Marriott Vacations Worldwide

Last updated
Marriott Vacations Worldwide Corporation
Company type Public
Industry Hospitality, Tourism
Founded Hilton Head, South Carolina, U.S.
Headquarters,
U.S.
Key people
John E. Geller Jr. (CEO)
RevenueIncrease2.svg US$ 3.89 billion (2022) [1]
Increase2.svg US$ 49 million (2022) [1]
Total assets Increase2.svg US$ 9.6 billion (2022) [1]
Total equity Increase2.svg US$ 2.98 billion (2022) [1]
Number of employees
20,300 [1]
Divisions
Website Marriott 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]

Contents

History

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

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]

Related Research Articles

<span class="mw-page-title-main">Hotel</span> Establishment that provides lodging paid on a short-term basis

A hotel is an establishment that provides paid lodging on a short-term basis. Facilities provided inside a hotel room may range from a modest-quality mattress in a small room to large suites with bigger, higher-quality beds, a dresser, a refrigerator, and other kitchen facilities, upholstered chairs, a television, and en-suite bathrooms. Small, lower-priced hotels may offer only the most basic guest services and facilities. Larger, higher-priced hotels may provide additional guest facilities such as a swimming pool, a business center with computers, printers, and other office equipment, childcare, conference and event facilities, tennis or basketball courts, gymnasium, restaurants, day spa, and social function services. Hotel rooms are usually numbered to allow guests to identify their room. Some boutique, high-end hotels have custom decorated rooms. Some hotels offer meals as part of a room and board arrangement. In Japan, capsule hotels provide a tiny room suitable only for sleeping and shared bathroom facilities.

Hyatt Hotels Corporation, commonly known as Hyatt Hotels & Resorts, is an American multinational hospitality company headquartered in the Riverside Plaza area of Chicago that manages and franchises luxury and business hotels, resorts, and vacation properties. Hyatt Hotels & Resorts is one of the businesses managed by the Pritzker family. Hyatt has more than 1350 hotels and all-inclusive properties in 69 countries, across South America, North America, Europe, Asia, Africa and Australia

<span class="mw-page-title-main">Starwood Hotels and Resorts</span> American hotel and leisure company

Starwood Hotels and Resorts Worldwide, Inc. was one of the largest companies that owned, operated, franchised and managed hotels, resorts, spas, residences, and vacation ownership properties. It was acquired by Marriott International in 2016. Starwood was founded in 1969 as a real estate investment trust. In 1995, it was acquired and reorganized by Barry Sternlicht, who was its chairman until 2005 and founder of the Starwood Capital Group. Starwood had 11 brands and owned, managed, or franchised 1,297 properties comprising 370,000 hotel rooms in approximately 100 countries.

<span class="mw-page-title-main">Resort</span> Self-contained commercial establishment which attempts to provide for most of a vacationers wants

A resort is a self-contained commercial establishment that aims to provide most of a vacationer's needs. This includes food, drink, swimming, accommodation, sports, entertainment and shopping, on the premises. A hotel is frequently a central feature of a resort and the term resort may be used for a hotel that provides an array of entertainment and recreational activities. Some resorts are also condominium complexes that offer timeshares or fractional ownership, in addition to wholly owned condominiums. A resort is not always a commercial establishment operated by a single company, but in the late 20th century, that sort of facility became more common.

<span class="mw-page-title-main">Timeshare</span> Property with a particular form of ownership or use rights

A timeshare is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time. Units may be sold as a partial ownership, lease, or "right to use", in which case the latter holds no claim to ownership of the property. The ownership of timeshare programs is varied, and has been changing over the decades.

Marriott International, Inc. is an American multinational company that operates, franchises, and licenses lodging brands that include hotel, residential, and timeshare properties. Marriott International owns over 36 hotel and timeshare brands with 9,000 locations and 1,597,380 rooms across its network. Marriott International is headquartered in Bethesda, Maryland. The company is the successor to the hospitality division of the Marriott Corporation, founded by J. Willard Marriott (1900–1985) and his wife Alice Marriott (1907–2000).

In the leisure industry, a destination club is a form of timeshare system where members pay a membership deposit and annual dues to access the club's properties.

<span class="mw-page-title-main">ILG, Inc.</span> American timeshare company

ILG, Inc. is an American timeshare company and a subsidiary of Marriott Vacations Worldwide. It was formerly a subsidiary of the corporation IAC. ILG is the parent company of Interval International, a provider of membership and leisure services to the vacation industry. ILG consists of two operating segments: membership and exchange. ILG's principal business segment offers travel and leisure related products and services to owners of vacation interests and others primarily through various membership programs, as well as related services to resort developer clients. As of December 31, 2012, nearly 2,800 resorts located in over 75 countries participated in Interval's primary exchange network. As of that date, the Membership and Exchange segment had approximately two million members enrolled in its various membership programs including approximately 1.8 million in the Interval Network. The biggest competitors for Interval are RCI, and Platinum Interchange. Interval is the second largest timeshare exchange company after RCI.

