- Business line will serve as the parent-brand for RCI and portfolio of exchange and other membership travel groups to set the stage for business expansion
- New products and services present travelers a whole new range of opportunities for travel experiences beyond their traditional timeshare ownership
The new Panorama portfolio will have three areas of focus, including timeshare exchange companies RCI – the world's largest vacation exchange network – 7Across (formerly known as DAE), and The Registry Collection; travel and leisure businesses Love Home Swap, TripBeat, and Extra Holidays; and leading travel technology platforms @Work International and Alliance Reservations Network (ARN). Hospitality industry veteran Olivier Chavy, who joined Wyndham Destinations in 2019 to lead the company's Vacation Exchange businesses, was named president of Panorama.
"The creation of Panorama helps to reposition these businesses into a more holistic travel company squarely focused on profitable top-line growth by diversifying and expanding outside the exchange business, leveraging our strategic acquisition of ARN last year," said Michael D. Brown, president and CEO of Wyndham Destinations.
With more than 20 million timeshare and vacation club members globally, vacation ownership and exchange is a significant part of how the world enjoys vacation. Panorama aims to broaden the business, identify new capital efficient sources of supply, offer new and innovative products and develop new travel solutions in partnership with club affiliates in order to increase overall usage and satisfaction of club members. More than five million people vacationed using the company's exchange businesses last year.
"Our strategy is to expand beyond our core and legacy timeshare business into the broader travel market to become a leading travel membership provider," said Olivier Chavy, president of Panorama. "Our leading travel platforms powered by ARN will drive new business and open new opportunities for timeshare owners to use their exchange currency to travel all year with an abundance of new accommodation options."
In its first significant market expansion, Panorama is launching a new travel services business, Panorama Travel Solutions, to drive focused growth outside its core market. The group will offer customized global discount travel membership clubs and travel technology solutions to affinity partners including large employers, banks, retailers, trade associations and others in the U.S., Mexico, Asia, and Europe.
The first product is a new travel club product powered by ARN that can be custom-branded or co-branded and marketed to new membership organization customers not currently in the company's base.
All of the brands in the Panorama portfolio are being reimagined as part of the launch of the new company:
- Next month, Panorama will launch a new brand identity for its flagship exchange company RCI, along with new products and services for its 3.9 million members and 4,200 affiliated resort properties. The company's acquisition of Alliance Reservations Network (ARN) in 2019 enables RCI to continue to evolve its offering through enhanced B2B products and services for affiliate partners.
- Dial an Exchange (DAE) was acquired by the company in 2017 and is being relaunched globally this month as 7Across. The company offers a direct-to-member exchange model which has been popular in Australasia and Europe, and has significant growth opportunities in North and South America.
- The Registry Collection is the premier luxury exchange network that is evolving to offer more luxury and full-service experiences for its members on a new, modernized technology platform powered by ARN.
- Also acquired in 2017, Love Home Swap is a pioneering home sharing service allowing home owners to choose a property where they want to go, make the swap and then enjoy a hassle-free holiday in an outstanding property without a hefty accommodation bill. The Love Home Swap brand is being reimagined as it looks to accelerate growth outside its original European market.
"The creation of the Panorama business is a recognition that the companies acquired over the last 10 years have come together to create a powerful travel business that has the opportunity to grow and expand," Chavy said. "The rebranding work supports the reinvention of every part of our portfolio and sets us up for growth for the next 10 years and beyond."
About Panorama
Panorama™ delivers a broader perspective to the world of travel as part of Wyndham Destinations (NYSE:WYND). The travel businesses under the Panorama umbrella – RCI, 7Across (formerly DAE), The Registry Collection, Love Home Swap, TripBeat, Extra Holidays, @Work International, and Alliance Reservations Network (ARN) – provide services to travel providers and their millions of members around the world. Visit PanoramaCo.com for more information.
Forward-Looking Statements
This press release includes "forward-looking statements" as that term is defined by the Securities and Exchange Commission ("SEC"). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates," "predicts," "potential," "continue," "future" or other words of similar meaning.
Forward-looking statements are subject to risks and uncertainties that could cause actual results of Wyndham Destinations, Inc. ("Wyndham Destinations") to differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements contained in this press release include statements related to Wyndham Destinations' current views and expectations with respect to its future performance and operations.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that might cause such a difference include, but are not limited to, the potential impact of the COVID-19 pandemic and our related contingency plans and cost and investment reductions on our business, vacation ownership interest (VOI) sales and tour flow and liquidity; general economic conditions, the performance of the financial and credit markets, the competition in and the economic environment for the timeshare industry, the impact of war, terrorist activity, political strife, severe weather events and other natural disasters, pandemics (including the COVID-19 pandemic) or threats of pandemics, operating risks associated with the vacation ownership and vacation exchange businesses, uncertainties related to our ability to realize the anticipated benefits of the spin-off of the hotel business ("spin-off").
Wyndham Hotels & Resorts, Inc. ("Wyndham Hotels") or the divestiture of our North American and European vacation rentals businesses, or the acquisition of Alliance Reservations Network ("ARN"), unanticipated developments related to the impact of the spin-off, the divestiture of our North American and European vacation rentals businesses, the acquisition of ARN and related transactions, including any potential impact on our relationships with our customers, suppliers, employees and others with whom we have relationships, and possible disruption to our operations, our ability to execute on our strategy, the timing and amount of future dividends and share repurchases, if any, and those other factors disclosed as risks under "Risk Factors" in documents we have filed with the SEC, including in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 26, 2020 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020, filed with the SEC on May 6, 2020.
We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.
Tags: Wyndham Hotels & Resorts
