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Marriott Vacations Worldwide

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Marriott Vacations Worldwide Corporation
Company typePublic
IndustryHospitality, Tourism
FoundedHilton Head, South Carolina, U.S.
Headquarters
Orlando, Florida
,
U.S.
Key people
John E. Geller Jr. (CEO)
RevenueIncrease US$ 3.89 billion (2022)[1]
Increase US$ 49 million (2022) [1]
Total assetsIncrease US$ 9.6 billion (2022) [1]
Total equityIncrease US$ 2.98 billion (2022) [1]
Number of employees
20,300 [1]
Divisions
WebsiteMarriott Vacations Worldwide

Marriott Vacations Worldwide Corporation[2] is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011.[3] Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and Members.[4] Its brands include Marriott Vacation Club,[5] Marriott Vacation Club Pulse, Grand Residences by Marriott,[6] and The Ritz-Carlton Destination Club.[7] The Company also operates Interval International, which offers an exchange network and travel membership programs through a network of more than 3,200 affiliated resorts in over 90 countries and territories.[4]

History

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Marriott Ownership Resorts Inc. (MORI) was established on April 17, 1984 with the acquisition of American Resorts on Hilton Head Island, South Carolina. Marriott’s Monarch became the first MORI resort.[8] In 1995, MORI became Marriott Vacation Club International. The move reflected the company’s evolution from real estate development and sales focus to "delivering an overall vacation experience".[9] In 1997, the company expanded to Europe with its first resort in Marbella, Spain. In 2001, the first Asian resort in Phuket, Thailand was added to the company's collection. Similar to its successful segmentation of the lodging industry pioneered in the 1980s, Marriott Vacation Club International introduced The Ritz-Carlton Destination Club in 1999 – a luxury fractional ownership offering.[7] Two years later, the Grand Residences by Marriott brand was created.[citation needed] The first property opened in 2002 in South Lake Tahoe, California.[9] In 2007, Marriott Vacation Club International began to market its core timeshare brand as Marriott Vacation Club.[5] In 2010, the company launched its points-based Marriott Vacation Club Destinations Program in North America and the Caribbean. This change was the most significant program innovation in the company’s history and provided a new product offering increased flexibility.[10]

Interval International and ILG, Inc. acquisition

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In April 2018, Marriott Vacations Worldwide announced that they would purchase ILG, Inc. for $4.7 billion.[11] Miami, Florida-based ILG was the parent entity to Interval International which was founded in 1976.[12] Interval International operates global membership programs for more than 1.6-million-member families. It also provides value-added services and benefits to its developer clients worldwide. Interval is currently an operating business of Marriott Vacations Worldwide Corporation.[13]

References

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  1. ^ a b c d e MARRIOTT VACATIONS WORLDWIDE
  2. ^ "Marriott Vacations Worldwide". Fortune. Retrieved 2023-04-06.
  3. ^ Marriott International Focuses on Lodging Management and Franchising, Completing Spin-Off of Vacation Ownership Business – Marriott News Center
  4. ^ a b "Marriott Vacations Worldwide 4Q Revenue Rises Amid Higher International Active Members -- Earnings Review". MarketWatch. Retrieved 2023-04-06.
  5. ^ a b Marriott Vacation Club – Home
  6. ^ Marriott Grand Residence Club
  7. ^ a b The Ritz-Carlton Destination Club – Luxury Resorts for Luxury Travel
  8. ^ Marriott plans St. Kitts timeshares – Washington Business Journal
  9. ^ a b "Archived copy" (PDF). Archived from the original (PDF) on 2012-04-25. Retrieved 2011-11-21.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ Marriott Vacation Club Introduces New Vacation Ownership Program
  11. ^ Brinkmann, Paul (30 April 2018). "Marriott timeshare company will buy ILG for $4.7B stock and cash". Orlando Sentinel. Retrieved 20 April 2018.
  12. ^ Jones, Donovan (2018-04-30). "Marriott Vacations Worldwide Agrees To Acquire ILG For $4.7 Billion (NASDAQ:ILG-OLD) | Seeking Alpha". seekingalpha.com. Retrieved 2023-04-06.
  13. ^ "Interval Renews Long-Term Agreement with Dawn Beach Club". Retrieved 2023-04-06.
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