<span class="mw-page-title-main">Marriott Vacation Club</span> Timeshare resorts

Marriott Vacation Club is the primary timeshare brand of Marriott Vacations Worldwide Corporation. The brand comprises around 70 Marriott Vacation Club properties throughout the United States, Caribbean, Central America, Europe, and Asia. Marriott Vacation Club resorts consist of one, two, and three-bedroom villas, with more than 400,000 owners.

Travel + Leisure Co. is an American timeshare company headquartered in Orlando, Florida. It develops, sells, and manages timeshare properties under several vacation ownership clubs, including Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, and Accor Vacation Club. The company also provides timeshare exchange services, primarily through RCI, and travel clubs including Travel + Leisure GO.

<span class="mw-page-title-main">RCI (company)</span> Timeshare exchange service company

RCI is a timeshare exchange company with over 4,300 affiliated resorts in 100 countries.

Trading Places International (TPI) is a corporation located in Lake Forest, California. TPI provides a full spectrum of vacation services to vacation interval owners, resort associations, and resort developers. They rank third worldwide in independent vacation exchanges confirmed annually at hundreds of resorts. The company specializes in association and resort management, vacation exchanges, rentals, owner resales, traditional travel, and developer support offerings.

<span class="mw-page-title-main">The Ritz-Carlton Hotel Company</span> American multinational luxury hotel chain

The Ritz-Carlton Hotel Company, LLC is an American multinational company that operates the luxury hotel chain known as The Ritz-Carlton. The company has 108 luxury hotels and resorts in 30 countries and territories with 29,158 rooms, in addition to 46 hotels with 8,755 rooms planned for the future.

Hilton Grand Vacations Inc. is a multi-national company that is based in Orlando, Florida, United States. It manages and operates the Hilton Worldwide timeshare and vacation ownership brands under an exclusive licensing agreement with Hilton Worldwide. HGV was formerly a wholly owned subsidiary of Hilton Worldwide until it was spun off into a publicly traded company in 2017. Even though HGV is an independent company post spin-off, Hilton Worldwide still retains full ownership of the Hilton Grand Vacation Club, Hilton Vacation Club, and Hilton Club brands that HGV manages and operates for them. These timeshare brands are all part of Hilton Worldwide's portfolio of 22 hotel and resort brands.

<span class="mw-page-title-main">Marriott's Grand Chateau</span>

Marriott’s Grand Chateau is a timeshare resort near the Las Vegas Strip in Paradise, Nevada, managed by Marriott Vacation Club. It is a 38-story tower with three wings; a fourth wing is planned. It has 643 suites, and amenities including a gym, three bars, and two swimming pools.

Aqua-Aston Hospitality, LLC is a Honolulu-based hotel management company operating a multi-branded line of hotels, condominiums and vacation resort properties primarily located in Hawaii. The chain was purchased by Marriott Vacations Worldwide in 2018.

Diamond Resorts is a wholly owned subsidiary of Hilton Grand Vacations. Diamond Resorts was an independent timeshare and vacation ownership company until it was purchased by HGV in 2021. Following the purchase, Diamond's resorts became part of HGV's resort portfolio, and Diamond itself became a brand and subsidiary of HGV. The majority of Diamond Resorts have been or will be rebranded as Hilton vacation Club properties, however the original brand will continue to exist as some resorts are slated to retain the Diamond Resorts name.

<span class="mw-page-title-main">Vida Vacations</span> Mexican timeshare company

Vida Vacations is a vacation membership company, which allows its customers to purchase a Right to Use and, more recently, a real estate interest in 15 resorts in Mexico. It was founded in 2010 by Grupo Vidanta, and was originally named "Vida Vacation Club". Before that, in the 1990s it was called Vidafel and sold only timeshares. The total number of rooms is approximately 7,000.

<span class="mw-page-title-main">Welk Resort Group</span> Luxury Resort and Timeshare Development and Operation Corporation

Welk Resort Group is a corporation based in San Marcos, California that is a developer and operator of luxury resorts and timeshares in the United States and Mexico. It was founded in 1964 by television bandleader Lawrence Welk. As of 2015, the company has developed five properties in Cabo San Lucas, Lake Tahoe, San Diego, Palm Springs and Branson.

<span class="mw-page-title-main">St. Regis Hotels & Resorts</span> Luxury hotel

St. Regis Hotels & Resorts is an American multinational luxury hotel chain, owned and managed by Marriott International.

References

  1. 1 2 3 4 5 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. 1 2 "Marriott Vacations Worldwide 4Q Revenue Rises Amid Higher International Active Members -- Earnings Review". MarketWatch. Retrieved 2023-04-06.
  5. 1 2 Marriott Vacation Club – Home
  6. Marriott Grand Residence Club
  7. 1 2 The Ritz-Carlton Destination Club – Luxury Resorts for Luxury Travel
  8. Marriott plans St. Kitts timeshares – Washington Business Journal
  9. 1 2 "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.