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Wyndham Worldwide Corp. said it has completed a term securitization transaction involving the issuance of $225 million of investment grade asset-backed notes by Sierra Timeshare 2009-1 Receivables Funding LLC, an indirect subsidiary of Wyndham’s Vacation Ownership subsidiary.

The notes are backed by vacation ownership receivables originated by subsidiaries of Wyndham Vacation Ownership.

Parsippany, New Jersey-based Wyndham Worldwide is a hospitality firm with around 7,000 franchised hotels and around 588,500 hotel rooms worldwide. The company’s Group RCI unit offers its 3.8 million members access to more than 73,000 vacation properties located in around 100 countries.

Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts in North America, the Caribbean and the South Pacific.

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