fairfield communities, inc

Stock Exchanges: New York An acquisition offer from Carnival Corporation, the world's largest cruise-line company, was withdrawn after Carnival's stock price dropped 42% after the announcement. Copyright (c) 2022 Company-Histories.com. In direct marketing, Cendant provides access to insurance, travel, shopping, auto, and other services primarily to customers of its affinity partners. The start of something better. "Fairfield Communities, Inc. By the end of its first full year after the 1990 debacle, annual sales reached $91 million--a fraction of the annual total collected during the 1980s--but the company was profitable, registering $7.1 million in earnings. In June 1983, he appointed his longtime associate Donovan as president of Fairfield, who assumed control midway through the company's most ambitious expansion phase in its history. Fairfield has resorts in Americas most scenic locations. Learn more Opinion No. As Fairfield entered the 21st century, an announcement in January 2000 suggested the beginning of a new era for the company. Finally, valuation issues can be addressed by determining whether Fairfield is worth $18 per share, the target price an analyst suggested for the company''s stock or $15-$16 per share, the offer price Fairfield received from Cendant in November 2000. Read our FAQ for answers to the most commonly asked questions about our corporate operations or life at one of our communities. An acquisition offer from Carnival Corporation, the world''s largest cruise-line company, was withdrawn after Carnival''s stock price dropped 42% after the announcement. Elgin, Illinois 60120 Additional resort locations were added to Fairfield's portfolio during the ensuing years, but Warner did not begin selling ownership interests in his resorts until more than a decade after buying the property on Greers Ferry Lake. If your browser doesn't ask your location and your city still doesn't appear, try these steps: Please enter something you would like to search for. Fairfield Communities, Inc. is the third largest vacation ownership company in the United States, selling time-share ownership interests through its point-based vacation system, FairShare Plus. Logistics, transport services, transfers in Brussels:Transport services are essential to the success of your event. This acquisition will enable Cendant to expand our timeshare product offerings to our customers: timeshare developers. Encyclopedia.com. It was the largest filing in the states history. The new era in Fairfields history began in September 1992. Vacation Break owned and operated four developments in southern Florida, a time-share in Orlando, and a hotel in the Bahamas, giving Fairfield 20 time-share properties comprising 3,000 units. Warner faced the daunting task of trying to immediately cure profound problems. ", Fairfield President and CEO, Jim Berk stated: "This acquisition combines Cendant's infrastructure and global network systems with Fairfield's core competencies of sales and marketing, resort management, and consumer financing. St. James Press, 2001. The company's first junk bonds were issued in 1977, inaugurating a practice that would continue for the next 13 years, ultimately totaling $93 million between 1977 and 1990. Looking for more information? Fairfield operates 33 resorts in 12 states and the Bahamas, which are frequented by the company ' s approximately 280,000 members. Additional information about Fairfield Communities, Inc. can be obtained by visiting the company's web site at . The case also provides extensive financial statement data from Fairfield''s 2000 10-K to enable the student to evaluate Fairfield''s financial performance. User does not have to select a country if they click this link. E.D. Among the properties were resorts in Orlando, Florida; Branson, Missouri; Myrtle Beach, South Carolina; Williamsburg, Virginia; Nashville, Tennessee; and Pagosa Springs, Colorado, but aside from these resorts and the companys nine other properties, Fairfield members had thousands of other locations to choose from. These statements are not guarantees of future performance. Warner had yet to contend with the aftershock of the $500 billion collapse of the savings and loan industry. Fairfield expands to encompass redevelopment, asset management, and dispositions as the company builds prominent equity relationships. 