Weekly Wisecrack: August 5, 2017

caveman

THE OLDTIMER
 
One way or the other Ned absolutely needs a deal today. Called to another table for “assistance” during the 1st wave he again sizes up the body language of the prey and concludes that clobbering this pair with a quick nose-bleed drop will work.

Ned then decides, if it doesn’t work he’ll be out of there as fast as he went in and he’ll continue skating the room knowing that spinning to win has paid off before and maybe it will again today.



The Weekly Wisecrack is primarily (but not always) a snarky look inside the workings of the timeshare industry, usually from the viewpoint of sales and marketing representatives. Do you have a different point of view? Leave your own caption in the Comments if you’re so inclined…
Image Source: HasslefreeClipart.com

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/08/weekly-wisecrack-august-5-2017/

Timeshare Odds and Ends: August 5, 2017

happyhourgatehouse 
Sales guests from hell. Admit it, we’ve all met them across the little round tables.

They know everything there is to know about timeshares and timesharing, or at least they think they do, and they have attended so many presentations in order to get “free” gifts that they have their system down pat. They tell you early in the presentation that they’re only there for the gift and then spew all the reasons why timeshare are a ripoff and a totally bad thing.

Sometimes they do it loudly enough to blow out a room, if ya let ’em.

What to do? What to do?

So what’s the Scoop? Well, Scoop has an idea about that… Scoop du Jour: Thinking About Laundry Detergent



TWEET OF THE WEEK:

Have you seen the world yet?

Where are YOU going this year?

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/08/timeshare-odds-and-ends-august-5-2017/

Weekly Jukebox: August 5, 2017

Blue mic

No two ways about it, there must be a gazzilion versions of that old classic St. James Infirmary Blues, sometimes known as “Gambler’s Blues.” It’s an American folksong of anonymous origin, though sometimes credited to the songwriter Joe Primrose (a pseudonym for Irving Mills) and made famous in 1928 by Louis Armstrong.

Well, here’s another singing style, not like the other ones. 😉

Jools Holland, Tom Jones & Rhiannon Giddens performing the song for Jools’ Annual Hootenanny 2015/16. Rhiannon has a serious set of pipes, and Oh! Jeez! What a band!

Tom Jones!? you say? THE Tom Jones? Say what?

Well, listen in…

What are YOU listening to tonight? And what would you like to see here?



The Weekly Juke Box aims to feature good music/good fun regardless of era or genre. Send in your own favorite and if I can find a good version on YouTube I’ll post it for you! What would you like to see or hear? [email protected]

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/08/weekly-jukebox-august-5-2017/

NOTICE TO OLYMPIC VILLAGE INN OWNERS

Important Notice

NOTICE TO OLYMPIC VILLAGE INN OWNERS

The Board of Directors’ Election at OVI will be held prior to the October 7, 2017 Annual Meeting of Members. OVI owners should receive their ballots in September 2017. The current Board of Directors continues to withhold the List of Candidates from the individuals who have requested that they be included on the ballot. We must win this election and force the incumbents out of office.

There are four candidates who form a coalition team dedicated to reversing the trend set by the current Board to deliver OVI to Wyndham Resort Development Corp. These four candidates are Sandra Farrow, Greg Rankin, Julie Feldman and Robert Bone. In order to accomplish the needed change on the Board of Directors there will need to be a change in the majority and these four candidates supply the necessary change. All four offer unique expertise in their own professional background – Real Estate Management; Timeshare Sales/Management and Resort Development; Legal Expertise; Corporate HR and Operations. This team of candidates built a website SAVEOVI.ORG and they would like you to see what is happening from their perspective.

Robert Bone is available for any questions or comments at Law Office of Robert M. Bone, 707-525-8999 or via email at [email protected]

Olympic Village Inn is situated at the base of the Squaw Valley ski area in Olympic Valley, CA.


If you have a public notice related to timeshare that you would like to share on this blog, contact [email protected]

The opinions or information included in these Public Notice are those of the writers/distributors of the notices. Insidethegate.com has no affiliation with them and is not responsible for their content.

