By now the news is a few months old so this isn't shocking to most but in late September, vacation giant Wyndham Worldwide announced that it would be purchasing a regional vacation rental management company that many are very familiar with, ResortQuest. On the face of it this sounds like a promising proposition for owners that have chosen to have ResortQuest manage their vacation homes. Wyndham is, after all, a giant in the industry and the name recognition alone must have real value to vacationers in general. Right? It would be kind to say that ResortQuest has had its share of "challenges" in its history since transitioning from Abbott resorts in the 90's. This could be the shot in the arm that the company needs to revitalize a flailing and antiquated business model. Right? After all the problem for most owners has been the rate and not necessarily the volume of guests. Right?
Wrong. There are so many problems here it's difficult to assess where one should begin. Lets start with who is actually purchasing ResortQuest. Many would be somewhat surprised to learn that the company that is purchasing ResortQuest is not exactly the hotel chain that is known the world over for class and dignity. It is actually being purchased by the time share side of the house. That's right the time share guys are positioned to be in the drivers seat concerning the the use and distribution of its newly acquired managed assets. These assets include your vacation rental unit if you happen to currently be under contract with ResortQuest. What's even a little creepier to me is the fact that this new ownership entity Wyndham Exchange and Rentals is merely a new brand on an old company that you may have received a phone call or two from during dinner time before you got on that national "Do Not Call List". That company is RCI. If you've ever been in one of those time-share tours in Orlando you know how terrifying this is. These are the same people that offer you a 3 day 2 night stay in a luxury hotel for $59.00 and all you have to do is go through a 3 hour presentation. Ugh. Try this fun little exercise when you get a moment. Go to your Google search bar and type "who is RCI". I find it telling that the first list is entitled "Consumer complaints about RCI". This is sort of like Amway becoming AmeriStar to hide who they are. I'm pretty sure it wouldn't matter to me if OJ Simpson changed his name to Bert Schultz, I still wouldn't let him date my daughter.
Keep checking back for more on this story and what you can do to protect your vacation rental investment.
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