Wyndham Worldwide Corp. plans to introduce its timeshare business in southeast Asia by the end of this year.
The company is in talks to buy properties in Thailand, Indonesia and Malaysia and expects to close on at least one by Christmas, said Barry Robinson, managing director for southeast Asia and the Pacific rim at Wyndham’s vacation resorts and hotel divisions. The company will also open an office in Singapore by year end to headquarter its southeast Asian timeshare and hotels businesses, he said.
“There’s a huge opportunity in Asia for the vacation ownership business, which hasn’t really been tapped yet,” Gold Coast, Queensland-based Robinson said by phone. With nearly a billion people in southeast Asia and the Pacific rim, excluding China, “the opportunity is probably two to three times the size of the U.S., where we have over a million owners.”
Wyndham has developed or acquired about 185 timeshare properties globally, 26 of them in Australia, New Zealand and Fiji, according to company figures. It earned $1.1 billion from timeshare interest sales in the nine months through September, from $995 million a year earlier, filings show.