이 합병이 의미하는 바는 무엇인가요?
- Club Wyndham Asia와 Innovative Holiday Club by Club Wyndham이 결합해 하나의 홀리데이 클럽이 되는 것입니다. 현재는 두 클럽 모두 Wyndham Destinations International에 의해 별도의 클럽으로 운영되고 있습니다.
제가 할 일은 무엇인가요?
- 여러분이 할 일은 없습니다. 두 클럽 합병에 대한 모든 행정은 저희가 처리하게 됩니다.
- 본 FAQ와 새로운 혜택 등급 및 새로운 혜택을 포함해, 합병을 설명하기 위해 저희가 제공하는 자료를 읽어보시기 바랍니다.
What is IHC?
- Innovative Holiday Club by Club Wyndham (IHC) is a points-based holiday club also developed by Wyndham Destinations International, the developer of Club Wyndham Asia, and with inventory across the Asia Pacific region.
- It operates in a similar way to Club Wyndham Asia but has a 20-year term, increased flexibility around levies, additional benefits and its constitution stipulates that its members will receive a share of all net proceeds from the sale of the club’s assets at the end of the club term.
- The club has won international awards within the timeshare industry based on its innovative structure.
합병하는 이유는 무엇인가요?
합병이 재고를 더 늘리고 여러분이 현재 이용하지 못하는 여러 추가 혜택을 제공하는 데 도움이 된다고 생각하기 때문입니다. 여러분이 누리는 혜택은 보유한 포인트에 따라 달라지며, 다음이 포함됩니다.
- Reduction in the term of the club – it will now end on 31 December, 2040, with net sale proceeds of club assets distributed to all members on winding up.
- A beneficial interest in the club assets will be documented in the club constitution, and existing Club Wyndham Asia members will receive a distribution return from all net sale proceeds of 1.5:1 on points held as at the date of merger, on winding up of the club. All other members, or points acquired post the merger will receive a distribution of 1:1.
- Expanded Levy Holiday benefit (to be called “Flexi-Levy”) to be written into the club constitution, which will allow members to choose whether to use their membership every year – and, if they elect not to, they are not obliged to pay levies.
- Access to an increased inventory selection by combining both clubs, with anticipated future additions.
- Merged resources, which will create efficiencies, reduce costs and help offset levy increases.
- Changes to the tier and benefits structure providing increased benefits to some members.
이번 합병에는 요금이나 다른 방식으로 비용이 들게 되나요?
- 합병으로 발생하는 모든 비용은 개발업자인 Wyndham Destinations International이 충당합니다.
저는 Club Wyndham Asia와 IHC 멤버십을 모두 가지고 있습니다. 저는 어떻게 되나요?
- 두 멤버십이 하나의 새로운 Club Wyndham Asia 멤버십으로 결합됩니다.
- Club Wyndham Asia 회원에게는 멤버십 변경 사항에 대해 설명하는 별도의 합병 공지 사항이 발송됩니다.
Please explain what a beneficial interest is.
- It means that members will have part ownership of club assets based on the number of points they hold. At the conclusion of the club term, all club assets will be sold, and the net proceeds (less any liabilities) will be divided amongst members based on the points they own.
- The size of any distribution paid to members on winding up will depend upon the value of club assets at the time of winding up and the number of points issued.
- A separate announcement will be issued to IHC members to inform them how their membership will change.
What are the changes regarding the beneficial interest?
- Club Wyndham Asia’s constitution presently provides that the net proceeds are to be distributed at the discretion of ClubCo, including the option of distribution to a charity.
- The constitution now clearly states that members of the new Club Wyndham Asia will receive a distribution of any net proceeds of the sale of club assets.
- Existing Club Wyndham Asia members will receive a weighted beneficial interest for the points they hold as at the date of the merger.
If the beneficial interest is not covered in the original contract, how do we know we’ll receive one?
- The club constitution will be amended to direct the sale of the club’s property once the club term expires. The net proceeds (less any liabilities) will be divided amongst members based on the points they own, in the form of a beneficial interest.
What currency will the beneficial interest be paid in?
- Subject to foreign exchange control and other laws at the time of distribution, we expect any net proceeds will be paid to the bank account of your choice in either US dollars or your local currency
What account will the beneficial interest be paid into?
- Members will be able to nominate the bank account they would like the money paid into closer to the date. This can be a domestic or an overseas bank account but will be subject to foreign exchange controls at the date of distribution.
Does the account that receives the money have to be the account that made the payment?
- No. There may be many years between when the final sum was paid for the membership and when the beneficial interest will be sent. Members will have the opportunity to give guidance on how they require any proceeds returned once the club term has ended.
Why has the club term been changed?
Does the merge of the club create any changes to how points are used?
How will the payment of levies change?
- One key benefit of the newly merged CWA is that you will be able to opt not to pay annual levies any year of your choosing. This will be protected as it will be documented in the club constitution.
- Should an event like COVID-19 occur again, and you are unable to use your membership, this new benefit will allow you to return your points and save money while not travelling.
- Members must notify ClubCo within 30 days from the issue of levies if they wish to exercise the Flexi-Levy. As the merger is not taking place until 1st February, you will have until 31st March to let ClubCo know if you want to exercise Flexi-Levy in 2023.