2023 . Finally, we can read about how these great companies came about with Company Histories.. In 2000, Fairfield Communities, Inc was one of the largest timeshare operators in the US. https://www.encyclopedia.com/books/politics-and-business-magazines/fairfield-communities-inc, "Fairfield Communities, Inc. fairfield ranks in national affordable housing management associa. [citation needed], FCC was set up using Galacticomm's Major BBS/Worldgroup software. As permitted under US GAAP (generally accepted accounting principles), Fairfield accounted for the SPEs using the equity method of accounting rather than consolidating the SPEs financial statements. That's all you need. Thus, the SPEs debt did not directly appear on Fairfield''s balance sheet. learn how over 7,000 companies got started! The case provides background information on the timeshare industry and Fairfield''s business and financing strategies. Although there were major costs associated with the acquisition, Fairfield's stock value soared during the year, increasing an impressive 175 percent. Select from over 115 networks below to view available data about this business. Based on the total properties in operation in 1995, the number of Fairfield-operated resorts more than doubled by the end of the decade, with a handful of the new resorts added through a major acquisition in 1997. Want to buy more than 1 copy? The company, after years of struggling with profound financial problems, faced its future with justifiable optimism. Fairfield Communities, with more than 324,000 vacation-owning households, is the largest vacation ownership company in the United States, marketing and managing resort properties at 33. The transaction is subject to customary conditions and the approval of Fairfield's shareholders. Language links are at the top of the page across from the title. Investors and security holders may obtain a free copy of the Registration Statement on Form S-4 and the Proxy Statement (when available) and other documents filed by Cendant Corporation and Fairfield Communities with the SEC at the SEC's web site at www.sec.gov. Terms of Service apply. Members ownership stakes were assigned symbolic points that could be used for vacation stays of a few days, a week, or longer, in any season members chose. In 2000, Fairfield Communities, Inc. was one of the largest timeshare operators in the U.S. Fairfield operates 33 resorts in 12 states and the Bahamas, which are frequented by the company's approximately 280,000 members. Cendant would serve as the exclusive sales and marketing agent for such facilities and would also provide property management and consumer financing services. Place des Carabiniers 45 B - 1020 Brussels. Meetings & Events Transportation The SPE issued debt collateralized by the receivables. Fairfield Communities, Inc. /s/ Robert W. Howeth By:-----Robert W. Howeth Senior Vice President and Chief Financial Officer Pursuant to the requirements of the Securities Act of 1933, this Amendment No. Among the changes, the salaries of senior management were reduced by ten percent, 20 percent of the companys 2,600-person workforce was laid off, commercial properties in Colorado and Arizona were sold, and corporate offices in Atlanta and Jacksonville, Florida, were closed. We see them around but we don't know what goes on behind the scenes. [citation needed]. Vacation Timeshare Contact Information 2415 McGavock Pike Nashville, TN 37214 Get Directions. A replay of the call will be available beginning at 2:00 p.m. on November 2, 2000 by dialing 719-457-0820 (access code 774344) or by visiting www.cendant.com . Aside from providing Fairfield with a heavy presence in southern Florida--an area estimated to be worth $100 million in sales--the acquisition of Vacation Break placed Fairfield among the four largest publicly held, time-share companies in the United States. at 55 (Bankr. The business proved promising, prompting Warner to solicit the help of George Donovan, who ran a successful computer-leasing firm. Fairfield Communities, with more than 324,000 vacation-owning households, is the largest vacation ownership company in the United States, marketing and managing resort properties at 33 locations in 12 states and the Bahamas. Our work in this area includes coordination of transport services for participants in corporate events, provision of business and executive-class cars, provision of coaches and minibuses, meets at airports and railway stations, group transfers, exclusive transport for evening events, VIP services, and provision of chauffeured cars (for groups of whatever size). Fairfield Communities, Inc. Court of Appeals of South Carolina 299 S.C. 23 (S.C. Ct. App. FCC regulars included Snoop, Gambit, Montyp, Star, Raven and Master Wu. Mr. Andres Mosquera, Owner Care Operations Mgr./Wyndham Vacations. In the wake of the scuttled merger, Fairfield pressed ahead with the development of its resorts. Special events in Brussels:Special events are an effective way to underline the importance of an event. All this make it an ideal location for whatever event you have in mind. Among the properties were resorts in Orlando, Florida; Branson, Missouri; Myrtle Beach, South Carolina; Williamsburg, Virginia; Nashville, Tennessee; and Pagosa Springs, Colorado, but aside from these resorts and the company's nine other properties, Fairfield members had thousands of other locations to choose from. With our considerable experience in realizing international projects, we will gladly prepare and conduct your event to the highest standard. Provision of high-class service staff in Brussels: We can arrange for uniformed guides in your companys corporate style, professional translators, designers, scriptwriters, directors, and audio-video equipment and IT solutions. Building License: 11886. 