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Wyndham chief heaps praise on UK’s resilience
STEPHEN HOLMES TALKS AGENTS, TECH GROWTH AND TIMESHARE TO LEE HAYHURST
The impact of the last recession was less acute in the UK than the immediate slump in the aftermath of the 2001 foot-and- mouth outbreak, according to the boss of one of the world’s largest hospitality businesses.
Stephen Holmes, chief executive and chairman of Wyndham Worldwide, the parent company of Hoseasons and James Villas, spoke to Travel Weekly while in London during World Travel Market. He was upbeat about prospects
for the UK as economic conditions continue to improve; praised agents for how they have adapted; and said Wyndham would continue to seek out the right acquisitions to grow. Asked if he expected a revival in the UK of the timeshare market as the sector put a dubious past behind it, Holmes said he did. Reflecting on recent trading,
Stephen Holmes: ‘There have been some bright spots and some less bright spots’
Holmes said the UK market, which he described as a microcosm of the global market, had been good, with the summer especially strong.
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travelweekly.co.uk 26 November 2015 Overall in Europe, where
Wyndham is the continent’s largest holiday accommodation rental supplier, Holmes said it had been a “mixed bag”. “There have been some bright spots and some less bright spots. “Despite economic challenges popping up in places around the world, the travel industry has maintained its strength in the UK.” The weak euro has had an
impact on the inbound market from the US as well as inter- European travel, which Holmes said led to a “lumpier travel year than we have seen in recent years”. Wyndham bought its first
holiday rental business in the UK in 2000, the year before a major foot-and-mouth disease outbreak closed much of the British countryside, including many core destinations for Wyndham. Holmes recalled Wyndham’s UK business in 2001 ended 20% down but said “it could have been worse”. “We were new to the business
and we watched the market just disappear,” he said. “When we went into this
recession I was curious to see how these businesses would perform. The answer is they performed extremely well.
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