales force will help the hotel or resort “bought” to re-sell the points to new members. Eventually everybody will avoid Wyndham. There will be a bankruptcy but remember, your money is lost anyway. The WYND company is almost bankrupt. I stopped all my payments more than one year ago. I had to tell my American bank that I was a victim of a scam. They target senior citizens and immigrants who don’t have English as their first language. I’m not an American citizen or live in USA. (I have only received two perks that can be used in Sweden, where I live. By two car rent companies). THE GUILTY PEOPLE We have a saying here: If you want to sweep a staircase clean –always start at the top. Who are the people responsible for creating this mess and ruining the lives of senior citizens every day of the year? (The most guilty officials have their names in bold letters) Please direct all correspondence and complaints about Club Wyndham to these people. Call them up and make sure that they know what monster they have created and kept alive. They are the ones that profit on our misery. (The WYND company): The CEO, President and Director Mr. Michael D. Brown (born 1971). The Executive Vice president and chief Financial officer Mr. Michael A. Hug (born 1968) The Executive Vice president and Chief Ethics & Compliance Officer Mr. James J. Savina (born 1974) Chief Sales & Marketing Officer of Wyndham Vacation Clubs Mr. Jeff Myers (born 1968) Chief Operating Officer of Wyndham Vacation Clubs Mr. Geoff Richards (born 1973) The WYND BOARD MEMBERS; Stephen P. Holmes, Chairman of the Board, and the directors Michael D. Brown, Louise F. Brady, James E. Buckman George Herrera, Denny Marie Post, Ronald L. Rickles, CPA Michael H. Wargotz Under the heading LEADERSHIP we see; Michael D. Brown, President and Chief Executive Officer Noah Brodsky, Chief Brand Officer Olivier Chavy, President RCI Exchanges Mary Lynn Clark, President, Wyndham Vacation Rentals Brad Dettmer, Chief Information Officer Michael Hug, Chief Financial Officer Kimberly A. Marshall, Chief Human Resources Officer Jeff Myers, Chief Sales and Marketing Officer, Wyndham Vacation Clubs Geoff Richards, Chief Operating Officer, Wyndham Vacation Clubs Barry Robinson, President and Managing Director, International Operations, Wyndham Vacation Clubs James Savina, General Counsel and Corporate Secretary I also believe that the Board of Directors of the PTVO Owners Association are not really protecting our interests; Dave Evans (President), Peter Gianini (Vice President), Pete Hernandez (Treasurer). Good Luck! Jonas Bernholm, Blekingegatan 25, 11856 Stockholm, Sweden Ph: 0046-8-642****. (The full story about my Wyndham Failure is available. Please write to jonasbernholm@***.com)
Southwest Orange, Florida
Wyndham Destinations Vacation Ownership
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