8669 COM CIR STE 200 ORLANDO, FL 32819 The Company's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. Debt stood at $400 million. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. Fairfields new marketing plan, like others implemented by other timeshare companies, no longer restricted members choices to a fixed week in fixed seasons. We detect that you are visiting from Latvia. Under FAS125, Fairfield used the equity method to account for the wholly owned SPEs. All rights reserved. On October 3, 1990, Fairfield declared bankruptcy, seeking Chapter 11 protection from a 226-page list of more than 2,000 creditors. The companys vacation ownership interests are generally in resort locations featuring fully furnished accommodations and near such amenities as golf courses, swimming pools, beaches, marinas, tennis courts, and other recreational facilities. Fairfield launches formal ESG guidelines and formalizes a Diversity, Equity, and Inclusion committee, and Fairfield-owned communities become 100% smoke free under Share The Air. Harvard Business Publishing is an affiliate of Harvard Business School. U.S.A. Fairfield's new marketing plan, like others implemented by other time-share companies, no longer restricted members' choices to a fixed week in fixed seasons. And by deepening the horizontal breadth of our vertically integrated platform, we've continued to broaden and enhance our expertise and talent. With financing partly provided by junk bonds, Warner established a stable of resorts whose brochures attracted scores of new Fairfield members. This is a copyrighted PDF. Telephone: (816) 502-4000 GetDirections. Sightseeing. Between 1981 and 1986, Fairfield increased the number of its resort properties from seven to 29, adding retirement communities, time-share resorts, and a ski lodge to a stable of locations stretching from South Carolina to southern California. Selling costs and corporate overhead in 1988 totaled $84 million, distressingly close to the total registered three years earlier. The novelty of FairShare in the United States helped Warner build a bustling business that produced steadily rising profits during the late 1970s and early 1980s. Furthermore, if Cendant's stock price increases prior to closing of the transaction, the value of the consideration to be paid to Fairfield Communities shareholders will increase, but shall not exceed $16 per share. name and surname, telephone numbers, email address, website, Skype details, and information concerning your trip) indicated when filling out the online Proposal Request and hotel-booking form will be accessible only to our representative DMC in the country that interests you and will be used only for the purpose of supplying you with services that you have ordered. . Our extensive network of contacts throughout the region gives you access to experienced and well-qualified specialists. Address: 8669 Commodity Circle Orlando, Florida 32819 U.S.A. Telephone: (407) 370-5200 Fax: (407) 370-5143 http://www.efairfield.com Statistics: Public Company Incorporated: 1969 Employees: 5,500 Sales: $491.73 million (1999) Stock Exchanges: New York Ticker Symbol: FFD NAIC: 23311 Land Subdividers and Land Development Find your new home at Fairfield Communities in Fairfield, OH. BBB Business Profiles generally cover a three-year reporting period. Dun & Bradstreet, Inc. 2023. The points, or credits, were renewed annually and, in some cases, could be borrowed from the next year's allotment. In 1999, the company began sales operations on a start-up basis at six resorts still under development. DMC Brussels was set up by professionals. Add copies before, Konica Minolta Business Solutions: A Professional Approach to Selling (C), Buy 5 - 10 Warner was left with few options. 1 to the Registration Statement has been signed below by the following persons in the capacities indicated on November 19, 1996. . Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. But we didnt have the trained management to take on that many projects that quickly. Fairfield launches Living Green to promote sustainability at its communities. The Feltham-Ohlson accounting-based valuation approach is used in this note to estimate Fairfield''s equity value. Columbia, Maryland 21044-3456 Donovan also refused to move to Little Rock, Arkansas, where Fairfield was based, ignoring a previously agreed upon plan to relocate from his office in Knoxville, Tennessee, once appointed president. *This company may be headquartered in or have additional locations in another country. Kansas City, Missouri 64141-6627 Privacy Policy. The new independent property development company would continue to serve as a developer of timeshare resorts. We are confident that an event which has been professionally prepared and conducted to the highest standard will make an unforgettable impression on all involved. Fairfield Communities Inc in Lake Lure, NC | Photos | Reviews | Based in Lake Lure, ranks in the top 99% of licensed contractors in North Carolina. Reload the page and repeat your search. Today, over 260,000 families enjoy the Fairfield lifestyle. 