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/08/public-notice-notice-to-olympic-village-inn-owners/

Timeshare Financial News: August 5, 2017

It's Happy Hour at The GateHouse

I told you so! Or at least I made a darned good guess.

Wyndham Worlwide, as I sort of predicted, has announced a spinoff that will create two separate, stand-alone, publicly-traded business entities. The Wyndham Hotel Group will become a pure-play hotel company and Wyndham Vacation Ownership will be the world’s largest publicly traded timeshare business. The latter will be joined with Wyndham Destination Network, home to RCI, the world’s largest timeshare exchange company.

The two public companies intend to enter into long-term exclusive license agreements to retain their affiliation with one of the industry’s top rated loyalty programs, Wyndham Rewards, as well as continued collaboration on key inventory sharing and customer cross-sell initiatives. The corporate names of the post-spin public companies have not yet been decided.

There are lots of details and you will find them in this press release.

And now we’ll go on to Wyndham’s 2nd quarter financial report as it pertains to the timeshare segment:

    Vacation Ownership
    Revenues increased 6% to $750 million in the second quarter of 2017, compared with $705 million in the second quarter of 2016. The increase reflects an increase in gross VOI sales of 9% as well as higher consumer financing revenues, partially offset by a higher provision for loan losses.

    Tour flow increased 10.3% driven by increased tours to new owners. Volume per guest (VPG) declined 1.1%, primarily reflecting a 14% increase in sales to new owners in North America, which produce a lower VPG.

    EBITDA was $47 million in the second quarter of 2017 compared with $187 million in the prior year quarter. The EBITDA decline reflects the previously mentioned impairment charge on the write-down of undeveloped land as detailed in Table 8 of this press release. Adjusted EBITDA was $183 million in the second quarter of 2017, a 2% decline compared with the second quarter of 2016. Results reflect the increase in revenues, offset by higher legal expenses and the absence of a $4 million benefit from business interruption insurance claims received in the second quarter of 2016.

    Click here for more


Hilton Grand Vacations also issued its 2nd quarter 2017 financial report, and there’s way more to it than I have space for so here are some of the highlights:

  • EPS was $0.51 for the second quarter, a 6.3 percent increase from the same period in 2016.
  • Net income for the second quarter was $51 million, an 8.5 percent increase from the same period in 2016.
  • Adjusted EBITDA for the second quarter increased 2.9 percent from the same period in 2016 to $106 million.
  • Contract sales for the second quarter increased 11.0 percent from the same period in 2016.
  • Net Owner Growth (NOG) for the 12 months ending June 30, 2017, was 7.2 percent.
  • Tours increased 9.5 percent to 87,114 in the second quarter compared to the same period in 2016.
  • VPG for the second quarter of 2017 was $3,503, an increase of 1.6 percent compared to the same period in 2016.

And then there are these specifics regarding inventory:

  • At June 30, 2017, the estimated contract sales value of HGV’s pipeline of available inventory was approximately $6.1 billion at current pricing, or approximately 5.1 years of sales at the current trailing 12-month sales pace.
  • At June 30, 2017, the estimated contract sales value of HGV’s pipeline of available owned inventory was approximately $3.1 billion or approximately 2.6 years of sales.
  • At June 30, 2017, the estimated contract sales value of HGV’s pipeline of available fee-for-service inventory was approximately $3.0 billion or approximately 2.5 years of sales.
  • Of the current pipeline of available inventory, 39.0 percent is considered just-in-time and 49.0 percent is considered fee-for-service. As such, the Company considers 88.0 percent of the pipeline of available inventory as of June 30, 2017, to be from capital-efficient sources.

To see more details, click here.


Now we come to highlights for Marriott Vacations Worldwide, which released their earnings report on August 3.

