Yes, it has been around for multiple years -- the Grove in Myrtle BEach and the Orlando units opened after Bonnet Creek...
Basicly, Wyndham leases (or acquires ownership) of a partially completed NON-TIMESHARE property, does the final finish work and furnishes the units, then sells CWA points to CWA ...
It has been there business model for NEW complexes with limited upfront development costs buying RTU of distressed & unfinished condo complexes.