Wyndham Vacation Ownership, the world's largest vacation ownership company and a member of the Wyndham Worldwide family of companies (NYSE:WYN) , today announced it has finalized a deal with The Peterson Companies, the developer of the highly anticipated National Harbor complex, to purchase the right to build an upscale 250-unit vacation ownership resort on nearly two acres of land. Terms of the deal were not disclosed.
Situated in a 300-acre waterfront community in Prince George's County, Md. on the banks of the Potomac River, the National Harbor complex provides an outstanding vista for Wyndham's second vacation ownership resort in the Washington, D.C. area. Construction is scheduled to begin in fall 2007 with an anticipated opening in late 2009. The resort is scheduled to operate within the company's FairShare Plus by Wyndham portfolio of properties.
“We've been operating in the Washington, D.C. region with much success since 1999 with the opening of our first resort in Old Town Alexandria,” said Franz Hanning, president and CEO of Wyndham Vacation Ownership. “We're extremely excited to move forward with plans to build another world-class resort in an urban setting that we know has tremendous appeal to our owners. We're very proud to be a part of National Harbor as it will offer our owners a vast array of options to enhance their vacation experience in our nation's capital.”
The luxury vacation ownership resort will feature 250 condominium-style, fully furnished suites including 42 opulent, penthouse-style suites. Built in an 11-story tower, the resort will be comprised of one-, two- and three- bedroom suites. Planned resort amenities include a health and fitness club with indoor and outdoor heated swimming pools and an outdoor terrace with a spa, wading pool and pool cabana. This resort will complement the company's existing Wyndham Old Town Alexandria resort, located one mile from the Potomac River.
“Our goal at National Harbor is to bring the world's premier brands to the Capital Region,” said Tom Maskey, Senior Vice President of Retail for The Peterson Companies. “Wyndham is without question a premier hospitality brand. We're thrilled they've taken this step to bring this resort to National Harbor. It will do nothing but enhance our fabulous, growing community.”
National Harbor is destined to become the premier entertainment destination in the region, offering retail, dining and entertainment facilities along with more than a mile of walking paths and waterfront activities.
About Wyndham Vacation Ownership
Wyndham Vacation Ownership, a subsidiary of Wyndham Worldwide (NYSE:WYN) , is the world's largest vacation ownership business, as measured by the number of vacation ownership resorts, vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its three primary consumer brands, Wyndham Vacation Resorts, WorldMark by Wyndham, and Wyndham Vacation Resorts Asia Pacific. Wyndham Vacation Ownership has developed or acquired approximately 150 vacation ownership resorts throughout the United States, Canada, Mexico, the Caribbean and the South Pacific that represent more than 20,000 individual ownership units and more than 800,000 vacation ownership members. Wyndham Vacation Ownership is headquartered in Orlando, Florida, and is supported by more than 16,000 employees globally.