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MarketScreener Homepage  >  Equities  >  Nyse  >  Wyndham Worldwide    WYND

WYNDHAM WORLDWIDE

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Wyndham Worldwide Corporation : RCI®, Hainan Tourism Development Commission and HNA Hotel Group Sign Memorandum of Understanding to Promote Vacation Ownership and Tourism in Hainan, China

11/06/2013 | 04:56pm EST
RCI®, Hainan Tourism Development Commission and HNA Hotel Group Sign Memorandum of Understanding to Promote Vacation Ownership and Tourism in Hainan, China

Singapore (November 6, 2013) -

RCI, the global leader in vacation exchange, announced the signing of a tripartite Memorandum of Understanding (MOU) with the Hainan Tourism Development Commission and HNA Hotel Group that formalizes their mutual collaboration to introduce vacation ownership to Hainan's tourism industry and promote Hainan as a top tourist destination through the establishment of Hainan International Tourism Island.

The agreement builds on the existing relationship RCI has with the Hainan Tourism Development Commission and HNA Hotel Group in its continuous effort to promote the benefits of vacation ownership in Hainan. Each MOU signatory will endeavor to work together to achieve the following six objectives:
1. Establish Hainan as one of the top international vacation ownership destination based on vacation ownership models that have been successfully implemented in the global market.
2. Promote Hainan as a tourist destination through RCI's global network of more than 4,000 affiliated resorts and approximately 3.7 million members worldwide to attract more international and domestic tourists.
3. Introduce vacation ownership practices to the local tourism industry to enrich the diversity of vacation ownership products and increase the average length of stay.
4. Ensure the good reputation and healthy development of the vacation ownership industry in Hainan.
5. Create a supportive and favorable regulatory environment for vacation ownership practice, making it attractive for potential domestic and international investors.
6. Establish an industry self-regulatory mechanism that complements the existing government supervision to promote ethical and professional business operations in Hainan's vacation ownership industry.

Wang Yuzheng, deputy director general of Hainan Tourism Development Commission, commented that the commission welcomes international companies such as RCI to operate in Hainan, and is positive about working with local leading industry player - HNA Hotel Group. He believes this will help promote Hainan in the global market and enrich the vacation products with local characteristics in the region to attract more tourists and help them enjoy their stay in Hainan. 

"We expect the cooperation with RCI and HNA Hotel Group will contribute to the development of Hainan International Tourism Island," Yuzheng said.

"RCI is honored to be part of the Hainan Tourism Development Commission's strategy to contribute to the establishment of Hainan International Tourism Island, and to work with HNA Hotel Group to support this goal," said Adrian Lee, managing director, RCI Asia. "This MOU has a strategic importance for the future of the vacation ownership industry in Hainan and China, and we believe that this is the right time to strengthen the foundation for vacation ownership in China. RCI is committed to working with government organizations and industry players to contribute to the sustainable growth of the industry, particularly in setting up a robust regulatory environment, creating appropriate industry and business models, educating the public on the product and implementing suitable consumer safeguards in Hainan."

Bai Haibo, chairman of HNA Hotel Group, also expressed his confidence in this tripartite cooperation. He pointed out that HNA Hotel Group, the leading industry player in Hainan, has been working with RCI since 2006 and will build HNA as a successful industry role model in Hainan tourism market to attract more industry players to join the industry in Hainan.

For more information, visit RCI.com.

About RCI
RCI is the worldwide leader in vacation exchange with more than 4,000 affiliated resorts in approximately 100 countries. RCI pioneered the concept of vacation exchange in 1974, offering members increased flexibility and versatility with their vacation ownership experience. Today, through RCI® Weeks, the traditional week-for-week exchange system, and RCI Points®, the industry's first global points-based exchange system, RCI provides flexible vacation options to its approximately 3.7 million RCI subscribing members each year. RCI's luxury exchange program,
The Registry Collection®, is the world's largest program of its kind with more than 200 affiliated properties either accessible for exchange or under development on six continents. RCI is part of Wyndham Exchange & Rentals and the Wyndham Worldwide family of brands (NYSE: WYN). For additional information visit our media center, rciaffiliates.com or The RCI Blog. RCI also can be found on Facebook, YouTube and Twitter.

About Hainan Tourism Development Commission (TDC)
Hainan Tourism Development Commission Hainan TDC (Party A) is the key government agency that oversees the tourism industry as one of the pillar industries in Hainan.  Hainan TDC is responsible for planning and coordinating tourism industry development in the Hainan province. In line with
Opinions of the State Council on Propelling Construction of Hainan as an International Tourism Destination and Outline for the Development Plan of the Hainan International Tourism Island (2010 - 2020), Hainan TDC also focuses on establishing Hainan as an International Tourism Island. It is committed to work with international and domestic vacation ownership industry companies to attract more tourists and international companies to Hainan, as well as to introduce new tourism / leisure business models.

About HNA Hotel Group
HNA Hotel Group was established in 1997 as a wholly-owned subsidiary of HNA Group, one of the four leading airline group in China. The HNA International Hotel Management Company (under HNA hotel Group) takes full advantage of HNA's strategic resources in airlines, capital investment, operation management, human resources and technology to grow its chain of hotels and resorts. Since its founding, the company has built its own management and hotel brands with a unique corporate culture.

Through the pursuit of excellent service and a systematic management style, HNA Group successfully earned the trust and recognition of clients and property owners. HNA Group established a comprehensive and diversified property portfolio, including business hotels, vacation resorts, budget hotels, property rights hotels, gold courses and high-end clubs. As of July 2012, HNA Group owned and was entrusted to operate nearly 70 hotels with more than 15,000 rooms and six gold courses in 30 key cities in China and around the world. The total market value if its hotel assets is estimated to be approximately RMB20 billion.

Media Contact
Tania Sim
Tania.sim@rci.com

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