Wyndham Destinations' (WYND) - Get Report vacation rental business saw a recovery in July and August, even amid the coronavirus pandemic. The Orlando company reported a 30% rise in volume per guest (VOG) for both July and August from the year prior, with occupancy at open resorts at 59% in July and at 58% in August. Occupancy rose to an average of 77% for the Labor Day weekend between Sept. 5 - Sept. 7, in-line with levels seen in prior years.
"As we said in July, we're continuing to see the green shoots of the recovery with continued steady growth in VPG as resort occupancy started to rebound while our owners began to enjoy their summer vacations," said the company. "While many resorts in Hawaii and California have yet to reopen, we're able to reaffirm key business metrics that demonstrate the resiliency of our business."
The time-share company expects volume growth to increase by more than 30% for the rest of 2020.
Wyndham Destinations also expects visits from drive-to destinations as a key component of its recovery.
Shares of Wyndham Destinations were up 4.9% on Monday, Sept. 14.
According to Wyndham Destinations, the vacation club has more than four million members, 230 resorts, and a global presence in 110 countries.
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