Mongoose
TUG Member
- Joined
- Mar 15, 2012
- Messages
- 2,221
- Reaction score
- 1,181
- Points
- 373
- Location
- Colorado
- Resorts Owned
- Hyatt Pinion Pointe, HGVC The Bay Club, HGVC Elara, Worldmark
I thought the SA was related to property insurance premiums.
”
I attended the Board of Directors quarterly meeting in Park City yesterday. Since I only live 35 minutes away, it was an easy decision to go and ask some questions. I often read negative things about our Board and how they are controlled by Wyndham. Four of the five members are independent and the fifth is a Wyndham employee. I believe that the 4 independent directors are looking out for the Club’s best interests and it appears that the fifth Wyndham director has been very helpful advocating with Wyndham for things that benefit the Club like reducing fees by something like $4 million during this time of a special assessment. Wyndham advises the Board which some see as controlling the Board but I believe the Board makes decisions based on what is best for the Club considering many complicated and expensive alternatives. Wyndham is aware of problems with the new website and obviously there were problems with the roll-out but Wyndham is continuing to program improvements. A good case was made for the need for a new website, especially considering the old technology and old software associated with the old site.
I appreciate even more the time and work these 4 independent directors invest as they voluntarily serve. The directors made a convincing case for the need of a special assessment. Primary reasons were the 47% increase in insurance, higher property taxes, and higher utility costs. Insurance companies have newly appraised the value of the properties and raised insurance accordingly.
I believe Wyndham has been and continues to be a great partner. When I bought credits in 1998, WorldMark had less than 20 resorts. We now have about 90 resorts plus access to Wyndham properties. Wyndham picks up all bad debt taking back the credits which is a huge savings to the Club. Wyndham discounts it’s management fee. Wyndham has buying power which saves the club many dollars. Of course Wyndham has a responsibility to it’s shareholders but I feel fortunate for having them as our developer. I know the sales staff has many negative issues and there are other problems but as I’ve tried to express here, I believe WorldMark is fortunate to be associated with Wyndham. The good old days with Trendwest were nice but even nicer today, all things considered, being associated with Wyndham.”
”
I attended the Board of Directors quarterly meeting in Park City yesterday. Since I only live 35 minutes away, it was an easy decision to go and ask some questions. I often read negative things about our Board and how they are controlled by Wyndham. Four of the five members are independent and the fifth is a Wyndham employee. I believe that the 4 independent directors are looking out for the Club’s best interests and it appears that the fifth Wyndham director has been very helpful advocating with Wyndham for things that benefit the Club like reducing fees by something like $4 million during this time of a special assessment. Wyndham advises the Board which some see as controlling the Board but I believe the Board makes decisions based on what is best for the Club considering many complicated and expensive alternatives. Wyndham is aware of problems with the new website and obviously there were problems with the roll-out but Wyndham is continuing to program improvements. A good case was made for the need for a new website, especially considering the old technology and old software associated with the old site.
I appreciate even more the time and work these 4 independent directors invest as they voluntarily serve. The directors made a convincing case for the need of a special assessment. Primary reasons were the 47% increase in insurance, higher property taxes, and higher utility costs. Insurance companies have newly appraised the value of the properties and raised insurance accordingly.
I believe Wyndham has been and continues to be a great partner. When I bought credits in 1998, WorldMark had less than 20 resorts. We now have about 90 resorts plus access to Wyndham properties. Wyndham picks up all bad debt taking back the credits which is a huge savings to the Club. Wyndham discounts it’s management fee. Wyndham has buying power which saves the club many dollars. Of course Wyndham has a responsibility to it’s shareholders but I feel fortunate for having them as our developer. I know the sales staff has many negative issues and there are other problems but as I’ve tried to express here, I believe WorldMark is fortunate to be associated with Wyndham. The good old days with Trendwest were nice but even nicer today, all things considered, being associated with Wyndham.”