'But we didn't have the trained management to take on that many projects that quickly. Sales: $2.26 billion (2004) *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. In an interview with Forbes magazine in September 19, 1988, he offered some insight into Fairfields miscue during the first half of the 1980s. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. Please select the region that you would like to explore today. VAT No GB 870 9608 93. You will not be asked on our site to give details of your credit card, and payment will be made in accordance with the conditions that you have agreed with the relevant DMC in accordance with the commercial proposal that the latter will send you after processing your Proposal Request. Additional information is available at or by contacting Jose G Caetano at (407) 397-1776. We thought we were invincible.' However, the date of retrieval is often important. A track record like Fairfields requires solid partnerships grounded in trust, transparency, and integrity. Since 1985, we've been building better partnerships, leadership teams, and company values, allowing us to continually evolve, expand, and excel. Fairfield members can even vacation at more than 2,500 additional resorts around the world through our international ex-change affiliations. The price of each ownership interest was determined by the value of the particular resort and by the season. A new documentary digs deep into the root cause of traffic violence, which disproportionately affects low-income and minority communities. In every facet of the business thanks to our comprehensive vertical integration, determined vision, and experienced associates. 11001 Executive Center Dr. Little Rock, AR 72211-4316 VIEW MAP (501) 228-2738 Company Details. As a result, First National severed Fairfield's $45 million line of credit in August 1990, causing Fairfield's liquidity to evaporate. With its rich cultural heritage, centuries-long history, and magnificent architecture, Brussels is one of the most popular destinations, including as a destination for MICE events. 17, 2008) Citing Cases Simon v. Shore Cab, LLC Fairfield Communities Inc Company Profile | Orlando, FL | Competitors, Financials & Contacts - Dun & Bradstreet HOME / BUSINESS DIRECTORY / OTHER SERVICES (EXCEPT PUBLIC ADMINISTRATION) / PERSONAL AND LAUNDRY SERVICES / OTHER PERSONAL SERVICES / UNITED STATES / FLORIDA / ORLANDO / Fairfield Communities Inc Fairfield Communities Inc The company''s portfolio of resorts consisted of 35 resorts located in 12 states and the Bahamas. By the end of its first full year after the 1990 debacle, annual sales reached $91 milliona fraction of the annual total collected during the 1980sbut the company was profitable, registering $7.1 million in earnings. Memphis, Tennessee 38125-1743 Net earnings for the twelve months ended September 30, 2000 rose over 20% to approximately $64 million as compared with $53 million in the prior period. At the top of your Chrome or Firefox window, near the web address, click the green lock. We will do everything to ensure that your event is organized in complete accordance with your desires and is carried out to the highest professional standard. This year over 625,000 families will visit Fairfield resorts. Through affiliations with several worldwide vacation exchange companies, Fairfield offered access to approximately 2,500 additional domestic and international resorts, including Hawaii, the Caribbean, Mexico, Europe, Asia, and Africa. 11, 1994) (hereinafter bankruptcy court order) (quoting real estate contracts). our. The history of the Fairfield wordmark over time. By 1995, Fairfield, having fully recovered from the travesty of the 1980s, had 15 resort locations in operation. When Milken and Drexel captured national newspaper headlines in 1989 because of their financial collapse, Fairfield found it decidedly more difficult to refinance its junk bonds when, as Arkansas Business reported on November 12,1990, Mike Milken was no longer a phone call away. To make matters worse, one of the companys principal lenders, First National Bank of Boston, was mired in its own financial problems. Quality of earnings issues can be addressed by analyzing Fairfield''s other accounting policies. Through affiliations with several worldwide vacation exchange companies, Fairfield offered access to approximately 2,500 additional domestic and international resorts, including Hawaii, the Caribbean, Mexico, Europe, Asia, and Africa. At least 50% of the consideration will be in cash; the balance will either be in cash or Cendant common stock, at Cendant's election. 36. By 1984, the company controlled 70,000 acres at more than a dozen locations in ten states and the Virgin Islands, which produced a record-setting $16 million in profits. 