Condos to Timeshares: The goldmine

Converting The Condo Bust To A Timeshare Windfall: Timeshare giant Wyndham sees gold in busted condominium developments.

The brain trust at timeshare developer Wyndham Worldwide thinks it can. In an interesting twist, Wyndham hopes to spin some gold from the conversions without putting its own weakened balance sheet at risk.

Chief Executive Steve Holmes has indicated Wyndham operatives have identified at least 5,000 unsold condo and hotel units that may be potentially converted to timeshares in the U.S. and Caribbean. The $3.8-billion-in-sales hotelier, based in Parsippany, N.J., has a sizable timeshare business.

Full report here ( Courtesy: Forbes)