Will levies change as a consequence of the merger?
- Levies are calculated based upon the financial requirement to fulfil the club budget.
- The levies for 2023 have been issued. The levies are the same for both clubs in 2023 and the merger has no impact on the amount payable. We hope that the merger may result in cost savings between the clubs going forward.
How will this change the 2023 levies, issued recently?
- The club merge will not impact the 2023 levies, which were recently issued.
- Notices issued for 2023 levies are to be settled per notice payment terms. No refunds or extensions of payment terms will apply.
- The levy per credit is the same for members of both clubs and levies will be consolidated into one account for the merged Club to meet its ongoing expenses for 2023.
What additional property can we access?
- Club Wyndham Asia members will be able to book all inventory held by IHC as club property. This includes additional inventory at Wyndham Grand Kalim Bay Phuket and a greater points allocation in Sundance Resort Club properties in Japan.
According to the PDS, CWA properties include Sea Pearl, Kalim Bay, Port Douglas and Dreamland, etc. While IHC only has Kalim Bay. Does this have an impact on the share of property held by the members?
- Points are issued against inventory as it is added into the club. Both clubs operate the same way and therefore there will be no imbalance between property and points available when the clubs are merged.
- One existing Club Wyndham Asia point will carry the same exchange value as an existing IHC point when it comes to booking club accommodation after merge.
Which benefits will change?
- Club Wyndham Asia members will continue to retain the vast majority of the benefits they enjoy depending on their tier status: Emerald, Sapphire, Ruby and Diamond.
- There will be some changes to the points required for each tier.
- However, the Developer has agreed to honour the tier levels held by Club Wyndham Asia members prior to the merger. This means that if the number of points you hold result in a lower tier of membership from 1st February, you will continue to receive the benefits available to you under your original tier.
- For example, a member with 35,000 points who is currently Platinum Ruby will be a Gold Sapphire member once the tiers have changed, but will retain benefits like Platinum Apartment Upgrades and the ability to book in Club Wyndham South Pacific Presidential suites.
- The club Developer, Wyndham Destinations International, has changed some of the benefits it provides to fit with the more flexible framework of the merged club:
- Club Wyndham South Pacific resorts and more than 70 WorldMark, The Club resorts available through Affiliate agreements will be accessible up to 11 months in advance to all members (currently nine months for Emerald and Sapphire, and 11 months for Ruby and Diamond)
- All members will be able to book Associate Resorts up to 12 months in advance (currently nine months for Emerald and Sapphire and 11 months for Ruby and Diamond)
- All members will have complimentary Wyndham Rewards memberships and the ability to exchange their member points for Wyndham Rewards points, and redeem these for stays at more than 9,000 hotels and resorts across the world (currently, Emerald members do not have access to this benefit).
- Complimentary membership in RCI has been provided since the formation of the club, as a developer benefit. However, the developer is unable to continue to provide this under the current levy structure so all CWA members will receive RCI membership for a further three years from the date of the merge, namely February 1, 2023. At the conclusion of this three years, Club Wyndham Asia members will be able to retain the RCI membership but may need to meet the cost themselves, depending on their membership tier.
- All the above benefits are offered by club Developer, Wyndham Destinations International, and are not a core part of club membership. They can be altered, added to, or removed at any point in time at the discretion of the Developer.
Are there changes to the tier brackets, too?
- Yes, there will be changes to the tier brackets. However, existing Club Wyndham Asia members will continue to retain their original tier level. That means that even if they hold a lower amount of points they can still access the benefits available to the higher tier.
What are the additional developer benefits?
- IHC members can stay at a range of Greenland Kangyang resorts in China through an attractive cash rate facilitated through their membership, and all Club Wyndham Asia members will have access to these.
- Travel Wallet is another Developer benefit currently offered to IHC members that will be made available to all Club Wyndham Asia members as part of this merger. Through it, you can receive exciting rewards that you can use on holiday in return for referring friends, donating books to charity or sharing your story with our marketing team.
RCI Benefit Changes
What has changed about the complimentary RCI benefit?
- The Developer, Wyndham Destinations International, has provided complimentary membership in RCI, the world’s leading vacation exchange company, to members of Club Wyndham Asia since the formation of the club.
- As a benefit provided at the discretion of the Developer, this complimentary membership can be changed or removed entirely at any point.
- From 1st February, new members joining the club will receive a 3-year membership in RCI. To ensure that you are not disadvantaged, you will also receive a further three-year RCI membership to 31 December, 2025.
- At the conclusion of this complimentary period, you will be able to continue RCI membership but may need to meet the cost yourself, depending on your membership tier.
How/why is this able to change?
- This benefit was always provided at the discretion of the Developer, so this complimentary membership is subject to change or removal at any time.
Was this decision made as part of the merger proposal?
- The decision to change this benefit is separate to the decision to merge the clubs. The Developer, Wyndham Destinations International, has evaluated the provision of this benefit – and others – to ensure that costs are maintained as much as possible. Providing additional benefits may result in the increase of annual levies which ClubCo and the developer want to avoid.