410 From Casetext: Smarter Legal Research Hofstad v. Fairfield Communities, Inc. The acquisition of Vacation Break was credited with Fairfield's surge into the small pack of the country's elite time-share companies. The new era in Fairfield's history began in September 1992. All rights reserved. Through affiliations with several worldwide vacation exchange companies, Fairfield also offers access to approximately 2,500 additional domestic and international resorts, including Hawaii, the Caribbean, Mexico, Europe, Asia, and Africa. Fairclough, The Rt. Between 1981 and 1986, Fairfield increased the number of its resort properties from seven to 29, adding retirement communities, time-share resorts, and a ski lodge to a stable of locations stretching from South Carolina to southern California. Warner redoubled his efforts in 1987. Update Now Law Firm Info Reviews People Attorneys Marcel J. Dumeny Thomas P. Jones Office Information Address P.O. Together we have all the components necessary to drive significant growth in the vacation ownership industry.". You'll find this community at 3197-3205 Roesch Blvd in the 45014 area of Fairfield. and pay only $8.25 each, Buy 500 or above The Fairfield Community Connection (FCC) was a bulletin board system (BBS) located in Fairfield, Connecticut, United States. We will organize bids competitions to find the right service provider and venue for your event. Any event of this kind will require a range of services, which we can easily tailor them to match your desires and budget. Swimming indoors and out. Now, over 100 Fairfield communities nationwide offer sustainable, low-impact, green-living opportunities like green cleaning products in our common areas, low- or no-VOC paint options, and implementing more paperless systems. Whatever our members choose, Fairfield offers a Personal Vacation System. Further, the company was saddled with $370 million of debt, a total that exceeded Fairfield's annual sales of $320 million. Fairfield Communities, Inc. is the third largest vacation ownership company in the United States, selling time-share ownership interests through its point-based vacation system, FairShare Plus. Further, the company was saddled with $370 million of debt, a total that exceeded Fairfields annual sales of $320 million. . As Fairfield entered the 21st century, an announcement in January 2000 suggested the beginning of a new era for the company. All rights reserved. Customers typically provided a down payment of 16%-18% of the purchase price and financed the balance. 05-2288 (JEI) (D.N.J. Since 2019, weve accelerated our investment opportunities with five new investment funds raised. U.S.A. Under the guidelines of FairShare, Fairfield members purchased an ownership stake in a particular resort property. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. We offer the following services: Venues for all occasions in Brussels:We will organize inspection visits and help you draw up a detailed programme. An individual approach to organizing events for both groups and VIP guests. We are keen to share with you our knowledge and experience in organizing events including events in the most unusual forms. By December 1985, Donovan was forced to leave and Warner, who shelved his plans for retirement, returned to rescue a floundering company. Since Fairfield's inception, weve surpassed major milestones and were not slowing down. We can take care of catering and musical accompaniment. Fairfield members were able to purchase cruises through FairShare Plus, but Carnival wanted to establish a reciprocal relationship with Fairfield. Consolidating the SPEs unwinds Fairfield''s ''sale'' of the receivables to the SPEs and effectively treats the transfer of receivables to the SPEs as collateralized borrowing. FCC was opened to the public on February 1, 1994, with four nodes, increased eight 8 nodes in May 1994, and finally to 14 nodes in February, 1996. The City of Fairfield Bay was formed and incorporated on July 29, 1993. The definitive agreement also permits Cendant, at its option, to modify or eliminate the spin-off by Fairfield Communities of its property development business. Privacy Policy. Warner had yet to contend with the aftershock of the $500 billion collapse of the savings and loan industry. 8285 Tournament Drive, Suite 150 As grave as it was, Fairfield's condition was about to become much worse. U.S.A. Fairfield University: Narrative Description, Fairleigh Dickinson University, College at Florham: Narrative Description, Fairleigh Dickinson University, College at Florham: Tabular Data, Fairleigh Dickinson University, Metropolitan Campus: Distance Learning Programs, Fairleigh Dickinson University, Metropolitan Campus: Narrative Description, Fairleigh Dickinson University, Metropolitan Campus: Tabular Data, https://www.encyclopedia.com/books/politics-and-business-magazines/fairfield-communities-inc. Fairfield Communities offers a host of amenities including: convenient on-site parking options, high-speed internet access . We can arrange special out-of-hours visits to museums and pre- and post-conference tours. By the end of 1986, the company had set a new record by losing $17.6 million. Fairfield Communities, Inc. has 1 locations, listed below. His decision, as quoted by Knight-Ridder/Tribune Business News on February 25, 2000, was based on recent disruptions within the stock market that have resulted in a negative impact on Carnivals shares..

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