And Wyndham is renting out the points they control. I guess the difference is they don't need to use guest certificates.
The difference is, in the case the Wyndham owned inventory, the owner is a company not a person. What name would go in the check in name box? Wyndham? Wyndham cannot go on vacation because it’s a company. Only a person can check in.
I have no idea if Wyndham pays the guest certificate fee and neither does anyone else outside of Wyndham. Just because they are the company, doesn’t mean they don’t pay the fee. The guest certificate fee would go to whatever pool of money GC fees go to, to use for whatever. It’s like when HR pays their IT department for services. Its the same company but they still pay. It’s just money going from one department to the next that pays salaries, licenses, hardware, etc. if the GC money pays for something, Wyndham has to put that money in the GC pool of money to keep things balanced. Even if they profit off those fees, it still have to go into the pool of money from the GC fees to keep things balanced.