  • Total company vacation ownership contract sales were $209.9 million, an increase of $43.9 million, or 26 percent, compared to the prior year period. North America vacation ownership contract sales were $190.9 million, an increase of $45.3 million, or 31 percent, compared to the prior year period.
    • Excluding the estimated impact of the change in the company’s financial reporting calendar, total company and North America vacation ownership contract sales would have increased 18 percent and 22 percent, respectively, compared to the prior year period.
  • North America VPG totaled $3,579, a 6 percent increase from the second quarter of 2016.
  • North America tours increased 28 percent year-over-year.
    • Excluding the estimated impact of the change in the company’s financial reporting calendar, tours would have increased 18 percent, compared to the prior year period.
  • Net income was $44.3 million, or $1.58 fully diluted earnings per share (EPS), compared to net income of $36.3 million, or $1.26 fully diluted EPS, in the second quarter of 2016, an increase of 22 percent and 25 percent, respectively.
  • Adjusted net income was $44.6 million, compared to adjusted net income of $31.3 million in the second quarter of 2016, an increase of 43 percent. Adjusted fully diluted EPS was $1.60, compared to adjusted fully diluted EPS of $1.08 in the second quarter of 2016, an increase of 48 percent.
  • Adjusted EBITDA totaled $77.9 million, an increase of $13.7 million, or 21 percent, year-over-year.

You’ll find more details in the company’s press release.


And finally there’s ILG, who also released its earnings report on August 3. Considering that ILG owns so many companies from timeshare exchange to management companies and vacation ownership companies, their report is more complicated than most. But I’ll do my best.

The Vacation Ownership segment revenue increased $137 million to $294 million, principally resulting from the Vistana Signature Experiences acquisition (formerly Starwood Vacation Ownership). Excluding cost reimbursements, Vacation Ownership segment revenue increased $114 million, to $231 million. This reflects an increase of $74 million in sales of vacation ownership products and a $22 million increase in resort operations revenue, which primarily includes rentals at their vacation ownership resorts and owned hotels. Higher consumer financing and management fee revenue were also important contributors.

Vacation Ownership segment operating income increased to $9 million and adjusted EBITDA increased $14 million to $33 million, due to Vistana.

Exchange and Rental
Exchange and Rental segment revenue was $156 million, an increase of 11% compared to 2016. Excluding cost reimbursements, segment revenue was $130 million, an increase of 12% compared to 2016. The increase is related to the inclusion of Vistana Signature Network (“VSN”).

Total Interval Network active members at quarter end were 1.8 million, consistent with 2016. Average revenue per member was $47.39, an increase of 1% compared to 2016 due to the inclusion of VSN.

Exchange and Rental segment operating income increased 37% to $37 million and adjusted EBITDA was $49 million, an increase of 14% from the prior year, principally due to the inclusion of VSN.

ILG’s operating businesses include Aqua-Aston Hospitality, Hyatt Vacation Ownership, Interval International, Trading Places International, Vacation Resorts International, VRI Europe, and Vistana Signature Experiences. Through its subsidiaries, ILG independently owns and manages the Hyatt Residence Club program and uses the Hyatt Vacation Ownership name and other Hyatt® marks under license from affiliates of Hyatt Hotels Corporation. In addition, ILG’s Vistana Signature Experiences, Inc. is the exclusive provider of vacation ownership for the Sheraton and Westin brands and uses related trademarks under license from Starwood Hotels & Resorts Worldwide, LLC. Headquartered in Miami, Florida, ILG has offices in 15 countries and more than 10,000 associates

You can view more details in ILG’s press release.


Overall it seems that the VPGs have risen significantly in each company’s stats except for Wyndham, who blamed a decline on the increase of new-owner sales in North America, which produces a lower VPG. And of course ILG didn’t include separate statistics for each of its separate timeshare companies.

But business looks impressive in the Land of Time. May it continue!



Tip JarTip us off! Share news and info with us securely and confidentially. Some of the most important stories published by the GateHouse have come from anonymous or confidential tipoffs. If you have something sensitive to share, you can safely email the Gatekeeper. We will never reveal your identity without your permission. As well, if you have something positive to share, we’d like to hear that, too! CONTACT: [email protected]

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/08/timeshare-financial-news-august-5-2017/

Florida USA Timeshare News: August 5, 2017

It's Happy Hour at The GateHouse >> EASTERN USA TIMESHARE NEWS:

ORLANDO: The developers of the massive Margaritaville Resort Orlando project have broken ground for its 187-room hotel, which is scheduled for completion in late 2018. Some of the brand’s signature décor elements, created to put guests in a vacation state of mind, include such whimsical touches as a giant flip-flop sculpture and upside-down margarita glass chandelier in the lobby. It’s a good start.

