January 2010 Developments - 8

Around the Industry NEWS ARDA Board ARDA Board of Directors 2009–2010 Chairman James M. Lewis Disney Vacation Club Past Chairman Jon Fredricks, RRP The Welk Resort Group Chair-elect Don Harrill, RRP Holiday Inn Club Vacations Treasurer Robert J. Webb, Esq., RRP Baker & Hostetler LLP President Howard C. Nusbaum, RRP ARDA General Counsel/Secretary William B. Ingersoll, Esq., RRP Holland & Knight LLP Directors: Geoff Ballotti, Group RCI Scott Berman, PricewaterhouseCoopers Joseph Berry, RRP, River Run Company, Inc. David Brown, Grand Paciﬁc Resorts John M. Burlingame, RRP, Hyatt Vacation Ownership, Inc. Donald Keith Clayton, RRP, Festiva Resorts LLC Stephen J. Cloobeck, RRP, Diamond Resorts International Jack R. Corteway, RRP, Royal Aloha Vacation Club John M. Davison, Four Seasons Hotels & Resorts Dennis M. Ducharme, RRP, InnSeason Resorts Roger Farwell, Tempus Resorts International, Ltd. Roy I. Fraser, Vacation Resorts International Raymond “Rip” L. Gellein Jr., RRP, Starwood Vacation Ownership, Inc. (Emeritus) Ron Goldberg, Wellington Financial Rita Hanes, American Express Franz S. Hanning, Wyndham Vacation Ownership Mitchell A. Imanaka, Imanaka Kudo & Fujimoto Deborah Linden, RRP, Island One Resorts John M. Maloney, Bluegreen Corporation Michael Marder Esq., Greenspoon Marder, P.A. Harry E. McCoy II, RRP, Ballard Spahr LLP Ken McKelvey, Defender Resorts, Inc. Jared M. Meyers, Celebrity Resorts Robert A. Miller, RRP, Marriott Leisure Michael C. Millisor, RRP, Breckenridge Grand Vacations Craig M. Nash, Interval International J.P. Ottino III, RRP, The Berkley Group Sergio Rivera, Starwood Vacation Ownership, Inc. Michael Schraibman, SPM Resorts, Inc. Tracy L. Sherles, Shell Vacations, LLC Arthur Spector, Consolidated Resorts, Inc. Robert Spottswood, Spottswood Companies Nancy J. Stone, RRP, ILX Resorts Incorporated Bruce L. Thompson, Gold Key Resorts Mark Wang, Hilton Grand Vacations Stephen P. Weisz, RRP, Marriott Vacation Club International James Weitkamp, Harbor Linen Securitizations Secured for Wyndham Worldwide In October 2009, Wyndham Worldwide Corporation (NYSE: WYN) completed two term securitization transactions involving the issuance of $350 million of investment-grade asset-backed notes: Funding LLC, issued $175 million of “AAA” rated vacation ownership loan backed notes, which have an advance rate of 55% and a coupon of 4.52%; and Funding LLC, issued $175 million of “A” rated vacation ownership loan backed notes, which have an advance rate of 70% and a coupon of 7.62%. Sierra Timeshare 2009-2 Receivables Funding LLC, and Sierra Timeshare 20093 Receivables Funding LLC, are indirect subsidiaries of Wyndham Vacation Ownership. The transactions were completed in reliance upon Rule 144A and Regulation S as a placement of securities not registered under the Securities Act of 1933, as amended, or any state securities law. outstanding balance of the receivables in the securitization portfolio. The transaction was completed in reliance upon Rule 144A and Regulation S as a placement of securities not registered under the Securities Act of 1933, as amended, or any state securities law. Disney Vacation Club Opens “Doorway” to New Way to Purchase Future Vacations Diamond Resorts International® Completes $182 Million Securitization of Vacation Ownership Receivables Diamond Resorts International® (DRI), a global leader in the vacation ownership industry, completed a securitization involving the issuance of $182 million of investmentgrade rated securities. The issuance was completed through Diamond Resorts Owner Trust 2009-1 and was comprised of “A” and “BBB+” rated vacation ownership loan backed notes. The transaction achieved an 81% advance rate against the The recently opened Disney Doorway to Dreams offers Roosevelt Field shoppers and New York-area residents a convenient and interactive way to discover the excitement of Disney Vacation Club, an innovative vacationownership program that allows families to enjoy ﬂexibility and savings on decades of future vacations. Disney Doorway to Dreams showcases the spacious, family-friendly accommodations featured at Disney Vacation Club resorts. Through Disney Vacation Club, families can relax and spend quality time together, either at Disney destinations worldwide or at more than 500 other popular vacation locations around the world. Disney Doorway to Dreams’ convenient mall location gives visitors a chance to explore the many vacation choices Wyndham Owners Buck Travel Trends in 2009 While nearly every segment in the hospitality industry continued to trend downward in 2009, Wyndham Vacation Ownership (WVO), the world’s largest provider of pointsbased timeshare, experienced no decline in year-over-year occupancy from January through September 2009 over the same period in 2008, despite the addition of nearly 1,300 condominium-style units to its portfolio in 2008. In fact, WVO’s resort occupancy was slightly up, averaging about 77% across its network of more than 150 resorts. Developments January 2010

January 2010 Developments

Table of Contents for the Digital Edition of January 2010 Developments