The History of WorldMark
WorldMark the Club is a non-profit mutual benefit corporation organized under California Code. The Club was founded in 1989 by Bill Peare, under the initial name of Club Espirit. The original business model for WorldMark was unique for the time, as the Club was one of the first US timeshare programs to organize as a Vacation Club or Trust, where members did not own a particular week at a specific resort, but rather owned “shares” in a Club that entitled them to the right to use (RTU) their ownership at a broad variety of resort options.
In the this model, a unique business partnership was formed based on the governing documents. WorldMark the Club was formed to hold title to resort properties and govern the Club according to the governing documents. Trendwest was authorized under those governing document to build and construct resort properties, and in turn, market and sell the vacation memberships generated by those properties. In this fashion, Trendwest would assume all the risk and responsibility for constructing the resort, and the members would benefit from additional resort properties being made available for their use.
In those initial days the Developer partner of the Club was Trendwest International (TWI), a subsidary of Jeld-Wenn Industries, a privately held door and window manufacturer.
In 1991, the Club Espirit name was dropped due to a trademark conflict with a similarly named manufacturer of clothing.
In 1993, Club Espirit was renamed WorldMark The Club.
In 1998, Trendwest was spun off from Jeld-Wen, when Trendwest filed to become a closely held company recognized by the NYSE. At this time Jeld-Wen owned 80% of TrendWest, with the remaining being owned by TrendWest Managment.
In May 2002, Cendant Corp, acquired Jeld-Wen’s interest in Trendwest. By July of 2002, all shares in Trendwest had been tendered, and Trendwest became a wholly owned subsidiary of Cendant Corp, and part of the Wyndham WorldWide brand.
In Apr 2006, Cendant Corp spun-off Wyndham WorldWide as a separate entity.
In Apr 2007, Wyndham WorldWide renamed Trendwest (TWI) to WorldMark by Wyndham (WbW).