At a whopping 300 acres, the finished resort will feature a wide range of amenities including 30,000 square feet of function space, 200,000 square feet of festive retail space, a dining and entertainment district, 12-acre waterpark, wellness center, miles of wooded fitness trails, a water taxi system, and a three-acre swimming area. The development will also boast 1,000 Margaritaville-inspired units including a mix of resort vacation homes, cottages, villas, and timeshare units.

Margaritaville Orlando Vacation CottagesThere we go. That’s the part of the development we’re interested in. This map shows the location of what the resort’s website calls 900 Vacation Cottages. Apparently 300 of them will be timeshares. The exterior colors will be Key Westish, Caribbeanish shades of yellow, pink and aqua. It makes me want to head for a hammock just thinking about it.

Can we assume the timeshare segment will be part of Margaritaville Vacation Club by Wyndham? There are two such resorts now, one in Puerto Rico and another in St. Thomas, USVI, but it isn’t 100% clear that the Orlando project will be number three.

And when will ground be broken for the timeshare villas?

I guess we’ll have to wait for the details on that. shrug



Tip JarTip us off! Share news and info with us securely and confidentially. Some of the most important stories published by the GateHouse have come from anonymous or confidential tipoffs. If you have something sensitive to share, you can safely email the Gatekeeper. We will never reveal your identity without your permission. As well, if you have something positive to share, we’d like to hear that, too! CONTACT: [email protected]

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/08/florida-usa-timeshare-news-august-5-2017/

Caribbean Timeshare News: August 5, 2017

It's Happy Hour at The GateHouse>> INTERNATIONAL TIMESHARE NEWS

ST. THOMAS, USVI: It shouldn’t surprise anyone that timeshare owners are irate about the new $25 per night sin tax that the government of the US Virgin Islands is levying against them.

“It isn’t fair!” they cry. And they’re right. At $25 per night owners will find themselves spending an extra $175 per week, which they probably would otherwise have spent on restaurants and charters, etc. Note that this only applies to timeshares, not hotel rooms.

It’s all part of Governor Kenneth Mapp’s administration’s plan to rid the Government of the Virgin Islands of its structural deficit (currently $110 million). The fee is officially called the Environmental/Infrastructure Impact Fee even though the money will be going into the general fund, not to the environment or infrastructure. Short sighted, I’d say, and timeshare owners are hopping mad.

The developers/resorts are none to happy about it either. Advocates for the timeshare industry are suing, chief among them being the American Resort Development Association-Resort Owners’ Coalition (ARDA-ROC), which filed a lawsuit in federal court in May.

Robert Clements, the vice president of regulatory affairs for ARDA-ROC, predicts the fee will ultimately cause tourism to decrease. But the government is plowing ahead with the plan and has started to collect the money. The new fees are expected to net an extra $19 million a year.

Unless, of course, fewer people decide to vacation at timeshare resorts in the islands. Know what I mean?


“If you haven’t got anything nice to say about anybody, come sit next to me.” -Alice Roosevelt Longworth

Tip JarDo you have tips or rumors you’d like to share ANONYMOUSLY? Something you’d like us to investigate or follow up on? Help fill up the Tips Jar so we can share it with the whole Timeshare World! CONTACT: [email protected]

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Idle Timeshare Thoughts: August 5, 2017

It's Happy Hour at The GateHouse
QUOTABLE QUOTES: “I’m shopping around for something to do that no one will like.” —Jerry Garcia



How it was…

Way back in the days before Diamond Resorts became the behemoth it is today, before Stephen Cloobeck purchased Sunterra Resorts to start the company’s rise to bigness, Diamond was basically a one-project outfit that was marketing and selling the Polo Towers resort in Las Vegas. Mind you, there was a lot of history behind them in Vegas, but even so – Polo Towers was it at the time.

