Company type | Private |
---|---|
Industry | Hospitality |
Founded | 1964 |
Headquarters | , |
Key people | Lawrence Welk, founder Jon Fredricks, president [1] and CEO [2] [3] |
Revenue | $190 million (2015) $147 million (2014) [4] |
Website | welkresorts |
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. [5]
In 1964, Welk purchased 900 acres (360 ha) of mostly undeveloped land near Escondido, California, 20 miles (32.2 km) north of San Diego. The property included a golf course, motel, and mobile home community. After the entertainer staged one of his shows at the site, it gained in popularity for tourism, eventually growing to include a theater, more golf, and vacation homes. As the initial property expanded, Larry Welk, a record company executive and Lawrence Welk's son, became the group's first CEO and guided the company into the timeshare business in the 1980s. [6]
During the 50 years since the company's formation, the company has developed five luxury resorts with over 1000 vacation ownership accommodations. Ownership of the business has remained primarily with the Welk family, with seven family members and a former company president sharing 88 percent of ownership, along with 12 percent owned by employees through an employee stock ownership plan. [6] The group is currently headed by Jon Fredricks, grandson of Lawrence Welk.
In 2021, Welk Resort Group entered into an agreement to be acquired by Marriott Vacations Worldwide Corporation for $430 million. The acquisition is expected to close in the second quarter of 2021, at the close of the deal all Welk Resort properties will be rebranded Hyatt Residence Club properties. [7]
Welk Resorts' current portfolio of timeshare resorts are based in: [6]
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.
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.
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 30 hotel and timeshare brands with 8,785 locations and 1,597,380 rooms across its network. Marriott International is headquartered in Bethesda, Maryland. The company was founded by J. Willard Marriott (1900–1985) and his wife Alice Marriott (1907–2000).
A vacation rental is the renting out of a furnished apartment, house, or professionally managed resort-condominium complex on a temporary basis to tourists as an alternative to a hotel. The term vacation rental is mainly used in the US. Other terms used are self-catering rental, holiday home, holiday let, cottage holiday and gite.
Bonnet Creek Resort is a development in the southeast corner of Walt Disney World. The land, which is not owned by Disney, is bordered on three sides by Disney-owned land and on the fourth side by Interstate 4. It is surrounded by the Bonnet Creek nature preserve and is named after Bonnet Creek, which runs through the property. The entrance is located on Buena Vista Drive, just east of the entrance to Disney's Riviera Resort.
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.
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.
Marriott's Grande Vista is a Marriott Vacation Club resort, on International Drive in Orlando, Florida. The timeshare resort is the largest in the Marriott Vacation Club portfolio, with 1616 guest studios, and one-, two- and three-bedroom villas in 24 Mission-style buildings.
A resort town, resort city or resort destination is an urban area where tourism or vacationing is the primary component of the local culture and economy. A typical resort town has one or more actual resorts in the surrounding area. Sometimes the term resort town is used simply for a locale popular among tourists. One task force in British Columbia used the definition of an incorporated or unincorporated contiguous area where the ratio of transient rooms, measured in bed units, is greater than 60% of the permanent population.
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.
Bluegreen Corporation is an American private vacation ownership brand that is currently a wholly owned subsidiary of Hilton Grand Vacations. The company provides vacations at 50 owned or managed resorts on a time-share basis, with alternative resort and cruise options available through upselling and third-party exchanges. Bluegreen makes its services available to other resort operators on a fee-for-service basis.
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Grupo Vidanta is a Mexican conglomerate involved in design, construction, financing, and operation and maintenance of hotels, resorts, cruises, and associated infrastructure. It also owns and operates the Mar de Cortés International Airport. Grupo Vidanta was founded by Daniel Chávez Morán in 1974 and is headquartered in Nuevo Vallarta, Mexico. The group has 25,000 employees and an estimated annual revenue of US$750 million.
Marriott Vacations Worldwide Corporation 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. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and Members. Its brands include Marriott Vacation Club, Marriott Vacation Club Pulse, Grand Residences by Marriott, and The Ritz-Carlton Destination Club. 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.
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.
Montage International is a luxury hotel and resort management company founded by Alan Fuerstman and based in Irvine, California. As of 2022, it operates 14 properties in the United States and Mexico, with seven of those properties under the Montage Hotels and Resorts brand and seven under its Pendry Hotels and Resorts brand.
Autograph Collection is an American group of independent upper-upscale to luxury hotels within the Marriott International portfolio. The properties are independently owned and operated under the Autograph Collection name.
Vacatia, founded in 2013 and based in San Francisco, California, spun out of Vacation Listing Service Inc., launching originally as an online marketplace for buying and selling timeshare interests.
Park Hotels & Resorts is a real estate investment trust (REIT) focused on hotel properties, based in Tysons, Virginia. It was formed in 2017 as a spin-off from Hilton Worldwide.