News for the Hospitality Executive
|ORLANDO, Fla., April 3, 2007 - 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
|Also See:||Five Hotel Projects Join the Gaylord National Resort and Convention Center at National Harbor; The Five Properties Adding 900 Hotel and Timeshare Units on Top of the Previously Announced 2,000-room Gaylord National Resort / April 2006|
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