So it was a pretty big deal when Cloobeck challenged his sales team to hit a certain very high target by a certain date with a prize waiting at the end of it if they succeeded. The prize was this: He would fly them all to San Francisco for dinner, then fly them home again.

Well, despite Herculean efforts the team barely missed that target. But Cloobeck surprised them, saying they had worked so hard and come soooo close that he was going to reward them anyway. And he did.

On the selected date he and his entire sales team boarded a chartered jet liner and they all flew to San Francisco, where they enjoyed a fine dinner and then partied the night away before flying back home. A good time was had by all, if you know what I mean.

I can assure you that the plane was a lot quieter on the flight back than it was on the way out. 😉

That’s the kind of thing that used to happen in the days when there were many independent developers, before the industry became so corporatized and consolidated and, well, BIG. It’s the kind of thing that’s remembered and talked about through the years. “Hey, remember when Steve Cloobeck flew us all to SF for dinner that time?”

You don’t often hear of such things any more, though. And the biz is not as much fun any more, either. When’s the last time your developer/resort flew the sales team to somewhere fancy for dinner and a party?

Those were the days, my friend. I’m sorry if you missed them. 🙁



Tip JarTip us off! Share news and info with us securely and confidentially. Some of the most important stories published by the GateHouse have come from anonymous or confidential tipoffs. If you have something sensitive to share, you can safely email the Gatekeeper. We will never reveal your identity without your permission. As well, if you have something positive to share, we’d like to hear that, too! CONTACT: [email protected]

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/08/idle-timeshare-thoughts-august-5-2017/

Send Well Wishes to Bill Tsao, One of Our Own

This is just a quick note to let you all know that Bill Tsao had a massive heart attack on July 25 and except for the quick actions of a good Samaritan would have died. After being in the ICU for six days with what was a 50/50 chance of coming out of his unresponsive state, Bill woke up at 2am on July 30th and I’m glad to report it looks like he will recover.

His daughter, Marisa Tsao, says that Bill would not approve of her starting a Go Fund Me page and that he’ll be mad at her when he finds out. But we are all glad to be able to contribute in any way we can, even if it’s just to send well wishes winging his way.

In case you are too young to know his name (Inconceivable!), Bill has served the timeshare industry since Noah was a pup and is currently the principal of Resort Catalyst Partners. RCP specializes in providing advisory and management services to participants in the vacation ownership industry. Prior to forming RCP, he served as a Managing Partner with Trident Business Management, a boutique consulting and project management firm. He has also served as Vice President of Latin American Operations for Diamond Resorts, Chief Sales and Marketing Officer and Executive Committee Member for Raintree Resorts, and as Executive Vice President for North and Latin American Resort Business Development for International Cruise and Excursions.

Get well soon, Bill!

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/07/send-well-wishes-to-bill-tsao-one-of-our-own/

Weekly Wisecrack: July 29, 2017

MorningCoffee

THE GRASS IS ALWAYS GREENER!
 

While sipping a cup of instant coffee at the sales office Rick, who recently worked at one of the hottest resorts in Cabo San Lucas, realized that he had been duped into coming to Tijuana to make a “killing” selling a Vacation Club that turned out to be an underfunded and poorly managed company.

Between the 30-day housing at an older motel with no running hot water or TV and a near-zero ‘tour flow’ Rick, low on cash and not having been reimbursed for his airfare as promised, is wondering if he at least has enough pesos left to grab a seat on the next bus heading south out of TJ and back to Land’s End.

¡Buena suerte Rick!



The Weekly Wisecrack is primarily (but not always) a snarky look inside the workings of the timeshare industry, usually from the viewpoint of sales and marketing representatives. Do you have a different point of view? Leave your own caption in the Comments if you’re so inclined…
Image Source: HasslefreeClipart.com

Permanent link to this article: http://www.insidethegate.com/gatehouse/2017/07/weekly-wisecrack-july-29-2017/

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