Archive for the 'Cendant Corporation' Category

CENDANT’s HOSPITALITY SPIN OFF to be named WYNDHAM WORLDWIDE

Wednesday, January 28th, 2009

CENDANT’s HOSPITALITY SPIN OFF to be named WYNDHAM WORLDWIDE

PARSIPPANY, N.J. 03-16-2006

Wyndham Worldwide will become the name of the new hospitality company expected to be created by Cendant Corporation (NYSE: CD) later this year in the previously announced spin-off of its lodging, vacation exchange and rental, and timeshare resorts businesses, it was announced today.

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Wyndham Worldwide – Cendant Spin Off – RCI Branch

Wednesday, January 28th, 2009


Here is the presentation about the new company that contains the hotel business, RCI and vacation rental branch, and TS branch (FF& TW). It was post in FF’s Yahoo group by Glenn first.

It is for investor, so it contains a lot of interest numbers.

If look from RCI, renting earns about the same as exchange. So in any forseeable future, RCI will not go away from rent unless it loss in the on-going legal fight.

Their TS selling expense is 50%, I though I saw Perry’s post about 35% to 40% for WM. Guess FF’s selling cost is too high. Consider there is close to 50 years of history on TS, it is sad. The real cost is only 25%. Unfortuantely, FF resell can not even make the real cost, probably because people don’t have good trust on that branch. Majority of the revenue is coming from selling, so they need to expand more.

They report total 18,000+ units in TS, and 750,000+ owners. Which means if each owner owns one week, it is 41+ week. And FF suppose hold 20% inventories in the trust, assume it is true for WM, so each owner will own less than a week on avg, which is not matched what I read, I believe avg. each owner actaully owns more than 1.5 weeks. They probably oversell if the number in that report is right.

Using their hotel number, it is $61+ expected cash flow per room per night. Which means if you have more than $420 per week (60* 7) for 1 BR in MF, that will be too much. But most of their hotel are in low end.

Jya-Ning

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