Wyndham Vacation Ownership property to open in USVI
Grand Beach Palace resort on St Thomas set to open in late 2008
PRESS RELEASE - 2007
Orlando, Florida, USA (January 25, 2007) ? Wyndham Vacation Ownership, the world¡¯s largest vacation ownership company and a member of the Wyndham Worldwide family of companies, today announced that it has acquired the Grand Beach Palace resort (formerly the Renaissance Grand Hotel) located on the northeast side of St Thomas in the US Virgin Islands, with plans to convert the property into its flagship Caribbean timeshare resort. Terms of the acquisition were not disclosed.
The beachfront property, which has remained vacant for more than two years, will undergo a $40 million renovation, including the conversion of its 290 existing hotel rooms into 143 fully furnished condominium-styled timeshare units. The resort is expected to welcome its first guests in late 2008 and will operate within Wyndham Vacation Ownership¡¯s FairShare Plus portfolio of resort properties.
The newly acquired resort is situated within six hillside and seven poolside buildings that will be converted into a combination of studio, one- , two- and three-bedroom condominium-styled units, as well as a select number of presidential suites. Other amenities include two on-site restaurants, boat dock, conference area and a nearly 5000-square-foot beachfront pool overlooking the picturesque Water Bay harbour. The 25-acre property, which boasts a thousand-foot stretch of palm-fringed white-sand beaches, is located approximately one mile from the highly popular 300-room Wyndham Sugar Bay Resort & Spa.
¡°The upscale design, planned amenities and guest services we envision for this property will fully complement the neighbouring Wyndham Sugar Bay Resort and Spa,¡± said Franz Hanning, Wyndham Vacation Ownership president and chief executive officer. ¡°Adding a world-class vacation ownership resort in close proximity to the island¡¯s most spectacular resort hotel will dramatically increase our ability to showcase both properties and share all that St Thomas has to offer with thousands of Wyndham hotel clients and timeshare owners from around the world.¡±
Wyndham Vacation Ownership is the world¡¯s largest vacation ownership business as measured by the number of vacation ownership resorts, vacation ownership units and vacation ownership interests. Through its three primary consumer brands, Wyndham Vacation Resorts, WorldMark by Wyndham and Trendwest South Pacific, Wyndham Vacation Ownership has developed or acquired more than 140 resort properties throughout North America and the South Pacific that represent more than 18,000 fully furnished, condominium-style units and more than 750,000 owners of vacation ownership and other real estate interests.